Friday, November 6, 2020

RT — Poll shows 57% of young Muslims in France believe Sharia law more important than national law


Is the battle for control of Europe beginning?

This is an interesting commentary on the Western assumption that traditional peoples exposed to liberalism will abandon tradition in favor of it.

I have said many times that the 21st century will be dominated by the conflict between liberalism and traditionalism, and this is just one instance of it. The significant role that "wokeness" played in the US general election is another, for example, as well as the conservative Christian GOP base that was motivated by traditions.

This is a major theme in this moment in the historical dialectic.

My own position is a balance between modernism and traditionalism. I believe with reasons that freedom of thought, expression and choice are fundamental to self-actualization. I also believe that at the core of traditions lies a kernel of wisdom in the teaching and example of those regard over time as wise. Ignoring either is deleterious to self-actualization.

Sorting this out ain't gonna be easy or pretty though, especially when religion and quasi-religious ideology and values are involved, which they are even in modernism (liberalism), which has now become a tradition in the West.

The Duran
France bans the “Gray Wolves” organization

also

On the other hand. The Western tradition is very warlike and illiberal (feudalism, imperialism and colonialism), as well as having a history of theological dogmatism to which 18 century liberalism was a reaction.

Counterpunch
Western Civilization?

Promarket — Record ‘Dark Money’ Donations Help GOP Retake House Seats

"Campaign finance." The 2020 election broke all records in a multi-billion extravaganza. How is this not bribery?

Promarket
Record ‘Dark Money’ Donations Help GOP Retake House Seats

See also

"There are no progressive billionaires." 

Eric Zuesse lists the billionaires backing liberals.

Strategic Culture Foundation
Progressivism Versus Liberalism
Eric Zuesse

also

Moon of Alabama
Progressive Initiatives Win While Dems Continue To Lose

India’s move toward a de facto unitary state — Prabhat Patnaik

Having persuaded states to give up their constitutionally mandated taxing powers by substituting their main revenue source, the sales tax, with a goods and services tax (GST)—administered by a GST Council dominated by the center—with the promise that their revenue shortfall will be made good, the center has now coolly reneged on that promise. States at present have no taxing powers (except over just three commodities); and the promised compensation from the center has not materialized.

But it is not just control over resources that has been centralized….
Under PM Narendra Modi India is consolidating power at the top. More neo-fascism?

Also

A downside of tradition.

Sputnik International
'Unique' Marriage System [based on caste] Makes Indians Highly Vulnerable to Deadly Lung Disorder, Study Reveals

Greg Palast tweet - Election

 It's amazing how a country can be so divided equally. KV


49.4% v 49.4%: Biden now leads Trump by 917 votes.


This election would be over if it wasn't for The Purge:


340,134 Georgians illegally purged before the 2018 midterms: 


340,134 Georgians illegally purged before the 2018 midterms:


198,351 Georgians illegally before #Election2020: 


https://t.co/F4xd5nkA5e 


https://t.co/qwILW3QQDa

Steve Bannon and his co-host discuss beheading Dr. Anthony Fauci and FBI Director Christopher Wray

 Bannon: “I'd put the heads on pikes, right, I'd put them at the two corners of the White House as a warning to federal bureaucrats”


Video embedded. 

How billionaire Jack Ma fell to earth and took Ant's mega IPO with him

 In China the regulators are not controlled by the oligarchs.

They say talk is cheap. Tell that to Jack Ma.

Corporate China's shiniest star was just days away from seeing his Ant Group list on the stock market in a record $37 billion deal, when he chose to launch a blistering public attack on the country's financial watchdogs and banks.

The regulatory system was stifling innovation and must be reformed to fuel growth, billionaire Ma told a summit in Shanghai on Oct. 24 attended by the great and the good of China's financial, regulatory and political establishment.

Chinese banks, he said, operated with a "pawnshop" mentality.

It was this speech that set off a chain of events that ultimately torpedoed the listing of Ant, the fintech titan Ma founded, according to interviews with government officials, company executives and investors. They all requested anonymity to disclose confidential details.

How billionaire Jack Ma fell to earth and took Ant's mega IPO with him


Thursday, November 5, 2020

Ranked: The Top 10 Global Cities, by Ultra-Wealthy Population — Carmen Ang

Pretty much as you'd guess, except for #2 Hong Kong maybe.

Visual Capitalist
Ranked: The Top 10 Global Cities, by Ultra-Wealthy Population
Carmen Ang

Is Modern Monetary Theory Pathological Mendacity? —Andrew Moran


Every once in a while I come across criticism of MMT that is over the top funny. Here's one for the record. ROFLMAO.

Liberty Nation
Is Modern Monetary Theory Pathological Mendacity?
Andrew Moran

Using public real estate to fuel a postpandemic recovery — Dag Detter, Ali Abid Hussain, and Jonathan Woetzel


McKinsey is supposed to be the place that hires the high-power talent. The authors of this article don't realize that a currency issuer doesn't need to get its currency to finance itself. Freshman error.

McKinsey
Using public real estate to fuel a postpandemic recovery
Dag Detter, Ali Abid Hussain, and Jonathan Woetzel

Bernie Sanders Predicted 2020 Election Weeks Ago

Bernie knows his stuff, and here he gives a warning about the election result. Trump might be out front Initially, but Biden could win in the end. Politics will then get dirty 




America Compared: Why Other Countries Treat Their People So Much Better

 We're taught to believe that America is the greatest country on earth and that it couldn't possibly get any better. Let's put that claim to the test. In this episode, we'll compare the US to other wealthy nations using several key metrics: "low-skilled" job compensation, vacation time, length of the work week, and paid parental leave. The results may surprise you.




Uri Blau - Israel’s Bloated War Machine

 Prime Minister Netanyahu promotes and sometimes manufactures an endless series of national security crises. The military and settlers win; everyone else loses.


Netanyahu controls the people of Israel by intimidating them with existential threats—if it’s not nuclear Iran, then it’s the tunnels of Hamas. If not ISIS, then Hezbollah in Lebanon. If not an international flotilla of solidarity activists trying to break the blockade on Gaza, it’s anti-Semitism taking over Europe. The premier has led his people to believe that it’s them against the world. With this attitude, it’s clear the defense ministry will only get fatter on his watch.

The Nation

A MUTUAL EXTORTION RACKET: THE MILITARY INDUSTRIAL COMPLEX AND US FOREIGN POLICY



This major new report from Transparency International – Defense & Security examines the underlying processes and pathways to influence between the American defense export sector, the federal government, the defense bureaucracy, and Middle East and North Africa (MENA) governments. These pathways enable American defense firms to export arms and defense services to MENA countries despite many regimes’ poor human rights and governance records, lack of transparency and accountability, and questionable outcomes for US foreign policy. This not only often leads to poor outcomes for American national security and foreign policy, but it is also harms international peace by helping to fuel conflict and human rights abuses in the MENA region.

Free PDF

A MUTUAL EXTORTION RACKET: THE MILITARY INDUSTRIAL COMPLEX AND US FOREIGN POLICY

SINOPHOBIA INC.

 Meet Sinophobia Inc.—the media machine busy manufacturing consent for war on China. Armed with state funding and weapons industry sponsors, this handful of influential think tanks is setting the terms of the New Cold War on China and propelling the U.S.-led alliance’s drive towards war on China.


This same convergence of corporate media and weapons industry interests led down the disastrous path of U.S. intervention in the Middle East. But it’s up to us to break the cycle by pulling the curtain behind “non-partisan” security experts like the Australian Strategic Policy Institute, the Center for Strategic and International Studies, and the Council on Foreign Relations to reveal that state funding and weapons corporations like Lockheed Martin and Raytheon are behind this ‘irrefutable’ evidence of the so-called ‘China threat.’  


The New Cold War on China is putting multilateral cooperation, Global South sovereignty, and Chinese socialism on the chopping block, all to pad the pockets of the military-industrial complex. We took a deep dive into the inner workings of Sinophobia Inc. to equip all of us to see through the media bias and stop this imperialist drive towards war before it’s too late




Russian Federation Sitrep 5 November 2020 — Patrick Armstrong

VALDAI. Putin's speech is here. To my mind, other than the funeral crack, the most memorable bit was his strong defence of a mixed economy: when things are purring along, free enterprise does the job but in bad times you need the government. I'd say the last 20 years vindicates this point of view....
Sic Semper Tyrannis
RUSSIAN FEDERATION SITREP 5 NOVEMBER 2020
Patrick Armstrong

The US Must Accept China’s — Daniel Gros

The conclusion is clear: The next US administration should accept China’s continued economic and technological rise. It may not like the idea of China overtaking the US – a milestone that will probably be reached within the next decade. But further attempts to stave off that outcome would be not only futile, but also very costly.
Well, the real question is can American accept not being number one. Probably not. Thucydides trap on schedule.

Project Syndicate
The US Must Accept China’s
Daniel Gros | Director of the Centre for European Policy Studies

China Takes Step Against Securitization, Consumer Borrowing With Suspension of Ant IPO — Yves Smith

 Even though China’s financial system is not terribly transparent, and English language reporting on China’s politics should be taken with a fistful of salt, regulators stomped on a globally high-profile company widely deemed to be one of China’s stars to send a message. And even from the other side of the world, mediated through the Anglo press, the message seems very clear: China is going to leash and collar businesses, whether banks or fintech players, that profit by giving consumers high interest rate loans and rely on securitization to shift the risk of loss on to other parties....

Like the US should have done prior to the GFC and certainly in the aftermath.

It seems that Jack Ma was using the US model of fintech versus banking, and the Chinese regulators said, no way.

The idea that regulators woke up a few days before the Ant IPO and blindsided the company with unexpected rules isn’t remotely credible. Yet the press is parroting Ant’s and disappointed brokers’ spin. The reality is that regulators signaled their requirements months ago (the Chinese appear to be less explicit in their public remarks than Western regulators typically are) and without a doubt informed Ant and any similarly-situated concerns of their requirements. Ma apparently thought he could defy the Chinese government. He’s learned otherwise....
It’s refreshing to see a government that isn’t afraid to slap down a rich businessman, even a high profile billionaire, who thinks he can call the shots. Sadly, the importance of political donations means that sort of thing is distant history in the US.

Developing Asia: The growing divergence between China and the rest — C. P Chandrasekhar and Jayati Ghosh

Covid-19 is drawing a sharp wedge not only between China and the rest of the world, but also between China and its hinterland. It is yet to be seen how this will play out both geopolitically and in economic terms.
Real-World Economics Review Blog
Developing Asia: The growing divergence between China and the rest
C. P Chandrasekhar and Jayati Ghosh

See also
China’s rise reflects a bourgeoning global movement away from U.S. imperialism and toward [national] self-determination. 
MR Online
American exceptionalism won’t save the U.S. Empire from itself, or stop China’s rise
Haiphong

Memo: Right pocket to left pocket – don’t let anyone know what it going on in these trousers. — Bill Mitchell

On Tuesday (November 3, 2020), the Reserve Bank of Australia made its monthly announcement with respect to the conduct of monetary policy. The governor Philip Lowe released this – Speech – to announce the decision. There were four elements to the decision, which I will explain. But the most significant aspects of the decision was to set the support rate on excess reserve balances to zero and increase their government bond buying program by 200 per cent. And the most significant aspect of that last decision was how much dodging and weaving went on to deny what they are actually doing. And, within the decision is a point that I would have expected State Premiers to be up and arms about but, instead, there was silence. All in a day of paradigm shift in economics....
Bill Mitchell – billy blog
Memo: Right pocket to left pocket – don’t let anyone know what it going on in these trousers.
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Sino-American trade war recap.

Eurasia Review
There’s A New Front In US-China Trade And Tech War – Analysis
Aarshi Tirkey, Observer Research Foundation

Wednesday, November 4, 2020

The Biggest Ever Transfer Of Wealth Is Happening Right Now — Kim Brown

A new era of technology is being defined right now—and not only by the “magnificent seven” tech giants that are collectively worth $7.7 trillion.

Instead, it’s being defined by a new generation of tech-driven companies that operate across multi-trillion-dollar industries … and target the trillions of dollars that Big Capital is shifting into ESG, or “impact” investing.

These next-gen tech companies create entire “ecosystems”, some with unlimited verticals …

And they de-risk by focusing on ESG.

In other words, big capital dictates that things are about to get a lot more eco-friendly and a lot more socially responsible. Doing so, it has triggered what many analysts now see as the biggest transfer of wealth ever....
Oilprice

See also
In Part 1 and Part 2 of the Covid series, we discussed the mooted “green” recovery, the anticipated rise of the social enterprise, and explored the macro-economic backdrop and stimulus funding for these two massive shifts.

In this article, we discuss the affects of covid on the broader investment market and drill down into the implications for green investing, social investing, and corporate governance. We finish with the winners and losers....

Modern monetary theory has gained ascendancy, as governments commit to print money to repump the economy on the premise that, as long as supply outstrips demand, inflation will be kept in check.


The agenda is to issue free money to institutions and governments which then on-lend it. The wildcards are historic debt levels and economic drag from zombie corporations.

Much of this stimulus is expected to be channelled via central banks and governments to countries and companies that demonstrate commitments to decarbonisation, a circular economy, social enterprise (including health) and 4IR technologies.... 
FNArena
ESG Focus: Covid, The Aftermath – Part 3
Sarah Mills

Status Quo Election And Another Lost Decade — Brian Romanchuk


Neoliberalism still rules. Fiscal conservatism waits in the wings.

Bond Economics
Status Quo Election And Another Lost Decade
Brian Romanchuk

My new podcast episode is out

Ant Group’s Long March — Shang-Jin Wei


Backgrounder of the pros and cons. Basically, fintech makes more services available to the public and is competitive with banks, but the result of fintech centralization is increasing inequality and also financial risk that adds to systemic risk.

Project Syndicate
Ant Group’s Long March
Shang-Jin Wei | Professor of Finance and Economics at Columbia Business School and Columbia University’s School of International and Public Affairs, and former chief economist at the Asian Development Bank. 

Bill Mitchell — A video, papers to be read and a song

It’s Wednesday and so only some snippets today. First, a video of a seminar I participated at the other day where we talk about the future of Europe (and the World). Second, some working papers that might be of interest. And finally a music segment. I felt like posting the 1980s song from The Vapors – Turning Japanese – after the Reserve Bank of Australia announced yesterday they were now modelling their monetary policy interventions of the excellent template that has been pioneered by the Bank of Japan. You know get the government to buy all of its debt – then pay itself back – then remit the payments as ‘dividends’ back to itself. Right pocket meet Left pocket. I will analysis the big shift in the RBA’s position tomorrow. And when you listen to the RBA Governor this morning trying to tell Australians that black is white when we all know it is black and they have let the cat out of the bag, you will realise why the whole hysterical show they are putting on is important. But that is tomorrow. And I hated the song anyway....
Bill Mitchell – billy blog
A video, papers to be read and a song
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Tuesday, November 3, 2020

Ant's IPO Suspension Shows It's Too Big To Fail Now — Ye Xie


The Chinese regulators seem to be on the right side of this one, but they should have stepped it sooner. But better late than never. The concept of banking needs to be extended to fintech.

Zero Hedge
Ant's IPO Suspension Shows It's Too Big To Fail Now
Ye Xie, Bloomberg macro commentator and analyst

Oil Prices Soar On Major Crude Draw —Julianne Geiger


Sign of recovery, or OPEC?

Oilprice
Oil Prices Soar On Major Crude Draw
Julianne Geiger

See also

Zero Hedge
WTI Extends Gains After Bigger Than Expected Crude Draw
Tyler Durden

U.S. faces a potential ‘secession crisis’ at home and ‘open conflict’ with China in the coming decade, says author who predicted 2020 unrest — Jonathan Burton interviews Neil Howe


Neil Howe, co-author of The Fourth Turning with the late William Strauss, unpacks the demographics of generational change.

MarketWatch
U.S. faces a potential ‘secession crisis’ at home and ‘open conflict’ with China in the coming decade, says author who predicted 2020 unrest
Jonathan Burton interviews Neil Howe

Early Q4 GDP Forecasts — Bill McBride

 
3% (Merril Lynch) to 4.5% (Goldman). All that government spending having an effect? But without a stimulus bill, many are hurting and growth could have been both better and more even.

Calculated Risk
Early Q4 GDP Forecasts
Bill McBride

Russia Can, The United States Can’t Cut The Ice — Alexei Bezborodov


Backgrounder on arctic icebreakers.

Dances with Bears
RUSSIA CAN, THE UNITED STATES CAN’T CUT THE ICE
Alexei Bezborodov, editor in chief of Infranews.ru, the bible of the Russian maritime industry