The Undercover Historian
There is no longstanding theory/applied pecking order in economics
Joseph Stiglitz, during the question and answer session after his talk at the World Summit on Technological Unemployment in New York on February 29, 2015, was asked whether he supported an Unconditional Basic Income as a policy response to technological unemployment. He replied, “Yes, that’s part of the solution. He quickly went on to say that Basic Income is not….
Stiglitz joins a long list of Nobel-prize winning economists who have endorsed some form of Basic Income Guarantee, including James Tobin, Milton Friedman, James Buchanan, James Meade, Paul Krugman, F. A. Hayek, Herbert A. Simon, and Robert Solow.Bien — Basic Income Earth Network
When the Labour Party lost the election last May, it received considerable criticism – even from its own frontbenchers – for failing to embrace the business community as “wealth creators.” But while businesses clearly create wealth, so do workers, public institutions, and civil-society organizations, which, through dynamic partnerships, drive long-term growth and productivity. Indeed, a progressive economic agenda must begin with the recognition that wealth creation is a collective process and that market outcomes are the product of how these various “wealth creators” interact.
We must drop the false dichotomy of governments versus markets and begin to think more clearly about the market outcomes we want. There is plenty to learn from public investments that were mission-oriented, instead of focused on “facilitating” or “incentivizing” business. Policy should actively shape and create markets, not just fix them when they go wrong.…Project Syndicate
Saudi Arabia's foreign minister said Syrian President Assad must give up power or face being forcibly removed. http://t.co/hyZKwQU2QJ— The Daily Beast (@thedailybeast) September 30, 2015
Democracy is in need of a major overhaul and the socialist movements of Latin America are the ones to deliver it, Bolivian Vice President Alvaro Garcia Linera said Tuesday. Speaking at the Meeting for Latin American Progressives conference in Quito, Ecuador, the Bolivian leader criticized the way democracies operate in the world today.
The vice president listed two main areas of concern: a lack of citizen participation in decision making processes and the monopolization of power by elites. “In many societies, not even 2 percent of the population participate in making decisions,” said Garcia Linera. These include the “false democracies of the North ... and it is not a model we want to imitate or follow,” he added….
Above all, added Garcia Linera, people must fight for sovereignty and the right to participate in making decisions that affect their surroundings and not be controlled by other foreign powers, particularly global neoliberal interests, said the vice president.teleSur
I got the following email this morning and I want to share it with you:
“I see that you’ve posted a translation of the report attributed to Sergei Glazyev. While parts of it “ring true” because of SG’s similar formulations in the past, you might want to make your readers aware that this is a leaked text. My information is that it is, at best, a rough draft of what he may have reported before the Security Council. Some suspect that elements were doctored, to make it easier for the liberal financial press to attack it, as they have been doing for the past couple of weeks. See, for example: http://www.zavtra.ru/content/view/glazev-i-plan-revolyutsii-sverhu/ (not that everything in that article is right; the point about the corporate foreign debt is not so strange, for example, and is one that Yevgeni Primakov often made). Academician Glazyev did, however, present the entire, genuine article at today’s MEF session“.
Therefore, dear friends, caveat emptor (as always!).The Vineyard of the Saker
He recently engaged in a wide-ranging interview with astrophysicist Neil deGrasse Tyson. Part two of that interview was posted on Friday night, and in it, Tyson asked Snowden why he’s not on Twitter.
“You kind of need a Twitter handle. So like @Snowden, maybe? Is this something you might do?” Tyson asked.
“That sounds good, I think we’ve got to make it it happen,” Snowden replied.The Intercept
For one thing Russia now exports more agricultural products than weapons
There are more democracies in the world today than non-democracies, according to data from Polity IV.1 Yet, few of those are what we would call liberaldemocracies – regimes that go beyond electoral competition and protect the rights of minorities, the rule of law, and free speech and practice non-discrimination in the provision of public goods.
Hungary, Ecuador, Mexico, Turkey, and Pakistan, for example, are all classified as electoral democracies by the Freedom House.2 But in these and many other countries, harassment of political opponents, censorship or self-censorship in the media, and discrimination against minority ethnic/religious groups run rampant. Fareed Zakaria coined the term ‘illiberal democracy’ for political regimes such as these that hold regular elections but routinely violate rights (Zakaria 1997). More recently, political scientists Steve Levitsky and Lucan Way (2010) have used the term ‘competitive authoritarianism’ to describe what they view as hybrid regimes between democracy and autocracy.…Freedom House and Fareed Zakaria are tipoffs of false narrative.
The Bank of England governor has given a stark warning that climate change poses a huge risk to global stability.
At a gathering of leading insurers at Lloyd's of London, Mark Carney pointed out the rapid increase in weather-related catastrophes and the jump in both the physical and financial costs.
He said the challenges currently posed by climate change "pale in significance compared with what might come".
He said this generation had little incentive to avert future problems.
He avoided spelling out what was causing this apparent change, but said evidence was mounting of man's role in climate change.…Currency irresponsibility may lead to financial instability in the future.
"The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security."
But he said because the cost would fall on future generations there was little impetus on the current one to fix it: "In other words, once climate change becomes a defining issue for financial stability, it may already be too late."And social, political and economic stability as well.
In Part 1 of this two-part blog I laid out a general analytical framework for considering fiscal rules that might allow governments to borrow for infrastructure as long as all current expenditure is at least matched by taxation and other current receipts. This is more or less the rule that the British ‘Charter of Budget Responsibility’ imposes and the approach that the new (previously called radical left) British Labour Party leadership aspires to obey. I use previously called ‘radical left’ advisedly because as the days pass the utterances of the economic leadership make it difficult to differentiate between Labour and the Tories. The main difference appears to be the worn out “we will tax the rich and the crafty tax dodgers to balance the budget”. A nonsensical stance for a progressive political force and verges on Game Over syndrome. John McDonnell’s presentation to the National Labour Conference yesterday was a further walk into obscurity. By claiming they are not “deficit deniers” and will close the deficit as a priority they have walked right through the Tory framing door. Not lingered on the doorstep and then sought more salubrious premises. But they are right inside – trapped into the same mantra – yes, they will cut the deficit but it will be a fairer cutting. The rich will pay. And pigs might fly.Bill Mitchell – billy blog
Part 1 – British Labour Party is mad to sign up to the ‘Charter of Budget Responsibility’.…
David BlanchflowerI'm sure these ideologue people have the best goals and intentions, but that is never enough to get the job done.
HALFTIME REPORT: Asia at session-lows; close to $300 billion in market cap wiped out across just the blue chips pic.twitter.com/N59tvgwltJ— David Ingles (@DavidInglesTV) September 29, 2015
The only way to restore coherence in America’s dysfunctional foreign policy is to follow the money and change its flow.The Blaster
“Strategic communications” or Stratcom, a propaganda/psy-op technique that treats information as a “soft power” weapon to wield against adversaries, is a new catch phrase in an Official Washington obsessed with the clout that comes from spinning false narratives, reports Robert Parry.Complement of the false flag operation and often the preparation for it.
“Business Online» for the first time publishes the full text of the widely discussed analytical document that will be presented today at the Security Council of the Russian Federation. Today, presidential adviser Sergey Glazyev will be presenting at the closed session of the interdepartmental commission of the Security Council the same report, which became widely known thanks to front-page article in the newspaper “Kommersant”, where it was named as the most complete presentation of the program outlined by the supporters of the “modernization breakthrough.” At the same time, at the disposal of both critics and apologists of these ideas was a biased set of fragments, but not the text itself – “Business Online» fills this gap.
Today, presidential adviser Sergey Glazyev will be presenting at the meeting of the interdepartmental commission of the Security Council a report on additional measures to overcome the economic sanctions against Russia
The report “On urgent measures to strengthen the economic security of Russia”, will be presented today at the inter-ministerial committee of the Security Council, which, after reading will pass it to the “Grand Council” chaired by Russian President Vladimir Putin. Proposals for the change of economic policy were prepared under the supervision of the Presidential Adviser Sergey Glazyev, although not by him alone, but by a group of about fifteen associates. Most of them belong to the domestic scientific community, moreover, the adviser to the president is a member of the Academy of Sciences.
Meanwhile, last week, the document acquired notoriety because of freestyle exposition of its ideas in the newspaper “Kommersant” – many economists and liberal journalists criticized the report. Yet no one could read the ” Pasternak himself”, because the report has not been published anywhere. As explained one of our well-known economists, head of the Institute of dynamic conservatism Andrey Kobyakov, the quotes from the report in “Kommersant” were “completely torn out of context,” and in this distorted form caused quite a stir in the Internet and in the liberal press. Meanwhile, in his view, the document offers practical measures to prevent the collapse of the Russian economic and public institutions in a standoff with the West.
“Business Online» is the first of the Russian Media to offer its readers the opportunity to to make up their own minds about the report of Sergey Glazyev. For ease of reading, we have divided it into chapters.
|Full English translation.|
The Vineyard of the Saker
Sergey Glazyev’s Report: “About urgent measures to counter threats to the existence of Russia”
.@realDonaldTrump slams "phony unemployment rate" and unveils tax plan to create jobs http://t.co/lHDGbjqQCX http://t.co/GU6uNfE7Zj— CNN Politics (@CNNPolitics) September 28, 2015
In the UK Guardian article (September 26, 2015) – John McDonnell: Labour will match Osborne and live within our means – analysis of the position being taken by the new Shadow Chancellor in Britain, John McDonnell was provided. I have to say it seems to have caused some serious conniptions among those disposed to Modern Monetary Theory (MMT) if I am to judge by the E-mails I have received in the last 36 hours and the tweeting activity that followed the publication. But if we consider what he said carefully, it may not be as bad as the Guardian headlines suggest. However, his statement discloses a deep insecurity in the Corbyn camp that leaves them adopting fiscal rules that are the hallmark of the neo-liberals. It retains focus on the fiscal balance, however, decomposed into current and capital, whereas the focus should be on creating full employment and prosperity. The adoption of the Tory fiscal rule – the so-called – Charter of Budget Responsibility – still provides some flexibility for government to avoid harsh austerity. However, it can easily become a source of unnecessary rigidity, which prevents the government from fulfilling its responsibilities to advance welfare. Overall, the insecurity it betrays is the worrying part of this statement. This blog is in two parts – today is more conceptual (and longer). Tomorrow – will be more empirical (and much shorter). We will conclude that the British Labour Party is mad to sign up to the ‘Charter of Budget Responsibility’, which is a chimera – it is not a responsible framework at all.…Sigh. "We'll match you and raise you."
There is hardly a single new urban development in the country that has yet gone over its estimated time line for completion and vitalization, so any ghost city labeling at this point is premature: Most are still works in progress. But while building the core areas of new cities is something that China does with incredible haste, actually populating them is a lengthy endeavor.
When large numbers of people move into a new area, they need to be provided for; they need public services like healthcare and education. Therefore, a population carries a price tag and there is often an extended period of time between when cities appear completed and when they are actually prepared to sustain a full-scale population. This could be called the “ghost city” phase.
Most large new urban developments in China eventually move through this phase and become vitalized with businesses and a population. Essential infrastructure gets built, shopping malls open, and places where residents can work are created. In many of the biggest new cities, new university campuses will emerge and government offices and the headquarters of banks and state owned enterprises will be shipped in, essentially seeding these fresh outposts of progress with thousands of new consumers. From here, more businesses are attracted — often drawn by favorable subsidies like free rent — and more people trickle in as the city comes to life.
Some of China’s most notorious ghost cities saw phenomenal population growth in recent years, according to a report by Standard Chartered. In just a two year period from 2012 to 2014, Zhengdong New District’s occupancy rate rose doubled, while Dantu’s quadrupled and Changzhou’s Wujin district increased to 50 percent from 20 percent. Though there is still an excess of vacancies in these places, when urban areas of high-density housing are even half full there’s still a large number of people living there — more than enough for the place to socially and economically function as a city.
It generally takes at least a decade for China’s new urban developments to start breaking the inertia of stagnation. But once they do, they tend to keep growing, eventually blending in with the broader urban landscape and losing their “ghost city” label.…Reuters – April 22, 2015
While the American media focuses in on the Trump vs. Fiorina zinger-fest with laser-like precision, foreign news... http://t.co/tLnR7UKuE3— An American Warning (@AAWarning) September 19, 2015
#China reportedly sends aircraft carrier to #Syria to help #Russians fight #ISIS and jihadists. http://t.co/SiXA67gkcN— Alex Jones (@RealAlexJones) September 26, 2015
President Vladimir Putin has said that in Syria Russia recognizes only the lawfulness of the army subordinate to President Bashar al-Assad and drawn attention to the lamentable results of the combat training of the Syrian opposition by the U.S. military.
"There is only one regular legitimate army there. It is the army of Syrian President Al-Assad. And it is confronted by what some of our international partners interpret as the opposition. In fact, in real life al-Assad's army is fighting against terrorist organizations," Putin said in an interview to U.S. journalist Charlie Rose for CBS and PBS TV channels ahead of his participation in the UN General Assembly.…
President Vladimir Putin has said that Russian presence in Syria is based on fundamental principles of present-day international law and is exercised at the request of the Syrian government.
"We proceed from the UN Charter, i.e. fundamental principles of present-day international law according to which some one or other type of assistance, including military assistance, can and should be rendered solely to the lawful governments of countries with their consent or at their request or under a resolution of the UN Security Council," Putin said in an interview to U.S. journalist Charlie Rose for CBS and PBS TV channels ahead of his participation in the UN General Assembly.Putin reminds the world of the obvious.
"In this case we have a request of the Syrian government for rendering them military-technical assistance which we are doing in the framework of absolutely legal international contracts," the Russian president added. Asked about the purpose of Russian presence in Syria Putin said: "Today it amounts to arms deliveries to the Syrian government, personnel training and rendering humanitarian assistance to the Syrian people."
Summary. One of the most influential critics of the ideas of Piketty is Matthew Rognlie – who, to be able to write down his criticisms and following the national accounts, reintroduced the idea of ‘land’, or unproduced inputs like land and natural resources including land underlying buildings, in a neoclassical world. Herewith he undid the work of John Bates Clark, who purged ‘land’ from the concept of capital of classical economics, therewith enabling the rise of neoclassical economics. But this is not the only example of the return of land into economic discourse – land has made quite a return.…Real-World Economics Review Blog
Panagopoulos also explains in his note that Washington’s strategy was to stress the geopolitical importance of keeping Greece in the single currency and the need for the eurozone to agree a further reduction of Greek debt. The Greek ambassador suggests that the US government also encouraged the International Monetary Fund to be vocal on the issue of debt relief.
Sources also told Kathimerini that it was Washington who emphasized the geopolitical angle to the Greek issue through NATO. On June 19 NATO deputy Secretary General Alexander Vershbow said a Greek exit would “indeed have repercussions” for the alliance. He told a security conference in Bratislava that NATO was “worried about” a Grexit. His comments came just after Greece and Russia agreed a pipeline deal.
Panagopoulos describes in his telegram that there was frequent and extensive contact between Athens and Washington, including officials from the Treasury and the State Department, during the protracted negotiations that led to the signing of the third bailout in Brussels.Turns out that the US did play a role in the process but left Greece to hang out to dry instead of pressuring Merkel to cut a deal that had a chance of actually working rather than being resulting in a German occupation of Greece.
Will U.S. heavy equipment giant Caterpillar become a Chinese company one day? For Chen Qihua, vice president of Caterpillar Inc. and chairman of Caterpillar China, it's a matter of not ownership but commitment.…Ecns
The People's Bank of China (PBOC), the central bank, said on Friday that it would maintain continuity and stability in its monetary policy.
Going forward, the PBOC will continue with a prudent monetary policy and be more focused on striking a balance between tight and loose, it said in a meeting regarding the third quarter.
The central bank will employ multiple monetary policy tools to maintain "moderate" liquidity and realize proper expansion in credit and social financing.
It will continue with financial reforms to improve efficiency and try to lower financing costs.
Effort will be made to promote interest rate liberalization, improve the RMB exchange rate mechanism and keep the RMB exchange rate generally stable at an equilibrium level, it added.Translation: We will try to look more like A Western central bank.
Stressing that China's economy will keep growing at a "medium-high" pace in the coming years, President Xi Jinping has offered reassurance to global investors during his United States visit.
"China's economic fundamentals remain solid and will continue to maintain long-term steady growth," Xi told more than 30 executives from top Chinese and U.S. enterprises in Seattle on Wednesday.…
In the first half of 2015, China's GDP expanded by 7 percent, its slowest pace in nearly a quarter of a century but still standing out from other major economies.
As long as China keeps this up, the country can realize its goal of doubling national GDP and per capita income by 2020 from their 2010 levels.…
China can no longer afford reckless expansion as resource supply and the environment become strained and the external market is limited, Bai said, arguing that the economy will get healthier and stronger by transforming its industrial structure to make it higher-end, cleaner, more innovative and driven by domestic consumption.
"Foreign firms in China should catch up with the transition and upgrade their technologies and strategies in the country," he concluded.
At the UN General Assembly on Saturday, Chinese President Xi Jinping announced a $2 billion South-South Cooperation aid fund to help developing countries in their efforts towards sustainable development over the next 15 years.
“China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030,” Xi said the UN sustainable development summit in New York.
China will exempt the debt of the outstanding intergovernmental interest-free loans due by the end of 2015 owed by the relevant least developed countries, landlocked developing countries and small island developing countries,” he added.
China will also push for immediacy in operations of the newly launched BRICS Bank and the Asian Infrastructure Investment Bank, Xi said.…The BRICS Post
“It is not just about fulfilling the needs of the poor and upholding their dignity, nor about assuming moral responsibility for this, but realising that the very goal of a sustainable future cannot be accomplished without addressing the problem of poverty,” he said.
Bolivian President Evo Morales delivered a speech on Friday at the U.N. General Assembly calling on world leaders to work together to provide more opportunities to economically disadvantaged populations.
In efforts to achieve this, the Bolivian leader encouraged countries to curb what he described as “unprecedented military spending.”
“War is the most lucrative business for capitalism,” President Morales said.
He also warned of ongoing efforts by wealthy countries to “demonize and criminize leaders of progressive governments with anti-capitalist agendas.”
During his speech, Evo Morales criticized the current global economic system, calling on the international community to genuinely examine the root causes of poverty.
“If we get rid of the capitalist system, then we will get rid of poverty,” Morales added.
In his address, President Morales also highlighted the importance of nationalization polices as a strategy to provide governments with greater economic sovereignty over its wealth and natural resources.
Since Morales came to power in 2005, the Bolivian government has become the main wealth generator in the country, distributing this funding through programs and social investments. As a result, since 2006, social spending in the area of health, education, pensions, and poverty alleviation programs has increased over 45 percent.teleSUR
The Bank of Russia is ready to provide ten systemically important banks with special loan facilities to meet the liquidity coverage ratio (LCR), the press service of the regulator told TASS on Friday.
"The Bank of Russia may provide systemically important banks and credit institutions in their groups with irrevocable loan facilities secured by papers from the Lombard List of the Bank of Russia, gold and non-marketable assets for the purposes of covering the shortage of highly liquid assets used in LCR calculations," the Central Bank said.…Taking a cue from the Fed.
US has been getting ready for a possible war involving Russia in Europe’s Baltic States, German media reports. The report says all the NATO war games organized in the region by Washington have been intended to prepare various military response scenarios.
The Pentagon has shifted its military thinking when it comes to Moscow, selecting Russia’s direct neighbors in the Baltic region as the battleground, Deutsche Wirtschafts Nachrichten (DWN) writes.
What the US sees playing out is hybrid warfare, which employs irregular troops and focuses on destabilizing the region via mass rallies as well as cyber-attacks on critical infrastructure, according to the newspaper.…
After reports of “American missiles put in a certain location and about certain ammunition depots in Eastern European countries and the Baltic,” Russian Deputy Defense Minister, Anatoly Antonov, stated that NATO is provoking Russia into an “arms race.”RT
[All of the data I cited are from surveys conducted by the Levada Center, Russia’s most professional polling organization.]See also by Professor Legvold
RD Interview: Professor Emeritus of Columbia University Robert Legvold argues that Russia and the U.S. are in the second phase of a new Cold War that has the potential to exacerbate the situation in Syria and become another missed opportunity for cooperation.Russia Direct, Syria is now in the middle of a new, more dangerous Cold War
China deploys troops to help Russia in Syria
Remember the joint military exercises of Russia and China in the sea and on land? With landing on shore and fighting against terrorists?
And here is the answer to the question of why they trained together.
"An Arab news source [Al Masdar News] reports that a military contingent of the PRC is on the way to Latakia and will arrive in Syrian ports any day. Chinese transport with military cargo was spotted on Tuesday morning, passing through the Suez canal.
Information about the Chinese military experts heading to Tartus was confirmed by the commander of the Syrian army. The report concludes that Moscow will create in Syria an anti-terrorist coalition that will become the alternative version of the military alliance formed by the US for dropping supplies to ISIS. Military entrance of China into the struggle for Syria will be an important addition to today's statement by the Iranian Foreign Ministry. At a press conference with "Russia Today" deputy foreign minister of Iran, Hossein Amir Abdollahian stated that Iran will fight ISIS together with Russia. Notably Amir talked not just about an alliance, but a creation of a broad military coalition.…
The presence of the international coalition significantly changes the balance of power in favor of Moscow, untying Russian hands for direct military action in the Middle East."
It seems that Russia has finally returned to the Middle East.Fort Russ
I am teaching Origins of Political Economy this fall which allows me to (re)read some classical books starting with Adam Smith. Having read Ricardo, students were wondering whether the metalist view still holds today and if not, what replaced it. I found this paper by Stephanie Bell [now Kelton] very enlightening, which contains a quote from Adam Smith. Here is the full paragraph (source) from ‘Chapter II (continuation): On Money considered as a particular Branch of the general Stock of the Society, or of the Expense of maintaining the National Capital‘:
The US Federal Reserve’s decision to delay an increase in interest rates should have come as no surprise to anyone who has been paying attention to Fed Chair Janet Yellen’s comments. The Fed’s decision merely confirmed that it is not indifferent to international financial stress, and that its risk-management approach remains strongly biased in favor of “lower for longer.” So why did the markets and media behave as if the Fed’s action (or, more precisely, inaction) was unexpected?
What really shocked the markets was not the Fed’s decision to maintain zero interest rates for a few more months, but the statement that accompanied it. The Fed revealed that it was entirely unconcerned about the risks of higher inflation and was eager to push unemployment below what most economists regard as its “natural” rate of around 5%.
It is this relationship – between inflation and unemployment – that lies at the heart of all controversies about monetary policy and central banking. And almost all modern economic models, including those used by the Fed, are based on the monetarist theory of interest rates pioneered by Milton Friedman in his 1967 presidential address to the American Economic Association.Project Syndicate
In Iowa, I laid out my plan to slash Obama era regulations and ignite our economy. Watch -> https://t.co/b75Jns4xHI— Jeb Bush (@JebBush) September 25, 2015
“We accept we are going to have to live within our means and we always will do – full stop,” the shadow chancellor said ahead of the Labour conference, which opens in Brighton on Sunday.
He added: “We are not deficit deniers."
It commits the government to delivering an overall surplus by 2019-20 and to running an overall budget surplus in “normal times”.
The shadow chancellor said: “We will support the charter. We will support the charter on the basis we are going to want to balance the book, we do want to live within our means and we will tackle the deficit.”
John McDonnell: Labour will match Osborne and live within our means http://t.co/60DTUqFnCL << if this is true then Corbynism is already dead— Neil Wilson (@neilwilson) September 26, 2015
Deficits and debt are no longer at the top of the GOP agenda http://t.co/9xQCmLITE6— Washington Post (@washingtonpost) September 23, 2015
The differences are (see PQE is sound economics but is not in the QE family:
1. QE does not change the net financial asset position of the non-government sector at all – that is, the net wealth remains unchanged. It is an asset swap. The non-government sector just rearranges is wealth portfolio – more cash, less bonds. No net change.
That is the essence of a – monetary policy operation – which alters the liquidity in the economy. It does it by portfolio swaps and in doing so influences the interest rates and the term structure.
2. PQE (or OMF) means the central bank, as one part of the consolidated government sector, the other being the Treasury, would use the currency-issuing capacity of the government to facilitate the purchase of real goods and services to build productive infrastructure.
The NIB [National Investment Bank] is just a fancy title for a government agency and would be engaged in public spending – that is, in a fiscal operation. It would be spending out of some account the Bank of England created on its behalf and filled with numbers, presumably with many zeros after the first few digits.
PQE is not QE because it is a fiscal operation, which means it would increase the net financial assets in the non-government sector because it would increase national income (via spending on infrastructure).
PQE as envisaged is a fiscal operation, not a monetary operation, whereas QE as practiced by the Bank of England, the Federal Reserve Bank of America, the Bank of Japan etc are not fiscal operations.Bill Mitchell – billy blog
This amount reflected 5.5% growth on a year-over-year basis and 3.9% growth quarter-over-quarter.
Seven out of nine sectors posted positive year-over-year growth, with the Consumer Discretionary (-0.8%) and Industrials (-0.9%) sectors being the only decliners.
$SPX (ex-Financials) reported 2nd highest cash balance ($1.43 trillion) in 10 years for Q2. http://t.co/AuSs64UX4S pic.twitter.com/fzFnPy8kbr— FactSet (@FactSet) September 24, 2015
Janet Yellen still expects U.S. interest rate rise this year http://t.co/2ufFYW7Sif pic.twitter.com/K2OfWnCbh1— Bloomberg Business (@business) September 25, 2015
Washington's plan to modernize NATO's nuclear arsenal in Germany has triggered a heated debate across Europe and prompted concerns in Moscow; if the information is confirmed it would "shock Europe into reality," French journalist and founder of Agora Erasmus political organization Karel Vereycken told Sputnik.…
The irony of the situation is that while Germany's population remains widely opposed to nuclear power, the country is now being forced by Washington to station new nuclear bombs on its territory.…
The program of President as follows: Putin first will listen to colleagues and then he will speak at the General Assembly, and then hold a conversation with UN Secretary General Ban Ki-moon. After that, will hold talks with Prime Minister Shinzo Abe, and then there will be a meeting with Barack Obama - said Peskov.I guess Putin and Russia are not all that isolated after all. The US right will be duly outraged, of course.
Vladimir Putin spoke to British singer Elton John by telephone on Sept.24, asked him not to take offense at the telephone pranksters and said he is ready to meet with him to discuss any topic, presidential press secretary Dmitry Peskov said.
"After a meeting [on agricultural development, in the Rostov region] the president has just spoken by telephone with Elton John. He did actually," Peskov told reporters in the Rostov Region.
From, naturally, Robert Waldmann, chez DeLong, pointing out that the Emperor not only has no clothes, but has been deliberately strutting his lack of stuff since the late 1970s….Angry Bear
Last weekend, the Greece people (or a declining proportion of them) elected a new national government. It was a farce. There was no competing electoral mandates sought. The population know what is in store for them. The policy mandate in force wasn’t even supported by popular vote. It comes from the Troika, which now effectively governs the Colony of Greece. The new Prime Minister, who sold the people out prior to the election, is now talking about making changes. Yeh, right! He is now just a tool for the Troika. National elections where the people do not vote for anything much don’t look like a healthy democracy to anyone who isn’t in denial as to what has been going on. Democracy is about the people being able to change governments that do them harm. In the Eurozone that is an old-fashioned idea. National elections have become a sop, a pretense. And the people knew it and stayed away in droves. The Greek election was a total farce – democracy died.…Bill Mitchell – billy blog
SHOCK POLL: Trump Receives 25% of Black Vote – Enough to Ensure a GOP Landslide https://t.co/FQOjMpvX51— Kathy Hoffman (@kathy_hoffman) September 20, 2015
In the almost one-hundred-year existence of the Chinese Communist Party (CCP), its current general secretary, Xi Jinping, is only the second leader clearly chosen by his peers. The first was Mao Zedong. Both men beat out the competition, and thus secured a legitimacy their predecessors lacked.Getting to know Xi Jinping as one of the most powerful men in the world and China's most powerful leader since Deng Xiaoping.
Why was Xi chosen?
"The October 2013 government shutdown came with a $24 billion price tag as hundreds of thousands of furloughed workers took home smaller paychecks and small businesses were hobbled by frozen government contracts and payments," Money Morning Chief Investment Strategist Keith Fitz-Gerald told his Total Wealth research service readers on Sept. 18. "Consumer confidence went into the proverbial toilet and quarterly GDP growth fell from 3% to a middling 2.4%."
Now, exactly two years later, we're about to do it all over again.