Thursday, June 9, 2022

Bill Mitchell — The class war is over, viva the class war – inflation and all that

Political leaders have been keen to promote individualism over the last several decades because it suits the class interests they serve. Margaret Thatcher denied the existence of society. John Major, who shafted her to take over the Tories in 1990 and pressured the UK to join the EU, claimed there was a society but that he would render it “classless” so that everyone has the opportunity to shine according to their talents. Within the Tory tradition, David Cameron, who effectively through bungling paved the way for the UK to leave the EU (finally) told the people “There is such a thing as society; it’s just not the same thing as the state” and promised to create a “Big Society” where we all worked together to volunteer and provide public services as charitable endeavours. On the Labour side, in 1999, Tony Blair clarified all these claims to classlessness by declaring that “the class war is over”. Class struggle is dead. We are all on the same side now. All sharing in a commonwealth that we create together. I recall a BBC program I saw around the turn of this century that declared the ‘class system’ was dead and that we had all become elevated, together, in the middle class.…
Bill Mitchell – billy blog
The class war is over, viva the class war – inflation and all that
Bill Mitchel | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia


Footsoldier said...


Why have they stopped reporting US foreign exchange reserves on trading economics ?

When it says the data is released monthly but looks like quarterly.

Anyone know if I can get these figures monthly or weekly do you have to actually wait a quarter ?

Even Wikipedia has more up to date figures

Footsoldier said...

US Foreign exchange reserves/ US $

China foreign exchange reserves/ Yuan

Euro area foreign exchange reserves / Euro

Slap me arse and call me Shirley but these look inversely correlated and the foreign exchange reserves lead the way.

I need to find out when the US foreign exchange reserves data releases are released and how often. So I can track it for a bit of fun.

Because going by these charts the US$ is not going to drop lower until US foreign exchange reserves start increasing. I would like to find out.

Footsoldier said...

Japan foreign exchanges reserves/ Yen

Once again the foreign exchanges reserves leads the way.

Footsoldier said...

I think I'm going to be a millionaire



Footsoldier said...

For $ to ↓ US foreign exchange reserves have to increase

For € to get stronger against the $ Euro foreign exchange reserves have to decrease

For ¥ to get stronger against the $ Japanese foreign exchange reserves have to increase.

Going by these charts and the beauty is the foreign exchange reserves lead the action. You can access that data.

I'm going to find out anyway.

If true Buy the Island next to Mosler.


Footsoldier said...

"ECB will finally end the nonsense of large-scale asset purchases."

As they were being used for petroeuro purposes.

No need now the geopolitical map has changed. It is no coincidence they have ended this practice now.

If US has indeed pegged USD to oil reserves then any nation short oil & short dollars is in trouble.

No need for € QE now Russia is insisting on Rubles. The € 'QE Stimulus' narrative was always rubbish: the sole reason for € QE was to accommodate Petro€ asset purchases.

" Obama’s strategy was transition through gas. Where did he send troops? Qatar – where the gas is. And it’s also in Iran. He was also looking at gas from the Caspian. My understanding of his strategy is that he wanted to get away from reliance on the Saudis. So the Saudis start to lose the US umbrella. So they stop putting money into the dollar, and they start putting it into the euro. What evidence do I have for this? Well, what is QE? It’s printing dollars or euros. And in order to buy petrodollar assets, you need dollars.

The whole purpose of QE was to enable the producers to buy treasury bills. The European Central Bank (ECB) started the QE programme. They called it ‘stimulus’, but no-one has been able to show me how swapping one financial asset for another stimulated anything. Euro QE, in my view, was only about the petroeuro, which the ECB had been trying to do forever, but nobody was biting. But I believe the Saudis did, and it was all going swimmingly until President Trump came along. Nobody expected Trump to become president. "

Footsoldier said...

"If US has indeed pegged USD to oil reserves then any nation short oil & short dollars is in trouble."

Which if true means $ swap facilities will be announced shortly.

There will be geopolitical rules and measures to qualify. By now we know what they will be and if countries want to access the swaps they will have to make a geopolitical choice.

Matt Franko said...

Fed has a standing USD swap facility…