Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.

Krugman-Admits-He-Was-Wrong! (Pt. 1?)

by ARGeezer Fri Oct 25th, 2019 at 05:56:09 PM EST

Paul Krugman -- finally -- admits he was wrong!  Lars Syll RWER Blog

Paul Krugman has never suffered fools gladly. The Nobel Prize-winning economist rose to international fame--and a coveted space on the New York Times op-ed page--by lacerating his intellectual opponents in the most withering way. In a series of books and articles beginning in the 1990s, Krugman branded just about everybody who questioned the rapid pace of globalization a fool who didn't understand economics very well. "Silly" was a word Krugman used a lot to describe pundits who raised fears of economic competition from other nations, especially China. Don't worry about it, he said: Free trade will have only minor impact on your prosperity.

Now Krugman has come out and admitted, offhandedly, that his own understanding of economics has been seriously deficient as well. In a recent essay titled "What Economists (Including Me) Got Wrong About Globalization," adapted from a forthcoming book on inequality, Krugman writes that he and other mainstream economists "missed a crucial part of the story" in failing to realize that globalization would lead to "hyperglobalization" and huge economic and social upheaval, particularly of the industrial middle class in America. And many of these working-class communities have been hit hard by Chinese competition, which economists made a "major mistake" in underestimating, Krugman says.

Michael Hirsh  -  The Economist

It was quite a "whoops" moment, considering all the ruined American communities and displaced millions of workers we've seen in the interim. And a newly humbled Krugman must consider an even more disturbing idea: Did he and other mainstream economists help put a protectionist populist, Donald Trump, in the White House with a lot of bad advice about free markets?

Too important not to frontpage - Frank Schnittger

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Trump's Presidency Transfixed

by ARGeezer Thu Oct 17th, 2019 at 05:30:12 PM EST

"With you all roads lead to Putin" Nancy Pelosi to Donald Trump in White House meeting on 10/16/18

The context for this confrontation was a meeting between Congress and The White House so that Congress could be briefed on the effects on national security, military activity and foreign policy of Trump's green lighting of Ergodan's invasion of that portion of north east Syria occupied by the US Kurdish allies.

The FBI has been conducting a counterintelligence investigation of Rudy Guilaini's activities in Ukraine. It appears that Guliani's 'associates', Lev Parnas and Igor Fruman, formerly small time operators, began dealing with matters of international political significance and using talking points that appear to have originated in Russia. Parnas and Furman are alleged to have funneled money from Dmitry Firtash, a Russian businessman formerly operating in Ukraine, into US campaigns and of a conspiracy to skirt campaign finance requirements as they pushed Ukrainian political interests in the US.  

Two other Guilanni Ukrainian associates, David Correia and Andrey Kukushkin, have now also been arrested, and a subpoena has been issued to former Texas Republican Rep. Pete Sessions, who wrote a letter to Sec. State Pompeo to raise concerns about the then-US ambassador to Ukraine, Marie Yovanovitch, who was later removed by Trump following complaints by Giuliani and others.

Firtash has established close ties to the former mayor of New York City in part by recruiting several of Giuliani's associates. In July the oligarch hired two lawyers who have been helping Giuliani in his campaign to discredit Trump's critics: Victoria Toensing and Joseph DiGenova, a married couple Trump considered hiring in 2018 as part of his private legal team. Best known as diehard defenders of Trump on Fox News, the couple has combed through the oligarch's case files and used some of them in the effort to defend Trump on television and in the press.

Toensing and DiGenova then hired another Giuliani associate, Lev Parnas, to serve as their interpreter in communications with Firtash in Vienna, according to a statement the lawyers sent TIME on Oct. 11. While on his way to Vienna on Oct. 9, Parnas was arrested at Dulles Airport in Washington and charged with violating campaign finance laws. The indictment against him alleges that Parnas and his business partners secretly channeled money from an unidentified Russian donor to various political causes and candidates. Parnas has not entered a plea. His colleagues in the Firtash legal team declined to comment on the arrest.


   

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First arrests in Trump Impeachment Saga

by ARGeezer Fri Oct 11th, 2019 at 12:54:08 AM EST

2 Giuliani Associates Tied to Ukraine Scandal Arrested on Campaign Finance Charges  NYT

WASHINGTON -- Federal prosecutors unsealed charges on Thursday against two men who have aided President Trump's efforts to gather damaging information in Ukraine about his political opponents, a criminal case that signaled growing legal exposure for the president's allies as Mr. Trump tries to blunt an impeachment inquiry in Congress.

The indictment of the two men, Lev Parnas and Igor Fruman, sketched a complex scheme to violate campaign finance laws and did not accuse Mr. Trump of wrongdoing. But it revealed new details about the push to pressure Ukraine: a campaign encouraged by Mr. Trump, led by his private lawyer Rudolph W. Giuliani and assisted by obscure figures like Mr. Parnas and Mr. Fruman.

Mr. Trump continues to defend the effort, which is the focus of the impeachment inquiry that House Democrats opened last month. The new indictment, however, suggests the first criminal implications of the shadow foreign policy that Mr. Giuliani pushed on behalf of the president.


The whole saga just came to a rolling boil. The two men were arrested at Dulles International Airport with one way tickets to Vienna. Coincedently Rudy Guiliani was also scheduled to fly to Vienna.

Unlike Watergate this scandal STARTED with a confession by Donald Trump in the summary of his infamous telephone call with Ukranian PM Zelenski. Now we are starting to fill in the details.

Mr. Giuliani has been public about his hunt for damaging information about Democrats, and the indictment gives a more complete picture about how he seems to have subcontracted part of the work to Mr. Parnas and Mr. Fruman, two of his longtime associates.

(The indictment directly connected the two men to a key element of the pressure campaign, an effort to recall the United States ambassador to Ukraine, Marie L. Yovanovitch, after she became a focus of criticism from many of Mr. Trump's allies. Mr. Parnas and Mr. Fruman donated money and pledged to raise additional funds in 2018 -- some violating legal limits -- for a congressman who was then enlisted in the campaign to oust her, court papers showed.


Ms. Yovanovitch, a career diplomat who appears tho have been removed from her post because she wouldn't 'play ball', is due to be deposed tomorrow by a House Committee.

Meanwhile, Nancy Pelosi is having a telephone conference tomorrow with House Democrats to get a sense of their positions on the impeachment investigation.

This story has long legs.

Comments >> (11 comments)

John Major's Encore

by ARGeezer Fri Sep 27th, 2019 at 03:59:44 AM EST

Boris Johnson could bypass key law blocking no-deal Brexit by issuing order to suspend it, John Major warns Independent

Boris Johnson may be planning to bypass a law blocking a no-deal Brexit by issuing an order to suspend it until after the scheduled date of Britain's EU withdrawal on 31 October, former prime minister Sir John Major has warned.

The order could be passed by ministers acting in the Privy Council without the involvement of parliament or the Queen, said Sir John, who denounced the tactic as "a piece of political chicanery that no one should ever forgive or forget".

In a speech to the Centre for European Reform, the former PM said he suspects that Mr Johnson is eager for an early election because he has seen the unedited version of government impact assessments and wants the vote out of the way before the public is aware of the full scale of the damage no deal will do to the country.

Never underestimate the ingenuity of a sociopathic maniac.

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UK Supreme Court: Prorogation Null and Void!

by ARGeezer Tue Sep 24th, 2019 at 10:26:02 AM EST

In a unanimous decision the Supreme Court of the UK has ruled that the prorogation of Parliament by the Prime Minister is null and void. The Speaker of the House, the leaders of the Liberal Democrats, SNP and Labour have called for Parliament to be reconvened as soon as possible.

This prolonged suspension of Parliamentary democracy took place in quite exceptional circumstances: the fundamental change which was due to take place in the Constitution of the United Kingdom on 31st October. Parliament, and in particular the House of Commons as the elected representatives of the people, has a right to a voice in how that change comes about. The effect upon the fundamentals of our democracy was extreme.
....
No justification for taking action with such an extreme effect has been put before the court....It does not discuss the impact of prorogation on the special procedures for scrutinising the delegated legislation necessary to achieve an orderly withdrawal from the European Union, with or without a withdrawal agreement, on 31st October. It does not discuss what Parliamentary time would be needed to secure Parliamentary approval for any new withdrawal agreement, as required by section 13 of the European Union (Withdrawal) Act 2018.

The Court is bound to conclude, therefore, that the decision to advise Her Majesty to prorogue Parliament was unlawful because it had the effect of frustrating or preventing the ability of Parliament to carry out its constitutional functions without reasonable justification.

 

Frontpaged - Frank Schnittger

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Green New Deal for Eurozone for Free

by ARGeezer Wed Sep 4th, 2019 at 01:31:20 AM EST

Austerity-obsessed Europe could combat climate change without raising taxes  Lars Syll  Real World Economic Review

Just to be clear, the European countries have been far better global citizens in this area than the United States. Their per-person emissions are roughly half as much as the United States. Furthermore, many European countries have already taken aggressive measures to promote clean energy and encourage conservation.

But in the battle to slow global warming, simply doing better than the United States is not good enough. The European Union can and must do more to reduce its greenhouse gas emissions.

This is where the continent's mindless push for austerity comes into the picture. European governments, led by Germany, have become obsessed with keeping deficits low and balancing budgets. Most have small deficits or even budget surpluses.

This means that there are underutilized resources in the Eurozone that can be tapped without producing additional inflation. The result of additional government spending on a Green New Deal would simply be a higher growth rate for the GNPs of constituent member states, perhaps even positive interest rates and a healthier environment.

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Kicking a Gift Horse in the Teeth

by ARGeezer Fri Aug 23rd, 2019 at 09:35:05 PM EST

China started buying oil from Iran after Trump imposed sanctions on the country. So why is it so difficult for the USA to find another buyer for soybeans after China stops buying from the USA? (Quara digest)

China was buying oil from Iran long before Trump put sanctions on Iran. In fact, aside from attempting to bankrupt Iran, Trump's sanctions on Iran were also targeted to disrupt the Chinese & other BRICS economies that have been bypassing the US$ in international trade. China and most of northern Asia are dependent on imports of Middle Eastern oil. It is one of the reasons massive amounts of money is being spent on building pipelines to Russia's oil fields.

As for soybeans, USA farmers can easily sell their crops, the market is huge.

However, USA farms, by world standards, are grossly inefficient and the markets will most often not pay the price needed by USA farmers to make soybeans, corn, and other products economically viable (worth growing).

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NEW TRADE AND SECURITY ORDER IN THE GULF

by ARGeezer Tue Aug 20th, 2019 at 03:44:18 AM EST

Who lost the Mid-East?

China's Ultimate Play For Global Oil Market Control    H/T Naked Capitalism

While we have been distracted by Trump and Brexit new trade and security arrangements are afoot in the Gulf. Dismayed by what they see as US wavering with respect to Iran, The Emirates and, with equivocation, Saudi Arabia have assented to a new role in the Gulf for China and Russia. This could stabilize the region and defuse conflict between Saudi Arabia and Iran. There has been a storm of diplomatic activity in the region on several fronts. This could presage a withdrawal of US forces and influence in the area - or WW III.

(The author) Yossef Bodansky, Director of Research at the International Strategic Studies Association (ISSA) and Senior Editor of Defense & Foreign Affairs publications (including the Global Information System: GIS), was, for more than a decade, the Director of the US House of Representatives Task Force on Terrorism and Unconventional Warfare.

See either link to the original article for a wealth of detail on the storm of diplomatic moves and new treaties, defense arrangements and mutual guarantees already made in the area between Russia, Iran, China the Emirates and other regional powers including Turkey and Pakistan.

Front-paged - Frank Schnittger - An important discussion, which you may have missed if you follow only Anglo-American media

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Thermodynamics, Economics and Survival

by ARGeezer Wed Jul 10th, 2019 at 09:32:13 PM EST

A major conceptual problem for me while taking thermodynamics in 1963 was the focus on equilibrium situations, which seemed to me to be special cases and unrepresentative of the general reality I observed. A recent paper in Real World Economic Review has brought all of that back to mind: What can economists and energy engineers learn from thermodynamics beyond the technical aspects?

In  a  conference  that  opened  the  way  to  the  thermodynamics  of  human  societies,  the sociologist  Maurice  Hauriou  (1899,  p.5)  took  up  this  idea  by  considering  that  only  the "thermodynamic laws shed some light on the possibilities of freedom". This presupposes a permanent  interaction  between  the  human  and  his  environment  and  overlaps  with  the formulation  of  Douglas  Hugh  Everett,  in  his "Introduction  to  the  Study  of  Chemical Thermodynamics"(1959),  according  to  which  "a  particular  proportion  of  the  Universe  is called the `system'while the rest of the Universe is called 'the outside' or 'the environment"(Rybac, 1968, p.137).


This  conceptualization  has  allowed  researchers  to  develop  the  thermodynamics  of  open systems,  traversed  by  a flow  of  matter  and  energy,  whereas  the  classical  conception  of thermodynamics    considers    closed    systems,    whose    exchanges    with    the    external environment   are   null   or   limited   and   tightly   controlled.   From   this   angle,   the   new thermodynamics  gives  a  major  importance  to  the  phenomenon  of  irreversibility,  where  the old is placed in the vicinity of equilibrium, in the reversibility zone, which makes the human world   appear   to   be   subject   to   its   potential   momentum   and   not   just   the   laws   of thermodynamics in their traditional meaning. In this context, the appearance of the notion of dissipative structure (Prigogine, 1967, p.371), which applies to phenomena as different as cyclones  or  living  species,  seems  particularly  interesting  because  it  applies  to  human societies.  Cyclones,  living  species,  human  societies,  are  famous  for  the  unpredictability  of their evolution.


As is so often the case, the problems that perplexed me as an undergraduate were just being addressed on the fringes of the field - open system thermodynamics.

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TWO MORE YEARS OF WAR IN USA

by ARGeezer Wed Nov 7th, 2018 at 04:58:42 AM EST

The Democrats have decisively retaken the House of Representatives, but the 'Blue Wave' was met with a cancelling 'Red Wave'. So Trump and Trumpism was not as well repudiated, as might have been hoped. But the position of the Democratic Party has greatly improved.

The Democrats have also greatly improved their position in state houses. A significant majority of US residents will now live in states with Democratic governors. This will be decisive for election supervision in 2020 and for the redistricting that will follow. Given that the Democrats only have the House, that leaves them still in the position of being the opposition until 2020, which I believe will also be a good year for Democrats.

With the House comes the chairmanship of powerful investigative committees. The Chairman of the House Ways and Means Committee can, by law, directly request the tax returns of President Trump. The IRS, under Trump, might refuse, but the law is clear. Adam Schiff will become chair of the House Intelligence Committee and Elijah Cummings will become Chair of the House Committee on Oversight and Government Reform. These are all very intelligent and capable men. It will be an interesting two years.  

Front paged - Frank Schnittger

Comments >> (75 comments)

RECENT FURTHER ADVENTURES

by ARGeezer Fri Jun 29th, 2018 at 01:59:19 AM EST

In late March I was happily finishing a 7' oak accessory cabinet to hold a printer, mount my modem and wireless router and shelve tech books when i noticed I was tiring and had to work shorter periods. Next morning my left foot was sore so i took the day off. Sunday it felt like the foot was going to explode if I put weight on it. Monday I went to the hospital but was rejected for admission - I failed to also mention my very dark urine - gotta be thorough.

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SCOTUS AND CORPORATE CITIZENSHIP

by ARGeezer Wed Mar 7th, 2018 at 05:21:46 AM EST

SCOTUS NEVER RULED THAT CORPORATIONS ARE PEOPLE

'Corporations Are People' Is Built on an Incredible 19th-Century Lie
How exactly did corporations come to be understood as "people" bestowed with the most fundamental constitutional rights? The answer can be found in a bizarre--even farcical--series of lawsuits over 130 years ago involving a lawyer who lied to the Supreme Court, an ethically challenged justice, and one of the most powerful corporations of the day. That corporation was the Southern Pacific Railroad Company, owned by the robber baron Leland Stanford. In 1881, after California lawmakers imposed a special tax on railroad property, Southern Pacific pushed back, making the bold argument that the law was an act of unconstitutional discrimination under the Fourteenth Amendment.

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LQD: "I don't know how to be human any more."

by ARGeezer Thu Sep 7th, 2017 at 05:19:10 PM EST

Tropical Depressions  Sam Kriss, Ellie Mae O'Hagan  The Baffler

On a wretched December afternoon in 2015, as raindrops pattered a planetary threnody on grayed-out streets, five thousand activists gathered around Paris's Arc de Triomphe, hoping to force world leaders to do something, anything, that would save the future. Ellie was there. But what she remembers most from that afternoon during the UN's Climate Change Conference wasn't what happened in the open, in front of cameras and under the sky. As they took the Metro together, activists commiserated, briefly, before the moment of struggle and the need to be brave, over just how hopeless it could sometimes feel. People talked about bafflement, rage, despair; the sense of having discovered a huge government conspiracy to wipe out the human race--but one that everybody knows about and nobody seems willing to stop.

Twenty meters beneath the Paris streets, the Metro became a cocoon, tight and terrified, in which a brief moment of honest release was possible. Eventually someone expressed the psychic toll in words that have stuck with Ellie since. It was a chance remark: "I don't know how to be human any more."

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LQD: Kulturkampf Of The Left?

by ARGeezer Fri Mar 17th, 2017 at 02:37:16 PM EST

Kulturkampf Of The Left? Extremes, Be Gone!  Ľuboš Blaha  Social Europe
If only!

A culture war has erupted in Europe, and it's happening even amongst left-wingers. On the one hand, we have the liberal cosmopolitans who "welcome" refugees, advocate supra-national identities, consider borders obsolete, and have an inclination to label working-class people with some conservative prejudices as pure fascists. On the other hand, there are the traditional socialists who distrust globalisation, supra-national projects and individualistic liberal values. They consider the post-material "New Left" ridiculous and they blame it for the fact that working-class voters are leaving the Left and beginning to vote for the far-right. In their extreme, both these attitudes are dangerous - one leads to neoliberalism, the other to nationalism.

The ultra-liberal part of the Left is gradually changing to a more social version of liberal globalism, and it fights hand-in-hand with right-wing neoliberals for a world without borders. In this kind of world, transnational capital can exploit people all over the planet without any constraints from the nation states, but the social globalists add to this grim neoliberal picture a promise of a brighter tomorrow in the form of a global welfare state and transnational regulatory bodies.

The problem is that, in reality, even the strongest one of these transnational bodies - the European Union - sometimes behaves like a neoliberal tank that crushes the social achievements of the post-war era. Look at the neoliberal rape of Tsipras´s Greece or the Americanization threat of TTIP. And there is nothing else besides the EU that would even begin to look like a more progressive and cosmopolitan order. Whether we like it or not, the cosmopolitan "brighter tomorrow" is nowhere in sight. In the meantime, we live in a cruel neoliberal reality, in which the cosmopolitan Left loses out, and transnational capital takes all. That is why liberal cosmopolitanism is not just a utopian concept, but also a dangerous one. It is useful for transnational capital, which wants to get rid of the socially protective measures of nation states.

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On Identity Politics

by ARGeezer Tue Dec 20th, 2016 at 05:00:54 PM EST

What Those Who Studied Nazis Can Teach Us About The Strange Reaction To Donald Trump  HuPo

On election night, MSNBC's Chris Matthews had a revelation. Matthews, with a pained expression, began to piece together the basis for Hillary Clinton's pending defeat. She had failed to communicate a tough position on illegal immigration. She had supported bad trade deals. She had not renounced all of the "stupid wars."  

Her presidential rival, Donald Trump, on the other hand, had waged what Matthews called a "legitimate" campaign on these issues, a claim that seemed to stretch the bounds of legitimacy, but Matthews was not alone. In the following days and weeks, others would make similar claims implying a victory that, weeks before, had been impossible was actually inevitable ― and liberalism was largely to blame

----

In a New York Times op-ed, "The End of Identity Liberalism," Mark Lilla argued that "moral panic about racial, gender and sexual identity" had "distorted liberalism's message and prevented it from becoming a unifying force capable of governing." Trump's popularity, Lilla argued, was not a consequence of a white backlash (whitelash) but rather a reaction to "the omnipresent rhetoric of identity or `political correctness.'"

And the problem with 'identity politics' is that everyone can play. All of the minority identity political agendas were blown out of the water by the simple expedient of mobilizing the now largest minority in a 'no majority' population - by a right winger. It was a disaster waiting to happen.

For more lasting success campaigns have to address the needs of all, but have to repudiate the bigotry and hate of any. Universalism is the concrete foundation for governing.  

Comments >> (17 comments)

FRANCE'S CLIENT & QADDAFI'S GOLD

by ARGeezer Fri Aug 5th, 2016 at 02:53:40 AM EST

It is not often that we get such frank discussions of the practicalities of recent realpolitik diplomacy as in this e-mail that Sidney Blumenthal sent to Hillary Clinton, then US Secretary of State: (via Wikileaks)

For: Hillary From: Sid

Re: France's client & Qaddafi's gold

 1. A high ranking official on the National Libyan Council states that factions have developed within it. In part this reflects the cultivation by France in particular of clients among the rebels. General Abdelfateh Younis is the leading figure closest to the French, who are believed to have made payments of an unknown amount to him. Younis has told others on the NLC that the French have promised they will provide military trainers and arms. So far the men and materiel have not made an appearance. Instead, a few "risk assessment analysts" wielding clipboards have come and gone. Jabril, Jalil and others are impatient. It is understood that France has clear economic interests at stake. Sarkozy's occasional emissary, the intellectual self-promoter Bernard Henri-Levy, is considered by those in the NLC who have dealt with him as a semi-useful, semi joke figure. 2. Rumors swept the NLC upper echelon this week that Qaddafi may be dead or maybe not. 3. Qaddafi has nearly bottomless financial resources to continue indefinitely, according to the latest report we have received:
....

 

Comments >> (4 comments)

The IMF and the Euro: Love's Labours Lost?

by ARGeezer Fri Jul 29th, 2016 at 02:32:17 AM EST

IMF admits disastrous love affair with the euro, apologises for the immolation of Greece    Ambrose Evans-Pritchard

The International Monetary Fund's top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory. This is the lacerating verdict of the IMF's top watchdog on the Fund's tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions.

It describes a "culture of complacency", prone to "superficial and mechanistic" analysis,  and traces a shocking break-down in the governance of the IMF, leaving it unclear who is ultimately in charge of this extremely powerful organisation. The report by the IMF's Independent Evaluation Office (IEO) goes above the head of the managing director, Christine Lagarde. It answers solely to the board of executive directors, and those from Asia and Latin America are clearly incensed at the way EU insiders used the Fund to rescue their own rich currency union and banking system.

 

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LQD: Labour's Civil War Is Due To A Paradigm Shift

by ARGeezer Fri Jul 22nd, 2016 at 06:32:29 PM EST

Why Corbyn so terrifies the Guardian  Jonathan Cook

The parliamentary Labour party is in open revolt against a leader recently elected with the biggest mandate in the party's history. Most Labour MPs call Jeremy Corbyn "unelectable", even though they have worked tirelessly to undermine him from the moment he became leader, never giving him a chance to prove whether he could win over the wider British public.
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Meanwhile, the Guardian, the house paper of the British left - long the preferred choice of teachers, social workers and Labour activists - has been savaging Corbyn too, all while it haemorrhages readers and sales revenue. Online, the Guardian's reports and commentaries about the Labour leader - usually little more than character assassination or the reheating of gossip and innuendo - are ridiculed below the line by its own readers. And yet it ploughs on regardless.

The Labour party ignores its members' views, just as the Guardian ignores its readers' views. What is going on?

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Larry Summers as hero: Que Helicopter Money?

by ARGeezer Tue Jul 12th, 2016 at 10:07:28 PM EST

Is "Helicopter Money" About to Rain Upon the World? Guest Post by David Llewellyn-Smith in Naked Capitalism

Ever since the BOJ announced a new negative interest rate policy earlier this year (NIRP) the yen has stopped falling and reversed upwards. That is, despite weak Japanese growth, despite an inverted yield curve and deeply negative long bond, and despite still weak inflation, markets have bet on spectacularly easy monetary policy generating even more of all four.  This is what is know as "quantitative failure", the notion that negative interest rates will not expand the monetary base owing to such phenomenon as crushed bank margins and the hoarding of cash under mattresses, so the currency is therefore going to rise.
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Meanwhile, in an effort to calm potential concerns about the integrity of the fiscal budget central bankers implementing such a future monetisation of infrastructure spending will doubtless be at pains to describe the process as a "one off" though, as the ever theoretical Bernanke stated in his blog: "To have its full effect, the increase in the money supply must be perceived as permanent by the public."

...a policy of "helicopter money" is only likely to work if it is done on an ongoing basis and in continuing and growing amounts. But at that point the risk of a policy mistake grows exponentially, in terms of a potentially destabilising pickup in inflation expectations and a related pickup in velocity.

Frontpaged - Frank Schnittger

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Two Weeks Post Brexit - Is Anything Clear Yet?

by ARGeezer Tue Jul 12th, 2016 at 12:29:48 PM EST

Questions and Answers:

1. It seems clear that it is in the interests of the current government to hold onto power as long as possible. But how long is that likely to be?

2. It seems clear that the City is opposed to leaving the EU. A. But will they settle for a massive 'shock doctrine' roll back of social and labor protections? B. Will they be divided in their response, and, if so, what will be the majority response? C. And how effective will their response be?

3. It seems likely that Corbyn can hold on to the leadership of Labour. But will Labour be able to bring forth a program that is able to attract or bring back enough supporters to win by-elections and a new General Election.

4. How will legal challenges and issues impact the course of events?

Frontpaged - Frank Schnittger

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News and Views

 1 - 7 October 2019

by Bjinse - Sep 30, 538 comments

Your take on this week's news

 October Thread

by Bjinse - Sep 30, 132 comments

Let's call the whole thread off

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