In St. Petersburg, the world's new powers gather to upend the US-concocted “rules-based order” and reconnect the globe their way
Sim CB is a new economic simulation game, with some interesting MMT outcomes.New Wayland
Oldie from Don Williams who influenced a lot of great rock artists from the ‘70s … same deal back then… when you look up “porkchop sideburns” in the dictionary this guys picture is there… either his or Tony Joe White… great song great lyrics..,
I don't believe in superstars
Organic food and foreign cars
I don't believe the price of gold
The certainty of growing old
That right is right and left is wrong
That north and south can't get along
That east is east and west is west
And being first is always best
But I believe in love
I believe in babies
I believe in mom and dad
And I believe in you
Well I don't believe that heaven waits
For only those who congregate
I like to think of God as love
He's down below, he's up above
He's watching people everywhere
He knows who does and doesn't care
And I'm an ordinary man
Sometimes I wonder who I am
But I believe in love
I believe in music
I believe in magic
And I believe in you
I know with all my certainty
What's going on with you and me
Is a good thing It's true, I believe in you
I don't believe virginity
Is as common as it used to be
In working days and sleeping nights
That black is black and white is white
That Superman and Robin Hood
Are still alive in Hollywood
That gasoline's in short supply
The rising cost of getting by
But I believe in love
I believe in old folks
I believe in children
I believe in you
I believe in love
I believe in babies
I believe in mom and dad
And I believe in you
A gas shortage and high prices will send “shockwaves through the country,” leading to landlords cutting the heat for tenants and widespread company bankruptcies, warned Klaus Müller, the head of Germany’s Federal Network Agency, which is the regulatory office for electricity, gas, telecommunications, postal services, and railway markets....Remix
MAGA Bannon and Prince with a recent breakdown…
What happens from not thinking things through. And David P. Goldman doesn't bring up the more extreme consequences that are not only possible but looking increasingly probable.
Asia TimesThe West has been inhabiting a fanciful world that could exist only in our imaginations. Many remain stranded in that self-deluded mirage. The more that we have invested in that fantasy world, the harder we find it to exit and to make the adjustment — intellectual, emotional, behavioral.
An assessment of where we are, where we might go and the implications over time of the reactions of other parties is a singularly complex undertaking....
The Russian trade delegation in China has received many proposals from Chinese companies willing to replace Western products on the Russian market, Alexey Dakhnovsky, Russia's trade representative in China, said on Thursd…
"The trade representative office receives a lot of proposals from Chinese companies that offer not only products, but also technologies to replace Western goods [in Russia]," Dakhnovsky said on the sidelines of the St. Petersburg International Economic Forum (SPIEF)....Sputnik International (Russian state-sponsored media)
I recently participated in a zoom seminar to review a new book entitled Socialist Economic Development in the 21st Century by Alberto Gabriele and Elias Jabbour. Gabriele is a Senior Researcher at Sbilanciamoci, Rome, Italy and Elias Jabbour is an Assistant Professor at the School of Economics, at Rio de Janeiro State University, Brazil.
You can see the comments of the various reviewers (including my own) and the replies of the authors (here). But below is a more considered review of the book. The puff for the book says Gabrieli and Jabbour “offer a novel, balanced, and historically rooted interpretation of the successes and failures of socialist economic construction throughout the last century.”
And as the foreword by Francesco Schettino says, “In this respect, it is interesting to note that about one year ago an internationally renowned economist, Branko Milanovic, published an article in El Pais, arguing that China’s public sector constitutes barely a fifth of the entire national economy, and therefore the PRC is not substantially different from ordinary capitalist countries.”...
Michael Roberts Blog — blogging from a marxist economistGabrieli and Jabbour are much clearer on the nature of Chinese economy and state. Their analysis of China is subtle, but it is clearly a robust refutation of Milanovic’s thesis that China is a form of capitalism, albeit run by politicians (?) and not capitalists as in the West....
The Australian Bureau of Statistics (ABS) released of the latest labour force data today (June 18, 2022) – Labour Force, Australia – for May 2022. The labour market improved markedly in May after several months of weakness. The robust full-time employment growth was a good sign as was the increasing participation rate. That particularly favoured the younger workers. The official unemployment rate was unchanged but the underlying (‘What-if’) unemployment rate is closer to 6.1 per cent rather than the official rate of 3.9 per cent. There are still 1,355.5 thousand Australian workers without work in one way or another (officially unemployed or underemployed). The only reason the unemployment rate is so low is because the underlying population growth remains low after the border closures over the last two years....Finally some good news, but with caveats.
Pepe Escobar is following various discussions at Spief: https://twitter.com/spief?lang=en and here are some of his updates from his telegram channel:The Vineyard of the Saker
My two sessions at the Levy Summer School begin early on Friday morning (Australian time). The details follow.
Here are the details:
The coming of the new G8 points to the inevitable advent of BRICS +, one of the key themes to be discussed in the upcoming BRICS summit in China.The Vineyard of the Saker
The Fed revisited some old financial records by hiking by 75 basis points today. This is a signal that they have thrown out whatever remains of the models that suggested that inflation is transitory, and they are hiking until something breaks.Bond Economics
Although neoclassical macroeconomic theory does its utmost to obfuscate matters, monetary policy in practice is straightforward: central bankers react with a lag to economic data, and if they are panicked about inflation, they hike rates until something breaks. Although that description is more flippant than how conventional economists would describe the situation, it probably represents a consensus view. However, there is a hidden complexity: do things “break” because of rate hikes, or do they break on their own?Bond Economics
