Thursday, October 21, 2021

Nation moves to curb disorderly investment — China Daily

China fell behind the curve and now it is rushing to get ahead of it.

ECNS
Nation moves to curb disorderly investment
China Daily

'Thielism': Beyond The Dogmas Of Reaganism — The Thielist

 Somewhat short on substance but a heads-up — Peter Thiel is on the move.

Zero Hedge
'Thielism': Beyond The Dogmas Of Reaganism
The Thielist via The Thielist Dispatch

Wealth is leisure. Leisure, wealth. — Sandwichman

The three quotes above are from, respectively: 1. William Godwin 2. Charles Wentworth Dilke 3. Karl Marx. There was a very pronounced influence of Godwin on Dilke and of Dilke on Marx (hence indirectly of Godwin on Marx). My research suggests that viewing Marx's work from the perspective of Dilke's major influence reveals both hidden strengths and weaknesses in Marx's critique of political economy....
Leisure is freedom. "Capitalism" has greatly increased freedom, although unequally. But it's only a start in comparison with the potential that technological innovation makes possible. Marx viewed this as leading in the direction of socialism as a socio-economic system as developments in the mode of production make this possible. The mode of production is shifting radically in the digital age toward surplus and away from scarcity of socially necessary goods, but the relations of production have not caught up yet, as productivity increases have mostly increased the wealth of the uppermost rungs of class structure. This is resulting in systemic stress that threatens the continuation of "business as usual."

Econospeak
Wealth is leisure. Leisure, wealth.
Sandwichman (Tom Walker)

Joel Baden: The Bible Doesn't Say What You Think it Does

 There are two different creation stories in the Bible, and they are quite different to each other. Joel Baden believes that the people that put the Bible together deliberately wanted it to be ambiguous, so that meaning could be a matter of interpretation. 


Joel Baden (Professor of Hebrew Bible Yale University) spoke at the 2013 Nantucket Project. 


Nearly 80 percent of all Americans think the Bible is either literally true or is the inspired word of God. And yet, most Americans have no idea what is actually in the Bible. So we have the paradoxical situation in which we as a culture "have invested the words of this book with amazing authority even when we don't know what these words are and what they mean."




https://youtu.be/XS7LgbMr1m4


Sorelle Amore - This company owns the world, (and it's our fault) - BlackRock

 



Sorelle Amore - This company owns the world, (and it's our fault) - BlackRock



Analysis News - Michael Hudson: Biden Between BlackRock and a Hard Place

 The Democrats won the election with a number of popular policies, but the corporations don't like them, so they have been watering them down. The US is run by an oligarchy, says Michael Hudson, and is probably a failed state. Now we have people from the coal industry designing climate change policies. 


The Biden Administration is intertwined with Wall Street but must deliver some election promises to workers. Michael Hudson joins Paul Jay on theAnalysis.news




Channel 4 News - Climate change deniers host conference in Sin City

 Climate change deniers are pushing 'Climate Lockdown' conspiracy theories - a term they invented. 

They know the lockdowns have been unpopular, so they are tagging their conspiracy theories onto them, hoping people will reject proposals to combat climate change. 

I've noticed some people on the populist left talking about climate lockdowns too. 


Today US Vice-President Kamala Harris is travelling to Lake Mead in Nevada to talk up the President’s climate agenda. It’s the biggest reservoir in the US, but it’s drying up because of the twin effects of the heat and the drought, both of which are exacerbated by climate change.




Channel 4 News - Climate change deniers host conference in Sin City


Below is a look inside the climate change denial industry. 


Why Climate Change Denial Still Exists In The U.S.


Despite overwhelming scientific evidence, some American politicians continue to deny that climate change exists, while others question the severity of its impact. But public opinion is shifting, and today even oil and gas companies publicly admit that climate change demands action. So why does climate denialism continue to influence U.S. politics? Here's a look into who is funding the movement, and why denial is mainly a U.S. problem. 




https://youtu.be/f1rxv1yPQrc


Links — 21 OCT 2021

India Punchline (US preparing for a three-front war with China, Russia, and Iran, ie., a suicide mission. But, hey, ka-ching for the MICIMATT/Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank complex.)
Biden gets predictability in Russia ties
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service
https://www.indianpunchline.com/biden-gets-predictability-in-russia-ties/

TASS (Stating the obvious — except to the oblivious)
The existing model of capitalism has run its course — Putin
https://tass.com/economy/1352463

RT (arms race on as China and Russia go asymmetric, US cries unfair.)
Washington must be going MAD: Nuclear-era logic of Mutually Assured Destruction will make America safe, Chinese media boss jibes
https://www.rt.com/news/538095-china-us-washington-hypersonic-missiles/

Washington’s hysteria about Chinese hypersonic missile threat is just an excuse for its own military expansion, says Beijing
https://www.rt.com/news/537867-wang-china-hypersonic-missile-us/

https://www.rt.com/news/538075-ipcc-climate-report-lobby-fossil-fuels/

Open Culture (FB relevant )
How Neal Stephenson’s Sci-Fi Novel Snow Crash Invented the “Metaverse,” Which Facebook Now Plans to Build (1992)
Colin Marshall
https://www.openculture.com/2021/10/how-neal-stephensons-sci-fi-novel-snow-crash-invented-the-metaverse.html

Sputnik International (calling "dibs" doesn't count in the grown-up world)
Pyongyang Points to US ‘Double Standards’ in Wake of Sub-launched Ballistic Missile Test
Ilya Tsukanov
https://sputniknews.com/20211021/pyongyang-points-to-us-double-standards-in-wake-of-sub-launched-ballistic-missile-test-1090102972.html

ECNS
China remains world's second-largest importer for 11 years: MOC
Xinhua (Chinese state media)
http://www.ecns.cn/news/economy/2021-10-22/detail-ihasacat0474345.shtml

Chinese cultural tide sweeps young consumers
China Daily (Chinese state-sponsored media)
http://www.ecns.cn/news/2021-10-21/detail-ihasacat0474109.shtml

China seen as well positioned to lead global shipping industry
China Daily
http://www.ecns.cn/business/2021-10-21/detail-ihasacat0473859.shtml










Marx and MMT – Remarks on Long-Term Policy and Social Implications — Peter Cooper

In recent exchanges on Marx and MMT, one question has concerned the capacity of government spending to encourage private investment and promote employment. Some Marxists appear to regard MMT as incompatible with Marx on this question. My own view is that Marx and MMT are compatible, both in general and on this particular question, and that the contributions of both, when viewed together, hold an important long-term social implication. What follows is a set of remarks outlining my position. Remark 1 is intended to provide context and to identify what I regard as the main social implication following from a joint reading of Marx and MMT. Remark 2 notes the critical significance of Marx’s ‘law’ of the tendential fall in the profit rate when interpreting the long-term implications of MMT from a Marxist perspective. Remarks 3 to 10 concern private investment under capitalist conditions, its likely responsiveness to government spending, but also its crisis prone nature. Remark 11 questions the appropriateness of society pinning its future aspirations on private investment behavior. It is suggested that a transition to socialism is both preferable and, on the basis of MMT, already technically feasible for societies with their own currencies.
The definitive statement to date, between a blog post and an article.

heteconomist
Marx and MMT – Remarks on Long-Term Policy and Social Implications
Peter Cooper

Zero Hedge — "We Could Not Ignore It Anymore" - Houston Firefighters Pension Fund Piles Into Crypto

This is permitted? What could go wrong? 

Zero Hedge
"We Could Not Ignore It Anymore" - Houston Firefighters Pension Fund Piles Into Crypto
Tyler Durden

Middle East Eye — Turkey's Central Bank stuns markets with strong rate cut amid soaring inflation

 Erdogan gets it. Rate hikes are inflationary since raising rates raises prices, according to MMT.

Middle East Eye
Turkey's Central Bank stuns markets with strong rate cut amid soaring inflation

I like Steven Pinker’s new book. Here’s why: — Andrew Gelman

Andrew Gelman reviews Steven Pinker's Rationality. Trenchant criticism along with the praise.  A bit longish and rather detailed for a blog review, but definitely worth a read. Many other reviewers would likely not pick this stuff up and a lot of it will get passed lay readers that are the target readership. Applicable to all but also specifically to understanding economics and finance, where "rationality" is a thing (key assumption).

Statistical Modeling, Causal Inference, and Social Science
I like Steven Pinker’s new book. Here’s why:
Andrew Gelman | Professor of Statistics and Political Science and Director of the Applied Statistics Center, Columbia University

China Must Restore Growth — Yu Yongding

It is imperative that China’s leaders address financial-system vulnerabilities, especially the corporate sector’s high leverage ratio. But it is even more important that they take action to counter a persistent slowdown in economic growth.
Posted on account of the author, one of the few genuine experts on the Chinese economy writing in English. Numbers.

Project Syndicate
China Must Restore Growth
Yu Yongding, a former president of the China Society of World Economics and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, and a member of the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006

How Sen. Manchin just Positioned Chinese Firms to dominate the Green Energy Markets of the 21st Century, Leaving the US in the Dust — Juan Cole

By 2025, unsubsidized solar power with battery storage everywhere in China will be cheaper than coal. Indeed, solar plus battery is already cheaper than coal in 3/4s of the country. Especially given drops in the cost of battery storage, the paper concludes that China can get 43% of its total power from solar at less than 2.5 cents a kilowatt hour by 2060, making the Communist Party’s current plans for decarbonization by then plausible. Coal is usually figured at 5 cents a kilowatt hour, and solar plus battery is already less than that.
Numbers.

Informed Comment
How Sen. Manchin just Positioned Chinese Firms to dominate the Green Energy Markets of the 21st Century, Leaving the US in the Dust
Juan Cole

See also

WSWS
Biden accepts shredding of his social welfare/climate bill
Barry Grey


Money Printing (Sigh) — Brian Romanchuk

In a lot of financial market commentary – and even in the output of some academics – one might often see discussion of “money printing” in the context of inflation. Although this section explains why the concept is not meaningful, these references do serve a purpose: they are a signal that the reader can stop taking the person invoking “money printing” seriously..…

I hope Stephanie Kelton is working on a sequel called "The Inflation Myth." "Inflation" has been reduced to a meaningless concept that is dominated by connotation rather than denotation. The connotation has become loaded, and most of the stuff on denotation is just wrong.

Bond Economics
Money Printing (Sigh)
Brian Romanchuk

See also for an example of bonkers "analysis" in midst of a global pandemic with clogged supply chains along with rising energy prices resulting from addressing climate change, as well as distortions introduced by economic warfare.

Stephanie Kelton recently tweeted, asking why if US government spending is the cause of inflation, the global economy is also experiencing inflation. (Search on "global inflation.")

The Hill
Progressive economic theories run into some inconvenient truths
Marc Joffe, a policy analyst at Reason Foundation, former senior director at Moody's Analytics

Bill Mitchell — Video of presentation for Wattle Partners – October 15, 2021

Last week, I did a seminar with a Melbourne financial market group (Wattle Partners), who I regularly help in their education programs. It took the form of an informal (somewhat structured) conversation about Modern Monetary Theory (MMT) and more practical applications of the MMT understanding. There were several questions from the audience that we didn’t get time to answer in the allotted time so today I am honouring my agreement to provide answers, which might be of interest to the broader readership, if only to reinforce knowledge. The video of the interaction is also available now and you can watch it here.
Bill Mitchell – billy blog
Video of presentation for Wattle Partners – October 15, 2021
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Fund Manager Survey on bonds

 

This survey at all time low by a significant margin… the GOP “stagflation!” thesis is absolutely crushing it…  







The Guangzhou Circle, China

Located on the edge of the Pearl River, the 138-metre Guangzhou Circle was designed by Di Pasquale of Milan studio AM Project to provide an iconic headquarters for Chinese companies Guangdong Hongda Xingye Group and GDPE Guangdong Plastic Exchange. 














GDPE Landmark Building - Reunion Mansion - Guangzhou - China





The Guangzhou Circle, China

Russia sees record numbers of coronavirus deaths | Covid-19 Special DW Newsw

The Russians are very vaccine sceptic, with only 29% of the population being vaccinated. Social distancing and masks wearing rules tend to be ignored too. 

Russia is well into its fourth wave of the coronavirus pandemic. But Moscow is unwilling to put the country in lockdown. Add to that low adherence to hygeine rules and Russia recently recorded 1,000 over 24 hours due to Covid – a record. 

That's despite the country's vaccine Sputnik V being the first to be registered for use in any nation. But Russia's population is among the most vaccine-skeptical in the world.








Wednesday, October 20, 2021

Russia shutting down

 

Russia shutting back down…



What are we going to do if there is such a delta breakthrough here next month as usual?





Soft-wars — Blair Fix

Political economist Chris Mouré has a new paper out in the Review of Capital as Power. It’s called ‘Soft-wars’, and it is a fascinating case study of the behavior of big tech.

The story starts in 2011, when Microsoft led a $4.5 billion consortium purchase of Nortel and Novel. Later than year, Google responded by buying Motorola for $12.9 billion. The funny thing is that Google then proceeded to sell off what it had just bought. By 2014, almost nothing was left of Google-owned Motorola. Nothing except patents. And that, Mouré thinks, was the whole point.

Mouré argues that this acquisition war was ultimately a battle over intellectual property. Google and Microsoft were competing to control the mobile market. And the way to do that was not to ‘produce’ anything. It was to command property rights....
Economics from the Top Down
Soft-wars
Blair Fix
In his address at the 76th Session of the United Nations General Assembly on September 21, 2021, Xi Jinping, President of the People’s Republic of China, declared that the peoples of the world, more than ever before, desire peace, development, equality, and social justice, and they are determined more than ever to attain these hopes through win-win cooperation….
New Cold War
Xi Jinping proposes Global Development Initiative
Catherine Davies

Wall Street’s Takeover of Nature Advances with Launch of New Asset Classs — Whitney Webb

A project of the multilateral development banking system, the Rockefeller Foundation and the New York Stock Exchange recently created a new asset class that will put, not just the natural world, but the processes underpinning all life, up for sale under the guise of promoting “sustainability.”
Hey, it's capitalism. What could go wrong?

The conversation needs to be about public and private goods — the tragedy of the commons, with Garrett Hardin facing off with Elinor Ostrom, Hardin arguing for completing enclosure and Ostrom for stewardship of nature.

Unlimited Hangout
Wall Street’s Takeover of Nature Advances with Launch of New Asset Class
Whitney Webb

Compare and contrast with crypto as a new asset class.

Zero Hedge
PIMCO CIO Says Bond Giant Plans To Buy More Crypto As Bitcoin Surges To Record High
Tyler Durden

It goes downhill from there.
Afghan debacle underscored the need to unleash America's latent private sector capabilities to restore lost credibility and deterrence
Beyond bizarre. 


See also

CovertAction Magazine
The Syrian Charity Scam
Paul Larudee, 






The Drivers Of Empire Want To Rule As Greek Gods — Caitlin Johnstone

 Power and sociopathy.

CaitlinJohnstone.com
The Drivers Of Empire Want To Rule As Greek Gods
Caitlin Johnstone

Zero Hedge — "People Are Hoarding" - Supermarkets Are The Next Supply Chain Crunch As Food Shortages Persist

Hoarding has a way of spiraling once it takes hold. Rationing on the way?

Zero Hedge
"People Are Hoarding" - Supermarkets Are The Next Supply Chain Crunch As Food Shortages Persist
Tyler Durden

Speaking of spiraling. Arms race and nuclear proliferation threatening?

RT
IAEA chief says AUKUS deal could spark race for nuclear subs, task force will investigate safeguards & legality

Sochi probes the Utopia of a multipolar world — Pepe Escobar

Backgrounder.

The Vineyard of the Saker
Sochi probes the Utopia of a multipolar world
Pepe Escobar

Global Oil And Gas Ambitions At Odds With Climate Targets — Irina Slav

The oil, gas, and coal production plans of some of the world's biggest oil, gas, and coal producers far exceed the emissions targets set in the Paris Agreement on Climate Change, a UN report has warned.

The report by the United Nations Environmental Program found that 15 big fossil fuel producers intended to produce 110 percent more oil, coal, and gas in 2030 than is consistent with the Paris Agreement's scenario for limiting rising temperatures to 1.5 degrees from the pre-industrial era, and 45 percent more than is consistent with the 2-degree scenario.

What's more, the world's big fossil fuel producers plan to continue raising oil and gas production over the next twenty years. On top of that, coal production is seen declining only marginally, according to the authors of the report. This is even more out of sync with Paris Agreement targets, the report warned....

Energy companies are being "realistic" in the sense that the political climate is such that there is no way to seriously address climate change through energy use.

Oilprice
Global Oil And Gas Ambitions At Odds With Climate Targets
Irina Slav

Related

TASS
Russian authorities worried about possible aftermath of European energy crisis, says Putin


At the same time, Russia expects to see a significant increase in gas demand in the countries of the Asia-Pacific region in 2021, the Deputy Prime Minister said

Super Imperialism: The economic strategy of American empire with economist Michael Hudson — Ben Norton and Max Blumenthal

Economist Michael Hudson discusses the update of his book “Super Imperialism: The Economic Strategy of American Empire” and the financial motivations behind the US new cold war on China and Russia.
Video and transcript.

The Grayzone
Super Imperialism: The economic strategy of American empire with economist Michael Hudson
Ben Norton and Max Blumenthal

Bill Mitchell — Vaccine study suggests boosters will be required sooner rather than later

It is Wednesday and so just a few points today. I obviously like data as it tells me a lot about the world and often forces me to alter my views on things. While I mostly analyse economic and financial data, which is my professional skill, I also like to investigate other data sets on things that interest me. Today, I am looking into the vaccine question, which has been playing on my mind lately as the Australian political class, under pressure from all sorts of business lobby groups who fund their election campaigns, have been ‘opening up’ the economy (states and territories) despite high case numbers in some jurisdictions and despite relatively low vaccination rates. They have come up with a ‘Roadmap’ to ‘living with Covid’ (which will see many people die from Covid) and defined key thresholds in terms of average vaccination rates. The problem is the these thresholds are not very scientific at all and their semblance of ‘safety’ points is an illusion. In effect, the political class has abandoned their pretence to following health advice and are just going for it. It is a difficult period in our history.
Bill Mitchell – billy blog
Vaccine study suggests boosters will be required sooner rather than later
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Tuesday, October 19, 2021

Bill Mitchell — Marx’s dream does not justify ignoring day-to-day human suffering

One of the recurring criticisms I face when presenting at events comes from those who say they are ‘socialists’ or ‘Marxists’. They accuse me in various ways of being an apologist for capitalism, for offering palliative solutions to workers, which will delay the break down of the system and the revolution to socialism and communism. These critics proudly announce they follow Marx’s solutions and that they reject Modern Monetary Theory (MMT) because it is just a stooge for capitalism. The problem is that Marx had no real vision of how we would transit to Communism. A recent book referred to Marx’s philosophical position on this as a ‘dream’ (more later). And MMT is not specific to any mode of production, by which I mean, who owns the material means of production. It is applicable to any monetary system, and I cannot imagine any modern, technologically-based society functioning outside of that reality – socialist, capitalist or otherwise. But, moreover, the critics seem to be displaying a lack of basic humanity where they exercise reasoning that Noam Chomsky regularly refers to as belonging in a philosophy seminar. Even progressives (and socialists) have to be aware of humanity – as they plot and scheme for the revolution....
Bill Mitchell – billy blog
Marx’s dream does not justify ignoring day-to-day human suffering
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Bloomberg - Why China’s Lead on EVs Has Been a Long Time Coming

 A lot of Anti-China propaganda in this video, but it's interesting. China's approach, which is to have a lot of government involvement, has paid off well. 


When it comes to green manufacturing, China is now a clean-energy powerhouse. Its market dominance from solar panels to electric vehicles took long-term planning and a level of financial investment only state-controlled banking systems can deliver. By 2030, China will have an outsized influence on this strategic industry, and it’s poised to seize a fair share of the jobs and wealth creation that come with it.




Bloomberg - Why China’s Lead on EVs Has Been a Long Time Coming

"Digital yuan's anonymity is misunderstood, says China's digital currency leader

 I quite like the idea of a digital currency because it will make it much harder for organised crime to operate, but I would still like anonymity for daily transactions. China said it intends to keep cash, but they are also saying here that for small transactions people will have more animosity with the new digital Yuan than they do with regular digital payments. The new digital currencies do not need extensive mining either so they don't more energy that regular digital transactions. 


Mu Changchun, the Director General of China’s central bank Digital Currency Research Institute, clarified how the managed anonymity of China’s digital yuan works 


How it works


Digital yuan wallets have multiple tiers, and each tier is authorized to transact larger total values. The aim is to support anonymous small value payments but traceable larger amounts. 


Apart from the small value fourth tier, users have to provide conventional proof of identity to open a wallet. The small value tier requires only a phone number as an identity. In contrast, other digital payments, such as via payment providers like Alipay or WeChat Pay, require conventional identification at onboarding.


"Digital yuan's anonymity is misunderstood, says China's digital currency leader


New York Times tweet


The Biden administration warned that digital currencies posed a threat to America’s sanctions program and said in a new report that the U.S. needed to modernize how sanctions were deployed so that they remained an effective national security tool.

 

 https://t.co/yuTh0o4Bat

Monday, October 18, 2021

Links — 18 Oct 2021

Moon of Alabama (???)
The New Chinese Wonder Weapon Which Likely Isn't One

RT
Convenient and inexpensive way to space-travel: China responds to reports of hypersonic missile launch that apparently shocked US

ECNS
China to launch mass entrepreneurship, innovation week
Xinhua




We Need to Think Harder About Inflation — Stephanie Kelton

In my view, the first step in "thinking about inflation" is not thinking about it at all, but rather jettisoning the concept entirely since it is not reducible to simple inputs, as commonly supposed, but rather involves a constellation of factors whose importance varies with conditions affecting both supply and demand on one hand, and institutional factors as well. There is too much investment in what amounts to nonsense like "monetary policy" to redefine the terms so as to fit a realistic model — if that could even be done in a social science whose subject matter is a complex adaptive system.* 
Anyway, I’m glad to see that the White House isn’t just thinking harder about inflation but actually doing things to help ease supply-chain bottlenecks. It’s definitely time to start thinking outside the inflation (black) box.1
The Lens
We Need to Think Harder About Inflation
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

* This also goes for many other conventional economic concepts that are unhelpful and misleading, as heterodox economists have been pointing out a long time.

How to achieve full decolonization [with MMT] — Jason Hickel

Southern governments are captive to the demands of international capital, which prevents them from meeting their people’s real needs. MMT offers a way out, says Jason Hickel.
New Internationalist
How to achieve full decolonization
Jason Hickel

The 2021 Nobel Prize, And Michał Kalecki On The Positive Effects Of Rise In Wages On Employment — Ramanan

Setting the record straight.

The Case for Concerted Action
The 2021 Nobel Prize, And Michał Kalecki On The Positive Effects Of Rise In Wages On Employment
V. Ramanan

Productivity in late capitalism — Chris Dillow

 Must-read. (It's short.)

Chris Dillow sheds some light on one of the chief economic challenges the developed world faces — productivity stagnation — regarding which many factors are operative, including non-economic ones that lead to "internal contradictions" endemic in the capitalistic system as presently configured.

Stumbling and Mumbling
Productivity in late capitalism
Chris Dillow | Investors Chronicle

See also

Fun if you know some Marx.

MR Online
Calvin Wu


Mint After Reading: Philip Diehl Talks with Rohan Grey — Rohan Grey and William Saas

Rohan Grey and Nathan Tankus are emerging as next-generation MMT stars.

Podcast and transcript.

MR Online — Money On The Left
Mint After Reading: Philip Diehl Talks with Rohan Grey
Rohan Grey and William Saas

Bill Mitchell — Latest US quits behaviour signals possible shift in power to workers

The US Bureau of Labor Statistics published the latest JOLTs data last week (October 12, 2021) – Job Openings and Labor Turnover Summary – August 2021 – which has raised a possible shift in bargaining power in the US labour market towards workers. The most obvious sign of that is the rising quit rates, which are most prevalent in the low-wage sectors. While there is still some slack in the US labour market, the evidence suggests that workers are taking advantage of the improved job opportunities to pursue better wages and conditions. We will have to wait and see whether there are any significant wage outcomes arising from this behaviour or whether workers are just jumping from very bad to bad jobs. Time will tell..…
Hard to tell at this point whether there will be a "return to normal" as back to the status quo ante, a new normal, or continuing disruption from fluid conditions. Uncertainty is so elevated now that forecasting is mostly guessing about assumptions and expectations. There seems to be no historical trend to base modeling on. 

So, questions about employment, inflation, etc. are about new territory, especially given that climate change seems to present longterm challenges that affect energy, which is the basis of production, transportation, communication, etc. In other words the commanding heights of the economy. As a result, the world system is under stress socially, politically, and economically, right down to the availability of food and water.

But so far the fundamental structure of neoliberalism remains in place, which means that workers are a tool and not a target economically, although they becomes actual targets for repression if they get too far out of line, and we are already seeing strikes increasing.

I am not very sanguine about prospects, since actually addressing the issues involves not only jettisoning "neoliberalism" but also re-tooling "capitalism" itself as an economic system based on private accumulation where distribution is allocated by market forces and externality can be socialized, especially in an era of finance and monopoly capitalism were rent-seeking predominates.

Bill Mitchell – billy blog
Latest US quits behaviour signals possible shift in power to workers
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Greg Murray - Why do we wake around 3am and dwell on our fears and shortcomings?

 This has happened to me, I've demolished someone on twitter, which easy to do with science deniers, only to wake up at 3am and feel that I was far too horrible and mean, but when I look at my tweets after I have gotten up, I find that I was actually quite reasonable and polite. But I've had it happen in other situations too. 


When I wake at 3am or so, I’m prone to picking on myself. And I know I’m not the only one who does this. A friend of mine calls 3am thoughts “barbed-wire thinking”, because you can get caught in it.

The thoughts are often distressing and punitive. Strikingly, these concerns vaporise in the daylight, proving that the 3am thinking was completely irrational and unproductive.

"Why do we wake around 3am and dwell on our fears and shortcomings?"


 Greg Murray - Why do we wake around 3am and dwell on our fears and shortcomings?


Sunday, October 17, 2021

Refreshingly Honest Billionaire Says Media Purchase Will Be Used For Propaganda — Caitlin Johnstone

 Politico purchase by German firm Alex Springer.

CaitlinJohnstone.com
Refreshingly Honest Billionaire Says Media Purchase Will Be Used For Propaganda
Caitlin Johnstone

Why The World Still Isn’t Ready For An EV Revolution — Felicity Bradstock

A lack of charging points and the prevalence of slow charging options have left some reluctant to make the shift. In fact, Allegra Stratton, spokesperson for the COP26 climate summit, made headlines when she stated, “I don’t fancy it just yet,” in reference to swapping her aging diesel Volkswagen Golf for an EV alternative. She justified the statement by saying that she has elderly relatives that live “200, 250 miles away”, and the need to stop and charge would take too much time, particularly when traveling with her children. If even the voice of the world’s climate change summit is unwilling to shift, this says a lot about consumer needs.…

Another factor is cost. EVs are still comparatively much more expensive than their petrol equivalents. Despite decreasing production and battery costs, electric cars are still much more expensive on average than traditional cars. There is a lack of low-budget EVs on the market, whereas there are both low-cost versions and second-hand options of traditional cars. Yet, analysis by BloombergNEF suggests this could all shift in the near future, with the “upfront cost parity” of EV and internal combustion vehicles in the U.S. expected to arrive in 2024.
An idea whose time has not yet come.

Oilprice
Why The World Still Isn’t Ready For An EV Revolution
Felicity Bradstock

IEA Director — Energy Prices Will Continue To Rise Without Greater Investment In Clean Energy Production

  • Global energy prices are likely to keep rising without a major boost in clean energy investment, warns the IEA.
  • The energy crisis has led to a sharp rebound in coal and oil usage, putting the world on course for the second-largest annual increase in carbon emissions in history this year.
  • The IEA believes current climate pledges are too modest.
Oilprice
IEA Director: Energy Prices Will Continue To Rise Without Greater Investment In Clean Energy Production
City A. M.

The Coin's Deposit Problem — NeilW

Neil explains how banking works.

New Wayland
The Coin's Deposit Problem
NeilW

Micheal Hudson - The Financial Empire

 I can listen to Michael Hudson for hours, and here he presents some complex issues in a very clear, interesting, and entertaining way that holds your attention. 


Michael Hudson says that America's economy is more centrally planned than China's, but unlike China, the central planning is terrible. Their plan is to deindustrialise and then financialise the economy. Their aim is rent extraction, that is, to obtain a free lunch. 

The American elite have corrupted the Washington, but in China the government is still works for the benefit of everyone and the country as a whole. 


Part 1




https://youtu.be/4THv2qQjLhc


Part 2




https://youtu.be/QAmZXtJfkQU



Asia Times — US wins big as China wipes out bitcoin industry

Crypto miners lured by cheap energy and a democratic court system with the power to protect property rights
Winning what, exactly? Anyone know the contribution to GDP from the bitcoin "industry"?

Asia Times
US wins big as China wipes out bitcoin industry

Sputnik — Stop Poking the Dragon! China's Hypersonic Missiles Can Reach US & UK in Blink of Eye, Netizens Say

Remember when the US outspent the USSR and this was puportedly the cause of the collapse of the USSR? As they, what goes around comes around, i.e., karma is a bitch.
Lockheed Martin's hypersonic AGM-183A ARRW ("Arrow") underwent an initial flight test in June 2019. On 27 May 2021, the defence contractor "successfully conducted a significant live fire hypersonic strike system test" of a Common Hypersonic Glide Body (CHGB). Several months later, on 4 October 2021, Lockheed Martin opened a hypersonic weapons factory in Courtland, Alabama.

For its part, the Defence Advanced Research Projects Agency (DARPA) carried out a free flight test of the Hypersonic Air-breathing Weapon Concept (HAWC) on 27 September 2021.

However, the crux of the matter is that the price tag of American hypersonic arms bites. The US Department of Defence (DoD) says that hypersonic missiles are "too expensive" and urges US defence contractors to cut the ultimate cost of the weapon.

"We need to figure out how to drive towards more affordable hypersonics", Under Secretary of Defence for Research and Engineering Heidi Shyu told reporters earlier this week.

Next thing you know the DOD and Pentagon will screaming, "Mint the coin, already!"

Sputnik International
Stop Poking the Dragon! China's Hypersonic Missiles Can Reach US & UK in Blink of Eye, Netizens Say

See also at SI
China Tested New Space Capability With Hypersonic Missile in August - Report

Also

The Chinese say they don't want an arms race but, hey, when a country that declares it self your adversary initiates a "space force," what is one to do?

Zero Hedge
"Astounding Progress" - China Tested Hypersonic Weapon That Flew Around The World
Tyler Durden

COVID vaccines cut the risk of transmitting Delta — but not for long

 People who receive two COVID-19 jabs and later contract the Delta variant are less likely to infect their close contacts than are unvaccinated people with Delta.


Vaccine mandates are unlikely to slow the spread of Delta by all that much, but researchers are looking into whether a third booster shot may be more effective at doing so.

The study shows that people who become infected with the Delta variant are less likely to pass the virus to their close contacts if they have already had a COVID-19 vaccine than if they haven’t1. But that protective effect is relatively small, and dwindles alarmingly at three months after the receipt of the second shot.

Nature 



COVID cases and fatalities surge in Russia

 What happens when not enough people get vaccinated. The Russians are very scared of vaccines, and will even buy fake vaccination certificates. 



CBS News reporter Mary Ilyushina takes a look at spiking coronavirus infection rates in Russia. Hospitals are overwhelmed with patients and the death toll is rising. And with low vaccination rates and an increasingly apathetic public, it's unclear when the country's latest COVID-19 wave will end.




https://youtu.be/X4aF0RSWokU


DW: Russia's COVID-19 hospital beds at 2/3 capacity as they see record death toll 


COVID-19 case numbers in Russia are surging in a 4th infection wave. 973 people died on Tuesday - that's Russia's highest official daily death toll since the start of the pandemic.   


The number of deaths in the country has been high since the summer. But the curve has risen sharply in the last few weeks, with the delta variant and vaccine hesitancy driving the spread. DW's Moscow correspondent Juri Rescheto has more on how serious the situation in Russia now is with COVID-19.




https://youtu.be/ijgNJpUes4Y


Friday, October 15, 2021

Links — 15 Oct 2021

The Independent
The west wants to engage Russia and China on the climate crisis, while also demonising them – it won’t work
Patrick Cockburn

Sputnik International
New US Treasury Guidelines Warn Crypto Industry of Perils of Sanctions Violations

Strategic Culture Foundation
Colour Revolutions Fade Away
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.

SouthFront
Combined China-Russia Military Might Is Not Enough To Match U.S.: RAND Corp

Asia Times
Milestones show path of Xi’s transformation drive
Jeff Pao

Moon of Alabama
EU Faces Migrant Backlash After Sanctioning Belarus

Reuters

New Guardian Op Ed: The case for minting a $1tn coin to deal with America’s debt ceiling — Nathan Tankus

Nathan Tankus has an op ed up.

Notes on the Crisis
New Guardian Op Ed: The case for minting a $1tn coin to deal with America’s debt ceiling
Nathan Tankus

Central Asia’s Neoliberal Tragedy — Michael Hudson

Resilience cannot be restored without public spending, but the rentier business plan is to minimize taxes by shrinking the government, especially by privatizing its public utilities and other functions to create opportunities for charging monopoly rents, and to oppose taxation of economic rent. Today’s mainstream economic philosophy and academic curriculum throughout the West backs this neoliberal program by denying that there is any such thing as unearned rentier income or wealth.

Yet only a rent tax can recapture what insiders have appropriated. At issue above all is whether credit, the banking and tax system will be managed as a public utility or for private gain. A national treasury or central bank must be empowered to create money so as not to rely on foreign banks. The guideline must be that no economy should borrow in a foreign currency that it does not earn, e.g., by exporting to earn the foreign currency needed to pay debts. There is no need to rely on foreign banks to lend dollars to be converted into domestic currency. In such cases the central bank has to create the domestic currency anyway. Foreign credit is needed only to pay for trade and payments deficits, not for domestic investment or consumption.

These tax and financial reforms failed as classical economics was rejected after World War I. The world today needs to recover its basic approach in order to free itself from the pro-rentier detour that it has taken, not only in the post-Soviet republics most conspicuously but now also plaguing Europe and the U.S. post-industrial economy itself.

To avoid the foreign dependency inherent in the neoliberalism sponsored by U.S. diplomacy, the World Bank and IMF requires an alternative body of economic theory, above all the distinction between earned and unearned income and the concept of economic rent as the excess of market pricing over intrinsic cost value. That was the thrust of classical political economy in the 19th century – to free markets from the rentier class. Value and price theory were the analytic tools to isolate economic rent as unearned income. These concepts provide the basis for managing a mixed public/private economy, public investment and credit creation, and for protecting domestic labour, industry and agriculture. In elaborating a theory to guide policy, the disastrous neoliberal promotion of rentier interests throughout the post-Soviet states provides an object [lesson]...

This neoliberal policy agenda, led by the US, UK, and European elites, is to impose neoliberalism, joined at the hip with neo-imperialism and neocolonialism, using all means available worldwide. This would lock-in a neoliberal world system permanently in their view and make resistance futile. This would be done under the guise of freedom and spreading democracy as a new crusade. 

This is the basis of Wilsonian liberal internationalism and interventionism aka foreign policy idealism as opposed to Jacksonianism (America first) and foreign policy realism (national interest).

"The resistance" opposes this as a form of neo-fascist totalitarianism that is euphemistically called "unilateralism." 

This is the dominant theme in the historical dialectic at this time. The result in increasing hostility and conflict, which is existentially threatening in a nuclear age.

Sub-dominant but important themes include the traditional/liberal conflict that has been ongoing since the 18th century, post WWII decolonization , and most recently climate change.

While this is an economic issue, as Michael Hudson presents it here, it is much wider and deeper than that as it affects the world system. It accounts for why the US and NATO are so interested in gaining a foothold in Central Asia and risking war with nuclear Russia and China, which are otherwise irrational.

Naked Capitalism
Central Asia’s Neoliberal Tragedy
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

When the West was itchin’ to go to China — Pepe Escobar

Backgrounder. Why BRI  and the New Silk Road are going to happen and stretch to Europe. This is the US's worst nightmare and it will do everything possible to prevent it.

Asia Times
When the West was itchin’ to go to China
Pepe Escobar

The Kentucky Owl — Stephanie Kelton

Based on my own interactions with lawmakers on the Hill, I would estimate that roughly one-third of Congress is now MMT conversant. By that I mean that they could articulate—in very general terms—that the federal government is the issuer of the currency, that its budget is not constrained like that of a household or private business, and that inflation (not solvency) is the relevant constraint on spending.

Congressman Yarmuth is more than generically conversant with MMT. He put in the time and effort required to really understand the framework....
Encouraging. And Congressman Yarmuth is also a former Republican who switched parties.

The Lens
The Kentucky Owl
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

Thursday, October 14, 2021

Links — 14 Oct 2021

Axios [mansplaining syndrome?]
Sotomayor: SCOTUS oral arguments changed in part because female justices were interrupted
Erin Doherty

Vineyard of the Saker [stupidity, or overweening hubris that goes before a fall? See "Nemesis"]
Russians are in total awe at the suicidal stupidity of the West
The Saker

Defend Democracy
Crazy: US sends the organizer of the Kiev coup [Victoria Nuland] to speak with Russians!

Sputnik International
US Asks Russia to Remove Missiles ‘Violating’ Treaty Which Washington Unilaterally Scrapped

Putin: Traditional Values ​Remain Russia's Key Moral Pillar Despite Criticism

Russia Observer
RUSSIAN FEDERATION SITREP 14 OCTOBER 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.

Oilprice
Russia: Oil And Gas Aren't Going Anywhere In The Coming Decades
Charles Kennedy

U.S. Households To Spend 50% More On Energy Bills This Winter
Tsvetana Paraskova

Moon of Alabama
Thoughts On Three Issues - Putin On Europe's Gas Crisis, Iran Talks, Lebanon Shooting

Common Dreams [corruption watch]
Manchin Has Received $1.5 Million From Corporate Interests Attacking Biden Agenda: Report
Jake Johnson

AlterNet [buying justice]
Sen. Sheldon Whitehouse: This Supreme Court was built by dark money
Sen. Sheldon Whitehouse

ECNS
China to open up wider: Xi
Xinhua (Chinese state media)

TASS
US making big mistake when using dollar as sanction instrument - Putin

Zero Hedge
Putin Praises Crypto As Possible 'Weaponized' Dollar Replacement
Tyler Durden

Real Lumber Prices — Menzie Chinn

The lumber real PPI is essentially back at the levels at the 2018M06 peak.
The worst over?

Econobrowser
Real Lumber Prices
Menzie Chinn | Professor of Public Affairs and Economics, Robert M. La Follette School of Public Affairs, University of Wisconsin–Madison, co-editor of the Journal of International Money and Finance, and a Research Associate of the National Bureau of Economic Research International Finance and Macroeconomics

Zero Hedge — Pandemic Wiped Out Entire Savings Of 20% Of US Households

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion...
True to form, ZH blames it on the Fed.

Zero Hedge
Pandemic Wiped Out Entire Savings Of 20% Of US Households

Tyler Durden

President Putin on Taiwan: 'China does not need to use force'

Putin says China always delivers on its promises, even if its intention of reducing its carbon footprint is an enormous endeavour. 


Speaking to CNBC's Hadley Gamble at the Russian Energy Week conference in Moscow Wednesday, Russian President Vladimir Putin pointed to Xi's comments suggesting the possibility of a peaceful unification, and China's "philosophy of statehood," to suggest that there is no threat of military confrontation.





President Putin on Taiwan: 'China does not need to use force'

The Real Reason The Economy Might Collapse — Robert Reich

 Inequality resulting in lack of effective demand without supplementing income with debt, which leads to systemic instability. Pretty much like MMT says, following Minsky.

Eurasia Review
The Real Reason The Economy Might Collapse – OpEd
Robert Reich | Chancellor's Professor of Public Policy at the Goldman School of Public Policy at UC Berkeley, Secretary of Labor in the Clinton Adminstration, and formerly a professor at Harvard University's John F. Kennedy School of Governmen and professor of social and economic policy at the Heller School for Social Policy and Management of Brandeis University

Mike on QE

 

Mikes comments on QE from 10 years ago when they were doing 600b per month … In light of possible “QT” starting next month:



The Fed is buying "scale down" and in effect, causing the selloff. They're doing this because they're fixated on quantity ($600 bln) as opposed to price (interest rate). I remember when I was a floor trader. I had clients in the oil business--big firms--who would sometimes want to protect a certain price. They'd give me an order that would be, "Buy 100 (crude), 'worst.'" That meant buy it up...aggressively. When Japan used to actively intervene in FX markets, they wouldn't scale down their dollar buying (or sell yen scale up), they'd buy dollars aggressively to put the USD/JPY exchange rate to a certain level. The Fed is not doing this. By signaling to the market that they will buy scale down, they are actually creating this selloff as nervous longs look to sell before the largest buyer lowers its bid again and as speculative shorts compete for a better price.




Why Jeff Bezos’ Space Dream is Humanity's Nightmare | George Monbiot

No one should be allowed to get bigger than the government, including Elon Musk, who I've gone off a bit recently. 

Of course governments can be bad, and many are, but the good of society should come before the desires of individuals. 

I was brought up with the British welfare state, where seeing its benefits first hand, it has made me a Big Government kind of guy. It's probably why I like MMT too. 

And trains! The Tories ripped up loads of train lines in Britain during the 1960's, which was known as Beching's cuts. What a shame!




A tweet about Chinese collectivism 

I once borrowed $5K from my father; I felt incredible shame.

I observe how Chinese families routinely lend money among themselves, often necessary to buy housing.

I read how certain Chinese companies, in debt, request their employees do the same.

Stockholders are not family.



Why Jeff Bezos’ Space Dream is Humanity's Nightmare | George Monbiot

Australian Vaccine Mandates

 Just got this.


Some people say that this is authoritarian, as if authoritarian is always automatically wrong. But the local councils where I live won't let you drive faster than 20mph in the backstreets where I live as the roads are very narrow and too many children were getting injured or killed. 


And the government is authitarian on seat belts and crash Helmets for bike riders. 


The Australian government knows that people will die in their homes in agony unless something is done to halt the spread of Covid. The hospitals won't be able to cope with the Covid outbreak otherwise. The Australian government messed up the vaccination roll out, I have read. 


#Australia : Northern Territory leader Michael Gunner annouces that If you are not vaccinated by start of Nov you lose your job in NT and you will be fined $5,000 if you don't comply

“not wanting a vaccine is not a sufficient reason” 




‘6 Ways Vaccination Requirements Are Different From The Holocaust’: A Handy Guide For Anti-Vaxxers


Some anti-vaxxers have been comparing the vaccination requirements in Australia, Canada and elsewhere to the Holocaust, claiming they are being persecuted, just as Jewish people were during WWII. One woman even dressed up her children wearing yellow Star of David patches.   


We took their advice and ‘did our own research’ and found some surprising differences between the two events. We’ve summarised our findings in this handy guide for anti-vaxxers.

The Shovel


6 Ways Vaccination Requirements Are Different From The Holocaust’: A Handy Guide For Anti-Vaxxers


Wednesday, October 13, 2021

Bill Mitchell — Australian labour market continues to contract

The Australian Bureau of Statistics released the latest labour force data today (October 14, 2021) – Labour Force, Australia – for September 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. Both states are in the process of easing restrictions as vaccination rates rise. The September 2021 data reveals that the longer NSW lockdown is now impacting heavily on employment growth which is now 4.7 points below the March 2020 level. Similarly, Victoria’s employment level has fallen and is 2.1 points below the pre-pandemic level. Overall for the nation, employment fell for the second consecutive month as did the participation, the latter cushioning the rise in official unemployment. But if we take into account the participation decline, the actual unemployment rate would be 5.7 per cent rather than the official rate of 4.6 per cent. Quite a difference. The turbulence caused by the pandemic has really masked the steady decline before that and my estimates are that the true unemployment rate, taking into account the rise in hidden unemployment since August 2019, is close to 7 per cent. Again, quite a difference. The more stable ratio – the Employment-to-Population ratio plunged again in September – two months of massive declines. Last month, I predicted the situation will would worse in September – and it did. So while the unemployment rate might be relatively low by recent historical standards, 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....
Bill Mitchell – billy blog
Australian labour market continues to contract
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Links — 13 OCT 2021

TK [Another nothingburger. Why is Russiagate still a thing? The media keeps it alive as a club.]
Konstantin Kilimnik, Russiagate's Last Fall Guy, Speaks Out
Matt Taibbi

Zero Hedge
Taiwan Is Part Of China, Russia Declares, As Two Powers Coordinate To Resist US Pressure
Tyler Durden

Independent Media Institute
What Kind of a Threat Is Russia?
Brittani Banks

Open Democracy [On the other hand, this is not a simple issue. It needs careful analysis.]
Regulating Big Tech is not enough. We need platform socialism.
James Muldoon

East Asia Forum
Moving beyond the US–China Cold War cliche
Suisheng Zhao

The Unz Review
French Finance Minister Issues Declaration of Independence – from the U.S.
John V. Walsh

Caitlin Johnstone 

New Atlas: AP News Confirms NO Uyghur Genocide in Xinjiang China

Xingjian is open to tourism now because the terrorist problem is under control, and Westerners travelling there and finding no evidence of cultural genocide, and that everything seems fine with the Uyghurs. So the West has started backtracking on the propaganda a little bit. 


AP’s recent trip to Xinjiang, China has revealed not only zero evidence of “cultural genocide” but has exposed the lies the Western media (including AP) have told international audiences for years about the conditions in Xijinang and the treatment of the Uyghur people. 


Depending on the public’s ignorance and providing links AP is confident readers will not click on, explore, and discover the contradictions they present to their narrative, AP attempts to backpedal Western narratives to depict the peace and progress they witnessed in Xinjiang as an artificial facade for “invisible” oppression. 




https://youtu.be/78s7yP2BdF0

What is driving China’s e-commerce growth? — Hsiao Chink Tang and Yuying Tang

Perhaps the biggest reason is that China is leapfrogging retail storefronts and going directly to ecommerce. But there are other factors to consider as well. For example, China is highly digitized in many respects that affect retail. 

The result is that the Chinese are turning from savers into consumers, which is an essential in the transformation from an investment-export led economy into a consumer-dominant economy, that is, producing chiefly for the domestic population rather than chiefly for foreigners.

This is what would be expected as an economy develops. The Chinese government has encouraged this transformation using economic and financial policy.

However, the post doesn't consider the downside of growing a consumption economy, namely, the rise of "consumerism" and all that goes with it socially and culturally. 

The Chinese government has decided that it is now necessary to address the negative aspects of neoliberalism while retaining a market-based system of entrepreneurship and market pricing but reducing rent extraction. 

The goal is to direct markets to be socially productive as well as economically productive instead of economically productive but social unproductive and even socially detrimental. This would be expected of a primarily traditional society. The government has been behind the curve on this so far and is now playing catch-up as a matter of perceived necessity, both to preserve the culture and retain power.

The method seems to be to balance traditionalism and liberalism in an integrative way that promotes social harmony and protects against excessive individualism that threatens the social fabric, as it assesses is happening elsewhere, primarily in the US.

It's a delicate balance being aimed at and not simple to achieve for a country with a population of over a billion people whose appetite for consumption has been whetted and the structure is in place to satisfy it.

And then there is the challenge of climate change involving the carbon footprint. This dictates that needs have to prioritized over wants in order to limit energy use before non-carbon sources become dominant.

East Asia Forum
What is driving China’s e-commerce growth? 
Hsiao Chink Tang, ANU, and Yuying Tang, NetEase Games



Freight rates drop on popular shipping routes in sign that supply chains normalise soon — International Shipping News

Light at the end of the tunnel.

Hellenic Shipping News
Freight rates drop on popular shipping routes in sign that supply chains normalise soon
International Shipping News

Bill Mitchell — The British Chancellor cannot run short of sterling unless he chooses to do so

It’s Wednesday and my blog-lite day or so it seems. Today I briefly discuss the proposition that the British government can run short of sterling. It cannot unless it chooses to do so. And the basis for choosing to do so would be deeply irrational and irresponsible, when judged from the perspective of advancing the well-being of the citizens. I also reflect on the vested interests in the financial markets and the way they get platforms in the media and policy making circles to advance their sectional interests (profit). And mostly, we just have a 33 minute musical feast to reflect upon....
Bill Mitchell – billy blog
The British Chancellor cannot run short of sterling unless he chooses to do so
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Navarro: stagflation is already here


Seems like everyone is all in on “stagflation!”… or have to be very close to all in..






 





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

Some investors are betting on inflation to follow the spike in the money supply in 2020. While this is possible, the money supply has been increasing for more than a decade but inflation has fallen consistently over the same time period.


The UK data highlights a strong positive correlation between the BOE’s balance sheet, money supply, and inflation between 1947 and 1995. But thereafter, the relationships broke down. Money supply and inflation still moved in tandem, but the central bank activity seemed largely irrelevant


Further Thoughts

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.


Should investors worry about the mass money printing by central banks? Certainly. It has distorted financial markets and inflated prices across asset classes. But perhaps this simply leads to lower future returns rather than higher inflation.


CFA Institute 


"Myth-Busting: Money Printing Must Create Inflation | CFA Institute Enterprising Investor"


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



Tuesday, October 12, 2021

The Triumph and Terror of Wang Huning — N. S. Lyons

Important. 

Gets off to a bit of a slow start but hang in there.

Palladium
The Triumph and Terror of Wang Huning
N. S. Lyons

Links — 12 Oct 2021 — Hostility Increasing

India Punchline
A face-off over Nord Stream 2
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service


Strategic Culture Foundation
Nuclear Weapons and Europe
Brian Cloughley | British and Australian armies’ veteran, former deputy head of the UN military mission in Kashmir and Australian defense attaché in Pakistan

Zero Hedge
Russia Launches Missiles During Warship Drills Inside Japan's Exclusive Economic Zone

The Intercept
Revealed: Facebook’s Secret Blacklist of “Dangerous Individuals and Organizations”
Sam Biddle

MintPress News
US Writes Belarus into Its Familiar Regime-Change Script
Alan Macleod

Oilprice
Why U.S. LNG Is Going To Asia Instead Of Europe
Irina Slav

TASS
Russia plans to produce over 700 airplanes by 2030 — transport ministry


Paul Jay and Adolph Reed - The Whole Country is the Reichstag

 Adolph Reed says how some of the left are playing right into the hands of the fascist, authoritarian, alt-right when they engage in anti-govt rhetoric, like their anti-vaccination and anti-mask mandates. 


He also says how it backfired on the liberals when they told poor white Americans - whose communities had collapsed because all their jobs had been off-shores - about White Privalage, as they did not feel privileged at all. 


Adolph Reed says, "The right-wing political alliance anchored by the Republican party and Trumpism coheres around a single concrete objective— taking absolute power in the U.S. as soon and as definitively as possible."




Paul Jay and Adolph Reed - The Whole Country is the Reichstag


Excerpt