Question

What is Les Misérables of New Orleans: Trap Economics and the Asset Stripping Blues, Part 1 by Clyde Woods about?

Answer 1

In the wake of United Nations study on the federal and state governments relief work in New Orleans after Hurricane Catrina brought a paradigm shift in the new era concept of racial inequality. The governments both federal and state according to UN report, tried to demolish the houses built for the economically poor people. New Orleans is affected by some natural disaster every year, especially by hurricanes. The population is mostly African American black community and the poorest sections of the white community. Clyde Wood brings out the true faces of various organizations that rebuild and intensify the racial, gender, age and geographical inequalities with the support of the government.

Clyde wood explains about two things on which she builds her argument which these organisations and the government practise, firstly, Trap economics and the second asset stripping.

Trap economics explains a concept that despite the cash flow by the Central bank into private banks, it doesn't control the interest rate but increases the inflation indirectly which affects the life of the common man.

Asset stripping explains another concept that when a company runs at a loss, sell its assets and shut down the business which will be a huge hit on the customers.

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