Saturday, July 24, 2021

China is gearing up to activate the world's first 'clean' commercial nuclear reactor — Ben Turner

Chinese government scientists have unveiled plans for a first-of-its-kind, experimental nuclear reactor that does not need water for cooling.

The molten-salt nuclear reactor, which runs on liquid thorium rather than uranium, is expected to be safer than traditional reactors because the molten salt cools and solidifies quickly when exposed to the air, insulating the thorium, so that any potential leak would spill much less radiation into the surrounding environment compared with leaks from traditional reactors.

The prototype reactor is expected to be completed next month, with the first tests beginning as early as September. This will pave the way for the building of the first commercial reactor, slated for construction by 2030....
Live Science
China is gearing up to activate the world's first 'clean' commercial nuclear reactor
Ben Turner

Wake up, America: The world just isn’t that into you

 To much of the world America looks like a declining power, precisely because it is a declining power

The people with big jobs in Washington came of age in the 1980s and 1990s, when America was the technological marvel of the world, and American inventions created the digital age. We haven’t done a lot lately except code some complicated software.

China has installed about 80% of the world’s 5G mobile broadband capacity, the carrier for the Fourth Industrial Revolution as much as railroads were for the First Industrial Revolution, and is moving much faster towards smart cities, automated ports, autonomous vehicles, self-programming robots and a wealth of other 5G applications.

Asia  Times

Russia Sends Aid to Cuba After Anti-Government Protests

 Russia remembers its old ally, while the US imposes more sanctions.

Russia dispatched nearly 100 tons of humanitarian aid to Cuba, the Defense Ministry said Saturday, following unprecedented street protests over the communist country's worst economic crisis in decades.

The delivery was directly ordered by President Vladimir Putin, it said.

Russia Sends Aid to Cuba After Anti-Government Protests

J. W. Mason — At Age of Economics: How Should an Economist Be?

The website Age of Economics has been carrying out a series of interviews with economists about what the purpose of the discipline it is, and what its relationship is to capitalism as a historical social system. I believe there will be 52 of these interviews, one each week over the course of 2021. Earlier this spring, they interviewed Arjun Jayadev and myself. You can watch video of the interview here. I’ve pasted the transcript below....
J. W. Mason's Blog
At Age of Economics: How Should an Economist Be?
JW Mason | Assistant Professor of Economics, John Jay College, City University of New York

We all move at the Speed of Light

Easily the best video I've seen about Space-time

 Is it possible to go faster than the speed of light? Would this mean going back in time? What is so fundamental about this precise speed?

Friday, July 23, 2021

Yellen warns of default risk by October


Yo, they  just had $700b in their account at the Fed and they can put IOUs in the FERS for a couple hundred $B… there is no hurry… they can spend their account down to zero in several months… and  they don’t need some stupid “coin!” …. they can take the rest of the summer off and worry about this in the fall…

Lars P. Syll — It’s not the debt we need to fix, stupid! It’s our thinking.

The ad nauseam repeated claim that our public debt is excessive and that we have to balance the public budget is nothing but absolute nonsense.
Debt phobia and deficit hysteria have descended into gaslighting.

Lars P. Syll’s Blog
It’s not the debt we need to fix, stupid! It’s our thinking.
Lars P. Syll | Professor, Malmo University

AOC weighs in on “inflation!”


She says currently we have an excessive demand problem and we need to expand import facilities because we can’t import enough to meet current demand … which undermines any present argument for continued general fiscal support… good job…

GOP can just cite her own analysis here in support of fiscal restraint to fight their figurative “inflation!”…

Thursday, July 22, 2021

Net-Zero 2050 May Need Up To $173 Trillion Investments — Tsvetana Paraskova

Where is the money going to come from? (snark)

Actually, the estimate is between 92 and 173 trillion in USD terms over the next 30 years. It is doable but will take concerted effort in a divided world, especially when the US is divided internally on the issues involved. The problem is more political than economic.

Net-Zero 2050 May Need Up To $173 Trillion Investments
Tsvetana Paraskova

Debate about the National Disability Insurance Scheme driven by the usual ‘taxpayer’s money’ arguments — Scott Baum

Today, we have a guest blogger in the guise of Professor Scott Baum from Griffith University who has been one of my regular research colleagues over a long period of time. Today, he is writing about the way the Federal Australian government is starving the National Disability Insurance Scheme of funding. The usual arguments are being used – ‘taxpayer’s funds’ are in short supply – which seriously undermine the future for thousands of people with disabilities. The NDIS is the national structure that supports people with disabilities to increase their capacity to participate in employment and provide opportunities for them to so....
Bill Mitchell – billy blog
Debate about the National Disability Insurance Scheme driven by the usual ‘taxpayer’s money’ arguments
Scott Baum, Professor of Urban and Regional Analysis, School of Environment and the Cities Research Institute, Griffith University

Debt Ceiling


GOPer Flimsy Graham putting Social Security and Medicare on the table now … that ought to help loosen things up…  this going to be wild…

Biden allays “inflation!” fears


Boy I bet all the bond bear inflationista assholes are going to be running for the hills now….  :p

Wednesday, July 21, 2021

5 Wild New Ways To Generate Energy — Alex Kiman

Not economically feasible — yet. The point is that serious people are working on this and funds are being invested.

Widespread recognition of the need for going green could change things quickly.

My new podcast is here.

Meet Toka, the Most Dangerous Israeli Spyware Firm You’ve Never Heard Of — Whitney Webb

Longish and detailed. According to Whitney Webb, Toka is far worse that NSO, which targets only smartphones, whereas Toka targets a range of devices. Links in the article provide documentation.

Meet Toka, the Most Dangerous Israeli Spyware Firm You’ve Never Heard Of
Whitney Webb

Moon of Alabama — Russia And Germany Win War Over Nord Stream 2

It's over. It's pretty clear that German business interests won although MA doesn't draw that conclusion directly. US opposition was clearly anti-competitive.

Moon of Alabama
Russia And Germany Win War Over Nord Stream 2

KV - Nice Pics 12

The staircase of the Museum of Czech Cubism in Prague, at the Black Madonna Building, has a curious shape, like a light bulb.

Penmon Point Lighthouse, Anglesey, Wales, UK

Trwyn Du Lighthouse, also known as Penmon Lighthouse, is a lighthouse between Black Point near Penmon and Ynys Seiriol, or Puffin Island, at the eastern extremity of Anglesey, marking the passage between the two islands.

Nuclear Ship, Savannah, Control Room

Bridge and engine order Telegraph-aboard RMS Queen Mary

Baroque library hall, Klementinum, Prague. 

Cart lift at abandoned coal mine in Germany.


Vintage French art deco fairground bumper cars

Chromata Santorini Hotel, Greece. 

Hearst Castle Roman Pool, California

What if America Delists Chinese Firms? — Shang-Jin Wei

A recent flurry of official measures in both China and the United States suggests that the two governments are not keen on Chinese firms retaining their US stock-market listings. Moreover, the effects of delisting these often fast-growing companies may be easily manageable for both countries....
Project Syndicate
What if America Delists Chinese Firms?
Shang-Jin Wei, a former chief economist at the Asian Development Bank, is Professor of Finance and Economics at Columbia Business School and Columbia University’s School of International and Public Affairs

The Basic Income Illusion — NeilW

Basic income is a monetary illusion. Here’s how the trick is done and why it always fails....

Why the JG is superior to a BI. Basically, a JG increases productivity, offsetting resource use, whereas a BI does not. It's a matter of contribution to the economy — give and take — versus take only.

Neil also makes the important point that rights entail corresponding responsibilities and emphasis on rights alone is a perversion of liberalism. 

New Wayland
The Basic Income Illusion

The Putin Doctrine? How the Ideas of a 20th Century Thinker Ostracized by the Soviets Help to Shape Russia’s New Foreign Policy — Piotr Dutkiewicz

Analysis of "the Putin doctrine" of international relations based on civilizational framing of multipolarism.

Valdai Analytics
The Putin Doctrine? How the Ideas of a 20th Century Thinker Ostracized by the Soviets Help to Shape Russia’s New Foreign Policy
Piotr Dutkiewicz

See also

The Unz Review
Many Interesting Developments in Russia
The Saker

Rand Paul v Fauci

Big Socratic dialog yesterday between these two non science trained people… Bannon and Navarro provide a post fight breakdown…

China is still a long way from being a superpower

 Beijing may lack the ambition needed to develop a global military presence that rivals the US

China is an economic power-house, but they may find it to be too much of a burden and too expensive to be a world superpower. When you look at how they are revamping their country, who wouldn't be more tempted to spend the money on themselves and have a nice environment to live, rather than having the world's biggest military many times over. 

China has not fought a war since it clashed with Vietnam in 1979 and boasts of its “peaceful rise”. Unlike the US, Beijing has also historically been very reluctant to promise to defend its friends and allies. China has only one overseas military base in Djibouti in east Africa, compared with hundreds of US military facilities overseas.

Financial Times

Tuesday, July 20, 2021

Bill Mitchell — British House of Lords having conniptions about QE – a sedative and a lie down is indicated

When I studied British politics (as one unit in a politics minor) at university, I was bemused by the role of the House of Lords. I know it is a curiously British institution that would be hardly tolerated anywhere else. But the fact that it serves as a part of the British democratic system continues to amaze me. Recently, the Economic Affairs Committee has been investigating (if that is what they get up to) Quantitative Easing because, apparently, some of the peers were worried about the “operational independence” of the Bank of England and the “economic effects” (read: inflation fears) among other concerns. They published their first report last week (July 16, 2021) – 1st Report – Quantitative easing: a dangerous addiction? – and it is littered with errors. The government has until September 16, 2021. The reply does not have to be long – they could just submit this blog post and get on doing things that matter, although the Tories are currently finding it hard to get their head around that essential task at the moment....
Bill Mitchell – billy blog
British House of Lords having conniptions about QE – a sedative and a lie down is indicated
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Children should start drinking tea aged four to combat obesity and stress, study finds

 Although caffeine is a stimulant, it actually relaxes people, a study showed. Caffeine directly boosts cortisol, but the relaxation it induces lowers it. This research was done on regular tea drinkers, though, who may get stressed without their caffeine fix, so more research is needed. 

I first started drinking tea and coffee at about the age of 7 to 8, and I never noticed the caffeine. 

Drinking tea from the age of four helps children to combat obesity, stress and heart disease, according to a new study.

It also found that the benefits of a daily cup of tea include reducing the risk of stroke among elderly people and acting as a substitute for sugary drinks.

Compounds such as flavonoid phenolics, L-theanine and caffeine, which helps with concentration and cognitive function, can be found in both green and black tea.

The Independent 

Children should start drinking tea aged four to combat obesity and stress, study finds

George Monbiot Tweet on Libertarianism

 I thought it was spot on! 

The libertarianism that says "I should do what I like, regardless of the impact on others" is the worldview of the toddler. Of someone who has not yet learned that the world doesn't revolve around them.

Yet we have elected people with this extreme form of arrested development.

Ayn Rand's "philosophy", of which @sajidjavid is a proud disciple, is exactly this: the angry wail of a giant toddler, demanding to have everything, in both fists.

Monday, July 19, 2021

The Problem With White Feminism | Opinion

 Spread wars all over the world, grab the resources, then say you are protecting women. The Liberal internationalists. 

Photos before US war in Afghanistan and after.

In the U.S., 58% of all women living in poverty are women of color. It’s why author Rafia Zakaria, who lived in a shelter in the U.S. as a single mother, believes “putting the fangs back in feminism is a very urgent project.” In her new book “Against White Feminism,” she urges for transformative change. From the so-called war on terror to “girl boss”: Is feminism for all?

Nike sweatshops: inside the scandal

There is plenty of propaganda and fake news in the MSM about Uyghur forced labour in the Xinglian region of China, but the evidence of Nike exploitating its workers is mainly ignored. 

 After it emerged in the 90s that Nike's factory workers were allegedly toiling in inhumane conditions, the company pledged to fix things. But has anything changed?

According to the ethical clothing advocacy group Good On You, Nike is certified under the Fair Labor Association Workplace Code of Conduct. But a 2018 report by the Clean Clothes Campaign, found that Adidas and Nike still pay “poverty” wages to workers. The report called on both Nike and Adidas to commit to paying "living" wages (the amount of income needed to provide a decent standard of living) to its workers.

With an annual revenue of over $US30 billion it should be able to afford it.

New Idea

Nike sweatshops: inside the scandal

Nike claims to have improved things since this film was made, but by how much? 

 Nike Sweatshops: Behind the Swoosh

Nike Sweatshops: Behind the Swoosh is the ultimate video for exploring the sweatshop issue. Using Nike as a case study, the film documents first hand the widespread and oppressive and exploitative labor practices in the developing world.

How monopoly was invented to demonstrate the evils of capitalism

I loved the game Monopoly the first few times I played it when I was a boy, and with all those fancy little houses and hotels it was kind of magical. But I soon learned to not like it so much as it was a slow, drawn out, painful death most of the time. 

The purpose of the dual sets of rules, said Magie, was for players to experience a 'practical demonstration of the present system of land grabbing with all its usual outcomes and consequences' and hence to understand how different approaches to property ownership can lead to vastly different social outcomes. 'It might well have been called “The Game of Life",' remarked Magie, 'as it contains all the elements of success and failure in the real world, and the object is the same as the human race in general seems to have, ie, the accumulation of wealth.'

Once the game's true origins came to light, Parker Brothers bought up Magie's patent, but then re-launched the board game simply as Monopoly, and provided the eager public with just one set of rules: those that celebrate the triumph of one over all. Worse, they marketed it along with the claim that the game's inventor was Darrow, who they said had dreamed it up in the 1930s, sold it to Parker Brothers, and become a millionaire. It was a rags-to-riches fabrication that ironically exemplified Monopoly's implicit values: chase wealth and crush your opponents if you want to come out on top.


How monopoly was invented to demonstrate the evils of capitalism

Primer: Core And Median CPI Justification — Brian Romanchuk

One practice of economists that draws a lot of complaints is the use of subsets of the consumer price indices. Most commonly it is core CPI – excluding food and energy – although there are fancier measures like median CPI (which I describe below). Meanwhile, if a component of the CPI rises a lot in a month, commentary will often state things like “if we exclude {whatever had a price spike}, then CPI increased by only 0.2% on the month, instead of 0.5%.” (As should be expected, complaints are only about excluding items that rose quickly, everybody is happy to throw away the effects of items that fall rapidly in price.)...
Bond Economics
Primer: Core And Median CPI Justification
Brian Romanchuk

"Saints and sinners." Heresthetics as political art. — Haydar Khan

Structuring the world so you can win. This sounds like sorcery, but in politics there is a phenomenon known among the social scientists as heresthetics, and it has been with us for centuries. It paved the way for an Illinois senator named Abraham Lincoln to achieve the presidency. Closer to our time, oligarchs deploy the techniques of heresthetics as they seek to strangle the United States Postal Service. Militant libertarians, not to be left out, use it to cripple the very machinery of the United States government.

This art, black or otherwise, can have profound ramifications when wielded effectively. Let us understand this phenom called heresthetics: It has a lot to do with the way America’s political life proceeds....
The Scrum
"Saints and sinners." Heresthetics as political art.
Haydar Khan

3 Companies Now Make Up 50% of U.S. Ad Revenues — Aran Ali

  • Collectively, Amazon, Facebook, and Google make over $112 billion in advertising revenues
  • Two-thirds of ads in the U.S. are now digital
Visual Capitalist

US-China: Geoeconomics Tussle — Abu Hurrairah

Geo-economics based "competition" — for power through economic means.

US-China: Geoeconomics Tussle
Abu Hurrairah

Biden Revises US Sanctions Policy — Ivan Timofeev

The new guidelines for the US sanctions policy include the development of targeted sanctions, a more serious analysis of their economic costs for American business, as well as business from allied and partner countries and, finally, closer coordination with allies, writes Valdai Club Programme Director Ivan Timofeev....
Valdai Club
Biden Revises US Sanctions Policy
Ivan Timofeev, Valdai Club Programme Director

How Monopoly Was Invented to Demonstrate the Evils of Capitalism — Kate Raworth

The game’s little-known inventor, Elizabeth Magie, would no doubt have made herself go directly to jail if she’d lived to know just how influential today’s twisted version of her game has turned out to be. Why? Because it encourages its players to celebrate exactly the opposite values to those she intended to champion.
Naked Capitalism
How Monopoly Was Invented to Demonstrate the Evils of Capitalism
Kate Raworth, senior visiting research associate at Oxford University’s Environmental Change Institute and senior associate at the Cambridge Institute for Sustainability Leadership

Bill Mitchell — Reading Beardsley Ruml carefully

Many social media commentators that have become interested in Modern Monetary Theory (MMT) regularly cite sections of the article written by businessman and former Chairman of the Federal Reserve Bank of New York Beardsley Ruml – Taxes for Revenue Are Obsolete – which appeared in the January 1946 edition of the American Affairs journal. The article was actually a speech that he made “before the American Bar Association during the last year of the war”. Some claim that the content provides an early underpinning for Chartalism, upon with MMT is, in part, derived. I disagree. If you read his work carefully, rather than selectively quoting convenient sentences, and, that work includes his more substantial book that was published in 1945 and from which the article cited above was derived, you would get no MMT succour. He was basically lobbying for zero corporate taxation and he expressed rather orthodox views about fiscal policy at the time, which are very non-MMT in substance.…
Bill Mitchell – billy blog
Reading Beardsley Ruml carefully
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Dominic Frisby - Why Houses Cost So Much - And What To Do About It

 Dominic Frisby is a bit of a libertarian and a populist, but he has some good points about the causes of house price inflation here in the UK, and probably in many other countries too. 

Dominic Frisby - Why Houses Cost So Much - And What To Do About It

Sunday, July 18, 2021

Latest RussiaGate HOAX Hilariously Exposed!

The Guardian is trying its best to keep this story going.


Latest RussiaGate HOAX Hilariously Exposed!

Billionaire Ethereum co-founder says he is quitting the world of cryptocurrency due to personal safety concerns

 The underworld! There's some seriously evil people is this world, and it's best to keep well clear of them. 

I read recently how the hacking business has changed, which I should have posted here. Hackers now design software not to use themselves, but to sell to less experienced hackers, who are prepared to take the risks, but it lowers the risk all around. 

Crypto has been linked to a series of security issues, with a boom in kidnappings of wealthy individuals followed by the criminals demanding payment of the ransom in digital money.

Meanwhile, earlier this month, the largest ransomware attack on record breached the systems of US software firm Kaseya, in turn infecting the computers of 1million companies on virtually every continent. 

Swedish grocery stores, schools in New Zealand, and two major Dutch IT firms were among the victims of hacking group REvil which launched its attack on July 2. 

Kaseya says just a few dozen of its customers were directly affected by the attack, but knock-on effects have brought down firms in 17 countries including US and the UK - with one expert saying the attack is 'unprecedented' in its scale and sophistication.

The Daily Mail 

Billionaire Ethereum co-founder says he is quitting the world of cryptocurrency due to personal safety concerns

KSI says he made £7m in cryptocurrency investment but ‘lost it all’ because of Bitcoin crash

 YouTube star and rapper invested less than a year ago

KSI says he is still enthusiastic about Bitcoin. 

KSI has revealed he lost a staggering amount of money due to the Bitcoin crash.

He continued: “Well, I say Bitcoin. I put [in] £2m last year – November, December – but this was into cryptocurrencies. I made £7m and now I’ve lost it all. It’s mental.

The Independent

Are vegetarians less prone to a severe COVID-19 illness? | COVID-19 Special

You don't have to be vegetarian to get the benefits. This doctor keeps animal products low in her diet 

 Could what we eat be the difference between life and death – between a light fever or a stay in intensive care? We know that obesity, high blood pressure or diabetes can lead to severe Covid-19 complications. Does this mean, our diet our destiny? Could eating fewer animals and more plants be the solution?

A new study suggests it could come down to a survival of the vegetarians.

Democratic, Republican Confidence in Science Diverges — Jeffrey M. Jones

Americans as a whole remain confident in science, but compared with the mid-1970s, a large partisan gap has emerged, with Republicans becoming much less confident at the same time Democrats are becoming more so. It appears that science, like many other issues, has become a politicized topic.

Republican mistrust may stem from conservative thought leaders' allegations of liberal bias in the scientific community, perhaps because colleges and universities employ many scientists. Republicans also mistrust colleges and universities and cite a liberal political agenda as the reason for that lack of trust. A specific recent example of Republican allegations of bias concerned the theory that the COVID-19 virus leaked from a Chinese lab. Many scientists, including Anthony Fauci, initially favored other theories, but the lab-leak theory has gotten more serious consideration in recent months.

Still, Republicans' lack of trust in science opens up the possibility of their being more vulnerable to influence by ideas that lack scientific support, especially if those ideas are advanced by political conservatives they implicitly trust.…
Democratic, Republican Confidence in Science Diverges
Jeffrey M. Jones

Sitrep: Here Comes China: Giant Pandas, Elephants and Decoupling — Godfree Roberts

 Some numbers. No it's not mostly about elephants and pandas.

The Vineyard of the Saker
Sitrep: Here Comes China: Giant Pandas, Elephants and Decoupling
Godfree Roberts

‘They’re killing people’: Biden slams Facebook for Covid disinformation

False claims about vaccines has proliferated on the social network, and on other sites including Twitter and YouTube, says president

I've been a bit of a warrior on twitter in the past fighting the climate change deniers, the anti-vaxxers, and the covid conspiracists, and ended up getting blocked by a number of people. I've learnt, though, how to be far more diplomatic and how far I can push it. And I also got fed up with prolonged debates, so nowadays I just put a tweet out, say my bit, and that's it.

The populist left have so much in common with the populist right, who are both very influenced by the libertarian, James Corbett, someone who's views I don't get along with all that much, although the same things concern us. But ultimately, I believe governments can be a force for good, unlike Corbett, which is what the MMTers believe too, which is probably one of the reasons why I like it so much. 

Joe Biden says social media platforms such as Facebook “are killing people” for allowing disinformation about coronavirus vaccines to be posted on its platform, as the administration continued criticising the company.

“They’re killing people. ... Look, the only pandemic we have is among the unvaccinated. And they’re killing people,” the US president told reporters at the White House on Friday, when asked about disinformation and what his message was to social media platforms such as Facebook.

The Guardian 

‘They’re killing people’: Biden slams Facebook for Covid disinformation

Biden’s National Security Advisor Jake Sullivan: Monopolies Are a National Security Problem — Matt Stoller

Competition. Previously, the prevailing notion was that American monopolies were necessary to confront foreign monopolies as a matter of scale. That thinking may be shifting to competition among domestic firms as the driver of domestic innovation. This is assumed to be the liberal answer to authoritarianism.

If you want to promote democracy, think modern money — Darren Quinn

Excellent article on MMT and political economy.

Independent Australia
If you want to promote democracy, think modern money
Darren Quinn

The BBC has EXPOSED my CCP Funding...πŸ‡¨πŸ‡³ BBCζ›ε…‰ζˆ‘δ»¬θ’«εŒ—δΊ¬θ΅„εŠ©?Unseen China

 BBC propaganda exposed!

The unsolvability of the mind-body problem enables free will

 Jan Scheffel, Professor from KTH Royal Institute of Technology, Sweden, argues that the insolvability of the mind-body problem enables free will

In summary, we have found that reductionistic scientific understanding of subjective conscious processes is not possible; emergence lies in the way. Ontological emergence, in turn, leads to ontological openness which enables downward causation and free will

Open Access Government 

Are we the Baddies?' Mitchell and Webb Funny Nazi Scetch

 Who are the bad guys?

Are we the Baddies?' Mitchell and Webb Funny Nazi Scetch Full scene high quality world war two humour hilarious hitler ss allies WWII comedy

Economic Hitmen

Saturday, July 17, 2021

Was the Story of Catch Me If You Can Frank Abagnale Jr.'s Greatest Con?

A new book says the story of a teenager who posed as a pilot, a doctor, and a lawyer that inspired the beloved Steven Spielberg film might have all been one brilliant lie.

What a con artist - we've been had over! 


Conner Brown - Stop Calling Bitcoin Deflationary.

 Conner Brown takes the opposite view from us about fiat, which he believes causes inflation, but I found what he said about deflation quite interesting. 

I always knew that when a new product is brought to the market it is often quite expensive because its the amount of investment involved. Factories will need to be tooled up to manufacture the new parts, and new factories might even have to be built too. But as the years go by the company will pay off its debts for the all the tooling up and the design it had to invest in, so costs will start to plummet, resulting in a much cheaper products. 

But more cost savings are achieved in other ways too as the company finds cheaper ways of producing the product, plus their suppliers will be doing the same thing too. Add on to that improved transport and delivery systems, and prices can significantly be brought down. They have to do this to keep ahead of the competition, but also to improve their profit margins. 

I often marvel when I'm in the shop about how they can produce something so cheaply considering the amount of people that need to be paid: drivers, labourers, workers, accountants, managers, cleaning companies, vehicle repair workshops, heating, building maintenance, you name it, plus taxes, etc. 

Price Basics: Falling Prices Are Natural

Imagine a simple item in a competitive marketplace — let’s say a toothbrush. Now assume every year this toothbrush gets a little bit easier to produce. Perhaps machines get a little bit better at manufacturing, or supply chains get slightly more efficient, etc. If our consumer demand doesn’t change, what should happen to the price? It should decrease.

This should not come as a surprise. Free markets cause product prices to fall as industry becomes more productive and competitors fight for consumers with the lowest possible prices. This is a process that has been happening for thousands of years as humans apply their ingenuity to fulfilling the wants and needs of others.

Do prices always decrease? Certainly not! Plenty of common occurrences that hamper production or spike demand can cause price increases. My point is simply that on long time-frames, as humans invest their labor into becoming more productive, items that were once difficult and expensive become cheap and easy to produce. Thus decreasing prices are natural and intuitive.


Conner Browb - Stop Calling Bitcoin Deflationary.

Maintenance of denial — Newswire

This is a short post of interest to me since it is reminiscent of the sentiment that led to the counterrevolution of the Sixties and Seventies in the US and some other Western countries. The primary condition that supported this cultural shift was the Vietnam War, which had an effect on young people especially at that time, although now the impact is being felt pretty much universally and globally.

The conditions that led to the onset of a cultural revolution in the US in the Vietnam era stemmed from a post-WWII malaise arising from the prevailing Ozzie and Harriet culture and a reaction to the the prospect of living its ennui for the rest of one's life. Of course, there were many other factors involved, some similar to those now. In short, there seems to be a shift in collective consciousness underway again. Is there a trend building?

MR Online
Maintenance of denial

Mike Dano - Here's how the US government plans to destroy Huawei's equipment

The FCC's "rip and replace" program is scheduled to officially get underway later this year. The program promises to allocate almost $2 billion in Congressional funding to US network operators so they can replace equipment from Chinese vendors Huawei and ZTE with gear from "trusted" suppliers.

The fact that US taxpayers are ultimately going to pay for technicians to smash Huawei and ZTE equipment with hammers stems from the years-long deterioration in US-China relations.

Light Reading 

Mike Dano - Here's how the US government plans to destroy Huawei's equipment

Excess caffeine intake may be linked to an increased risk of osteoporosis

 I drink green and oolong tea, plus Darjeeling, which is very lightly fermented. You can steep these teas two to three times, but the caffeine in each steep may be similar. With six mugs of tea every morning, I could be approaching 300mg of caffeine a day. I'm near addicted to great tea, and nothing else comes close. It's the bitterness I like. 

My teeth went black the other year, though, and I thought I had developed a severe illness, as no amount of brushing would get it off. I became convinced it was on the inside, and went to my dentist all worried. She laughed and got it off with polish, but then told me off, telling me to add milk to the tea. No way, man! 

University of South Australia researchers have a bone to pick when it comes to drinking too much coffee as new research finds that excess caffeine may be linked to an increased risk of osteoporosis.

Investigating the effects of coffee on how the kidneys regulate calcium in the body, researchers found that high doses of caffeine (800 mg) consumed over a six-hour period almost doubled the amount of calcium lost in the urine.

Medical Xpress

Excess caffeine intake may be linked to an increased risk of osteoporosis

The Toxic World of Self Help: Hustle Culture, Toxic Positivity, Addiction, and Fake Gurus.

 I was never in the slightest bit taken in by self-help Gurus. I read How to Win Friends and Influence People, by Dale Carnegie, when I was 20 years old and I thought it was nonsense. Then more and more of these books turned up on bookshop's shelves, including ones that promised miracle cures, "Just ask and you shall get". The Louis Hay group of books also promised miracle cures for things like cancer and other serious illnesses. None of the books seemed to have any real substance to them, and just contained wishy washy advice about life. 


The toxic world of self help: a world surrounded by toxic positivity, self help addiction, fake gurus, and hustle culture. 

It’s the side of ‘self-development’ that is often overlooked by those on the outside, and even those who are avid consumers of the industry.

In this video we take a dive into the dark side of self-help, and the traps that may lie in wait for those who enter this world.

The Toxic World of Self Help: Hustle Culture, Toxic Positivity, Addiction, and Fake Gurus.

Friday, July 16, 2021



Democrats mull keeping debt limit out of budget reconciliation


More chaos…

Democrats are leaning toward lifting the Treasury Department’s borrowing cap outside of the partisan budget reconciliation process, according to sources familiar with the discussions, meaning they’d need at least 10 Senate Republicans on board.

No final decisions have been made, but moving a debt limit boost separately from reconciliation could give Democratic centrists cover since that route would require GOP support. The prospect of carrying a debt ceiling increase on their own could give moderates pause, given that their Republican opponents could use that vote against them in next year’s midterms.

Hints of a thaw in US-Russia relations

 Moscow's anti-US rhetoric has suddenly been toned down, signaling a potential change in attitude and direction

A “thaw” has appeared in US-Russian relations. The unanimous vote by the United Nations Security Council last Friday extending a cross-border aid operation into Syria from Turkey must be regarded as an important moment. 

US Ambassador Thomas-Greenfield told reporters: “It shows what we can do with the Russians if we work with them diplomatically on common goals. I look forward to looking for other opportunities to work with the Russians on issues of common interest.”

Asian Times 

Climate Change Is An Absolute Nightmare - This Is Why

 A good explanation of man-made climate change, which challenges dead-on the skeptic's contrarian theories and points of view.

So. What is Climate Change? Do you know the facts? No?

Well I personally had no idea. One day it just hit me, I knew very little about climate change. Even with a useless degree in chemistry, climate change is a confusing mess of strange and difficult to understand information.

I made this video to gather all the facts I could find about climate change, in a fun way, and without any bias on my part. I wanted anyone who watched this video (and myself too!) to understand all the important facts relating to climate change. Non-scientists welcome. 

Science is exciting! It’s just school and most of our education systems aren’t…

In a few months this video will be uploaded as to remove any language or scenes not suitable for schools, so it can be used to teach about climate change in schools.

Climate Change Is An Absolute Nightmare - This Is Why

Thursday, July 15, 2021

Quantum Locking Will Blow Your Mind—How Does it Work?

It get's very technical at the end, but it's interesting!

In this video I use a type II superconductor to perform a quantum locking demonstration using YCBO (Yttrium barium copper oxide). I then explain in depth how superconductors and quantum locking (Flux pinning) works.

Wednesday, July 14, 2021

Glenn Greenwald Destroys TYT's Smears and Lies

 Aaron Mate criticised one Cenk Uygur's tweets where he said that the reason for the Palestine / Isreal conflict was just down to which sun God they worshipped. After that all hell broke out.

It's a shame because I'm the past I have very much liked Cenk Uygur. He once did a debate with Sam Harris, where he said he would not retaliate against a nuclear attack, saying why kill millions more innocent people, but Sam Harris said he would, saying that for it to be a deterrent you had to be prepared to use it. I tended towards Cenk's position. 

In this video Glenn Greenwald expresses his anger at Cenk Uygur, and the Democrats as well, where in the past they have tried to smear opponents by calling them Russian assets, like Hillary Clinton did to Tulsi Gabbard.

Glenn Greenwald Destroys TYT's Smears and Lies

My new podcast is out.

Why Liberal Hearts Bleed and Conservatives Don't

 Why politicians have trouble listening to each other.

Political liberals are “bleeding hearts” because they empathize so strongly with the sufferings of others. 

Liberals take a more optimistic view of the world as being somewhat more benign

The conservative world view

Conservatives see the world as a challenging place in which there is always someone else who is ready to steal your lunch. Confronted by a potentially hostile environment, the best course is to take precautions and to ensure your own well-being and that of your family.

Psychology Today

Leaked JPMorgan Report Reveals Extreme Bitcoin Price Volatility Warning As Ethereum Crash Adds To $100 Billion Crypto Rout

 El Salvador has been warned that Bitcoin is too volatile to be a currency.

Bitcoin has swung wildly through 2021, falling along with the second-largest cryptocurrency ethereum after huge runs and dashing hopes that growing adoption among retail investors and institutions would bring stability to roller coaster crypto markets.


Leaked JPMorgan Report Reveals Extreme Bitcoin Price Volatility Warning As Ethereum Crash Adds To $100 Billion Crypto Rout-crash-adds-to-100-billion-crypto-rout/

Is It Safe to Eat Raw Mushrooms?

 I put out a video here about how mushrooms can cut the risk of getting cancer by about 43%, but can they sometimes cause it as well? 

The side effects of raw mushrooms. Microwaving is probably the most efficient way to reduce agaritine levels in fresh mushrooms.

Is It Safe to Eat Raw Mushrooms?

How Are Mushrooms More Similar to Humans than Plants?

Upon seeing a mushroom, most people would immediately view it as a vegetative organism, one that is closely related to plants. However, as recent research has shown, mushrooms are, in fact, more closely related to humans than to plants!

Haven’t you ever noticed that eating a perfectly cooked portobello mushroom feels a lot closer to eating meat than a salad? Well, that isn’t exactly a scientific explanation of the connection, but genetic studies show that there may be a common ancestor from which both animals and fungi evolved.

Science ABC

How Are Mushrooms More Similar to Humans than Plants?

Book review—The Price of Peace by Zachary D. Carter — Matias Vernengo

Zachary D. Carter’s book is not quite a biography in the same way that the two cited above, or the one by Donald Moggridge, one of the co-editors of Keynes’ Collected Writings. There is little need for another detailed speculative analysis of the lesser known aspects of Keynes’ life and how these affected his economic views. Carter does something better. He provides a lively discussion of the rise and fall of Keynesian ideas, beginning with how Keynes’ developed his analytical framework, from his theoretical struggles of the 1920s, with some retrospective analysis of his previous life and work, to his premature death in 1946. He also discusses the apogee and the fall of Keynesian economics after Keynes’ death, and the rise to dominance of neoliberal ideas, at least until the last crisis. In that respect, the book has two parts. The first twelve chapters that discuss Keynes’ life and the intricate dance between economic policy debates and rapidly changing economic ideas that eventually propelled the Keynesian Revolution, and a second part from chapter thirteen to seventeen, where John Kenneth Galbraith and Joan Robinson pick up Keynes’ mantle as the proselytizers of the true Keynesian gospel....
Naked Keynesianism — Hemlock for economics students
The Price of Peace by Zachary D. Carter
Matias Vernengo | Associate Professor of Economics, Bucknell University

The White House, Fed, Inflation And Flow Of Funds For July 2021 — Alan Longbon

This is a detailed (numbers) summary of the application of MMT to economic and financial policy chiefly through fiscal policy. It gives a general picture of the MMT approach illustrated with data. 

It doesn't assume much knowledge of MMT and it should be simple to grasp for people with some knowledge of finance, so it is suitable to pass on.

A bit longish and detailed but a recommended read.

Mike Norman bases his newsletter on this kind of MMT-based fiscal analysis and keeps it updated by email, with specific recommendations. Check it out.

Seeking Alpha
The White House, Fed, Inflation And Flow Of Funds For July 2021
Alan Longbon

York professor expands global understanding of Karl Marx and Marxism with seven books in three years — York University

York professor expands global understanding of Karl Marx and Marxism with seven books in three years
Originally published: York University by York University (July 11, 2021 ) - Posted Jul 14, 2021
Ideology, Literature, Marxism, PhilosophyCanadaNewswire

Marcello Musto, professor of sociology at York University is recognized as a leading global authority on the work of the German philosopher Karl Marx and on Marxism. An accomplished scholar, Musto has devoted his academic career to reviving the understanding of Marx’s ideas and their applications to the contemporary world.

Driven and passionate about the significance of Marx’s contributions in politics, sociology, the critique of political economy and philosophy, Musto has delivered seven books within the last three years. Each of them focuses on a different aspect of Marx’s work and highlights his relevance for finding alternative solutions to the most pressing current issues of capitalism.…
Short summaries of the writings follow.

McConnell: today’s inflation 'small potatoes' if Democrats jam through massive spending


GOP preparing to use “inflation!” to subvert Democrat legislative agenda….


Tuesday, July 13, 2021

Is emerging Asia in retreat? — C. P Chandrasekhar and Jayati Ghosh

Ironically, therefore, the financial liberalisation that was meant to provide more resources for domestic investment in emerging markets has led to exactly the opposite pattern.…
More ironically, the countries that are outperforming are communist — China and Vietnam.

This was not supposed to happen according to Western liberal thinking. Something amiss with the assumptions of economic and political liberalism?

Real-World Economics Review Blog
Is emerging Asia in retreat?
C. P Chandrasekhar and Jayati Ghosh

Chinese Premier Li Keqiang has called for efforts to improve the country's range-based regulation of macroeconomic policies, prioritize employment and stimulate the vitality of market entities to sustain the long-term upward momentum of the economy.

TASS — Russian Prime Minister calls data analysis "oil of the 21st century"

Digital transformation has become the basis for the development of society and the economy, including industrial production, Mikhail Mishustin pointed out….
Russian Prime Minister calls data analysis "oil of the 21st century"

Slicing And Dicing The CPI — Brian Romanchuk

 As you may have noticed, the Internet is all in a tither about runaway inflation. Brian opines on what's up.

Bond Economics
Slicing And Dicing The CPI
Brian Romanchuk

China rolls out 916,000 5G stations, making up 70% of global total — Global Times

To date, the country has deployed a total of 916,000 5G base stations, accounting for 70 percent of the world's total, and the number of 5G-connected devices has exceeded 365 million now, making up 80 percent of the world's total, said Liu Liehong, vice minister of MIIT at the 2021 China Internet Conference which convened in Beijing on Tuesday.

The three-year action plan sets the goal to reach more than 560 million 5G users by 2023, with the penetration rate of 5G technology exceeding 40 percent among Chinese users, and form an initial 5G ecosystem in the country consisting of ultrafast mobile connection and accelerated digital consumption .

The plan also focuses on advancing digital transformation of key industries by prioritizing 5G application such as invigorating a full-fledging industrial internet.

China's 5G mobile phone shipments hit 128 million in the first half of 2021....
China rolls out 916,000 5G stations, making up 70% of global total
Global Times

China's annual growth forecast to be above 8%: Paper
China Daily

China's foreign trade up 27.1 pct in H1

New Great Game gets back to basics — Pepe Escobar

As the US moves out of Afghanistan (sort of), China moves in.

Asia Times
New Great Game gets back to basics
Pepe Escobar

Bill Mitchell — European Commission processes still biased towards fiscal austerity

I keep reading that the European Commission has abandoned the Stability and Growth Pact (SGP) and that the euro is no longer a problem. I beg to differ. On June 6, 2021, the European Commission released a – Report prepared in accordance with Article 126(3) of the Treaty on the Functioning of the European Union – which updated their latest views on the state of fiscal balances in the EU. The Report confirms the Commission’s intention to return to the Excessive Deficit Mechanism process in 2023. The problem is that the whole assessment process is biased towards fiscal austerity. I show why in this blog post....
Bill Mitchell – billy blog
European Commission processes still biased towards fiscal austerity
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Monday, July 12, 2021

Doctor Explains the Latest Vegan vs Keto Head to Head Study

 In my opinion the plant based diet won outright. The doctor says here that the keto diet might be better for diabetes, but I'm not certain if that's really true in the long run. He does make the good point, though, that both diets in the study used high quality food and did not contain highly processed foods, which can harm health when too many of them consumed. 

Doctor Explains the Latest Vegan vs Keto Head to Head Study

A plant based diet is good for the prevention of type 2 diabetes. 

A plant-based diet for the prevention and treatment of type 2 diabetes

Primer: GDP Deflator — Brian Romanchuk

In my upcoming book on inflation, the focus is on consumer price indices, but there are other aggregate prices indices that are of interest. In this article, I discuss the GDP deflator.…
Bond Economics
Primer: GDP Deflator
Brian Romanchuk

The Transatlantic Macroeconomic Divergence — Daniel Gros

Different economic conditions and priorities in the US and the eurozone are leading to divergent macroeconomic-policy approaches. While there is nothing shocking about this, there are potential longer-term effects that should not be underestimated....
Project Syndicate
The Transatlantic Macroeconomic Divergence
Daniel Gros is a member of the board and a distinguished fellow at the Centre for European Policy Studies

Alibaba Fires Up E-commerce War With Amazon Through 72-Hour Global Delivery:

I have also read that many Chinese companies are experimenting with direct the the public sales. Also, Shimano, the Japanese bike accessories manufacturer, is experimenting with direct to public sales too, but only with some replacement components, not complete systems. 

Direct to the public could cause small shops suffer, but the big shops, like Amazon and Walmart, have too much power and squeeze suppliers, so this might be good for the manufacturers. The internet makes direct to public sales easier. 

Holland and Barrett was once a British company, but it got taken over by an American company who went on to squeeze all its suppliers. Seven Seas, a company that makes vitamins and fish oil supplements, refused to cooperate and lost half its market share overnight. I would like to see more power put into the hands of manufacturs again. Hopefully, it will keep prices down rather than increase them. 

Chinese e-commerce giant Alibaba Group Holding Ltd (NYSE: BABA) is intensifying Inc (NASDAQ: AMZN) rivalry by promising fast deliveries from China to anywhere in the world, the Wall Street Journal reports.

What Happened: Alibaba aims to deliver goods from China globally in 72 hours. Lower price and faster delivery play a crucial role in winning market share. Alibaba’s e-commerce products are cheaper than Amazon due to its direct access to Chinese factories and merchants.


Sunday, July 11, 2021

Bill Mitchell — Investors lose out following the advice of New Keynesian (mainstream) macroeconomics

I have been doing a lot of talks over the last few years discussing Modern Monetary Theory (MMT) with financial professionals. I stress that I am not acting as a consultant, to allow this community to make more money. I often joke I hope they all go broke. My motivation is education and one hopes that these communities will spread our ideas through their own influential networks. The aim is to put pressure on the public policy makers to restore full employment and reorient the public imagination away from the gloom that the neoliberal years has imposed on our policy aspirations. One of the things I confront these audiences with is the reality that an adherence to the precepts of mainstream macroeconomics and the predictions that flow from them have undermined their own objectives (which, shh, is to make money). I can easily point to many ways in which the mainstream of my profession have vicariously made predictions that could never be accurate, yet have been relied on by investors as if they were derived from valid knowledge. I have no sympathy for those who have made massive losses in this way, but when the consequences spread into the real economy and start costing jobs and work-related incomes, then the concerns rise. In the last few weeks, we have seen a classic example of this phenomenon and the message is – won’t they ever learn!...
Bill Mitchell – billy blog
Investors lose out following the advice of New Keynesian (mainstream) macroeconomics
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Targeted ads are one of the world's most destructive trends. Here's why, by Arwa Mahdawi

They have led to a proliferation of fake news and clickbait, fuelled surveillance capitalism and normalised pervasive tracking and data-mining. Then there’s their effect on democracy ...

2019 article. 

 I remember when I was new to the internet I looked at some speakers and then after that there was speakers everywhere. It felt spooky, like big brother, when I realised how I was being watched. 

But personalised adverts are not better for anyone. They have turned the internet into a surveillance nightmare. The fact that marketers are able to serve me ads for yoga mats the moment after I’ve booked a yoga class is not worth trading my privacy for. It’s not worth being stalked online by a yoga mat I once clicked on. It’s not worth having my every move analysed by a million activity trackers. It’s not worth having my phone battery drained by the data-guzzling ads that render many parts of the internet borderline unnavigable.

The Guardian 

Targeted ads are one of the world's most destructive trends. Here's why, by Arwa Mahdawi

China Mega Investment Deal With Iran Blows U.S. Out of the Picture — Martin Jay

US getting out played?

Strategic Culture Foundation
China Mega Investment Deal With Iran Blows U.S. Out of the Picture
Martin Jay

Why Is The U.S. Lagging In Adopting Mobile Payments? — Pengfei Han and Zhu Wang

The U.S. is considered a global leader in payment services. Yet, the U.S. appears to lag some developing countries in adopting the latest mobile payment innovations. We show that previous card payment leaders such as the U.S. naturally tend to fall behind in mobile payment adoption. This can be explained by optimal choices of card payment users in such countries because the incremental improvement introduced by the current mobile payment technology does not justify the costs for them to switch....econintersect
Why Is The U.S. Lagging In Adopting Mobile Payments?
Pengfei Han, assistant professor of finance at the Guanghua School of Management, Peking University, and Zhu Wang, vice president for research in financial and payments systems in the Research Department at the Federal Reserve Bank of Richmond
Originally at FRB-Richmond

Also of interest at econintersect
As problems of human and natural ecology mount up, there is growing in mainstream economics the conception of economics for economics sake. The tendency is to see economics as an autonomous discipline isolated from other sciences, and yet dominating all other social sciences. No matter what concerned people within and without the economics profession maintain, the tendency is to neglect those concerns, because mainstream economics has an unstoppable inner force of its own that makes it impossible to change course. This paper assumes that this tendency is due not to the will of any individual economist but to the sheer power of their tools of economic analysis. The action is involuntary. The process is mechanical….
Carmine Gorga, The Somist Institute

To Sum Up
Central banks can support the development of digital currencies indirectly, by supporting the public provision of safe, privately issued digital currencies, or more directly, by issuing digital currencies themselves, among other possibilities. These approaches are not necessarily mutually exclusive, especially if there are separate reasons to issue a CBDC. In that case, central banks may need to think about how private sector entities could use the CBDC to support the development of their own stablecoins.

Of course, central banks need not be averse to creating a CBDC that could revolutionize payments. It could empower central banks to better serve the financial system and the public more broadly, including through partnerships with the private sector. Nevertheless, these changes can carry risk and should be considered thoughtfully.
FRBNY — Liberty Street Economics
Central Banks and Digital Currencies
Tobias Adrian, financial counsellor and director of the International Monetary Fund’s Monetary and Capital Markets Department; Michael Lee is an economist in the Federal Reserve Bank of New York’s Research and Statistics Group; Tommaso Mancini-Griffoli is a deputy division chief in the Monetary and Capital Markets Department at the International Monetary Fund; Antoine Martin is a senior vice president in the Bank’s Research and Statistics Group.

Rebecca Seal - Unlocking the ‘gut microbiome’ – and its massive significance to our health

Scientists are only just discovering the enormous impact of our gut health – and how it could hold the key to everything from tackling obesity to overcoming anxiety and boosting immunity

The great opportunity – but also the great difficulty – of gut microbiome science is that poor gut health is associated with such a vast range of conditions, from obesity and degenerative brain diseases to depression, inflammatory bowel disease and chronic inflammation. “The microbiome is associated with everything,” “Pick a disease, it’s associated,” says Kinross. The microbiome is like a convergent science – you have to be an ecologist, a geneticist, a bioinformatician, a clinician and an epidemiologist, to try to make sense of it.”

The Guardian 

Saturday, July 10, 2021

Why Is Biden Really Pulling Out Of Afghanistan?

The US disaster in Afghanistan. 

As the US pulls its troops out of Afghanistan, Robert Inlakesh asks why they’re going now and whether any good came from America’s longest war. Did the US ultimately just create more terrorism?

Moon of Alabama Ransomware: Stop Blaming Russia And Tackle The Real Villains - Cryptocurrencies

The first half of the post is about blaming Russia, which is US politics. The last half is about crypto as necessary condition for ransomware, which is real. Ransomware is just one aspect of growing cybercrime, and "Russia" is neither the problem nor the solution. It is a distraction for political purposes.

Moon of Alabama
Ransomware: Stop Blaming Russia And Tackle The Real Villains - Cryptocurrencies

Why The Ancient Greeks Couldn't See Blue

People couldn't see the colour blue or pink so well in ancient times, they just saw shades of grey or red, it is believed, as these colours were never documented in any their texts. But neuroscientists believe that as people began to differentiate these hues more, the brain adapted so they they became more distinct colours in their own right.

Why The Ancient Greeks Couldn't See Blue

Schumer says Senate may work into August to pass infrastructure plan, reconciliation bill


Even Schumer throwing in the towel for July…. 99%  “debt ceiling!” going to be imposed end of month… then a matter of for how long it remains in effect…

Nicolas Rabener - Myth-Busting: Money Printing Must Create Inflation

I was debating with some Bitcoiners, who said that central banks cause inflation. I then found these two interesting articles. 

Similar analysis on the eurozone reflects the same trend: Central bank money printing is largely irrelevant to money supply and inflation.

Given their typical mandate to create moderate inflation, the all-powerful central banks seem quite powerless. Or they are simply fighting forces they cannot overcome: namely, the negative demographics and negative productivity growth that contribute to low economic growth.

Nicolas Rabener - Myth-Busting: Money Printing Must Create Inflation

John T Harvey 

Money Growth Does Not Cause Inflation! By John T Harvey

Friday, July 9, 2021

America Vs. Everyone - Jeff Sachs

China is not a threat to anyone, says Jeff Sachs. A very good interview. 

Jeff Sachs talks with Rob Johnson about the tragedy of modern geopolitics, and how our current race to the bottom could be reversed.

China’s central bank cut the amount of cash most banks must hold in reserve in order to boost lending


More “banks lend out the reserves!” belief… i.e. cognitive reification of Accounting abstractions… this is ofc not unique to USD zombie China…

Thursday, July 8, 2021



Looks like the Biden admin has FINALLY thrown in the towel for July… “debt ceiling!” (yo we might as well call it “USD savings ceiling”) here we come…

Bubba Janet in summer session in Venice could care less…

(BTW this kid ‘DC’ is a good fintwit follow…)

Bill Mitchell — Still a lot of slack remaining in the US labour market

The US Bureau of Labor Statistics published the latest JOLTs data yesterday (July 7, 2021) – Job Openings and Labor Turnover Summary – May 2021 – which provides some interesting insights into labour market dynamics that run against the mainstream narrative. It allows me to calculate broader measures of labour demand and supply to achieve a more accurate indication of how tight or otherwise the US labour market is. Currently there is still considerable slack in the US labour market, some of it, outside the official labour force, and some of it in underemployment, as well as the official unemployment number. My estimates of the gap between labour supply (employment plus unemployment plus part-time for economic reasons plus not in the labour force but want to work) and labour demand (employment plus job openings) comes to 12,465 thousand or 7.75 per cent of the labour force. In February 2020, this gap stood at 8,076 thousand or 4.9 per cent of the labour force. So there has been improvement but there is still a lot of slack in the US labour market.
Bill Mitchell – billy blog
Still a lot of slack remaining in the US labour market
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Americans ask: ‘Will there be a fourth payment?’


No way in hell keep dreaming… well maybe if stocks are down 35-40%… and the politics are so sour who knows they may actually default on the “debt ceiling!” this time…

Wednesday, July 7, 2021

State Attorney General Files Suit Charging Wall Street Mega Banks with “Multi-Year Bid Rigging and Price Fixing” Conspiracy in Credit Default Swaps Market — Pam and Russ Martens

Last week the New Mexico Attorney General’s office filed a breathtaking, 128-page anti-trust lawsuit in federal court in New Mexico on behalf of the state’s $31 billion investment fund, the New Mexico State Investment Council. The Council manages a permanent endowment along with money for 23 state agencies.

The lawsuit alleges, backed by striking evidence, that the following banks have engaged in a 16-year conspiracy of “bid rigging and price fixing” in the Credit Default Swap (CDS) market: Bank of America/Merrill Lynch; Barclays; BNP Paribas; Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; JPMorgan Chase; Morgan Stanley; and RBS.

The lawsuit also names a swaps trade association, the International Swaps and Derivatives Association (ISDA), as a defendant, noting that a “majority of ISDA’s board members” are employed by the bank defendants. The lawsuit characterizes ISDA as a “front organization.” Two other companies involved in the allegedly rigged Credit Default Swap protocol are also named: Creditex and Markit. The lawsuit draws attention to the fact that “Until mid-2014, Markit was majority-owned and controlled by a consortium of approximately 16 investment banks,” including each of the bank defendants (along with HSBC and UBS) who sat on its board of directors.…
Wall Street On Parade