Sunday, July 24, 2016

Miles Kimball — Peter Conti-Brown on Marriner Eccles and the Refounding of the Fed

New book on Marriner Eccles. How Eccles anticipated Keynes, as had Hjalmar Schacht in running the Reichsbank. Conventional economists still have not caught up with what savvy bankers knew then, even though Keynes explained it to them, Post Keynesians elaborated on it, and MMT economists delineated the operations.

Confessions of a Supply Side Liberal
Miles Kimball | Professor of Economics and Survey Research at the University of Michigan

Is Broken. How Evolution, Ecology, and Collective Behavior Can Help Us Avoid Catastrophe After the crash, can biologists fix economics?

Mainstream economics uses advanced mathematics to calculate wide averages. The utility of an apple can be measured they say. When I was young I would go scrumptying (nicking apples and pears from oirchards) and not only would I eat a bundle of apples before I got home, my family would be eating tons of apples all through the summer too. And at the end of summer the woods would be full of blackberries and me and my friends would go out and pick loads of them. So we had apple and blackberry pies, baked apples, plain old apple pies, apple and blackberry crumble, stewed apple with custard, you name it, all with cloves and cinnamon, etc, and none of us ever got fed up with it.

So mainstream economics takes all these averages and then over whole populations they believe that these averages even out, but I still can't see how utility can ever be accurately measured in the way that weight, or speed and light can be. So the advanced maths used in economics can still only ever give us more averages, but the mainstream economists then takes only the values that leads to an economic system  that suites the One percent. Eric Zuesse describes very well in in his book, Feudalsim, Fascism, Libertarianism and Economics ( how the One Percent - the aristocracy as Eric Zuesse describes them - paid for this, so now we have an economic system based on right-wing propaganda.

Neoclassical economics, and libertarians for that matter, view people as being entirely selfish, and that we only do good deeds because it pleases us. But they get it entirely the wrong way around. A Selfless act can give a lot pleasure, and so it is being selfless first that brings the pleasure after. Only by being entirely selfless can we get the pleasure. Over the centuries many people have given their lives to save others, and we have all heard of people who have shielded bombs to save others, where often many of these people were strangers too. Teachers have lost their lives shielding children from mad gunmen. Where's the selfishness in that?

Is Broken. How Evolution, Ecology, and Collective Behavior Can Help Us Avoid Catastrophe   After the crash, can biologists fix economics?, By Kate Douglas


The global financial crisis of 2008 took the world by surprise. Few mainstream economists saw it coming. Most were blind even to the possibility of such a catastrophic collapse. Since then, they have failed to agree on the interventions required to fix it. But it’s not just the crash: there is a growing feeling that orthodox economics can’t provide the answers to our most pressing problems, such as why inequality is spiralling. No wonder there’s talk of revolution.

Earlier this year, several dozen quiet radicals met in a boxy red building on the outskirts of Frankfurt, Germany, to plot just that. The stated aim of this Ernst Strüngmann Forum at the Frankfurt Institute for Advanced Studies was to create “a new synthesis for economics”. But the most zealous of the participants – an unlikely alliance of economists, anthropologists, ecologists and evolutionary biologists – really do want to overthrow the old regime. They hope their ideas will mark the beginning of a new movement to rework economics using tools from more successful scientific disciplines.

Drill down, and it’s not difficult to see where mainstream “neoclassical” economics has gone wrong. Since the 19th century, economies have essentially been described with mathematical formulae. This elevated economics above most social sciences and allowed forecasting. But it comes at the price of ignoring the complexities of human beings and their interactions – the things that actually make economic systems tick.

The problems start with Homo economicus, a species of fantasy beings who stand at the centre of orthodox economics. All members of H. economicus think rationally and act in their own self-interest at all times, never learning from or considering others.

Nigel Farage destroys Hillary Clinton

I'm on the left but I quite like Nigel Farage. I reckon if he was a neighbor I would get on swell with him, and I would enjoy a pint down the pub with him too.  He recently said that he liked Jeremy Corbyn because at least he was a proper socialist, not a career politian. I joined the British Labour Party because of Corbyn.

This clip is called, Nigel Farage destroys Hillary Clinton, but its much more than that. Nigel Farage is right on the ball about Western foreign policy yet again.

Saturday, July 23, 2016

Dani Rodrik — Is Fethullah Gülen behind Turkey's coup?

Dani Rodrik is Turkish and well acquainted with Turkish politics. The origin of the coup is still murky. It is pretty clear that it was not a false flag engineered by Erdogan to seize more power, but unfolding events reveal that he is not letting the crisis go to waste in that regard either.

The aftermath of the coup has seen the rapprochement of Turkey, Russia and Iran, all of whom have an interest in keeping Syria in one piece, where it is in the interest of the US and the Kurds to partition Syria. 

Dani Rodrik's weblog
Is Fethullah Gülen behind Turkey's coup?
Dani Rodrik


The Duran
Alexander Mercouris: Report of a Russian Tip-Off to Erdogan is True

The Entirely Fake Owen Smith (The British Labour Party Leadership Contest)

Owen Smith is the main challenger to Jeremy Corbyn in the British Labour Party contest. He say's that he is a socialist and wants to bring in a land tax and re-nationalize the railways. I'm a Corbyn supporter and I joined the Labour Party because of him, but for a moment I thought Owen Smith sounded interesting, so I did some research on him.

Owen Smith looks very smart and is articulate, but he seemed like a career politician to me who I felt would just renegade on everything he says once he gets in power. I then found this informative article about Owen Smith by Craig Murray, the former British ambassador to Uzbekistan. I have reprinted it in full.

The Entirely Fake Owen Smith, by Craig Murray,

Even the mainstream media feel compelled to drop hints that Owen Smith is not what he is being promoted as. The Guardian’s words yesterday were unintentionally revealing;
the former shadow work and pensions secretary plans to pitch himself as the soft-left option
Note “to pitch himself”. For PR professional Smith, political stance is nothing to do with personal belief, it is to do with brand positioning. On Channel 4 News last night, an incredulous Michael Crick pointed out that the “soft left” Smith had previously given interviews supporting PFI and privatisation in the health service. He also strongly supported Blair’s city academies.
As chief lobbyist for Pfizer, Smith actively pushed for privatisation of NHS services. This is not something Pfizer did very openly, and you have to search the evidence carefully. Footnotes often tell you what is really happening, as in this press release in which Owen Smith says of a Pfizer funded “focus group” study:
We believe that choice is a good thing and that patients and healthcare professionals should be at the heart of developing the agenda.
You have to look at the footnotes to see what kind of choice Owen Smith is actually talking about. Note to Editors 3 includes
“The focus groups also explored areas of choice that do not yet exist in the UK – most specifically the use of direct payments and the ability to choose to go directly to a specialist without first having to see the GP.”
Well, at least it is clear – direct payments from the public to doctors replacing current NHS services. Smith was promoting straight privatisation. As Head of Policy and Government Relations for Pfizer, Owen Smith was also directly involved in Pfizer’s funding of Blairite right wing entryist group Progress. Pfizer gave Progress £53,000. Progress has actively pursued the agenda of PFI and privatisation of NHS services.

Owen Smith went to Pfizer from a Labour Party job, while Labour were in government, and there is no doubt that his hiring was an example of the corrupt relationship between New Labour and big business which is why the Blairites are so hated by the public. It is also beyond any argument that if Pfizer had any doubts about Owen Smith’s willingness to promote the Big Pharma and NHS Privatisation agenda, they would never have hired him.

Owen Smith is a strong supporter of Trident and assiduously courts the arms industry. He is a regular at defence industry events.

Perhaps most crucially of all, Owen Smith joined his fellow Red Tories in abstaining on the Tory welfare benefit cuts.

I do not doubt Owen Smith’s expertise in brand positioning. I expect that there are indeed a large number of Labour Party members who might vote for a left wing alternative to Corbyn. But I also suspect that Smith has adopted the PR man’s typical contempt for the public, who are not as stupid as he seems to think. There is no evidence whatsoever that Smith is a left winger. There is every evidence that he is another New Labour unprincipled and immoral careerist, adopting a left wing pose that he thinks will win him votes.

People will notice, Owen. They really are not that stupid.

Lord Keynes — Yes, Virginia, Hayek was a Liquidationist in 1932

Hayek quotes setting the record straight, both on his original position and then changing his mind.

Social Democracy For The 21St Century: A Post Keynesian Perspective
Yes, Virginia, Hayek was a Liquidationist in 1932
Lord Keynes

Friday, July 22, 2016

Asia Unhedged — China central bank official says tax cuts more effective than rate cuts

A Chinese central bank official said tax cuts would be a more effective way of stimulating the economy than interest rate cuts, as companies are still unwilling to invest, the National Business Daily reported on Friday.
Sheng Songcheng, director of the Survey and Statistics Department at the People’s Bank of China, said companies were caught in a liquidity trap and regulators should focus more on fiscal policy adjustments, the paper said.
“The most important reason for the deviation between the increase in M1 (money supply) and the growth of the economy is that enterprises lack the willingness to invest,” Sheng was quoted as saying.
The comments by the statistics official appeared to be largely a reiteration of remarks he was reported to have made last weekend, when he also said China has room to increase its fiscal deficit ratio to between 4 and 5 percent of GDP to boost the economy more effectively.
Despite six interest rate cuts since late 2014, China’s economy has continued to slow, indicating monetary policy has become less effective at boosting growth than in the past, economists have said….
The paper did not say whether Sheng favoured cutting any specific taxes. He had argued taxes were high, especially for small and medium sized businesses, in a report earlier this year.
China is expanding tax reforms by replacing a business tax with a value-added tax (VAT) this year.
Asia Times
China central bank official says tax cuts more effective than rate cuts
Asia Unhedged
Reporting by David Stanway; Editing by Eric Meijer and Kim Coghill

Branko Milanovic — In defense of equality (without welfare economics)

Important in the current debate about policy, political economy and politics with respect to the rising significance of economic (income and wealth) distribution.

Global Inequality
In defense of equality (without welfare economics)
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace

Tough Russian Anti-Capitalist Literature, a book review by Andre Vltchek

Sergei Minaev is a Russian author who has written a witty, provocative and thoroughly outrageous novel called “R.A.B. In his novel he describes how Russia gets taken over a corrupt Western neoliberal system. Andre Vltchek below gives an excellent review of his book.


Imagine Moscow being taken over by some international corporate cartel. By a monster which has its own factories and office buildings, security services, private prisons, re-education (‘training’) centers, and its obedient mass media outlets. Imagine that it also has detailed databases on almost everyone who really matters in the capital.

Imagine that human lives suddenly don’t matter. People are only expected to produce and consume; they become fully disposable.

Imagine that the once greatly educated Russia with its legendary artists and philosophers is gradually getting reduced to an unimaginably primitive level. Suddenly, there is US pop trash flying about everywhere, and the greatest entertainment for the masses comes from watching countless television ‘reality shows’, including those that graphically depict, candidly, how both men and women are shitting and pissing in the capital’s public toilets.

That’s what you get when reading a witty, provocative and thoroughly outrageous novel by Sergei Minaev, called “R.A.B.”; 521 pages of it!

In all his novels, including “Soulless”, “The Telki”, “Media Sapiens” and “R.A.B.”, Minaev masterfully depicts the perpetual crimes committed by corporate culture and its mainstream media.
Brutally and candidly he describes an apocalyptic society constructed on the soulless, merciless and murderous principles of the modern Western-style capitalist system.


In such a world, nothing is sacred anymore. The ‘elites’ are having great fun hunting on the outskirts of the city, not for some animals, but for homeless people living in abandoned pipelines (“R.A.B.”). A US mainstream television news channel, together with its local counterpart, manage to trigger a military conflict between Georgia and Russia, after hiring several combat helicopters and retired soldiers, killing real people, just in order to increase their ratings. And several terrorist attacks in Moscow are being paid for and staged by other big media conglomerates (“Media Sapiens”).

Minaev is not crying; he is definitely far from being a ‘bleeding heart’. He is tough and cynical. His characters are mostly ruthless super-yuppies from Moscow, go-getters, living a fast life, taking drugs, partying in luxury clubs, having sex literally with everything that moves (“Soulless”).

But they get burned, destroyed, brought to near suicide.

They have no ideology, no political views. They laugh at, they insult everything and everybody, but deep inside they are actually suffering from a horrible void, from emptiness. In those rare moments of honesty, they admit to each other and to themselves, that they are actually still longing for at least ‘something pure and decent’, uncorrupted by the global market-fundamentalist regime and its ‘values’ and ‘culture’.

[The Russian managers then start a rebellion]... They do it after their Russian toy-producing company (and other companies all over the city) gets swallowed by a US-based multi-national corporation, which immediately begins dismantling all social benefits, while injecting uncertainty and fear into the workplace. A multi-national also opens a horrid toy factory on the outskirts of Moscow, which then employs desperate immigrants from the Central Asian republics.

......Nothing is spared. When the US toy-producing corporation demands a special tax from its employees in Russia, for “helping out those poor children in the Third World”, the main character of R.A.B. thinks: “well, they can now use that money to buy coffins for children they employ and kill in Indonesia or Thailand”. When the tax goes slightly up, he comments: “now they will have enough funds to dig at least a few mass graves”.

Brian Romanchuk — NGDP Futures Convertibility -- Unworkable?

Wonkish and only interesting if you are aware of the proposals and controversy. But if you are, it's a must-read. Sumner and Woolsey are economists and don’t have a good trip on finance and how it works, as Mike Sankowski has pointed out previously. Brian follows up on the latest proposal.

Bond Economics
NGDP Futures Convertibility -- Unworkable?
Brian Romanchuk

Thiel at RNC

Revealing speech from (former?) libertarian Thiel last night at the RNC.

"When I was a kid, the great debate was about how to defeat the Soviet Union, and we won," Thiel said. 
"Now we are told that the great debate is about who gets to use which bathroom. This is a distraction from our real problems. Who cares?" 
 Thiel said his support for Trump was based on the belief that the candidate could address the country's economic decline. He cited the space program and other government technology achievements as examples of what has been lost. 
 Thiel drew parallels between himself and Trump each as a "builder."

If you want to understand Thiel and Trump you should focus on each of them self-describing as "builders".  They (think they) can achieve socio-economic justice thru competent implementation/operation of material economic systems.

While we indeed need competent material systems people in positions of rule in order to receive robust levels of provision for ourselves, this alone won't achieve what I believe they think it can in the non-material areas of socio-economic justice.

Thursday, July 21, 2016

Ben Tarnoff — Donald Trump, Peter Thiel and the death of democracy

Peter Thiel gets it. Capitalism and democracy are antithetical.

The Guardian
Donald Trump, Peter Thiel and the death of democracy
Ben Tarnoff
ht Kevin Fathi

Lucas Shaw — Rupert Murdoch to Succeed Ailes as Head of Fox News Channel

The devil's henchman replaced by the devil himself?

Rupert Murdoch to Succeed Ailes as Head of Fox News Channel
Lucas Shaw

Michael Stephens — New Book: Rethinking Capitalism

A new book edited by Michael Jacobs and Mariana Mazzucato and featuring contributions from Joseph Stiglitz, L. Randall Wray, Stephanie Kelton, and others will be released tomorrow:
Multiplier Effect
New Book: Rethinking Capitalism
Michael Stephens

F. William Engdahl — Why China Risks War over Those Wet Rocks

Naked power grab by — the US, conducted under the appearance of a judicial proceeding. China is calling BS and is ready to fight over it on the principle that if lines are not drawn, the US will just seize everything it possibly can under some pretext, through internal subversion or at the point of a gun. China is having none of it.

Engdahl explains the details that the news media are not reporting.

Why China Risks War over Those Wet Rocks
F. William Engdahl

This exchange between a German journalist and a flamboyant Russian politician [Vladimir Zhirinovsky] who is often compared with Donald Trump, happened more than a month ago on Russia’s popular Channel 1.
Russia Insider
'You Will All Die, Every Last One of You!' Top Russian Politician Blasts NATO Members (Video)
Alexei Pankin

Caroline Winter — A Mormon Tycoon Wants to Build Joseph Smith’s Mega-Utopia in Vermont

Utopia? Not in my backyard.

Bloomberg Businessweek
A Mormon Tycoon Wants to Build Joseph Smith’s Mega-Utopia in Vermont
Caroline Winter
ht Yves Smith at Naked Capitalism

Joe Mellor — Mrs Thatcher’s son’s “corrupt” Middle Eastern secrets hidden until 2053

Corruption coverup? Hardly believable that this is to protect the innocent.

The London Economic
Mrs Thatcher’s son’s “corrupt” Middle Eastern secrets hidden until 2053
Joe Mellor

Bill Mitchell — The case for re-nationalisation – Part 2

In the first part of this blog (July 13, 2016) – Brexit signals that a new policy paradigm is required including re-nationalisation – I suggested that re-nationalisation of certain sectors has to return as a key industry policy plank for any aspiring progressive political party.

Bill Mitchell – billy blog
The case for re-nationalisation – Part 2
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Mariana Mazzucato and Michael Jacobs — If Theresa May is serious about inequality she’ll ditch Osbornomics

The inequality speech could have been lifted from Ed Miliband. But if she really means it she must reverse austerity and introduce a new industrial strategy.
The Guardian — Opinion
If Theresa May is serious about inequality she’ll ditch Osbornomics
Mariana Mazzucato and Michael Jacobs

Can you handle it!

Claims Beat

Wednesday, July 20, 2016

Sputnik — China's Attempt to Purchase Opera Prompts Wagnerian Response From West

American regulators apparently said "no" to China fully buying the Norwegian internet browser company Opera Software in order to prevent Beijing from gaining clout in the market, competitive intelligence expert Yevgeny Yushchyuk told Sputnik….
China's Attempt to Purchase Opera Prompts Wagnerian Response From West

Chris Floyd — “Close Your Hearts to Pity”: a Security State Critic Embraces Total War

War to end all war. What could go wrong with that?

“Close Your Hearts to Pity”: a Security State Critic Embraces Total War
Chris Floyd

Mike Whitney — The Coup in Turkey has Thrown a Wrench in Uncle Sam’s “Pivot” Plan

A failed coup in Turkey has changed the geopolitical landscape overnight realigning Ankara with Moscow while shattering Washington’s plan to redraw the map of the Middle East. Whether Turkish strongman Recep Tayyip Erdogan staged the coup or not is of little importance in the bigger scheme of things. The fact is, the incident has consolidated his power domestically while derailing Washington’s plan to control critical resources and pipeline corridors from Qatar to Europe. The Obama administrations disregard for the national security interests of its allies, has pushed the Turkish president into Moscow’s camp, removing the crucial landbridge between Europe and Asia that Washington needs to maintain its global hegemony into the new century. Washington’s plan to pivot to Asia, surround and break up Russia, control China’s growth and maintain its iron grip on global power is now in a shambles. The events of the last few days have changed everything.…
The Coup in Turkey has Thrown a Wrench in Uncle Sam’s “Pivot” Plan
Mike Whitney

Jason Hirthler — The Corporate Liberal in America

Whether seated in Congress or exiting a voting booth, a corporate liberal is someone who supports anything progressive that does not challenge corporate power. In practice, this means corporate liberals will fight for progressive identity politics. If it has to do with race, sexual orientation, and gender, it generally doesn’t challenge corporate power.  
Major corporations support progressive positions on those issues, too. Corporate liberals march for gay rights and the larger LGBTQ community itself. They support feminism. They support reproductive rights. They support African-American protests against police brutality—up to the point where they become threatening to the establishment. (Bill Clinton did initiate the prison industrial complex that unduly incarcerates huge numbers of minorities.)…
AKA Volvo liberals or latté liberals. Missing in the trenches.

The Corporate Liberal in America
Jason Hirthler

Catherine Shakdam — Wahhabi Saudi Arabia and the Disappearing of Islam’s Heritage

While world nations remain mostly oblivious to the crippling danger presented by Saudi Arabia – a nation which wealth has shielded it from criticism, and whose leaders have stood immune from legal pursuits, the Kingdom has a lot to answer to …
Actually it is not so much Saudi Arabia as a political construct which should worry you, but rather the faith it has leaned on to draw legitimacy from: Wahhabism.
Born in the desert of Nejd in the 18th century – an unwelcoming stretch of land which for centuries has echoed from the war cries of looters and tribal warlords, Wahhabism came into the world courtesy of one self-professed Islamic erudite: Muhammad ibn Abdul-Wahhab. A follower of Ibn Taymiyyah*, Ibn Abdul-Wahhad imagined himself a religious authority so grand that only his teachings could be deemed worthy – a sanctity onto Islam, the one school of thought to surpass all others, and in shame bind them!
Or so he claimed …or so he made others believe!
An ascetic, violent and reactionary faith, Wahhabism is not just anchored in bloodshed, it has been weaved around hate, bred on exclusion, and grown on ignorant bigotry.
If ever there was an antithesis of Islam, Wahhabism would most certainly qualify to that title.
But enough already on this individual … although we have to admit that it is his poisonous thoughts which continue to darken our skies, by allowing powers to wage “holy wars”.
You might know Wahhabism under a different name – that of Islamic radicalism.

It is at this point in my article that I will ask you to review your definition of radicalism and learn to call this abomination by its real name: Wahhabism.
The Duran
Wahhabi Saudi Arabia and the Disappearing of Islam’s Heritage
Catherine Shakdam

Ibn Tamiyyah declared the teaching of Ibn Arabi, whom Sufis call "the greatest (spiritual) leader" (al-shaykh al-akbar), heretical. He was also highly critical of Shite Islam. Ibn Tamiyyah is regarded as the source of Salafism. Wahhabism is an extreme form of Salafism. Salafism is a fundamentalist interpretation of Islam and Wahhabism is perhaps the most extreme view of it. Equating Salafism with Islam would be like equating Christian Fundamentalism with Christianity. Equating Wahhabism with Islam would be like equating Christian Dominionism with Christianity.

Pepe Escobar — How Donald Trump will follow the money

The headline is a bit misleading. The post is much broader and includes US foreign and military policy as well as the economy.

In modern liberal "democracies," policy battles are among elites, and this one is between industrial capital and finance capital. Industrial capitalists want their country back and think that Trump can deliver it to them.

Policy is prime determinate in macroeconomics, and this is a policy war among US elite and their disparate interests. Since the US is the global hegemon, its economic, foreign and military policy shapes the global economy as well as geopolitics. Industrial capital wants a course correction. Finance capital, backed by the Democrats, want to stay on course, which is a collision course with Russia and China in Eurasia.

How Donald Trump will follow the money
Pepe Escobar

Fox News implodes. I called this one, too!

I bailed out of cesspool Fox News

No, I was not sexually harassed. Hahaha!

However, back in 2012 when I resigned from Fox News, after having been there for 10 years as a contributor, I saw what was going on at least in the area of "news." It was phony. It was ridiculous. It was made up. It was pure crap.

There were instances when producers would just make stuff up and when I gave them economic data or facts to show them what they were saying was wrong, they'd just brush it off and tell me, "we don't want to say it that way."

When Fox Business was launched in 2007 it only got worse, much worse. I asked for a show. I asked for a segment. Nothing.

Okay, no problem I thought, I still liked being there. But when they started bringing over the poseurs and clowns--in droves--who were totally clueless when it came to economics and trading, well, let's just say it crossed the line for me. The network became a cesspool. It was full of shit and I couldn't stand arguing with fucking morons anymore.

I emailed Neil Cavuto to tell him I was leaving. I thought we had a close, friendly relationship over all that time. Never heard a word. Like, don't let the door hit you in the ass on the way out.

Neil defended Ailes recently. I've lost all respect for the guy.

Fox is done.

I know what you're going to say: they're all the same. You're right. They are all the same. Some even worse, but every once in a while it's nice to see a big scumbag taken down.

Tuesday, July 19, 2016

Robert Parry — ‘Fraud’ Alleged in NYT’s MH-17 Report

More faux reporting from the New York Times. Pushing the Iraq faux narrative and later being exposed was apparently not enough.
Forensic experts are challenging an amateur report – touted in The New York Times – that claimed Russia faked satellite imagery of Ukrainian anti-aircraft missile batteries in eastern Ukraine on July 17, 2014, the day that Malaysia Airlines Flight 17 was shot out of the sky killing 298 people.
In a Twitter exchange, Dr. Neal Krawetz, founder of the FotoForensics digital image analytical tool, wrote: “‘Bad analysis’ is an understatement. This ‘report’ is outright fraud.”
Another computer imaging expert, Masami Kuramoto, wrote, “This is either amateur hour or supposed to deceive audiences without tech background,” to which Krawetz responded: “Why ‘or’? Amateur hour AND deceptive.”
On Saturday, The New York Times, which usually disdains Internet reports even from qualified experts, chose to highlight the report by arms control researchers at who appear to have little expertise in the field of forensic photographic analysis.…
In other words, the Times, the Post and the rest of the mainstream U.S. media want the Russians to be guilty, so they exclude from their articles evidence that suggests that some element of the Ukrainian military might have fired the fateful missile. Such “group think” is, of course, the same journalistic malfeasance that led to the false reporting about Iraq’s WMD. Doubts, even expressed by experts, were systematically filtered out then and the same now.… 
Mike Lofgren

Raghuram Rajan — The changing paradigm for financial inclusion

Speech by Dr Raghuram Rajan, Governor of the Reserve Bank of India, at the National Seminar on "Equity, Access, and Inclusion - Transforming Rural India through Financial Inclusion", organised by the National Institute of Rural Development and Panchayat Raj, Hyderabad, 18 July 2016.
Raghuram Rajan: The changing paradigm for financial inclusion