Capital Account -- 12/2/11
New jobs numbers are out but don't be fooled by the drop in unemployment to 8.6 percent. More than half of that is people leaving the labor force entirely. Discouraged workers. People who have given up looking. This is the U3 number. Still, unemployment has not
been this high for this long since monthly unemployment records began in 1948. Meanwhile, the MF Global plot thickens. Now that the firm has collapsed regulators are considering new rules restricting the use of customer money for brokerages. Now, the regulator, the commodities futures trading commission (CFTC( wanted to finish the new rules earlier this year but was delayed. Why? Heavy lobbying from MF Global chief executive Jon Corzine!
So, with all of the problems in the world today, how do people begin to think about, let alone implement solutions that can improve their lives and those of others in society? Economists like Steve Keen support debt jubilees, others like Lew Rockwell and Ron Paul support sound money as the solution, but what about something more radical? What about getting grid of money, profit and competition all together? Well, Peter Joseph, author of the Zeitgeist series, believes that society can evolve to do just that. He joins us during the show to talk about the role of debt, the monetary system, and social norms that encourage what he views as inefficient and destructive behavior that does more harm for society than good.