In Confidential Memo, Treasury Secretary Janet Yellen Celebrated Unemployment as a “Worker-Discipline Device”

Dennis Brasky

Patrick Bond

On 1/27/2023 3:28 AM, Dennis Brasky wrote:

Thanks for pointing this out. It turns out that the last four days, Yellen was here in Johannesburg (and of course a game park near the capital, Pretoria, too).

And it turned out our national broadcaster was curious about the scandal and gave me some time to unpack it, and ruminate on geopolitical-monetary-financial-climate foibles, especially insofar as the BRICS+ petro-dictatorial alliance we're hearing about - possibly to challenge dollar hegemony - may transpire in Durban, in August.

Any thoughts on whether the BRICS may this year finally move from talk-left/walk-right subimperialism (what Marini termed "antagonistic collaboration"), to a genuine anti-imperialism as so many Third Worldists and campist leftists have fantasized about?


Janet Yellen warns SA about breaching Russia sanction: Patrick Bond

 29 Jan 2023 #SABCNews

The US Treasury Secretary, Janet Yellen, says the United States stands firm on the position that the Russian Federation must be isolated for its invasion of Ukraine. Yellen made this statement on the last day of her visit to South Africa. South Africa and other African countries have taken a neutral position and have called for dialogue between Russia and Ukraine. Yellen also says she spoke to the South African government about the Just Energy Transition plan that the country has adopted. Distinguished Professor of Sociology at the University of Johannesburg Patrick Bond joined us in studio to discuss this visit.

Jim Farmelant

Michal Kalecki would not have been shocked by this.

Jim Farmelant
Learn or Review Basic Math


Although the Intercept article mentions NAFTA, in the early 1990s leading up to Yellen's memo, the exports of goods from China to the U.S. swelled, and U.S. manufacturing employment fell sharply from 1998 to 2006.