Wednesday, August 10, 2022

Links — 10 August 2022 Part 1

Asia Times
Ukraine – the situation (August 10, 2022)
Uwe Parpart

Only NATO Could De-Militarise Itself!
James Tweedie

Bracing Views
The Ukrainian Boondoggle as a Black Hole
W. J. Astore, Lieutenant Colonel (USAF ret.), taught at the Air Force Academy, the Naval Postgraduate School, and currently at the Pennsylvania College of Technology

RT — Question More (Russian state-sponsored media)
G7 issues nuclear demand to Moscow
CBS Wanted To Do Critical Reporting On Ukraine’s Government But Ukraine’s Government Said No (What happened is actually worse than the headline.)
Caitlin Johnstone
Moon of Alabama
How Ukraine Lost Its Riches

China And Saudi Arabia Intensify Energy Cooperation With Critical Deal
Simon Watkins

Al Mayadeen English — Arab Independent Media Satellite Channel
US occupation loots most of Syria’s oil: Ministry

Sputnik International (Russian state-sponsored media)
US Warns Iran of ‘Severe Consequences’ After Plot to Murder Bolton Uncovered

Responsible Statecraft — The Quincy Institute
US miscalculations are now legion — but what to do now?
Ted Galen Carpenter

ECNS (Chinese official English news service)
Full Text: The Taiwan Question and China's Reunification in the New Era
Xinhua (Chinese state media)


mi said...

Question for Tom Hickey

I have read this from PeterC and like the idea:

". In lean form, the policy would give individuals without a job the option of either a job guarantee position or smaller basic income payment. In expansive form, universal basic income would be implemented alongside a job guarantee."

Job Guarantee Its not just for unemployed according to Neil:

"If you are working part-time elsewhere, then you can ask for a top-up position from the Job Guarantee. You’ll never be short of work or a living wage."

If I work for 10 hours in private sector job can I still top up?

mi said...

I mean lean version.

Tom Hickey said...

These are versions of job guarantee, the basis of which is a universal job offer at a fixed rate, which serves to anchor the currency to the price of a unit of labor. This is an example of a currency sovereign using its monopoly power over the currency it alone issues. There are various informal proposals on the table.

This is basically a political matter. Thus, to answer specific questions about it would require reference to a legislative proposal. Ideas are one thing but operationally they have to be put in the required form, which here is a bill put forward for a legislature to vote on. We are not there yet. The MMT economist who has been most specific on this institutional matter is Pavlina Tcherneva.

The one matter to which all MMT economists are opposed regarding the JG is combining it with a UBI, since they view it as inflationary.

There is some disagreement among MMT economists over the conditions. The US-based MMT economists would provide the choice of a job guarantee or public payment, e.g., means-tested basic income, without work, or some combination thereof. Australian Bill Mitchell would not provide this choice, but would not the JG a a take it or leave it proposition — no work, no pay. The problem with this in the US is that it looks an awfully lot like "workfare" to replace welfare, which is anathema to Democrats and most US MMT economists are on the left.

People that are not MMT economists have also weighed in on this issue. Legislator in the US know about it and may be working on something specific. I don't know.

In my view, the important issue is providing a universal job offer at a rate fixed to the price of an hour of unskilled labor. This is a prerogative a currency issue if the issuer chooses to exercise this option. Of course, the currency issue can choose to set other conditions along with this.

But Peter C. and Neil W. are much more qualified to talk about the details that I am.

Matt Franko said...

“ most US MMT economists are on the left.”

This gets my vote for understatement of the year…. Many are actually signed up for Democrats….

Peter Pan said...

Kelton is a hard core Dem supporter.

All these academics pontificating from their comfortable positions - nothing will ever come of it.