The list is a long one and includes practically every major theory:.......After all these have been thrown aside, there is not much left of mainstream economics.Social Democracy For The 21St Century: A Post Keynesian Perspective
“Tough-guy/gal-ism” is rampant again in Official Washington with many New Cold Warriors lusting for a military confrontation with Russia. But few of these hawks have a clear idea how deterrence worked during the real Cold War, writes ex-CIA analyst Paul R. Pillar.Consortiumnews
Does Obama realize that he is leading the US and its puppet states to war with Russia and China, or is Obama being manipulated into this disaster by his neoconservative speech writers and government officials? World War 1 (and World War 2) was the result of the ambitions and mistakes of a very small number of people. Only one head of state was actually involved–the President of France.
In The Genesis Of The World War, Harry Elmer Barnes shows that World War 1 was the product of 4 or 5 people. Three stand out: Raymond Poincare`, President of France, Sergei Sazonov, Russian Foreign Minister, and Alexander Izvolski, Russian Ambassador to France. Poincare` wanted Alsace-Lorraine from Germany, and the Russians wanted Istanbul and the Bosphorus Strait, which connects the Black Sea to the Mediterranean. They realized that their ambitions required a general European war and worked to produce the desired war.
A Franco-Russian Alliance was formed. This alliance became the vehicle for orchestrating the war. The British government, thanks to the incompetence, stupidity, or whatever of its Foreign Minister, Sir Edward Grey, was pulled into the Franco-Russian Alliance. The war was started by Russia’s mobilization. The German Kaiser, Wilhelm II, was blamed for the war despite the fact that he did everything possible to avoid it.
Barnes’ book was published in 1926. His reward for confronting the corrupt court historians with the truth was to be accused of being paid by Germany to write his history. Eighty-six years later historian Christopher Clark in his book, The Sleepwalkers, comes to essentially the same conclusion as Barnes.
In the history I was taught the war was blamed on Germany for challenging British naval supremacy by building too many battleships. The court historians who gave us this tale helped to set up World War 2.
We are again on the road to World War....Institute for Political Economy
According to the Russian daily Nezavisimaya Gazeta, on Thursday Russia’s Strategic Missile Forces began a massive three-day exercise involving 10,000 soldiers and 1,000 pieces of equipment from more than 30 units. The major purpose of the drill, according to the report—which cites multiple senior Russian military officers—is to ensure Russia’s Strategic Missile Forces have sufficient readiness to conduct offensive operations involving the massive and simultaneous use of nuclear missiles.
Global Security Newswire previously carried a story on the nuclear exercise, also citing the Nezavisimaya Gazeta article. GSN described the exercise as “as practice for a large-scale nuclear offensive.” It added: “Exercise participants were set to position and prepare missile-firing units for launch, and to practice various administrative and support functions for the operation.
As Russia’s conventional military capabilities have deteriorated following the collapse of the Soviet Union, Moscow has become increasingly reliant on operationalizing its nuclear arsenal. This has been reflected in successive Russian security documents. For example, Russia’s 1997 national security concept stated that Russia would use its nuclear arsenal “in case of a threat to the existence of the Russian Federation,” whether that threat came in the form of nuclear weapons or from a conventionally superior military power.
This threshold was further lowered in Russia’s 2000 military doctrine, which was the first released during Vladimir Putin’s presidency. This document said that Russia would use nuclear weapons “in response to large-scale aggression utilizing conventional weapons in situations critical to the national security of the Russian Federation.” This held out the possibility that Russia would use nuclear weapons even if Russia proper hadn’t been attacked. The same doctrine further noted that Russia reserved the right to use nuclear weapons in response to the use of any kind of weapons of mass destruction against it.
Shortly before reassuming the Russian presidency for a third term, Putin reaffirmed the importance he placed on Russia’s nuclear forces in a number of articles and speeches. For example, in an op-ed article in Foreign Policy magazine, Putin wrote: “We will, under no circumstances, surrender our strategic deterrent capability. Indeed, we will strengthen it.”The Diplomat
Sanders says political power is no longer divided between the Republican and Democratic parties, but instead is held by a billionaire party in which candidates on both sides of the aisle depend on the “financial speech” of a few extremely wealthy donors. Those donors are capable of outspending the entire U.S. middle and lower classes. The exemplars of these superrich working to shape politics are the Koch brothers, currently the second-wealthiest family in this country. The Kochs to date have spent hundreds upon hundreds of millions of dollars on extreme right-wing Republican candidates and causes. Their efforts have paid off. Thanks to tax cuts and other measures passed by their politicians, their wealth in the last year alone increased by $12 billion to some $80 billion altogether.Going to become?
With 95 percent of all income during the period between 2009 and 2012 going to the top 1 percent of earners, the problem Sanders describes is getting far worse. As it is currently being reported, the “Adelson Primary,” in which Las Vegas billionaire Sheldon Adelson gathers GOP favorites like former Florida governor and brother to former president George W. Bush, Jeb Bush and New Jersey Gov. Chris Christie to discuss plans for the 2016 presidential election, is becoming the new standard model for campaign planning.Sanders concludes his speech by asking, is “this nation ... going to become an oligarchic form of society?”
U.S. military ops -- including airstrikes, raids and proxy wars -- have surged by more than 200 percent in Africa
The numbers tell the story: 10 exercises, 55 operations, 481 security cooperation activities.
For years, the U.S. military has publicly insisted that its efforts in Africa are small scale. Its public affairs personnel and commanders have repeatedly claimed no more than a “light footprint” on that continent, including a remarkably modest presence when it comes to military personnel. They have, however, balked at specifying just what that light footprint actually consists of. During an interview, for instance, a U.S. Africa Command (AFRICOM) spokesman once expressed worry that tabulating the command’s deployments would offer a “skewed image” of U.S. efforts there.
It turns out that the numbers do just the opposite.
Last year, according AFRICOM commander General David Rodriguez, the U.S. military carried out a total of 546 “activities” on the continent — a catch-all term for everything the military does in Africa. In other words, it averages about one and a half missions a day. This represents a 217% increase in operations, programs, and exercises since the command was established in 2008.Salon
Meanwhile the new PM in the Ukraine is imposing IMF austerity measures, like removing subsidies on Gas (50% increase) and cutting pensions (50%) cut. He says he’s on a Kamikazee mission. That’s because he’s not elected, so he can do thing that an elected leader could never do.
Which is to say: there is a coup, backed by a popular uprising in the capital, which puts in place an unelected government, which does things that elected governments repeatedly refused to do. The East and South of the country, which voted in the last elected government, is unhappy with this.
It’s really hard to conclude that Crimea didn’t do the right thing for most of their population by joining Russia. 50% increase in natural gas prices and 50% cut in pensions? Would you stand still for that? Oh, and the average pension in the Ukraine is—$160/month. $80 after it’s cut.Ukraine’s Unelected Government Imposes IMF Austerity
Barack Obama is not Pope Francis, and not just because the slums of Buenos Aires are so much worse than the South Side of Chicago. Pope Francis knows, in a visceral way, that the income equality we have in the US and Europe will get much worse if nothing changes. More importantly, he knows that these first-world problems are embryonic relative to those back home in Argentina.
The pope knows that the US is moving toward a Latin America-style economy, one wherein the Koch brothers get multiplied many times over – one wherein the wealthy don’t just want more money or opportunity, they want power. The problem with Francis’ Argentina writ large is a 1% that wants a political system run with the intent to guarantee that their wealth is never threatened. The problem with that is a wealthy class that wants the working class to be disposable, voiceless and immobilized.
This is the real issue President Obama faces: he needs to stare down, as Pope Francis has, the morally and intellectually corrupt philosophy that unregulated free markets help everyone.
It is a philosophy at the heart of the American conservative movement.When needed, conservatives drag out a gaggle of economists to argue their position. These economists, always a thoughtful lot when it comes to human behavior, know the wealthy will benefit far more. Yet the GOP’s sham philosophers argue that growth, even if unevenly distributed, will be a net benefit – because the winners will win more than the losers lose. We will then all share the winnings, goes this bankrupt economic philosophy, either by way of investments that boost jobs, or else from politically forced redistribution by way of taxes.
The sharing-the-winnings part never happens....
We are no less convinced than we were at the start of the year that EURUSD is going to head much lower over the coming years
We anticipated this move would already have begun at this stage yet we sit at almost the exact level where we closed 2013
We believe the “day of reckoning” is not far away and that as detailed above the building blocks are now falling in place. We may have already peaked with the marginal new high posted at 1.3967 this month but either way we are skeptical of any sustainable move over 1.40 materialising and still believe that we may see EURUSD much closer to 1.20 than 1.40 before this year is behind us.
This [revision of] rational expectations theory goes beyond the untestable basic axioms of the theory of value, such as the utility-maximising rational man whose existence can be confirmed only by individual introspection. The assumption of rational expectations which presupposes the correct understanding of the workings of the economy by all economic agents—the trade unionists, the ordinary employer, or even the ordinary housewife—to a degree which is beyond the grasp of professional economists is not science, nor even moral philosophy, but at best a branch of metaphysics.The Case For Concerted Action
A wage is not just the atomistic market remuneration for your labour. It’s also a powerful social token of the respect you earn and a neon sign of your position in society. You’re paid for a position – not for your work. As far as I’m concerned this characteristic of wage setting is more important than the famous ‘stickiness’ of wages.Real-World Economics Review Blog
OECD countries’ debt ‘to top’ post-war highs
"The combined debt burden of the biggest developed economies will surpass this year record levels seen at the end of World War II, adding pressure on governments as they roll over post-crisis debts, the OECD said on March 28.
Gross public debt in OECD countries for which long-term data is available will top the World War II peak of 116 percent of GDP, reaching an estimated 117 percent this year, the Organisation for Economic Cooperation and Development said.
The OECD’s 34 members include mostly wealthy countries such as the United States and European countries. Some emerging economies such as Mexico and Turkey are members although bigger developing countries such as China and India are not.
Not only are debt levels high, but a growing share comes due in the next three years with nearly 30 percent of long-term debt needing to be refinanced by the end of 2016, the Paris-based organisation said in its annual sovereign borrowing outlook.
While such a high level of refinancing is not unprecedented, rolling over debt will be made all the more complicated by uncertainties created by the U.S. Federal Reserve’s unwinding its bond-buying programme, the OECD’s head of public debt management issue, Hans Blommestein, said.
“If you have to go to the market because you have to refinance, that’s a challenge,” Bloomestein told Reuters. “It’s not impossible, but it’s not a piece of cake.”
Taking redemptions into account, the combined borrowing need of OECD governments was seen easing slightly to $10.6 trillion this year from $10.8 trillion last year.
Japan will be the biggest issuer this year with plans to borrow the equivalent of 64.7 percent of its national output. Its borrowing alone would make up 35 percent of the OECD total."
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http://www.frbsf.org/education/publications/doctor-econ/2005/march/credit-unions-regulation-supervision
http://www.stlouisfed.org/publications/pub_assets/pdf/re/2013/b/banks_creditunions.pdf
https://thefinancialbrand.com/29640/credit-unions-fight-banks-over-community-charters/
"The operation of our money world has failed to be our servant and instead is our tyrant and master."
"We must correct the causes of the depression rather than deal with the effects of it!"That was 82 years ago!!! Has the US electorate lost sight of Public Purpose? Have we lost sight of national goals?
How Investing in Good Jobs Lowers Costs and Boosts Profits
The Good Jobs Strategy ... shows that even in low-cost settings, leaving employees behind with low wages and bad jobs is a choice, not a necessity. On April 4, we’ll discuss how smart companies are turning the Walmart business model on its head by investing in good jobs while earning strong investment returns. Sponsored by UFCW and the AFL-CIO.
All this talk of a new cold war is just a lot of political blather coming out of DC due to the re-emergence of the neocons.
The reality is that there will be no war with the Russian Federation because Russia is now a raffish capitalist nation.
The House will consider three bills in the coming weeks that would make the budget process more complicated, less transparent, and less credible. One of these is the Budget and Accounting Transparency Act (H.R. 1872), which would add an extra amount to the recorded budgetary cost of federal credit programs, beyond their actual cost to the government, to reflect what private lenders would charge if they issued the loans and loan guarantees. By artificially inflating federal lending costs, this change would disadvantage direct loans and loan guarantees relative to other federal programs and expose them to a greater likelihood of cuts.
H.R. 1872 would change the accounting for credit programs such as Federal Housing Administration and veterans’ mortgage guarantees, student loans, small business loans, and rural electric loan guarantees by adding anextra amount to their recorded budgetary cost. This extra amount would reflect what private lenders would charge if they, rather than the federal government, issued the loans or loan guarantees.
The proposal is not based on a contention that current estimates of federal credit programs understate their cost to the government. Therefore, the proposal would distort the budget by making federal credit programs appear more expensive than their actual cost to the government. It would also undercut one of the key purposes of the budget, which is to provide a meaningful comparison of the cost to the federal Treasury of different programs.
The bill also would make federal loan programs likelier targets for deficit reduction measures, since they would appear to cost more than unbiased projections show they actually would cost. In the area of student loans, for example, this could result in higher costs for borrowers or less access to loans. The size of the student loan program and how much of the cost students should bear are valid policy questions, but policymakers should not distort these issues by artificially inflating the program’s cost.
The concerns for the federal budget, however, are different from the concerns of private-sector investors. The federal budget is a straight record of the cash flowing into and out of the Treasury; the deficit or surplus equals the difference between the money actually spent and the money actually collected. That is what the existing credit rules ask the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) to estimate. If the estimates are unbiased and take all possible factors into account, including expected defaults and their likelihood, then the overestimates and underestimates should net to zero over the long term. Adding a penalty because private investors are loss averse should have nothing to do with government budgeting and accounting.
But Piketty’s book is still important, because it proves the obvious beyond a reasonable doubt. In this it is similiar to the mountain of evidence of climate change. We can now say that climate change is happening and anyone who denies it is a fool. Likewise we can now say that allowing returns on unearned wealth to be higher than labor income, in a capitalist economy, leads to high inequality and doesn’t improve the economy. We should have known that already; we did know it already; now it has been proved to the point where we can say anyone who denies it is a fool.Ian Welsh
China, [Chinese Finance Minister Lou Jiwei] went on, is in fact moving away from its once single-minded emphasis on growth targeting. The government now stresses three macroeconomic goals – job creation, price stability, and GDP growth. And, as evidenced by the annual “work report” that the premier recently submitted to China’s National People’s Congress, the current emphasis is in that order, with GDP growth at the bottom of the list.
This gives China and its policymakers considerable room for maneuver in coping with the current growth slowdown. Unlike most Western observers, who are fixated on the slightest deviation from the official growth target, Chinese officials are actually far more open-minded. They care less about GDP growth per se and more about the labor content of the gains in output.
This is particularly relevant in light of the important threshold that has now been reached by the structural transformation of the Chinese economy – the long-awaited shift to a services-led growth dynamic. Services, which now account for the largest share of the economy, require close to 30% more jobs per unit of output than the manufacturing and construction sectors combined. In an increasingly services-led, labor-intensive economy, China’s economic managers can afford to be more relaxed about a GDP slowdown....
Zhou Xiaochuan, the head of the People’s Bank of China, was just as emphatic on this point. The PBOC, he argued, does not pursue a single target. Instead, it frames monetary policy in accordance with what he called a “multi-objective function” comprised of goals for price stability, employment, GDP growth, and the external balance-of-payments – the latter factor added to recognize the PBOC’s authority over currency policy....Project Syndicate
