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November 1996 (Volume 48, Number 6)

The September 30th issue of the New Yorker carried profiles of two long-time contributors to Monthly Review—lyricist E. Y. Harburg and lawyer Michael Tigar—evoking considerable pride among MR staffers. “Yip” Harburg, who died in 1986, wrote more than one hundred songs including “Over The Rainbow,” and “Brother, Can You Spare a Dime.” Writer John Lahr notes that throughout his long career on Broadway and in Hollywood all of his work evinced powerful social concerns and themes of freedom. Yip, of course, was a socialist of the MR variety. He valued the analysis and insight of this publication, as the verse printed on page 63. | more…

The Financial Explosion

Credit where credit is due. For a long time now we have been harping in this space on the theme of a monetary system out of control; of the wild proliferation of new financial institutions, instruments, and markets; of the unchecked spread of a speculative fever certainly more pervasive and perhaps even more virulent than any recorded in the long history of capitalism’s get-rich-quick obsessions. With few exceptions, accredited economists, as is their wont, have ignored these bizarre goings-on: they are not part of the way the economy is supposed to operate and are hence unworthy of “scientific” attention.  | more…

The Struggle to Save Social Security

Jacob Morris has effectively exposed the attack on Social Security for what it is, and he has done this within the framework of the existing system. The underlying assumption is that Social Security must be paid for out of an accounting reserve supported by payroll taxes. Based on this premise, generally accepted by liberals and conservatives alike, the financial integrity of the reserve is taken as equivalent to the integrity of Social Security itself. But the real questions are different. Why use an accounting reserve and why apply the test of financial integrity? No such tests are applied to any other part of the federal budget, surely not to the enormous armaments expenditures. Basically, what is at issue here is not a financial but a social problem. | more…