Tuesday, January 16, 2018

Tyler Prochazka — Professor argues for job guarantee over basic income


Universal Basic Income (UBI) is gaining more traction in mainstream discourse, but the academic debate has been heating up for years. One scholar with a sympathetic but critical eye towards basic income still believes it is not the best priority for activists.
Philip Harvey, a professor of law at Rutgers, wrote that a job guarantee could eliminate poverty for a fraction of the cost of UBI — $1.5 trillion less.
Harvey argued in 2006 that the focus on UBI may be crowding out more realistic policies that could achieve the same ends.
“[Basic Income Guarantee] advocates who argue that a society should provide its members the largest sustainable BIG it can afford – whether or not that guarantee would be large enough to eliminate poverty – are on shaky moral ground if the opportunity cost of providing such a BIG would be the exhaustion of society’s redistributive capacity without eliminating poverty when other foregone social welfare strategies could have been funded at far less cost that would have succeeded in achieving that goal.”
When I interviewed Harvey this month, he said his views have largely stayed the same and he still sees a fundamental difference between the advocates of UBI and job guarantee.
“The most important driver of that difference is the inherent attractiveness of the UBI idea. It really is an idea that captures the imagination and admiration of all kinds of interested parties with different kinds of agendas. The job guarantee idea, on the other hand, attracts people who are more into the weeds of policy analysis.”....
Bien
Professor argues for job guarantee over basic income
Tyler Prochazka

Paul Sagar — The real Adam Smith


Setting the record straight.

Aeon
The real Adam Smith
Paul Sagar | lecturer in political theory in the Department of Political Economy, King’s College London

George Monbiot - The PFI bosses fleeced us all. Now watch them walk away

When contracts fail, the legal priority is still to pay firms like Carillion. Money is officially more valuable than life


The corporations want their cut and have their cronies in government. The market is fine for cans of beans, cars, computers, Hi -Fi, etc, where the price can be evaluated easily and seen whether they are fair, but when it comes to government services even the government can get ripped off. But do governments care when they are the agents of the corporations? The revolving door where government ministers go on to get good jobs working for the corporations. 

                                                                     ***********
Excerpt - 

Again the “inefficient” state mops up the disasters caused by “efficient” private companies. Just as the army had to step in when G4S failed to provide security for the London 2012 Olympics, and the Treasury had to rescue the banks, the collapse of Carillion means that the fire service must stand by to deliver school meals.

Two hospitals, both urgently needed, that Carillion was supposed to be constructing, the Midland Metropolitan and the Royal Liverpool, are left in half-built limbo, awaiting state intervention. Another 450 contracts between Carillion and the state must be untangled, resolved and perhaps rescued by the government.

When you examine the claims made for the efficiency of the private sector, you soon discover that they boil down to the transfer of risk. Value for money hangs on the idea that companies shoulder risks the state would otherwise carry. But in cases like this, even when the company takes the first hit, the risk ultimately returns to the government. In these situations, the very notion of risk transfer is questionable.

The government claimed that the private sector, being more efficient, would provide services more cheaply than the private sector. PFI projects, Blair and Brown promised, would go ahead only if they proved to be cheaper than the “public sector comparator”.

But at the same time, the government told public bodies that state money was not an option: if they wanted new facilities, they would have to use the private finance initiative. In the words of the then health secretary, Alan Milburn: “It’s PFI or bust”. So, if you wanted a new hospital or bridge or classroomor army barracks, you had to demonstrate that PFI offered the best value for money. Otherwise, there would be no project. Public bodies immediately discovered a way to make the numbers add up: risk transfer.

The costing of risk is notoriously subjective. Because it involves the passage of a fiendishly complex contract through an unknowable future, you can make a case for almost any value. A study published in the British Medical Journal revealed that, before the risk was costed, every hospital scheme it investigated would have been built much more cheaply with public funds. But once the notional financial risks had been added, building them through PFI came out cheaper in every case, although sometimes by less than 0.1%.

Not only was this exercise (as some prominent civil servants warned) bogus, but the entire concept is negated by the fact that if collapse occurs, the risk ripples through the private sector and into the public. Companies like Carillion might not be too big to fail, but the services they deliver are. You cannot, in a nominal democracy, suddenly close a public hospital, let a bridge collapse, or fail to deliver school meals.




UKRAINE ON FIRE: The Real Story. Full Documentary by Oliver Stone (Original English version)



                                                                       ********

The Real News: How the US Helped Set 'Ukraine on Fire'


Aaron Maté interviews the film's director who says that the Neoconservatives and George Soros, who both use NGO's, are the biggest meddlers in other country's elections around the world. Interview starts at 3:28.


Basant Kumar Mohanty — Job scheme swells farm yields


JG at work.
In 2015, [neoliberal] Prime Minister Narendra Modi had described the programme as a "testimony to the failures of previous governments".
The Telegraph (India)
Job scheme swells farm yields
Basant Kumar Mohanty

Zero Hedge — China Downgrades US Credit Rating From A- To BBB+, Warns US Insolvency Would "Detonate Next Crisis"

In its latest reminder that China is a (for now) happy holder of some $1.2 trillion in US Treasurys, Chinese credit rating agency Dagong downgraded US sovereign ratings from A- to BBB+ overnight, citing "deficiencies in US political ecology" and tax cuts that "directly reduce the federal government's sources of debt repayment" weakening the base of the government's debt repayment.
Oh, and just to make sure the message is heard loud and clear, the ratings, which are now level with those of Peru, Colombia and Turkmenistan on the Beijing-based agency’s scale of creditworthiness, have also been put on a negative outlook....
The Chinese are sounding as nutty as the Americans.

Zero Hedge
China Downgrades US Credit Rating From A- To BBB+, Warns US Insolvency Would "Detonate Next Crisis"
Tyler Durden

Paul Grenier — Russia, America, and the Courage to Converse

Despite its claims to “open-ness,” liberalism in its late modern Western form becomes self-contained to the point of closure. Allied with such power constructs as the “liberal world order,” globalization (a word that came into common usage only after the fall of the Soviet Union) tends towards the homogenization of political space and the radical constriction of pluralism.
Notice a trend toward closure? It's affected conventional economics in addition to politics. Plurism, the hallmark of liberalism, is over — dead and buried.

The American Conservative
Russia, America, and the Courage to Converse
Paul Grenier, founder of the Simone Weil Center for Political Philosophy

Mike Whitney — Trump’s Sinister Plan to Kill the Iranian “Nukes” Deal

Taken together, the Trump strategy is clever two-pronged approach that shrinks capital investment in the country (thereby strangling the economy) while increasing the incitements that are intended to cause the government to overreact and (possibly) scuttle the agreement. Trump’s goal is to trick Iran into terminating the deal because it would be too costly for the US to end its commitment unilaterally.… 
The Unz Review
Trump’s Sinister Plan to Kill the Iranian “Nukes” Deal
Mike Whitney

Newsday Editorial Board — First shots in war on Medicaid, Medicare, Social Security

Poverty is not a scam. Neither is old age or infirmity or serious illness. But making poverty and the need for help look like a scam is a common political strategy, and it’s one President Donald Trump’s administration sought to rekindle last week when it allowed states to impose work requirements on Medicaid recipients in “test” programs.
Such a change, based on fiction about who the 70 million Medicaid recipients are and how almost $550 billion in state and federal Medicaid funding is spent each year, won’t save any taxpayer dollars. Nor is it intended to. What it does is spawn news stories that reinforce a message Republicans have promoted since President Ronald Reagan: The GOP brings down mostly minority “welfare queens” riding high on government largesse in their Cadillacs...
Conservative policy rationale is to make it more painful to be poor by punishing poverty in order to incentivize those in poverty to be more "productive." Basic stimulus-response Pavlovian-Skinnerian behavioral psychology.

But this strategy also has a darker side in creating social divisions that can be exploited politically. The GOP sees "the poor" as a major Democratic constituency that Democrats shower with largesse when in power in order to curry favor to get votes and energize the base. The GOP sees that as a strategic opportunity to attack by creating scapegoats.

Democrats under Bill Clinton realized that the GOP base was really the moneyed class that provides the bribes contributions and so, attacking the rich is self-defeating. Clinton took GOP adviser Dick Morris advice to "triangulate" and attack the poor to please the donor-base. Robert Rueben had already suggested that the Democrats cozy up to Wall Street, since that is where the big money is.

So, now the proles and precariat are left out in the cold with the prospect of a colder season coming.
The new job requirements for Medicaid might not be legal and likely will be challenged in court. Either way, the rules won’t save much even if they do take effect. Since only 70 million Americans get Medicaid and 255 million don’t, the proposals might not cause much uproar. But be warned: As a statement of intent and a first shot across the bow, they should.
House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell have been clear about wanting huge across-the-board cuts in Medicaid and Medicare. The cuts have been included in budget proposals they have introduced, and in their efforts to repeal the Affordable Care Act. Ryan has said cuts to those programs, along with restructuring Social Security to save money, are his primary legislative objectives, although he concedes they probably won’t happen in 2018....
Newsday
First shots in war on Medicaid, Medicare, Social Security
The Editorial Board

Raphaël Hadas-Lebel — Can Fake News Be Outlawed?


Liberalism reveals its illiberal underbelly as "liberal democracies' seek to control the narrative by limiting freedom of expression and press freedom in the attempt to limit freedom of thought, which is of the essence of totalitarianism.

This push is being led by the US and France, the birthplaces of the revolutions that brought liberalism onto the world stage, and Britain as well, the birthday of liberal philosophy led by John Locke.

Ironic betrayal. This is likely not malicious but rather the result of modern leaders lack of commitment to liberalism and their ideological blind-sidedness. Their ideology is based on dominance, which means prioritizing control over everything else.

Sad to watch a promising tradition being strangled. It's only been a couple of hundred years.

Ironically, when some Western leaders boasted about the success of Western liberalism to some Chinese leaders, one of the Chinese leaders replied that it's only been a couple of hundred years, hardly enough to confirm an experiment. The West is just a blip on the screen of civilizations historically.

Project Syndicate
Can Fake News Be Outlawed?
Raphaël Hadas-Lebel, author of Hundred and One Words about the French Democracy, an honorary member of the Conseil d’Etat, and a former professor at Sciences Po

See also

Technocrats take charge of "protecting the public" from "fake news." Sounds similar to protecting a country by destroying it.
In an effort to “balance” freedom of expression with other needs, the European Union on Monday launched its "High-Level Expert Group” to tackle fake news.
Washington Examiner — Opinion

See also

Spreading liberalism and democracy is not always practical developmentally. It's like saving starving heathens souls before providing them bread.

Liberal Democracy in Africa Can Wait 
Simplice A. Asongu | Lead Economist in the research department of the African Governance and Development Institute

Also

Review of Why Liberalism Failed. By Patrick J. Deneen. Yale University Press, 2018.

Mises Wire
Deneen on Liberalism
David Gordon is Senior Fellow at the Mises Institute, and editor of The Mises Review

UPDATE
The House of Representatives voted Thursday to disregard the constitutional rights of Americans and extend the powers of intelligence agencies.
Orange County, California and the Register are about as conservative as it gets in the US.

The leadership of both parties supported the bill and the vote was bipartisan in ganging up against the civil rights and constitutional liberties of the American people.

The Orange County Register — Opinion
The House voted to disregard the Fourth Amendment
The Editorial Board

Cohn: Congress will 'hopefully' pass bank reg overhaul within months


This reform is on the back burner for now.  Cohn is now thinking by end of first quarter '18:


Cohn said on Bloomberg News that the Senate bill to roll back the Dodd-Frank Act would "hopefully" see floor time in January and pass the House “in the first quarter of this year.”

The draft legislation has included some stability increasing capital exemptions for non-risk assets.





Buffett on tax reform


This was from last week.


Warren Buffett believes the corporate tax reform bill is very bullish for stockholders. The tax overhaul, which President Donald Trump signed into law last month, lowers the corporate tax rate to 21 percent from 35 percent. 
"The tax act is a huge factor in valuation," he said on CNBC's "Squawk Box" on Wednesday. 
"You had this major change in the silent stock holder in American business who has been content with 35 percent ... and now instead of getting 35 percent interest in the earnings they get a 21 percent and that makes the remaining stock more valuable." 
The billionaire chairman and CEO of Berkshire Hathaway also explained the magnitude of the tax cut is not reflected in the stock market yet. "I think 21 percent was not baked in. That's a huge reduction," he added.

Implies about a 20% increase in value of taxable earnings to shareholders.





Monday, January 15, 2018

Zero Hedge — Putin Plot? Democrats Ridiculed For Claiming Moscow Behind Chelsea Manning's Senate Run


Have these people lost their minds?

Who would ever vote for them? 

Asia Times — German central bank to add RMB to currency reserves


Germany looks to the future. Uncle Sam won't be pleased.
HSBC chief executive Stuart Gulliver, speaking at the same conference in Hong Kong, said that the Belt and Road Initiative (BRI) will increase the usage of RMB even further.
China’s central bank announced new measures earlier this month to encourage cross-border yuan transactions in support of BRI projects.
Asia Times
German central bank to add RMB to currency reserves: Follows ECB’s move to include China’s currency last year

Jeff Desjardins — How the Economic Machine Works, According to Ray Dalio

Three Major Forces
Dalio says this model has guided Bridgewater for over 30 years, and that there are three major forces that shape the economy:
1. Productivity Growth
Productivity growth, which is measured as a percentage of GDP, grows over time as knowledge, technology, and innovations help to raise our productivity and living standards.
2. Short-Term Debt Cycle
Usually lasting 5-8 years, the short-term debt cycle is a repeating pattern that occurs as credit expands and contracts.

3. Long-Term Debt Cycle
Usually lasting 75-100 years, the long-term debt cycle usually ends in a period of extreme deleveraging, where global debt is unsustainable and asset prices fall....
Visual Capitalist
Video: How the Economic Machine Works, According to Ray Dalio
Jeff Desjardins

Edward Harrison — Some thoughts on this global economic recovery amidst longer-term economic uncertainty


Beneath the rosy picture of the upturning global economy.
I would like to be optimistic that this upturn will be followed by a shallow recession and then continued economic growth. After all, banks have been recapitalized and companies are flush with cash. But on the household side of things, it’s a different story. What I see is rising economic and social anxiety and a broken social compact in advanced nations. This is feeding political populism, even as the economy enters its best phase of growth in a decade. When the economy turns down, the social, political and economic environment will be even more precarious. And the populism will be more extreme.
Think Donald Trump is bad?

Credit Writedowns
Some thoughts on this global economic recovery amidst longer-term economic uncertainty
Edward Harrison

Dmitriy Sudakov — One third of Russian currency assets are in the US – what if Washington freezes them?


Short and significant.

Russia Feed.
One third of Russian currency assets are in the US – what if Washington freezes them?
Dmitriy Sudakov

Tony Cartalucci — Sanctions, Subversion, and Color Revolutions: US Meddling in Cambodian Elections


The US argues that US intervention in foreign elections to "promote democracy" is completely legitimate because "human rights.'

Liberal interventionism good, all other interventionism bad. Liberal internationalism good, socialist internationalism bad.

Hypocrisy based on double standards?

Actually, it not about dominance of Western liberal values, but really about Western neoliberal economic dominance as the basis of transnational corporate totalitarianism supplanting democracy.

NEO
Sanctions, Subversion, and Color Revolutions: US Meddling in Cambodian Elections
Tony Cartalucci

Paul Robinson — Moscow conference


While this is an important post worth reading in full, I think Professor Robinson misses the point in speculation about the outcome of the ideological conflict between the US and Russia. 

His account is based on political philosophy. It ignores both the economics and the geostrategy of the US based on economics, which is where the rubber meets the road. Principles are only necessary for rationalization of otherwise aggressive behavior aimed at dominance. Political dominance is only necessary to the degree that is is required for economic dominance.

Thus, the conflict is not between Western liberalism and Russian traditionalism. Rather, Western liberalism has morphed into neoliberalism as a political theory that prioritizes economic liberalism (privatization, deregulation, transnational corporatism) over social and political liberalism. 

Neoliberal globalization's goal is subjection of the world to neoliberalism, which amounts to control by Western capital and the elite network that controls it.

The US has erected it as a zero-sum game. There is no obvious solution to this other than war. 

The same applies to China. The US elite cannot compromise with China in the long run when the only solution in a zero-sum game is winner takes all. This is especially the case when not only two civilizations intersect but two economic systems conflict.

To secure its ultimate victory, the US has to partition Russia and China to ensure they can never again rise as great powers to challenge the US as the rule-giver. That is what empire is. 

It's difficult to see this happening without war, but the US will try all other means for regime change possible, since the outcome of an all-out war between or among great powers is uncertain.

Irrussianality
Moscow conference
Paul Robinson | Professor, Graduate School of Public and International Affairs at the University of Ottawa

Bill Mitchell — Renationalisation – when self-promoted genius becomes plain lame

There are times when so-called progressives outdo themselves with their (usually self-styled) ‘genius solutions’ to the ravages of neoliberalism. They come up with elaborate ‘solutions’ that people on the Left get feverishly excited about yet fail to see how obviously ridiculous these strategies are when all the options are allowed. They, in fact, step further into the mirky neoliberal world by trying to be progressive because they fail to see what the basic issue is. One recent example of this was the proposal by Britain’s Big Innovation Centre to divert the private sector into doing good for society in general. Apparently, the British government could resume control of the failing (privatised) essential services without laying out a single penny. This would apparently allow them to avoid running foul of Treasury borrowing limits yet satisfy the overwhelming desire by the British public for a restoration of quality services. It is clear that the British public are sick to death of the privatised services and are ready for a large revival of public sector activity. In that environment, why would the government, with such a powerful mandate and plenty of political cover, maintain the economic myths that were advanced to justify the (unjustifiable) sell-offs of public enterprises? Once we cut through these economic myths, it becomes apparent how lame these ‘solutions’, which perpetuate profit-seeking, corporate ownership of the essential services in Britain, really are....
Bill Mitchell – billy blog
Renationalisation – when self-promoted genius becomes plain lame
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Chris Hedges - You Don't Need a Telescope to Find a "Shithole Country"

I covered the war in El Salvador for five years. It was a peasant uprising by the dispossessed against the 14 ruling families and the handful of American corporations that ran El Salvador as if it was a plantation. Half of the population was landless. Laborers worked as serfs in the coffee plantations, the sugar cane fields and the cotton fields in appalling poverty. Attempts to organize and protest peacefully to combat the huge social inequality were met with violence, including fire from machine guns mounted on the tops of buildings in downtown San Salvador that rained down bullets indiscriminately on crowds of demonstrators. Peasant, labor, church and university leaders were kidnapped by death squads, brutally tortured and murdered, their mutilated bodies often left on roadsides for public view. When I arrived, the death squads were killing between 700 and 1,000 people a month.

An insurgent army arose, the Farabundo Mart National Liberation Front (known by the Spanish-language abbreviation FMLN), named for the leader of a peasant uprising in 1932 that was crushed through the slaughter of thousands, perhaps tens of thousands, many of them killed in summary executions. The FMLN seized huge parts of the country from the corrupt and demoralized military. In the fall of 1983, the rebels, supplied with weapons from the Sandinista government in Nicaragua, were on the verge of capturing the country's second largest city. I did not, at first, travel with the army. It was too dangerous. It was far safer to go into combat with the FMLN. Without outside intervention, the rebels would have seized control of El Salvador within months and ousted the oligarchs.

But, far to the north, was a shithole country ruled by a former B-list movie actor who had starred in "Bedtime for Bonzo" and who was in the early stages of dementia. This shithole country, which saw the world in black and white, communist and capitalist, was determined to thwart the aspirations of the poor and the landless. It would not permit the profits of its companies, such as United Fruit, or the power of the pliant oligarch class that did its bidding in El Salvador, to be impeded. It had disdain for the aspirations of the poor, especially the poor of Latin American or Africa, the wretched of the earth, as writer Frantz Fanon called them, people who in the eyes of those who ruled the shithole country should toil in misery all their lives for the oligarchs and the big American companies allied with them. Let the poor, brown and black people go hungry, watch their children die of sickness or be murdered. Power and wealth, those who ruled this shithole country believed, was theirs by divine right. They, as the lords of shithole-dom, were endowed with special attributes. God blessed shithole countries.

John Helmer — We Are Back, Again – Just Two Years to Go Before the Profession of Journalism Disappears, but Will the Russian Oligarchs Go First?


Mostly on sanctioning Russian oligarchs that the US "advisers" in the Yeltsin years created the conditions for though speedy neoliberal privatization of state assets in the belief that "the market will sort it out." "The market" was assumed to be US control. When that blew up as the Russian economy collapsed and social unrest rose, the US decided on another tack to get back in the driver's seat.

Dances with Bears
We Are Back, Again – Just Two Years to Go Before the Profession of Journalism Disappears, but Will the Russian Oligarchs Go First?
John Helmer

See also

Fort Russ
WATCH: FSB Director Putin outs 'New World Order', 1999
Inessa Sinchougova | Editor and Journalist at Fort Russ News, as well as a research fellow and translator of the Belgrade based think-tank, the Center for Syncretic Studies

Asia Times — Two missiles could blow up Three Gorges: strategist


How strategists think.
Taiwan should buy 1,000 missiles to seal off China's central and southeastern provinces in the event of war, said the scholar.
Why 1000 when two supposedly would do the job. Swarm tactics.

Also good for business.

Asia Times
Two missiles could blow up Three Gorges: strategist

Counterpoint. Signs of growing universalism in Europe, although  a lot of "nationalists" won't be happy even though she is first generation Belgian, born in Antwerp of a Chinese father and Filipina mother.

Filipino-Chinese Angeline Flor Pua crowned Miss Belgium

On the other hand,
Strategically placed at the entrance to the Red Sea, Djibouti is home to more foreign bases than any other country.
Politico
The Coming Wars
Bruno Maçães, a former Europe minister for Portugal, is a senior adviser at Flint Global in London and a nonresident senior fellow at the Hudson Institute in Washington.

Bizarre.

Fort Russ
Reports: The Americans failed to poison Putin
EG.ru - translated by Inessa Sinchougova

Economist James K. Galbraith isn’t celebrating Dow 25,000 — Greg Robb interviews James K. Galbraith


James K. Galbraith is a self-described "Galbraithian" (institutionalist) and also a supporter of MMT.

Market Watch
Economist James K. Galbraith isn’t celebrating Dow 25,000
Greg Robb is a senior reporter for MarketWatch interviews James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin

Rob Smith — Conflict costs the global economy $14 trillion a year


The cost represent the use of real resources that could have been put to use constructively to address the world's problems, many of which are the result of conflict. 

The social cost cannot be quantified since life is priceless.

Total waste.

Dumb, dumb, and dumber.
Rob Smith

Lars P. Syll — Neoclassical economics is great — if it wasn’t for all the caveats!


The good (ideal) and the bad (real) of conventional economics.

The policy consequences are essentially two-fold.

The first is in not recognizing the disjunction between the ideal (formal) and the real (empirical), which violates the basic requirement of a scientific approach and makes the undertaking an excursion in philosophy rather than science, even though it is dressed put to look like science. The consequence is policy formulation that doesn't lead to the predicted results, since it is based on errors built into the assumptions.

The second is in recognizing the disconnect and trying to fit the real to the ideal through policy, which is a fool's errancy, since the assumptions as such that framework cannot generate models that are feasible to implement socially and politically because homo economicus is a fictional construct with little resemblance to the actual homo socialis. This leads to policy that is impractical and the results are the evidence of this.

Lars P. Syll’s Blog
Lars P. Syll | Professor, Malmo University

Since Trump, US dollar is getting killed.

Trump may be reveling in the stock market's gains since his election victory, but the dollar is going in the other direction. It is getting killed.

When Trump was elected the Dollar Index was at 98. Now it's at 90. Dollar/yen was at 118, now it's at 110. Euro/dollar was at 1.04, now it's at 1.23. British pound was at 1.23, now it's at 1.37. Canadian dollar was at 1.36, now it's at 1.24.

Trump has been a disaster for the dollar.

What's more, the dollar's fall is still in its early stages. With his monkey idiot Treasury Secretary, Steve Mnuchin, and the endless sanctions on everybody--the literal weaponization of the US dollar--these fools have set in motion a powerful trend of global "de-dollarization."

It is becoming plainly obvious to countries and institutions around the world that the risk of being shut out of the global, dollar-based transaction and clearing system is too great so alternatives are being sought. This is one explanation for the rise of Bitcoin and other cryptocurrenices. You can also see it in newly emerging bilateral agreements between nations, such as China and Russia, where transactions and trade are being conducted in ruble and yuan.

Add to this the fiscal stimulus of the tax cuts (money printing) and the Fed's rate hikes which they stupidly believe squash inflation. (5 rate hikes since Dec 2015 and inflation up, dollar down, gold up, oil up.)

It's over for the dollar. Trump and Mnuchin...the tag team that will destroy the dollar.

Get short, everybody. Get short.

Sunday, January 14, 2018

Zero Hedge — Who Do Russians Consider Their Greatest Enemies?


Zero Hedge
Who Do Russians Consider Their Greatest Enemies?
Tyler Durden

Peter Cooper — A Simple Framework for Analyzing a Demand-Led Economy

I have been thinking about a simple depiction of a demand-led economy. Mostly it draws on standard Keynesian macro, Kalecki’s work on cycles and growth, and supermultiplier models developed within the surplus approach. The main focus is on the evolution of a demand-led economy through time. The present post simply sketches the basic framework and provides some context. Perhaps in the future certain aspects can be fleshed out....
heteconomist
A Simple Framework for Analyzing a Demand-Led Economy
Peter Cooper

China Daily — Xi's bookshelf illustrates goal of developing AI powerhouse

Two books on President Xi Jinping's shelf drew public attention from both home and abroad immediately after they were seen in the video of Xi's New Year speech.
The two books were about artificial intelligence-The Master Algorithm: How the Quest for the Ultimate Learning Machine Will Remake Our World by Pedro Domingos and Brett King's Augmented: Life in the Smart Lane.
The Master Algorithm, published in 2015, describes how machine learning is remaking business, politics, science and war.
Augmented describes how society will be impacted by technologies that will change the world more in the next 20 years than it has been changed in the past 250 years....
Ecns
Xi's bookshelf illustrates goal of developing AI powerhouse
China Daily