Sunday, September 19, 2021

The Mad Drummer

 No comedy this week but we do have the Mad Drummer.




The Mad Drummer

Saturday, September 18, 2021

A Currency’s Command over Real Output in a Nutshell — Peter Cooper

In principle, a currency’s command over any category of real input or output can be considered in terms of a suitably defined price index. The present focus is on the aggregate level and, in particular, a currency’s command over real final output. Earlier posts explore the topic in greater depth (links below). This is a crib notes version....
heteconomist
A Currency’s Command over Real Output in a Nutshell
Peter Cooper

Supply Chain Worries Not Macro-Friendly — Brian Romanchuk

I started a piece and then scrapped it, so I will just make a short comment on what I am seeing. Putting aside the questions of how the pandemic will evolve (I am not the person to ask), inflation and/or supply chain issues are obviously the main concern, with a secondary helping of politics.

Supply chain disruptions were something that always came up in brainstorming about potential macro surprises — what if the “just in time” inventory system and outsourcing broke down? Well, the often-predicted bad outcome has showed up, and the sky is black with chickens coming home to roost.

This is an environment that is unfriendly to aggregated macro theory. Saying that prices went up “because there was a supply shock” is a good way of saying that the theory is mainly useful for explaining what happened yesterday. Meanwhile, stories that the central bank sets the price level via expectations are not looking that good right now....
Bond Economics
Supply Chain Worries Not Macro-Friendly
Brian Romanchuk

Steve Keen – Australia: MMT Runs for Office

MMT proponent Steve Keen is running for the Senate in Australia’s upcoming election. In these unstable times this could be an interesting event. We wish him the best of luck....
Brave New Europe
Steve Keen – Australia: MMT Runs for Office
Cross-posted from Steve’s website

Yes, We Can! But should we tell the masses? — Stephanie Kelton

This isn’t the post I sat down to write, but I wanted to lay this foundation before tackling the next set of questions. Here’s where we’ll go next…

If MMT (and Keynes and Tooze) are correct that anything we can actually do, we can afford, then how do we operate in a world where that truth is revealed to the broader public? Are MMT economists too cavalier about the risks of inviting everyone in on the secret? Is honesty really the best policy, or do we need deficit myths and old-time budgetary religion to protect us in a world of uncertainty? Can we trust the MMT framework to guard against excesses?
The Lens
Yes, We Can!
But should we tell the masses?

Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

Barry Ritholtz - The Economic Risks from Anti-Vaxxers

States with lots of antivaxxers will feel it in their pockets as their economies dive. 

Fox News mandates vaccines, but this is never mentioned in its broadcasts, or that Rupert Murdoch got vaccinated. 


Vaccinations have become politicized: The AntiVaxxers of the past few decades were founded on a debunked belief linking Vaccines and Autism.

Thanks to Q-Anon, Fox News, OANN, NewsMax (and others), large swaths of the population now believe that Vaccines are problematic.

What was once a bizarre and self-destructive movement has become during the pandemic a full-blown public health threat.

Even worse, every unvaccinated person is a chance for the virus to mutate again. The unvaccinated are “variant factories.” They do more than risk their own health and safety — they put the lives of everyone in the community at greater risk. after vaccine administration. We later learn that Wakefield was funded by litigants against vaccine manufacturers, a detail he failed to disclose.

The modern Anti-Vaxxer movement of recent years traces its origins to a paper published in The Lancet in 1998 by (then Dr.) Andrew Wakefield linking 12 children who developed autism soon after vaccine administration. We later learn that Wakefield was funded by litigants against vaccine manufacturers, a detail he failed to disclose.


Barry Ritholtz - The Economic Risks from Anti-Vaxxers


Rick Newman - How the unvaccinated threaten the economy


New masking rules How the unvaccinated threaten the economy vaccine mandates will intensify the debate over Americans’ right to behave foolishly. But they also highlight the economic cost of refusing vaccinations.


 Rick Newman - How the unvaccinated threaten the economy

Jonathan Cook Gets Vaccine Research All Wrong

 Jonathan Cook put out an article today about how covid vaccines are leaky, which could promote dangerous mutations. He tweeted research that was done by Professor Andrew F. Read and his colleagues. 

I replied straight away debunking Cook when there were only a few comments, so he must have seen my tweet. I got only one like, but my tweet completely demolished his article. There are only 37 replies to Jonathan Cook's tweet, and he replied to a number of people, but completely ignored mine up to this point. I decided not to push it in case I get blocked 

When Joe Rogan quoted the same research Professor Andrew F. Read got very angry about it. 


Joe Rogan Is Getting This Completely Wrong,’ Says The Scientist Who Conducted The Vaccine Study


More transmission increases the likelihood of mutation. Thankfully, COVID-19 Vaccines reduce transmission and reduce opportunity for mutation.

“Joe Rogan is getting this completely wrong,” says Andrew Read, professor of biology and entomology at Pennsylvania State. “He’s taking very careful work about evolutionary scenarios of the future, and from that, erroneously concluding that people should not be vaccinated now.”

 There’s nothing in any of that 20 years work that argues in favor of withholding lifesaving vaccines. It’s just shocking to me.” He adds, “There are 600,000 Americans dead so far. The vast majority of those deaths are vaccine-preventable.


Joe Rogan Is Getting This Completely Wrong,’ Says The Scientist Who Conducted The Vaccine Study


Vaccines slow new variants


The delta variant has spread around the globe, and the next variants are already on the rise. If the goal is to limit infections, vaccines are the answer.


Even though vaccinated people can still get infected with the delta variant, they tend to experience shorter, milder infections than unvaccinated individuals. This greatly reduces the chances of any mutated virus – either one that makes the virus more transmissible or one that could allow it to get past immunity from vaccines – from jumping from one person to another.


What Is Causing All These New Coronavirus Variants? Is It the COVID–19 Vaccines?

Shelton on with Bannon

 

Shelton on with Bannon this week to discuss the current economic situation under the Biden people… A lot wrong here … they think abstractions are real… banks have a choice to possess regulatory reserves… banks lend out the reserves… much more… And she was nominated to Fed so she is typical of the type of people there and going there..,  MMT complete failure of pedagogy… we’re still in big trouble…



Yahoo Finance - China Evergrande's $300 billion debt causes concerns about a potential collapse

The CPC will soon tame the Evergrande collapse without much problem, says Ed Yardeni. 


Also, he says how the central bankers learnt a lot in 2008, so were able to keep the economy going during this pandemic.


Ed Yardeni, Research President and Chief Investment Strategist, talks the implications of China Evergrande's potential collapse




https://youtu.be/Edbd3db_uDY


Friday, September 17, 2021

Sergio M. Focardi - Is economics an empirical science? If not, can it become one?

1Department of Applied Mathematics and Statistics, Stony Brook University, Stony Brook, NY, USA

2De Vinci Finance Lab, École Supérieure d'Ingénieurs Léonard de Vinci, Paris, France


We will subsequently discuss why we argue that neoclassical economic and finance theory is not an empirical science as presently formulated—nor can it become one. 

In physics, observables are processes obtained through the theory itself, using complex instruments. Physical theory responds to empirical tests in toto; individual statements have little empirical content. In economics, given the lack of a comprehensive theory, observations are elementary observations, such as prices, and theoretical terms are related to observables in a direct way, without cross validation. This weakens the empirical content of today's prevailing economic theory.

We next critiqued neoclassical economics, concluding that it is not an empirical science but rather the study of an artificial idealized construction with little connection to real-world economies. This conclusion is based on the fact that neoclassical economics is embodied in DSGE models which are only weakly related to empirical reality.


Sergio M. Focardi - Is economics an empirical science? If not, can it become one?

Debt Ceiling Nonsense Yet Again – A Catch 22? — J. Barkley Rosser

But GOP Sen. McConnell is loudly declaring no GOP will support raising it, and has threatened a filibuster, although reconciliation can get around that if all Dems agree. However, even as he is loudly declaring not GOP support for raising the debt ceiling, he is also demanding that it be raised so that government bills get paid. I really have no comment on this further, aside from noting that this is just further evidence on why this silly thing needs to be done away with once and for all.…
Angry Bear
Debt Ceiling Nonsense Yet Again – A Catch 22?
J. Barkley Rosser | Professor of Economics and Business Administration James Madison University

GOP digging in

 

McConnell not bluffing…. This weeks tax haul pretty high though and TGA + EMs now back up to 490B … and leading spending rate is falling we probably can last into November before “out of money!”….






Thursday, September 16, 2021

Magpie — Australia’s Back-Stabbing Diplomacy.

The US, UK, Canada, and Australia are circling the wagons and everyone else is outside the circle. 

In addition, Australia just pained a big target on itself for China's missiles. Strategic brilliance.

Magpie's Asymmetric Warfare

J. W. Mason' — The Politics of Pay-Fors: A Simple Framework

These debates are in part about economic questions — both what the constraints on issuing new public-sector liabilities (“borrowing”) are in principle, and of how close we are to those constraints in practice. But a second and arguably more important dimension of the debate is political: In a public or legislative debate, what are the advantages and disadvantages of linking proposals for public spending with proposals for increased taxes?

I think it’s useful to think of this second question in terms of the grid of possibilities below....
JW Mason says he is dealing with the political implications rather than the economic ones, but he fails to mention the key political dynamics involved, which have to do with class struggle within capitalism, political agendas of parties and factions, media propaganda, social conditions, public opinion, ignorance, and copious bullshit.

OK, I get that he is doing something else but why beat around the bush. The par-for nonsense is just that. It's contrived for political advantage.

According to MMT there is no actual basis for linking spending and taxation since taxation is unnecessary as a pay-for and these operations are separate considerations. The link rather is economic and social conditions that both may affect but that has nothing to do with pay-fors. 

MMT prefers dealing with fiscal matters as far as possible with automatic stabilizers rather than directly through budgeting anyway. Budgeting should be based on priorities, with targeted spending according to priority and taxation aimed at inflation control and addressing externality, including economic rent.  Budgeting can be and should be be used for targeting, using both, which monetary policy cannot do since it is a shotgun approach.

It's an interesting toy model though and worth a look.

J. W. Mason's Blog
The Politics of Pay-Fors: A Simple Framework
JW Mason | Assistant Professor of Economics, John Jay College, City University of New York

Jack Power - Hospital group ‘gravely concerned’ over Covid-19 misinformation

 There's something wrong with these people. 




Medical staff can be heard in the video warning the patient about the risks of leaving the hospital, stating they were worried about his condition. File photograph: Alan Betson/The Irish Times 

Medical staff can be heard in the video warning the patient about the risks of leaving the hospital, stating they were worried about his condition. File photograph: Alan Betson/The Irish Times. 


Saolta Healthcare Group has said it is “gravely concerned” by a number of recent incidents in which groups of activists have attempted to spread disinformation about Covid-19 at hospitals.


In recent days a Covid-19 patient was encouraged to leave Letterkenny General Hospital by an activist, who filmed the interaction in the hospital, with the video later posted on social media.


In the video, the activist said he was “rescuing” the man, and falsely claimed treatment in the hospital would “kill” the patient.


Medical staff can be heard in the video warning the patient about the risks of leaving the hospital, stating they were worried about his condition.


One staff member told the man that leaving the hospital would risk “endangering” his life. “It’s a very difficult disease that you have, and I’m not lying to you, you could die, but this could be your best chance in the hospital,” the staff member told the patient.


A source confirmed the incident took place in the Donegal hospital in recent days.


Irish Times


Jack Power - Hospital group ‘gravely concerned’ over Covid-19 misinformation

UK pledges to restore pounds and ounces as Brexit benefit

 Oh well, so much for the metric system, it looks like we are going to go back to the silly imperial system. 


Boris Johnson’s government has promised it will pass legislation to allow British traders to sell their wares in pounds and ounces, rather than grams and kilograms, as it revealed plans to seek a liberalization dividend from Brexit.


The restoration of old imperial weights, long demanded by Brexit supporters who resented the imposition of metric measures by Brussels, was among the top potential benefits of the UK leaving the European Union listed on Thursday by Lord David Frost, the minister responsible for implementing Brexit. from the European Union.


UK pledges to restore pounds and ounces as Brexit benefit


Professor Jayati Ghosh - Mainstream Economics & Gender | #5 | Feminist Economics

 Professor Jayati Ghosh says if more women economists had been successful in getting to the top of the profession economics would have been very different. Present neoclassical economies is very wealthy white male dominated, and so tends to emphasise competition over cooperation, and exploitation of the environment rather than trying to conserve and preserve it for the longer and common good. 



In this fifth and final lecture in the Institute for New Economic Thinking’s “Feminist Economics” series, Professor Jayati Ghosh explores some of the shortcomings of mainstream economics. Heavily reliant on unrealistic assumptions and stylized models, mainstream economics has a narrow approach which often descends into trivial pursuits. Mainstream models tend to propose policies which are are not very relevant and sometimes even pernicious.  Economics remains a male-dominated profession concentrated in the Global North, limiting its outlook.  Prof. Ghosh urges economics to expand its scope and vision, and outlines several areas where economic policy can and should be adjusted to incorporate a gender-perspective and better address the particular challenges of developing countries.  This includes incorporating into general economic policy consideration of relational time, counter-cyclical macroeconomic policy, reforming taxation regimes, and ensuring price stability of necessities and food security, which are areas that especially affect women.  Prof. Ghosh also proposes micro policies beneficial to women, like reforming banking regulations and laws to enable financial inclusion, unionization, and the minimum wage.  Prof. Ghosh finally considers the "Green New Deal", and proposes to expand it to a "Multi-colored New Deal" to address a wider range of inequalities. Gender equality is not only good in itself, but also essential for the long-term viability of societies and economies.








The Truth About A&W's Third-Pound Burger and the Major Math Mix-Up

In the 1980s, then-owner A. Alfred Taubman launched the "Third is the Word" campaign to promote A&W's new third-pound burgers to compete with  McDonald's quarter-pounder for the exactly the same price, but it bombed! Why? Americans thought they were getting a bad deal because three is a SMALLER number than four. Math education is important! It also shows you why the metric system is better than imperial. 


A&W Restaurants


The Truth About A&W's Third-Pound Burger and the Major Math Mix-Up



Links — 16 Sep 2021


Reminiscence of the Future
Understanding Is Good.
Andrei Martyanov, expert on Russian military and naval issues. Martyanov was born in Baku, USSR in 1963. He graduated from the Kirov Naval Red Banner Academy and served as an officer on the ships and staff position of Soviet Coast Guard through 1990. He took part in the events in the Caucasus which led to the collapse of the Soviet Union. In mid-1990s he moved to the United States where he currently works as Laboratory Director in a commercial aerospace group. He is a frequent blogger on the US Naval Institute Blog. He is author of Losing Military Supremacy, The (Real) Revolution in Military Affairs, and Disintegration: Indicators of the Coming American Collapse — Clarity Press

RT
War with Russia & China would ‘destroy world’ & America must find ways to make peace with its Eastern rivals, top US general warns

Asia Times
China’s meteoric nuclear rise prompts call for talks
Dave Makichuk

Counterpunch (The US is good at this)
The Dangerous Exaggeration of the Threat
Melvin Goodman

History’s Light on the Dark Road Ahead
Carol Polsgrove

TASS
Russia to preserve its superiority in hypersonic weapons — Deputy PM Borisov

Lavrov points to NATO’s infrastructure closing in on Union State’s borders

AntiWar
Pentagon Paid the Arms Industry at Least $4.4 Trillion Since 9/11

The Sociological Eye
COLLAPSE OF THE TUTORIAL-PROXY STATE: AFGHANISTAN 2021, PHILIPPINES 1942, VIETNAM 1975 AND OTHERSRandall Collins | Dorothy Swaine Thomas Professor of Sociology, Emeritus at the University of Pennsylvania

SouthFront
Saudi Arabia Is Eyeing Russia’s S-400 As Replacement For US THAAD & Patriot Systems – Report

Fair Competition? U.S. Ruins $90Bn Sale Of French Submarines To Australia

Turcopolier
RUSSIAN FEDERATION SITREP 16 SEPTEMBER 2021 
Patrick Armstrong, retired analyst and diplomat (2008) serving in the Canadian Department of National Defence specializing in the USSR/Russia from 1984 and a Counsellor in the Canadian Embassy in Moscow in 1993-1996.

RT
Putin's unveiling of monument to Alexander Nevsky on NATO frontier shows how Russia believes real threat comes from West, not East
Paul Robinson | Professor, Graduate School of Public and International Affairs at the University of Ottawa

The Long, Slow Death of the Free Market — Blair Fix

Summary of a paper.

Economics from the Top Down
The Long, Slow Death of the Free Market
Blair Fix

China’s ‘Mass Line’ Moves Online — Cai Tianji

More on Chinese governance, in addition to polling public opinion and experimenting with pilot projects.

China's governance system may not be "democratic" in the Western liberal sense, but it is attuned to the people because therein lies "the mandate of heaven."

Sixth Tone
China’s ‘Mass Line’ Moves Online
Cai Tianji

Alexander Zinser - Angela Merkel

Being of German nationality, I am proud of our Chancellor, Mrs Angela Merkel.  The first female chancellor of Germany and has been variously described as the “de facto” leader of the European Union and the most powerful woman in the world.


Angela Merkel was chosen by Germans to be their Chancellor in 2005. For over 16 years she showed a great example of leadership with skill, dedication and sincerity.


In those sixteen years of power, there were no rebellions in her country. She did not appoint any of her relatives to a state position. She did not claim to be a creator of glory. 


Germany will say goodbye to its leader, physicist and quantum chemist, who was not tempted by fashion or lights and did not buy real estate, cars, yachts and private jets. She will leave her post after leaving Germany at the top. She will leave and her loved ones claim no benefits.


For sixteen years, she never changed the style of her wardrobe. At a press conference, a journalist asked Merkel: ''We realize that you are wearing the same suit, don't you have another?» She replied: «I am a civil servant, not a model.»


In another press conference, they asked her: "Do You have a housewife cleaning your house, preparing food, etc." Her response was: "No, I have no servants or need them. My husband and I do this work every day at home." 


Then another journalist asked: "Who is doing the laundry, you or your husband?" Her response was: "I'm fixing the clothes and my husband is the one who runs the washing machine."


Ms. Merkel lives in a normal apartment like any other citizen. She lived in this apartment before being elected Chancellor of Germany. She did not leave it and she does not own a single villa, houses, pools, gardens. 


Angela Merkel, the chancellor of Europe's largest economy, will always remain a great example of leadership, driven by values, selfless principles, facts and empathy.


Female Leadership!


LinkedIn





https://www.linkedin.com/posts/alexanderzinser_leadership-economy-people-activity-6838491961272344576-H9QN


Elon Musk's Wealth Compared To Everything | Data On Data - Insider News

I have nothing against Elon Musk, who, on the whole, seems to be a fairly amicable person, but is there a problem with the system? The maga rich don't really do this for the money, they do it for the prestige and because they enjoy it, which wouldn't be any different if the tax system was changed. 


Elon Musk is currently the second richest person in the world. Between April 2020 and April 2021 Elon Musk made $383m per day on average. We took those numbers and compared them to everything from McDonald's to Kazakhstan in order to put his obscene wealth into context. 


So to get a better understanding of this graph it really helps to know what this worth actually is. Musk’s wealth is made up mostly of the stocks he owns, the majority of them in Tesla. In fact if you draw a graph of Tesla’s stock over the top of his wealth you can see it’s almost exactly the same.



Elon Musk's Wealth Compared To Everything | Data On Data - Insider News


Will the BRICS Ever Grow Up? — Jim O’Neill

 Jim O'Neil treats the political dynamic and geopolitics as irrelevant to global economics, which includes ignoring the key role that the US and UK are playing in this dynamic, precluding the economic cooperation he recommends, as the US and UK intend in order to maintain and extend Anglo-American hegemony.

Project Syndicate
Will the BRICS Ever Grow Up?
Jim O’Neill, a former chairman of Goldman Sachs Asset Management and a former UK treasury minister, is a mem

Class conflict and economics — David F. Ruccio

Is class conflict returning to economics? David Ruccio refers us to Michal Kalecki's political aspects of full employment in his response to Martin Sandau.

Short.

Occasional Links & Commentary
Class conflict and economics
David F. Ruccio | Professor Emeritus of Economics, University of Notre Dame

Bill Mitchell — Australian labour market in dire straits

At present, the pandemic is causing massive fluctuations in the labour force aggregates to the point that it is very difficult to know more than that things a bad even when conventional indicators would normally be moving in a direction that would lead to the opposite conclusion. Today (September 16, 2021), the Australian Bureau of Statistics put out the latest – Labour Force, Australia – for August 2021. The background is that the entire East Coast is in or has been in lockdown over the last few months and for the two largest labour markets (NSW and Victoria) that lockdown has been very tight. The August 2021 data reveals that the longer NSW lockdown is now impacting heavily on employment growth. Employment, working hours, and participation are now falling sharply and we have the situation where unemployment and the unemployment rate is falling because the labour force is declining faster than employment. Of course that just means that the workers who would normally have been counted as officially unemployed as they lost jobs are now outside the labour force – and we consider them to be hidden unemployed. Their participation decline is because employment opportunities have collapsed. The more stable ratio – the Employment-to-Population ratio fell by 0.8 points in August, which is a massive shift for one month. The situation will get worse in September. So while the unemployment rate might be falling the situation is dire. The lack of any significant stimulus from the federal government is telling. There is now definite evidence that further and rather massive fiscal support is required. The lack of support is one reason low-paid workers in high infection rate areas are still mobile – looking for work etc and spreading the virus further....
Bill Mitchell – billy blog
Australian labour market in dire straits
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Wednesday, September 15, 2021

Bill Mitchell — Monetary policy is not effective in dealing with a pandemic – it must support active fiscal policy

It’s Wednesday and I have now settled back into my office after being stuck away from home for 9 weeks as a result of border closures between Victoria and NSW. So I am reverting back to the usual Wednesday pattern of limited writing, although today, the topic is worthy of some extended narrative. Before we get to the swamp blues music segment, I am analysing a speech made by the RBA governor yesterday on the role of monetary policy during a pandemic, whether low interest rates are driving house prices too high, and, what should be done about that. The conclusion is that he supports better use of fiscal policy – sustaining supportive fiscal deficits and dealing with the distortions that are contributing to high housing prices, via amendments to taxation (eliminating incentives for high income earners to buy multiple properties) and public infrastructure policies (more social housing)....

Bill Mitchell – billy blog
Monetary policy is not effective in dealing with a pandemic – it must support active fiscal policy
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

MMT Applies to Both Growth and Degrowth — Peter Cooper

Modern Monetary Theory (MMT) can be applied to growing economies. Equally, as Jason Hickel rightly observes, MMT is also an appropriate macroeconomic framework for proponents of degrowth. The theory makes clear that a currency-issuing government always has the capacity to maintain full employment through implementation of a job guarantee, irrespective of the overall level of aggregate demand or rate of economic growth. As currency issuer, the government faces no financial barrier, nor has any need of profit. Whereas employment in an economy left to the whims of for-profit firms slumps whenever demand slumps – not least because private firms as currency users are financially constrained and subject to the profit criterion – currency-issuing governments have the capacity to maintain full employment at all times....

heteconomist
MMT Applies to Both Growth and Degrowth
Peter Cooper

Jason Hickel
DEGROWTH AND MMT: A THOUGHT EXPERIMENT
Jason Hickel | Visiting Senior Fellow at the International Inequalities Institute at the London School of Economics; Professor at the Institute for Environmental Science and Technology at the Autonomous University of Barcelona;  Associate Editor of the journal World Development, and serves on the Statistical Advisory Panel for the UN Human Development Report, the advisory board of the Green New Deal for Europe, and the Harvard-Lancet Commission on Reparations and Redistributive Justice. 

MARIANA MAZZUCATO, RAINER KATTEL, JOSH RYAN-COLLINS

Industrial Policy’s Comeback
Market fundamentalism has failed to improve economic and social conditions. Now, we need a mission-oriented approach to the economy that embraces an active role for government in spurring growth and innovation.


Today it is precisely those “market mechanisms” that appear not to have delivered on their promise. An equally exhaustive review of the experience of several advanced economies during the last few decades—from the 2008 financial crisis, populist challenges to globalization, and vast increases in economic inequality to decaying infrastructure, climate change, and the broader pursuit of short-term profit at the expense of long-term investment—has badly tarnished the reputation of neoliberal market fundamentalism. Under this regime, modern capitalist markets have proven themselves unable to create an even distribution of wealth and income, ecological sustainability, affordable shelter and health care, and a sufficient number of high-quality middle-class jobs. Amidst this policy crisis, industrial policy is making a comeback, shaping high-level discussions at the intersection of trade policy and economic growth on subjects from artificial intelligence to climate change.

Boston Review 



A Just Transition Needs a Job Guarantee — Pavlina Tcherneva

MMT at Project Syndicate!

The right to employment is also included in Article 23 of the UN General Assembly's Universal Declaration of Human Rights!

Project Syndicate
A Just Transition Needs a Job Guarantee
Pavlina Tcherneva | Associate Professor of Economics at Bard College, Research Scholar at The Levy Economics Institute, and Senior Research Associate at the Center for Full Employment and Price Stability

Tuesday, September 14, 2021

Can globalization be “improved”? — Branko Milanovic

In an excellent just-published book “Six faces of globalization” Anthea Roberts and Nicolas Lamp, produce six plausible narratives of globalization and what, according to each, went wrong or right with globalization. Their approach is to take a given narrative, present all its points as its defenders would, with rather minimal outside (i.e. their own) interventions, and in the second part of the book discuss overlaps and differences between these various narratives.

Here, I will review the six narratives, saying perhaps little about each of them explicitly both because they are all rather well known by the general public and because I hope that my critique of each narrative will indirectly throw sufficient light on narratives’ main points.…
Global Inequality
Can globalization be “improved”?
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, 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

Inflation History Overview (For Some Selected Countries) — Brian Romanchuk

Note: This is a preliminary draft of a section from my inflation primer. It is an overview of the “modern” inflation experience for a few developed countries. I expect to add data and comments for a few continental European and Antipodean countries later.
Bond Economics
Inflation History Overview (For Some Selected Countries)
Brian Romanchuk

Bloomberg - Booster Shots Raise Risk of More Variants, WHO Warns

 Prioritizing booster shots in wealthier nations heightens the risk of Covid-19 variants emerging in nations with lower vaccination rates, the World Health Organization warned. "We're in a very unstable situation," WHO Special Envoy for Covid-19 David Nabarro told Bloomberg Television. "Please let's slow down, look at the world as a whole, and develop a response plan for the whole world and do it properly




Bloomberg - Booster Shots Raise Risk of More Variants, WHO Warns

ICC - Study shows vaccine nationalism could cost rich countries US$4.5 trillion

 A new study commissioned by the ICC Research Foundation has found that the global economy stands to lose as much as $9.2 trillion if govts fail to ensure developing economy access to C19 vaccines, as much as half of which would fall on advanced economies.


International Chamber Of Commerce


ICC - Study shows vaccine nationalism could cost rich countries US$4.5 trillion

Paradox

 

Paradox is normal behavior for the Art Degree trained people …. I don’t see a problem here…

Portnoy's wiki says he graduated from Michigan with a degree in education… Michigan’s website says you can go either Bachelor of Art or Bachelor of Science in the Education discipline…  wiki doesn’t say which one Portnoy was awarded with … but Portnoy obviously sees AOC’s Art Degree paradox as hypocrisy…






Monday, September 13, 2021

The Vocabulary of Neoliberal Diplomacy in Today’s New Cold War — Michael Hudson

Union was carved up and privatized. On September 7, 2021, in his second mainstream editorial in a week, George Soros expressed his horror at the recommendation by Black Rock, the world’s largest asset manager, that financial managers should triple their investment in China. Claiming that such investment would imperil U.S. national security by helping China, Mr. Soros stepped up his advocacy of U.S. financial and trade sanctions.

China’s policy of shaping markets to promote overall prosperity, instead of letting the economic surplus be concentrated in the hands of corporate and foreign investors, is an existential threat to America’s neoliberal priorities, he spells out. President Xi’s “Common Prosperity” program “seeks to reduce inequality by distributing the wealth of the rich to the general population. That does not augur well for foreign investors.”[1] To neoliberals, that is heresy....
Counterpunch
The Vocabulary of Neoliberal Diplomacy in Today’s New Cold War
Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

Related

Zero Hedge
Chinese State Media Slams Soros As "The Most Evil Person In The World" And "The Son Of Satan"
Tyler Durden

Somewhat related

CaitlinJohnstone.com
Our Gods Have No Heads
Caitlin Johnstone

Shortages of everyday products have become the new normal. Why they won’t end soon. — Jaana Remes and Sajal Kohli

Shift in sectoral demand away from services toward consumer goods owing to the pandemic. The new trend toward "nesting" will likely persist for some time owing to hysteresis.

McKinsey
Shortages of everyday products have become the new normal. Why they won’t end soon.
Jaana Remes and Sajal Kohli

Richard Luscombe - Squirrels have human-like personality traits, says study

University of California, Davis study claims to be the first to document personality in golden-mantled ground squirrels


Animal researchers in California have discovered human-like personality traits in squirrels that anybody watching one raiding nuts from a bird table could probably have guessed: they are bold, aggressive, athletic and sociable.


The Guardian 

Richard Luscombe - Squirrels have human-like personality traits, says study


Backyard Squirrel Maze 1.0- Ninja Warrior Course


Squirrels were stealing my bird seed so I solved the problem with mechanical engineering :)


No holding back these guys! 




https://youtu.be/hFZFjoX2cGg

DW - Big Pharma — How much power do drug companies have?

One of the reasons why so many people are antivax.

Big Pharma is crooked and has been massively inflating prices, plus some of their drugs are dangerous, which they have been covering up.

Many drug regulatory agencies have become corrupted by the pharmaceutical companies 


The pharmaceutical industry exerts a huge amount of influence on health policy. Some companies develop highly profitable drugs with public money, while others have been found to have covered up serious side effects.

The fight against Covid-19 is further fueling the greed of pharmaceutical companies. Does the industry’s influence threaten public health systems? 

The industry has seen major changes in the last decade. Most of the world’s pharmaceuticals are produced by a handful of large corporations, so-called Big Pharma. They’re richer and more powerful than ever. In some cases, they can even call the shots on governmental health policies. 


This documentary is the result of more than a year of research, and brings together patients, whistleblowers, lawyers, doctors and politicians, as well as representatives of the industry. Large laboratories are accused of concealing or downplaying research results to maintain their monopolies. Take the manufacturer Sanofi, whose epilepsy drug Depakine triggered a scandal throughout Europe. In the US, Johnson & Johnson has had to stand trial for driving millions of people into opioid addiction. And Novartis is one of several companies now facing huge fines over improper practices in the treatment of macular degeneration, an eye disease.


The pharmaceutical industry gets support from influential doctors. But only one-fifth of German doctors declare what they receive from drug companies. As the world battles the Coronavirus pandemic, this documentary also looks at the lobbying efforts of manufacturer Gilead, as it seeks approval for a promising drug developed largely with public money. Every company is vying to find the next miracle treatment that will help it succeed against the competition




DW - Big Pharma — How much power do drug companies have?

Rafa Goes Around! - China successfully controlled COVID-19: This is how they were able to do it. Life is back to normal!

Within a few months China was back to normal. 

Masks, social distancing, and mass testing.

See how quickly China set up mobile testing Laboratories. 


Since the outbreak of the novel coronavirus epidemic, countries around the world have been working together to fight the epidemic in the face of the world’s biggest public health crisis in a century. The “fight against the epidemic” is like putting out a fire, providing a full range of services in response to the novel coronavirus epidemic, from nucleic acid screening and confirmation, differential diagnosis to future scalable immunological evaluation. To quickly solve the problem of lack of biosafety laboratories in various countries and regions, and to help the global fight against the epidemic, BGI, Etopia and Tongji University co-designed and launched the “Huo-Yan Air Lab” – supplying the complete solution of mobile laboratory for urgent use. The Huo-Yan Air Lab not only improves the testing efficiency, but also has the significant features of fast implementation, wide dissemination, and efficient landing, and optimally integrates the recent experience of BGI’s novel coronavirus testing into the laboratory.




Rafa Goes Around! - China successfully controlled COVID-19: This is how they were able to do it. Life is back to normal!

Rafa Goes Around - This is the era of the new mega shopping malls in China

 Modern China - It's space age! 

This is one of the biggest shopping malls in Suzhou! With many things to do, dinning options and stores of all kind! 

We also went to the 53rd floor of the Gate of the east building to enjoy a delicious drink in a very particular cafe!



Rafa Goes Around - This is the era of the new mega shopping malls in China


The Journey to Define Dimension — David S. Richeson

Some mathematical/geometric diversion for your thinking pleasure. The history of a concept.

Quanta Magazine
The Journey to Define Dimension
David S. Richeson

Grassroots Opinions Are Shaping China’s Draft Laws — Fan Yiying

Drafting of laws, not military draft.

Sixth Tone
Grassroots Opinions Are Shaping China’s Draft Laws
Fan Yiying

TASS — Bank of Russia, government prioritize integration with Chinese financial market — strategy

At the same time, interaction in financial markets with other Asian countries will be also developed….

"The priority area is the development of integration with Asian markets, primarily with the Chinese financial market. With the assistance of the Bank of Russia, work on developing interaction between the Russian and Chinese financial markets will continue," the document said....
TASS
Bank of Russia, government prioritize integration with Chinese financial market — strategy

See also at TASS

Finance Ministry, Bank of Russia prepare financial market development strategy until 2030

Digital ruble will become third form of money in Russia before 2030 — strategy

Cyrus Janssen - Is China Zero Covid Policy Right or Wrong?

I know what covid strategy I prefer. 

As I've said before, I believe China's collectivism to be more advance and civilised than Western liberalism, and that Carl Jung and Hegel got individualism wrong, although not entirely wrong, which I've written about here before. They were right about individualism, but not about it being the most highest state, as a supra collectivism of willing individuals comes after. Western individualism seems rather crude and somewhat primitive to me. 

The Chinese prefer to preserve life and to be able to live free of covid, rather than risk it and put up with covid. They might have to live with it at some stage, but the vaccines are forever improving, including ones that will protect against all variants, so the risk will be small, or even non existent, when they fully open up their society. Their economy doing better than ours too. 

The Chinese were prepared to knuckle down to get bigger gains later, so their society is now virtually back to normal. Personally, I think that wearing masks, social distancing, and getting vaccinated is no big deal, and I don't know what the fuss is about. 

Everything we do has risks, but vaccines are far safer than the diseases they protect against. If people are worried about such small risks, then why cycle on a road, like I do, or drive a car. Many of these antivaxxers are knocking back the beer, wine, and spirits each night doing far more harm, and some people, like me, are probably get too much caffeine. 




Is China Zero Covid Policy Right or Wrong?


Warner May Vote Against $3.5 Trillion Plan


They’re dropping like flies… Dems need 100% solidarity to raise the debt ceiling… if GOP won’t participate…






 

Sunday, September 12, 2021

Bill Mitchell — Remembering Tuesday, September 11

Not the 9/11 you are thinking of.

Bill Mitchell – billy blog
Remembering Tuesday, September 11
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Peter Schiff on Why Bitcoin Has No Value, Calls it The Biggest Bubble of All Time

 Peter Schiff actually made some sense here, although I'm sure he regrets not buying some bitcoin in 2010 when he had the chance, but he is right when he says that Bitcoin is based on nothing. The guy who is interviewing Peter Schiff says he prefer to put his money in stocks and shares, because then he's helping a company to grow, but Peter Schiff says buying gold is a safe place to put your money, and is much better than putting it under the mattress. 


In this clip, Peter Schiff opened up about when he learned about Bitcoin and other cryptocurrencies in 2010, adding that it was only through word of mouth at the time. He went on to speak about his thoughts on cryptocurrency and believing that it has no real value, unlike stocks and real estate, adding that it's just a token that people collect. The conversation then turned to buying gold, which Peter clarified is another form of saving, and he added that it's not an investment that generates money. To hear more, hit the above clip.




Sky News - COVID-19: Delta surge puts US economic recovery on ice as jobs growth slows

Delta surge among the unvaccinated harming US recovery. 


"But economists say that the latest figures show that for as long as the virus is raging (more than 153,000 cases were reported on Thursday, according to Johns Hopkins University) the economy will never be back to full health.

"In a few weeks we'll get the geographic detail on the slowdown in jobs growth, and it'll be interesting to see how much more dramatic it is in the Delta-afflicted South."


Sky News - COVID-19: Delta surge puts US economic recovery on ice as jobs growth slows

Modelling direct and herd protection effects of vaccination against the SARS-CoV-2 Delta variant in Australia

 A new modeling study from Australia confirms we'll need total vaccination coverage to exceed 85% of we're hoping to halt delta variant virus transmission. 

Conclusion: Vaccinating the vulnerable first is the optimal policy at low coverage, but vaccinating high transmitters becomes more important in settings where reproduction numbers are lower and coverage is higher. Vaccinating over 85% of the population including children would likely be needed to achieve herd immunity at the most plausible effective reproduction number of 5. Even without herd immunity, vaccines are highly beneficial at reducing deaths.


Modelling direct and herd protection effects of vaccination against the SARS-CoV-2 Delta variant in Australia

Andrea Morris - ‘Joe Rogan Is Getting This Completely Wrong,’ Says The Scientist Who Conducted The Vaccine Study

 Joe Rogan’s public misrepresentation of a 2015 vaccine study has gone viral. His misunderstanding of the study leads Rogan to wrongly conclude that vaccinating people against COVID-19 will increase the chances of some hyper-virulent mutation. You can watch the video below. But before you do, the lead scientist and author of the study who spent 10 years conducting this research has something to say. Because he’s horrified. 



“Joe Rogan is getting this completely wrong,” says Andrew Read, professor of biology and entomology at Pennsylvania State. “He’s taking very careful work about evolutionary scenarios of the future, and from that, erroneously concluding that people should not be vaccinated now.”


 There’s nothing in any of that 20 years work that argues in favor of withholding lifesaving vaccines. It’s just shocking to me.” He adds, “There are 600,000 Americans dead so far. The vast majority of those deaths are vaccine-preventable.

More transmission increases the likelihood of mutation. Thankfully, COVID-19 Vaccines reduce transmission and reduce opportunity for mutation



If the critics of modern monetary theory want to be taken seriously they have to get their facts right — Richard Murphy

Richard Murphy piles on in criticizing the Richmond Fed's recent article on MMT. It was not only wrong, it was unprofessional.

Tax Research UK
If the critics of modern monetary theory want to be taken seriously they have to get their facts right
Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum

China prepares to test thorium-fuelled nuclear reactor — Smriti Mallapaty

Scientists are excited about an experimental nuclear reactor using thorium as fuel, which is about to begin tests in China. Although this radioactive element has been trialled in reactors before, experts say that China is the first to have a shot at commercializing the technology.
"Innovation."

Nature
China prepares to test thorium-fuelled nuclear reactor
Smriti Mallapaty

Peter Chow — Money, The National Deficit, The National Debt and Taxes

MMT.

Saultonline (Canada)
Peter Chow: Money, The National Deficit, The National Debt and Taxes

MMT and the deficit myth — Lars P. Syll

What Modern Monetary Theory (MMT) does is more or less what Knut Wicksell tried to do more than a hundred years ago, when he in 1898 wrote on ‘pure credit systems’ in Interest and Prices (Geldzins und Güterpreise). The difference is that today the ‘pure credit economy’ is a reality and not just a theoretical curiosity — MMT describes a fiat currency system that almost every country in the world is operating under.
Lars P. Syll’s Blog
MMT and the deficit myth
Lars P. Syll | Professor, Malmo University

Micky Flanagan on going 'Out Out'

 



Micky Flanagan on going 'Out Out'

University of Pittsburgh - What Is Causing All These New Coronavirus Variants? Is It the COVID–19 Vaccines?

We were saying all along that anti-mask and social distancing movement was making the pandemic worse, causing more harm to our economies, and it's the same for anti-vaccination. 


It’s simply a numbers game. The modest benefit the virus would get from vaccine evasion is dwarfed by the vast opportunities to infect unvaccinated people.


Vaughn Cooper – Professor of Microbiology and Molecular Genetics, University of Pittsburgh

Lee Harrison – Professor of Epidemiology, Medicine, and Infectious Diseases and Microbiology, University of Pittsburgh


University of Pittsburgh - What Is Causing All These New Coronavirus Variants? Is It the COVID–19 Vaccines?

Saturday, September 11, 2021

A Brief Q&A on Three Aspects of MMT — Peter Cooper

Introductory stuff for many here, but you may wish to pass it on. A lot of people don't yet get some of these elementary points.

heteconomist
A Brief Q&A on Three Aspects of MMT
Peter Cooper

China and common prosperity — Michael Roberts

Backgrounder. 

Michael Roberts Blog — blogging from a marxist economist
China and common prosperity
Michael Roberts

Also of interest

Global Inequality
Nobody’s war
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, 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

Also

Geopolitika
United China Grows Stronger – Divided The West Grows Weaker
Richard Heathen

Vikki 1999 - How does China work?

A frank, warts and all, look at the history of the CPC. Is China socialist, well, a little bit, although Europeans might not recognise it as such? The state provides many services at low cost, or free, which provides the groundwork for the Chinese to be entrepreneurs. But China does seem to be moving further towards socialism now, plus Xi has promised state pensions and free healthcare within 15 years. 


This video is an in depth explanation of the history of the people's republic of china, as well as an explanation of the Maoist theory and modern praxis. I go over Maoism and explain it's philosophy and origin, then I explain the ways Mao tried to implement these changes with the first and second 5 year plan, along with land reform and collectivization. I then in depth explain the history of the PRC since 1948 to gain an understanding of china and it's history before spending a long part of the video explaining the way the current Chinese government works. I explain the different administrative divisions and their purpose, along with how the elections work.




Vikki 1999 - How does China work?


Money and Macro - The Economy of Japan: how a Superpower FELL from Grace in Four Decades

In 1989,  the world was simultaneously fearful and in awe of the rise of the magnificent Japanese economy. So…. What the hell happened?





Friday, September 10, 2021

Asking anti-lockdown protesters why they're protesting the end of lockdown

As England celebrated 'Freedom Day', the end of most coronavirus restrictions by law, several thousand people turned out in Westminster to protest.



https://youtu.be/zAXgG7EaoMQ

AP News - Citing high shot rates, Danes end COVID-19 restriction

In Denmark they are ending Covid-19 restrictions because more than 80% of people above the age of 12 have had the two vaccine shots.


AP News - Citing high shot rates, Danes end COVID-19 restriction

FT - Delta variant drives wave of US employers to mandate vaccines

Businesses weigh losing workers in a tight labour market by requiring Covid inoculation


They say that you can't butt the market. 

The fisrt time I clicked on the link I was able to read the article, but not the second time. 


 FT - Delta variant drives wave of US employers to mandate vaccines

Links — 10 Sep 2021

SouthFront
FBI Raised Bounty On Taliban’s ‘Interior Minister’ To $10 Million
https://southfront.org/fbi-raised-bounty-on-talibans-interior-minister-to-10-million/

The Unz Review
Government Failure Is the New Normal: Blaming the Spies Means Never Any Accountability
Philip Giraldi, former CIA counter-terrorism specialist and military intelligence officer, now Executive Director of the Council for the National Interest and founding member of the Veteran Intelligence Professionals for Sanity
https://www.unz.com/pgiraldi/government-failure-is-the-new-normal-blaming-the-spies-means-never-any-accountability

Russia Observer (lies, lies, lies)
AFGHANISTAN: SAME, SAME; AGAIN, AGAIN
Patrick Armstrong

BRICS (de-dollarization)
Russia's Gazprom Neft Moves to Yuan in Fuelling Planes in China

The Vineyard of the Saker
The Ukraine claims to be ready for an imminent war, today or tomorrow :-)
Andrei for  The Saker blog

TASS
Russian mass media outlets are denied accreditation at Sept 11 ceremonies

Oilprice
Gazprom Completes Construction Of Nord Stream 2 Gas Pipeline
Tsvetana Paraskova

Reuters
Analysis: Unleashing reforms, Xi returns to China's socialist roots
Yew Lun Tian

The Intercept





















Busting the Myth of ‘Welfare Makes People Lazy’

Cash assistance isn’t just a moral imperative that raises living standards. It’s also a critical investment in the health and future careers of low-income kids.


Welfare helps people work” may sound like a strange and counterintuitive claim to some. But it is perfectly obvious when the word people in that sentence refers to low-income children in poor households. Poverty and lack of access to health care is a physical, psychological, and vocational burden for children. Poverty is a slow-motion trauma, and impoverished children are more likely than their middle-class peers to suffer from chronic physiological stress and exhibit antisocial behavior. It’s axiomatic that relieving children of an ambient trauma improves their lives and, indeed, relieved of these burdens, children from poorer households are more likely to follow the path from high-school graduation to college and then full-time employment.


Busting the Myth of ‘Welfare Makes People Lazy’


Poverty isn't a lack of character; its a lack of cash.


When people were given some money, it helped them to overcome learned helplessness. They became more motivated, found work,  and many went back to college. And they did less drink and drugs. 




https://youtu.be/ydKcaIE6O1k



Why I Don't Buy Demographic Interest Rate Stories — Brian Romanchuk

There has been a couple of articles that have attracted attention recently in the area of interest rates. Matthew C. Klein offered a summary of them in “Inequality, Interest Rates, Aging, and the Role of Central Banks.” The first paper was by Adrien Auclert, Hannes Malmberg, Frédéric Martenet, and Matthew Rognlie, and the second by Atif Mian, Ludwig Straub, and Amir Sufi.

I will point the reader who is interested in those articles to Klein’s piece on the basis that I have not yet read those papers. They are working within the mainstream tradition, and in my view. that tradition took a wrong turn a very long time ago.

My view is straightforward....
Bond Economics
Why I Don't Buy Demographic Interest Rate Stories
Brian Romanchuk

EVERY KNOWN REPOSITORY OF MMT-EXCLUSIVE ACADEMIC PAPERS — Activist#MMT

This post contains every known repository of MMT-exclusive (Modern Monetary Theory) academic papers. With special thanks to Scott Fullwiler.

EVERY KNOWN REPOSITORY OF MMT-EXCLUSIVE ACADEMIC PAPERS
Activist#MMT
https://activistmmt.org/scholarship

Yew Lun Tian - Analysis: Unleashing reforms, Xi returns to China's socialist roots

With that power, Xi is addressing a spate of societal woes, from people not having enough babies and an unhealthy obsession with educational achievement to young adults so stressed by the rat-race that they would rather drop out and "lie flat". New rules curb young people spending too much time playing online games and too much money promoting their idols.


  Yew Lun Tian - Analysis: Unleashing reforms, Xi returns to China's socialist roots

Thursday, September 9, 2021

Money And Macro - How to Print Money without Causing Inflation

Another superb video!


While the risk of economic catastrophe in the form of inflation, stagflation, hyperinflation or asset price bubbles is real, money printing can be done responsibly.




Money And Macro - How to Print Money without Causing Inflation

Clint Ballinger — The Most Fatal Ailment

Part II of The Souls of the People series
What Clint describes in this post is highly correlated with the Powell Memo (1971), although the results did not become clearly visible until the Reagan presidency.

Clint Ballinger
The Most Fatal Ailment

9/9 and 9/11, 20 years later — Pepe Escobar

The Great Game hits a speed bump in the graveyard of empires. The US throws in the towel, the UK wants to continue it.

The Vineyard of the Saker
9/9 and 9/11, 20 years later
Pepe Escobar

Markets are Creatures of Government — Peter Cooper

This is not just a matter of markets requiring a system of enforced property rights, which presupposes government, at least in rudimentary form. In monetary economies, functioning markets also require a viable currency, one that is generally accepted in exchange. Government ensures a currency’s acceptance when it imposes and effectively enforces taxes that are payable only in that particular currency. This is true not only of exogenous taxes but of taxes on consumption, income and wealth so long as these are assessed in the government’s chosen unit of account....
Markets are institutional and as such are embedded socially, legally and also financially, especially in a monetary production economy — think banking.

The fact that banks are chartered public-private institutions that have privileges and responsibilities in creating currency through credit extension and having access to the central bank as lender of last resort, as well as an international banking system for clearing trade balances in different currencies.

heteconomist
Markets are Creatures of Government
Peter Cooper

Stephanie Kelton's TED Talk is now up for viewing

 

Coronavirus: Sweden GDP Falls 8.6% in Q2, More Than Nordic Neighbors

Sweden decided not to pursue a nationwide lockdown, unlike most European nations. The statistics show this did not help its economy. 


 Coronavirus: Sweden GDP Falls 8.6% in Q2, More Than Nordic Neighbors

Comparing the responses of the UK, Sweden & Denmark to C19 using counterfactual modelling

UK mortality would have almost doubled had Swedish policy been adopted, while Swedish mortality would have more than halved had Sweden adopted UK or Danish strategies.


Comparing the responses of the UK, Sweden & Denmark to C19 using counterfactual modelling

Money and Macro - How Quantitative Easing Differs from Money Printing | QE Explained

 This channel looks good!


No! Quantitative Easing (QE) is not the same as money printing. This video explains exactly what the meaning of quantitative easing is and what the differences are with money printing. 




Money and Macro - How Quantitative Easing Differs from Money Printing | QE Explained

Money and Macro - The Emergence of Credit Money in Europe

Evonomics on tweeted about an article on What Is Money. I read the article but it was so complicated, so I refered to my own two MNEs article that I wrote here on MNEs on what is money. I wasn't contradicting the Evonomics article, I just thought my simple explanation was good enough for most people, because you can clearly see how money works. Just the same, someone tried to take me to task because they could not see how money was work in a stored form. Work gets converted to money, and money gets converted back to work. It's not physics, it's an agreement. 

This economist below describes exactly what I was saying. Although without the anology of stored work as money. 





https://youtu.be/ohM2oVHM2i4

Economist Responds to Hyperinflation is Already Here by @Economics Explained

I recently watched a video by Economics Explained about the risk of hyperinflation in the US, but when he referred to Weimar Germany and Zimbabwe, I stopped watching it. 


In the video below, Macro and Money describe why the US is unlikely to experience hyperinflation.


As an economist who studied inflation and monetary policy during his PhD, I was rather confused about one of the latest Economics Explained (EE) videos which makes wild claims and introduces many (seemingly) new theories. So, in this video, I'm checking if EE's claims are at least somewhat grounded in economic theory and not directly contradicted by data.




Economist Responds to Hyperinflation is Already Here by @Economics Explained


Capitalism vs. the Planet — Hazel Grinberg

The latest IPCC report paints a picture of five potential futures for humanity. In the worst one, if corporations keep calling the shots, we could see catastrophic warming of up to 5.7˚C....

Humanity is living "beyond its means" with respect to real resource use and externality. The problem is that price is not based on true cost including negative externality, which vitiates the balancing power of market forces based on rationing by price. But true cost accounting would change things in a very disruptive way, so few are willing to bite the bullet and reform the system to bring its operation in line with reality.

MR Online
Capitalism vs. the Planet
Hazel Grinberg
Originally published at Socialist Alternative


Also at MR

We are scientists, calling for a climate revolution
Editorial originally published at Scientist Rebellion

AA pilot strike


What? Just go get some people from unemployment to fly the planes… sheesh how simple can it be…