asterisk2a + dogma + economy   36

George Osborne: A profile of the man behind the Budget - BBC Newsnight
// 70% of UK economy growth (GDP), 2015, was consumption. // and trade deficit/current account deficit for 2015, biggest ever on record ---- The UK's current account deficit widened to a record high in the final quarter of last year.
The deficit in the three months to December was £32.7bn, the equivalent of 7% of GDP, said the Office for National Statistics (ONS).
For all of 2015, it came to £96.2bn or 5.2% of GDP. Both figures were the highest since records began in 1948.
A current account deficit means the value of imports of goods, services and investment income exceeds exports.[...] "An obvious potential trigger for the markets losing confidence in the UK economy could be a vote to leave the EU in the 23 June referendum." [ harder to finance w weak Sterling and higher interest rates, rating agencies hinted at the case of a downgrade of UK's credit worthieness ] - bbc.in/1ZMEvAg
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march 2016 by asterisk2a
Weltwirtschaft: Ökonomen halten Ende des Wachstums für unvermeidlich - SPIEGEL ONLINE
Weltwirtschaft: Ökonomen halten Ende des Wachstums für unvermeidlich [...] Ein Beispiel: Wenn das Bruttosozialprodukt eines Landes 10 Milliarden Euro beträgt und um eine Milliarde Euro wächst, dann entspricht das einer Steigerung von zehn Prozent. Wenn das BIP aber 1000 Milliarden Euro beträgt, dann müsste die Wirtschaft schon um 100 Milliarden Euro wachsen, um ein Wachstum von zehn Prozent zu schaffen. Wächst das BIP wie vorher um eine Milliarde Euro, entspricht das nur noch einer Steigerung von 0,1 Prozent. Die Wirtschaft wäre dann sozusagen ausgewachsen. Die alten Zeiten kehren nicht mehr zurück [...] Sollten die Ökonomen recht haben, hätte das für Staat und Sozialsysteme einschneidende Folgen: Die Planung von Bundeshaushalt oder Rentenkasse geht von einem Wachstum irgendwo zwischen ein und zwei Prozent pro Jahr aus. [...] Die Wirtschaft "unabhängiger vom Wachstum gestalten"
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february 2016 by asterisk2a
Fred Block: The Tenacity of the Free Market Ideology - YouTube
Fred Block discusses his book “The Power of Market Fundamentalism,” which extends the work of the great political economist Karl Polanyi to explain why free market dogma recovered from disrepute after the Great Depression and World War II to become the dominant economic ideology of our time. // wo state role there would be no market system. // need social democracy in complex diverse society - representing people // freedom in complex diverse society = free of hunger and economic uncertain & freedom of nonconformity - protections, no marginalisation, no economic punishment // social democracy and free market are both Utopias // Thatcher & Co blaming State for malaise! nobody likes technocratic arguments, leaves public out, thus was able to make big return. // wealth creation through efficiency route takes more work and capital than predation (rentier/rent seeking) - ie relaxing fuel efficiency savings regulation for Detroit back in the days // trust that state can support innovation
economic  history  freemarkets  free  market  neoliberalism  self-regulation  neoliberal  book  macroprudential  policy  macroeconomic  policy  microeconomic  policy  Chicago  School  USA  UK  social  democracy  capitalism  dogma  ideology  austerity  trickle-down  economics  globalization  globalisation  borderless  flat  world  Greed  boom  and  bust  crony  capitalism  plutocracy  oligarchy  Super  Rich  1%  democracy  revolving  door  Career  Politicians  No  Representation  social  mobility  American  Dream  meritocracy  meritocratic  Alain  de  Botton  philanthropy  profit  maximisation  shareholder  value  Wall  Street  Gini  coefficient  income  mobility  education  policy  welfare  state  social  safety  net  Supply  and  Demand  market  economy  Demand  and  Supply  JohnMaynardKeynes  keynes  Keynesianism  GFC  Great  Moderation  Great  Depression  Utopia  Ronald  Reagan  Margaret  Thatcher  rentier  rent-seeking  predation  financial  product  wealth  creation  R&D  STEM  productive  investment  productivity  output  gap  public  investment  underinvestment  infrastructure  investment  competitive  competitiveness  M&A 
january 2016 by asterisk2a
Why is the pound falling so sharply? - BBC News
Weak economic data is casting doubt on the future performance of the UK economy, with inflation persistently well below the Bank of England's 2% target and earnings growth slowing down from a six-year high. Earlier this month, figures for November showed that UK industrial output had suffered its sharpest decline since 2013. Looking further ahead, investors are worried about the outcome of a referendum on the UK's continued membership of the EU. As Andy Scott of foreign exchange services firm HiFX put it: "Concerns over the UK economy and the risk of a Brexit look likely to continue to haunt sterling." Traders are also generally more risk-averse in the light of the global turmoil caused by Chinese market problems and falling oil prices, which makes them reluctant to buck sterling's downward trend.
UK  BOE  Taper  ZIRP  NIRP  QE  liquidity  trap  debtoverhang  consumer  debt  household  debt  credit  card  debt  mortgage  market  industrial  policy  austerity  monetary  policy  fiscal  policy  Richard  Koo  zombie  consumer  zombie  banks  zombie  corporations  monetary  transmission  mechanism  monetary  theory  unconventional  monetary  policy  Mark  Carney  MPC  energy  policy  energy  price  competitive  competitiveness  STEM  underinvestment  tax  evasion  tax  avoidance  corporate  welfare  corporate  tax  rate  subsidies  subsidizing  secular  stagnation  immigration  migration  job  creation  low  income  Service  Sector  Jobs  recovery  GFC  bank  bailout  budget  deficit  London  Scottish  Independence  Scottish  referendum  Devolution  Brexit  uncertainty  unknown  unkown  global  economy  credit  bubble  debt  servitude  Super  Cycle  student  loan  debt  student  debt  baddebt  NPL  private  debt  economic  history  Niall  Ferguson  democracy  Super  Rich  1%  oligarchy  plutocracy  Gini  coefficient  inequality  social  mobility  income  mobility  Precariat  Zero  Hour  Contract  precarious  work  Contractor  low  pay  minimum  wage  George  Osborne  Tories  dogma  ideology  Conservative  Party  neoliberal 
january 2016 by asterisk2a
Carney: No need for interest rate rises now - BBC News
Carney said that collapsing oil prices and an "unforgiving" global environment meant that tighter monetary policy was not yet necessary. [...] He pointed out that the Fed's rate rise had only brought the US interest rate to the same "lofty level" as the Bank of England's. The Governor said that three factors would be the strongest guide to when interest rates might rise. First, that economic growth in the UK would be higher than the average trend. He said that growth at an average quarterly rate of 0.5% in 2015 had "disappointed". Second, that wage growth strengthens and productivity improves. And, third, that core inflation starts to approach the target rate of 2%. //&! Rate rise pause till early 2017? - bbc.in/1T1Qrge - [ global risks are building, global imbalances, faultlines. ] There's a frying pan - the global growth slowdown - and a fire - high levels of indebtedness - out there. &! bbc.in/1S5N7ks
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january 2016 by asterisk2a
Why are we looking on helplessly as markets crash all over the world? | Will Hutton | Opinion | The Guardian
[ so much debt in the system, a rise in interest can not be served as is ] The imminent collapse of the Chinese Ponzi-scheme economy shows that we need to bring control to the international economy. [...] There has always been a tension at the heart of capitalism. Although it is the best wealth-creating mechanism we’ve made, it can’t be left to its own devices. Its self-regulating properties, contrary to the efforts of generations of economists trying to prove otherwise, are weak. [...] Profits as a share of national income in Britain and the US touch all-time highs; wages touch an all-time low as the power of organised labour diminishes and the gig economy of short-term contracts takes hold. The excesses of the rich, digging underground basements to house swimming pools, cinemas and lavish gyms, sit alongside the travails of the new middle-class poor. These are no longer able to secure themselves decent pensions and their gig-economy children defer starting families ...
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january 2016 by asterisk2a
The Guardian view on fair play in politics: a Conservative coup | Editorial | Opinion | The Guardian
From trade union reform to parliamentary process, the Tories show a pattern of contempt for the protocols of democracy [...] Thanks to a crafty, albeit constitutionally permitted, parliamentary manoeuvre, a cut that will affect hundreds of thousands of disadvantaged young people went through without proper debate or vote on the floor of the Commons. David Cameron commands a slender majority, but it is enough to pass most of his legislative programme in a more transparent fashion. Only the most controversial elements risk obstruction, either through rebellion on the Tory benches in the lower house or rejection in the upper one. [...] That episode, like the vote on student grants, is consistent with a pattern displayed by this government of impatience with democratic norms, verging on contempt. One habit is bundling measures of primary importance up in secondary legislation. [...] lay the foundations for a long-term Conservative monopoly on government.
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january 2016 by asterisk2a
Conspiracy-theorist nutbags run Congress, and they’re making Benghazi a verb: Next up, climate scientists - Salon.com
But in this political environment, being cautious about just handing a bunch of documents over to Republican is a smart move. After watching the Planned Parenthood and Benghazi hearings, a couple of things are clear: One, the Republicans will extract any stray word or number they can and take it out of context in an effort to advance their political agenda, with concerns about decency and honesty not restraining them in the slightest. Two, if they can’t find something like that, they’ll probably just lie about it. [...] The episode was a stellar demonstration of how the utter lack of morals and decency among House Republicans will lead them to distort and lie about numbers, even in the most obnoxious and obvious ways. [...] Imagine what kind of lies and distortions Republicans could gin up with the complex equations and variables that go into climate science. // confusing people. put doubt into peoples mind.
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december 2015 by asterisk2a
UK interest rates held at 0.5% after 8-1 Bank vote - BBC News
The central bank said cost pressures in the UK's labour market were rising too slowly for inflation to return to the Bank's 2% target, and that inflation would stay below 1% until spring 2016. Inflation has been hovering around 0% for the past few months, but the Bank had indicated that robust domestic growth and the fading effect of last year's big oil price falls would cause it to bounce back towards 2% next year. Although UK consumer spending had remained resilient, bolstered by wage growth, attempts to reduce the UK budget deficit had restrained activity and global growth had been below average.
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october 2015 by asterisk2a
Egon Krenz: der Kalte Krieg war nie zu Ende by Sputnik Deutschland
Europa ohne Russland geht nicht. USA sieht nicht gern das Europa/Deutschland gut mit Russland sind. [...] Die idee des kommunismus ist nicht tod zu kriegen. [...] Der kapitalismus kann nicht das letzte wort gehabt haben. [...] AIIB & BRIC (+South Africa) - ohne USA, ohne EU (ja nicht alle, Germany in AIIB)! // TTIP und co. schliesst BRIC aus. Punkt!!! USA will sich wirtschafts and und politische macht sichern mit TTIP und TPP before es zu spaet ist. // battle of ideas. battle to capture parts of new world, global trade and economy, future generations (emerging middle class).
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september 2015 by asterisk2a
In the loop August 28: Google, Brexit lobby and Uber's expansion by POLITICO Europe
[My take, for EU to thrive, it needs 2 develop & integrate further the 6 killer apps of western nations history, but they dont do that. quite the opposite especially under pressure situations (refugee crisis response: bit.ly/1KkArk5 Merkel 'this is EU wide problem, not just Germanys') & that is very much something that speaks 4 Brexit as UK has 2 give up further powers & further struggle 2 be just a prosthetics (not even appendage like science can grow an ear on someones arm) 2 Europe, which gives other countries internal nationalism leverage 2 put barriers in way of really putting Europe on the map of the "world economy," developing/advancing the 6 killer apps 4 Europe. Brexit will be part of Merkel's legacy! Verwalten of status quo. No principles. No vision. No mission. No future.] bit.ly/1FW3Qgi // European integration itself is a Moonshot project & it looks like that crisis management leading to political crisis, doesnt help at all putting the rocket together in the first place.
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september 2015 by asterisk2a
Weltwirtschaft: BIZ warnt vor Krediten in Schwellenländern - SPIEGEL ONLINE
Die Bank für Internationalen Zahlungsausgleich sieht Alarmzeichen für Banken in vielen Schwellenländern. Die Kreditvergabe in China, Brasilien oder der Türkei habe ein bedrohliches Verhältnis angenommen, warnt die Notenbank. // &! Die Welt steuert auf den Bankrott zu (QE trap): Eine vorläufige Antwort: Das tieferliegende Problem besteht darin, dass sich die Weltwirtschaft insgesamt auf den Bankrott zubewegt - und das wird umso schneller gehen, je höher die Zinsen sind und je niedriger die Preissteigerungsraten.
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september 2015 by asterisk2a
Simon Hix on the election of Jeremy Corbyn as the new leader of the Labour Party - YouTube
Movement (Bobble Head of our time that captured imagination of disenfranchised part of society which became disengaged with Politics because they had no voice and no impact and no shared views) - vs - [Labour] Party (something babyboomers and pensioners could voted for (if) it is properly framed, spun, communicated over and over again that they've sold out their kids and grand children for their own gain and capture of wealth and have to change course. because their kids and grand children are on a backfoot very much, already. and can not take guaranteed the opportunities and social and capital luxuries babyboomers, post-war gen (pensioners) have enjoyed and continue to enjoy. that they have to give up some of their pie).
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september 2015 by asterisk2a
Disenfranchised Voters and the Rise of Radical Populism - YouTube
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september 2015 by asterisk2a
Public Lecture by Professor Niall Ferguson 2013-04-09 - YouTube
[6 Killer Apps - youtu.be/xpnFeyMGUs8 ] Degeneration and Regeneration after the GFC // interlude: Margaret Thatcher, the power of ideas in public office, in politics: Nature of freedom, economic freedom & other freedoms. Hayek & Adam Smith // The Great Degeneration (new Book 2013). Theme: The role of institutions in the creation and preservation of freedom. // GFC = "The slight depression." Avoided Great Depression like scenario by policy response (reflation) different to previous history. Talks abt equity market levels back 2 pre-2007 levels. EQUITY/(financial) ASSET PRICES. Bank Bailout! But NOT reached (real economy) escape velocity! Proper recovery! Under Keynes it should be an admission of defeat (bc lack of fiscal stimulus)! Is a sub-plot in the story of western decline! Great reconvergence of west & the rest of the world. // &! youtu.be/VVsP2X4kuA8 &! importance of civil institutions - youtu.be/8RB7Ah95RM4 bit.ly/1NqF7am &! youtu.be/kXTjj9NQKYo &! youtu.be/tyYTChxYAQ4
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september 2015 by asterisk2a
Group of 20 Financial Leaders Agree to Act to Bolster Growth - The New York Times
Ms. Lagarde was even more explicit, making it clear that governments had for too long relied on the supply of cheap cash from central banks that have been running ultra-loose monetary policy. “Monetary policy alone will not cut it,” she said. “It is necessary, it is recommended from our perspective, particularly in Europe and in Japan still, but it will not cut it on its own. “Clearly in the fiscal sphere as well as in the structural reforms sphere, more needs to be done, and it needs to accompany and eventually take the baton from the central bank governors.”
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september 2015 by asterisk2a
International Focus - A History of Austerity - YouTube
fallacy of composition problem // short-term profit seeking and rent-seeking behaviour, underinvestment, no productive investment - especially long-term. // this underinvestment - public and private sector + market forces and technological progess will level the world and the China/Asia/LatAm rises up to the western world level while western world stays stagnant (loss of standard/quality of living competitively) because of being behind - software is eating the world, 3D printing, uncompetitive manufacturing and heavy industry/goods because of higher energy prices because of lack of investment in energy storage systems that are realized right now and backing off in investment in renewable energy and energy efficiency schemes (especially UK budget2015), automation, robotics, lack knowledge workforce to fill future digital/STEM/knowledge jobs, because of low social mobility, student debt, cuts in education - vocational - professional, as well as giving up on child poverty targets.
rent-seeking  austerity  economic  history  recovery  GFC  secular  stagnation  ideology  dogma  European  Union  UK  USA  2015  underinvestment  productive  investment  asset  allocation  short-term  thinking  short-term  view  hunt  for  yield  QE  ZIRP  NIRP  asset  bubble  speculative  bubbles  equity  bubble  bond  bubble  public  investment  infrastructure  investment  long-term  view  long-term  thinking  Career  Politicians  neoliberalism  neoliberal  No  Representation  academia  academics  Angela  Merkel  Wolfgang  Schäuble  Troika  IMF  OECD  ChristineLagarde  Richard  Koo  Paul  Krugman  Robert  Reich  Joseph  Stiglitz  sovereign  debt  crisis  zombie  banks  TBTF  too  big  to  jail  toobigtofail  bank  bailout  NPL  ECB  Fed  BOE  fiscal  policy  Pact  Schuldenbremse  manufactured  consent  corporate  state  propaganda  corporate  media  populism  PR  spin  doctor  Eurogroup  EuroFin  democracy  Generationengerechtigkeit  fairness  social  contract  crony  capitalism  deregulation  self-regulation  regulation  regulators  lobbyist  lobby  Lobbying  revolving  door  unintended  consequences  unknown  unkown  lost  decade  lost  generation  western  world  Developing  developed  world  Gini  coefficient  social  mobility  income  mobility  policy  in 
august 2015 by asterisk2a
If David Cameron really wants to help the poor, why hasn't he fired Iain Duncan Smith? - Comment - Voices - The Independent
In it Together, says that George Osborne’s view is that Duncan Smith is “just not clever enough”. But I did expect him to be moved, not primarily because he doesn’t measure up to the job, but because it would allow Cameron to ditch universal credit, the grand simplifying reform of the benefits system that everyone knows is never going to happen. So far, the best thing to be said about universal credit is that it doesn’t affect many people, as it is still being “rolled out” in “pilot schemes”. [...] Cameron knows perfectly well that it will never be implemented as intended; the Treasury knows it; No 10’s own civil servants gave up on it long ago, hence the joke about it being known as “universal cred” because the IT isn’t working. [ should take a page out of Obama's book (healthcare.gov) and ask somebody to help, who knows IT, and save it vs never able to fully deliver on it + additional cost. Comes back Cameron being a PR man and Career Politician. Never admitting to be wrong. ]
Iain  Duncan  Smith  DWP  George  Osborne  Conservative  Party  general  election  2015  election  campaign  promises  budget2015  David  Cameron  Tories  Toff  Establishment  Privileged  Career  Politicians  No  Representation  UK  political  theory  social  contract  Brexit  Universal  Credit  benefits  housing  benefit  tax  child  tax  working  tax  fairness  Generationengerechtigkeit  u-25  living  wage  minimum  wage  JSA  ESA  Disabled  PR  spin  doctor  corporate  state  neoliberalism  neoliberal  Privatisation  WCA  manufactured  consent  propaganda  populism  stigma  short-term  dogma  IMF  OECD  poverty  trap  Food  Bank  child  poverty  poverty  poverty  ideology  technocrat  policy  folly  policy  error  Jeremy  Hunt  NHS  public  health  policy  public  health  health  care  budget  health  care  spending  health  crisis  chronic  diseases  mental  health  mental  illness  sick  population  prevention  Big  Sugar  Legacy  inequality  Gini  coefficient  income  mobility  social  mobility  STEM  education  policy  industrial  policy  knowledge  economy  Makers 
august 2015 by asterisk2a
Jeremy Corbyn wins economists’ backing for anti-austerity policies | Politics | The Guardian
In the letter to which David Blanchflower, a former member of the Bank of England’s monetary policy committee is a signatory, the economists write: “The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies. His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity.” // UK can't compete with energy rich countries - ie through rebuilding (through subsidies) its industrial and manufacturing sector - it has to add value through expert services, knowledge, digital, research to existing products goods and services that then can be re-sold across the world - high energy cost, expensive transport through lack of infrastructure of the future, and lack of in-pipeline educated mobile youngster, is a structural deficit.
neoliberalism  Jeremy  Corbyn  David  Cameron  Labour  Party  Conservative  Party  Tories  Toff  Privileged  Establishment  dogma  ideology  austerity  Privatisation  neoliberal  budget2015  recovery  public  investment  underinvestment  productive  investment  infrastructure  investment  STEM  Research  digital  economy  knowledge  economy  differentiate  differentiation  IMF  OECD  global  economy  globalization  globalisation  borderless  flat  world  competitiveness  competitive  competition  competitive  advantage  current  account  deficit  trade  deficit  global  trade  trade  balance  Structural  Impediments  trickle-down  economics  economic  history  GFC  Generationengerechtigkeit  fairness  vocational  education  education  policy  social  mobility  income  mobility  Gini  coefficient  gender  inequality  inequality  professional  education  Future  of  Work  Software  Is  Eating  The  creative  destruction  added  value  value  creation  faultlines  working  poor  precarious  Precariat  squeezed  middle  class  deregulation  underemployed  unemployment  imbalance  subsidies  subsidizing  protectionism  Career  Politicians  Pivot  UK  economic  growth  economics  of  abundance  marginal  cost  energy  price  energy  policy  renewable  energy  Oil  price 
august 2015 by asterisk2a
Jobseeking Surrounded By Fictions, Myths And Convenient Narratives | Welfare Weekly
It is worth remembering that the origin of the social welfare payments by the state was to stop these kinds of moral judgements being made about a deserving and an undeserving poor. The state officially supports the stereotype of sympathy for the ‘deserving poor’ and scorn for the near criminality on the part of ‘scroungers’. [...] unemployed people are forced to drink this [Tories] cool-aid or face destitution. [...] Underlying all this is the deeper fiction that individuals are responsible for their own state of unemployment. [...] There is a broader change in the world of work, - neo-liberalism - whereby the rules developed at the height of the industrial revolution are now fully circumvented by employers [...] transfer the risk and responsibility around labour from the organisation (and state - ie keeping national workforce competitive through various means of education) to the individual. [...] leading 2 lowest common denominator regulation. [short-term, price fight, dereg]
DWP  Iain  Duncan  Smith  George  Osborne  David  Cameron  PR  spin  doctor  welfare  state  austerity  benefits  JSA  ESA  manufactured  consent  populism  propaganda  dogma  ideology  Career  Politicians  No  Representation  Public  Services  Social  Services  unemployment  vulnerable  Disabled  child  poverty  poverty  trap  poverty  food  poverty  tax  credit  child  tax  credit  working  tax  credit  minimum  wage  living  wage  budget2015  sanctions  UK  job  market  labour  market  precarious  work  Zero  Hour  Contract  Contractor  Sozialer  Abstieg  squeezed  middle  class  self-employment  mobility  downward  mobility  income  mobility  Gini  coefficient  education  policy  vocational  education  professional  education  corporate  media  corporate  state  neoliberalism  neoliberal  freelancing  freelance  Gig  Economy  insecurity  underemployed  structural  unemployment  participation  rate  long-term  unemployment  youth  unemployment  employability  employabilitie  employment  recovery  Service  Sector  Jobs  Niedriglohnsektor  manual  labour  job  creation  job  security  on  job  training  Trainee  apprenticeships  Toff  Privileged  Establishment  minority  exploitation  Student  Maintenance  Grant  Maintenance  Allowance  mature  economic  history  trickle-down  economics  part-time  corporate  tax  rate  tax  evasion  tax  avoidance  fairness  tax  income  tax  Generationeng 
august 2015 by asterisk2a
US stocks nosedive in early trading amid collapse in global markets | Business | The Guardian
[ great reflation move since 09, finds another opportunity (this time because of China) to reflect. meaning to reassess reality. same with the collapse in emerging market, money going out of high yield & risk back to US/UK in hope of Taper and then came the hammer in form of China scare, people taking even more money out of emerging market/Chinas neighbours into the safe haven (perceived) that is the $/£/EUR market ] Dow dropped more than 1,000 points shortly after the markets opened, but it recovered slightly to be down 620 points, or 6%, shortly before 10am. Dow, which had suffered big falls last week, was trading below 16,000 at 10am – the first time it has been below that level since February 2014. The index is 14% below its record peak in May, putting the Dow firmly into “correction” territory – Wall Street jargon for a drop of 10% or more from a recent peak. &! bit.ly/1EQ31Fn &! bit.ly/1F1zPue - Summers argued for fiscal stimulus, debate about secular stagnation.
correction  asset  bubble  asset  allocation  emerging  market  hunt  for  yield  unintended  consequences  2015  unknown  unkown  hot-money  ZIRP  NIRP  QE  reflate  reflation  recovery  GFC  structural  imbalance  global  imbalances  China  USA  western  world  secular  stagnation  Developing  developed  world  Europe  UK  Singapore  Asia  global  economy  global  trade  energy  price  Oil  price  OPEC  economic  history  Taper  Abenomics  Japan  Fed  BOE  ECB  BOJ  Richard  Koo  equity  bubble  bond  bubble  deflationary  deflation  job  creation  job  market  participation  rate  industrial  policy  Makers  short-term  short-term  thinking  short-term  view  policy  folly  policy  error  PBOC  distortion  faultlines  Impediments  STEM  underinvestment  productive  investment  output  gap  productivity  Paul  Krugman  Larry  Summers  Ben  Bernanke  Janet  Yellen  Mark  Carney  MarioDraghi  Angela  Merkel  Wolfgang  Schäuble  austerity  fiscal  policy  Pact  Schuldenbremse  fiscal  stimulus  George  Osborne  dogma  IMF  OECD  ChristineLagarde  ideology 
august 2015 by asterisk2a
Will Advances in Technology Create a Jobless Future? | MIT Technology Review
Who Will Own the Robots? - We’re in the midst of a jobs crisis, and rapid advances in AI and other technologies may be one culprit. How can we get better at sharing the wealth that technology creates? // BY MARTIN FORD - The Great Divide: Unequal Societies and What We Can Do About Them BY JOSEPH E. STIGLITZ &! Inequality: What Can Be Done? BY ANTHONY B. ATKINSON &! The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies BY ERIK BRYNJOLFSSON AND ANDREW MCAFEE // &! Paul Krugman - “A lot of what’s happening [in income inequality] is not just the gods of technology telling us what must happen but is in fact [due to] social constructs that could be different.” - gov policy, corporate policy (ie 4-day work week and 6-hour days because productivity and profit margin do allow for that, and more brings diminished returns etc etc but will that go down well with Wall Street?)
Universal  Basic  Income  tax  evasion  tax  avoidance  crony  capitalism  shared  economic  interest  AI  Software  Is  Eating  The  World  marketplace  efficiencies  mobile  homescreen  mobile  phone  commodity  business  commoditization  Service  Sector  Jobs  Niedriglohnsektor  Future  of  Work  Creatives  Creative  skill-biased  technological  change  skills  gap  skill  mismatch  education  policy  Makers  4-day  week  6-hour  day  productivity  output  gap  secular  stagnation  squeezed  middle  class  working  poor  precarious  1099  Economy  Gig  Economy  self-employment  Zero  Hour  Contract  Contractor  on-demand  convenience  outsourcing  job  creation  job  market  labour  economics  labour  market  neoliberalism  neoliberal  Wall  Street  profit  maximisation  shareholder  value  capitalism  inequality  capital  gains  1%  Super  Rich  meritocracy  meritocratic  tax  code  tax  tax  free  welfare  state  tax  credit  Public  Services  Social  Services  austerity  dogma  manufactured  consent  propaganda  populism  lobbyist  lobby  Lobbying  PR  spin  doctor  Robotics  3D  printing  Manufacturing  STEM  industrial  policy  automation  self-driving  cars  autonomous  car  marginal  cost  economics  of  abundance  safety  net  Gini  inequality  technological  technological  labour  capital 
august 2015 by asterisk2a
Former Greek finance minister Yanis Varoufakis says EU deal is a 'new Treaty of Versailles’ | News | The National
THE bailout deal forced upon Greece by its eurozone creditors was dubbed “a new treaty of Versailles” last night by the country’s former finance minister. [...] the deal comes with years of enforced austerity and privatisation of state assets. Yanis Varoufakis, who quit last week after falling out with his European counterparts, spoke of the “politics of humiliation”. He said the lenders were taking revenge on prime minister Alexis Tsipras. “It is an impossible deal,” he added. “A deal that is simply not viable.” [...] “This has nothing to do with economics. It has nothing to do with putting Greece back on the rails towards recovery. This is a new Versailles Treaty that is haunting Europe again, and the prime minister knows it. He knows that he’s damned if he does and he’s damned if he doesn’t.” [...] “It’s not that it didn’t go down well – there was point-blank refusal to engage in economic arguments. Point blank.
Yanis  Varoufakis  2015  Alexis  Tsipras  Syriza  Greece  Troika  Eurogroup  austerity  ideology  dogma  Angela  Merkel  IMF  Wolfgang  Schäuble  Career  Politicians  political  economy  political  science  political  theory  political  folly  political  error  economic  history  ChristineLagarde  MarioDraghi  ECB  No  Representation  European  European  Union  fiscal  policy  sovereign  debt  crisis  debt  restructuring  debt  jubilee  debtoverhang  sustainability  sustainable  bailout  zombie  banks  greatdepression  Great  Depression  Leadership  humility  Failure  insanity 
july 2015 by asterisk2a
Credit Booms & Credit Busts - YouTube
// financial cycle twice as long as business cycles (which is on top, like an inverted pyramid). // financial markets are not self-stabilising // better make policy on caution, that if you don't act you will cause more long-lasting economic damage by curbing one obvious bubble not in (ie uk property bubble - people who have difficulty serving their interest payment) // QE does not facilitate loan growth in times of balance sheet recession - Richard Koo // QE is reflationary and currency war, downside size unknown - look Richard Koo, state has to pick-up shortfall of demand // // There is now a growing consensus among policymakers and academics that a key element to improve safeguards against financial instability is to strengthen the “macroprudential” orientation of regulatory and supervisory frameworks. [Dr. Claudio Borio @ BIS], one could even say that “we are all macroprudentialists now”. And yet, a decade ago, the term was hardly used. What does it mean?
BIS  equity  bubble  speculative  bubbles  credit  bubble  asset  bubble  property  bubble  macroprudential  policy  macroeconomic  policy  ZIRP  NIRP  QE  Taper  unintended  consequences  unknown  unkown  complexity  bond  bubble  Student  Loan  debt  debt  regulation  oversight  governance  BOE  simplicity  incomplete  information  academia  academics  economist  behavioral  economics  behavioral  finance  economic  history  systemicrisk  EuropeanSystemicRiskBoard  financial  market  sustainable  sustainability  mortgage  market  UK  USA  China  speculative  speculation  contagion  monetary  policy  unconventional  monetary  policy  monetary  theory  modern  monetary  theory  credit  boom  financial  cycle  Makers  policy  folly  policy  error  Career  Politicians  short-term  thinking  short-term  view  political  economy  political  theory  centralbanks  economic  damage  economic  model  Richard  Koo  animal  spirit  austerity  monetary  transmission  mechanism  robertshiller  Robert  Shiller  ideology  dogma  sovereign  debt  crisis  populism  corporate  state  manufactured  consent  Lügenpresse  BOJ  Fed  currency  war  currency  debasement  ECB  negative  real  interest  rate  Japan  hunt  for  yield  irrational  exuberance 
july 2015 by asterisk2a
Inequality and the Challenge of Employment - New Economic Thinking - YouTube
intrinsic motivation, fairness, social animal - social comparison (is encoded into the brain) - status anxiety // self-interest mostly wins over ethics/moral values? // trust between principle & agent // org structure and inventive - ie bonus variable attracts more selfish people and risk takers // justice and fairness is critically important - not only in orgs but also democracies //&! Natural rate theory (equilibrium) - service sector jobs (unskilled manual labour jobs) w minimum wage and not higher. and flexible wages with no minimum wage (USA) create working poor/inequality. institutional change - economists are not just analysts they also affect policy makers (think tanks). // austerity hurts equality/social mobility = economic long-run damage to potential (thus output gap and productivity loss) - lack of supply of able workforce to create added value products & services. trickle-down not helping. //&! tax code unfair, lower capital gains tax than on earned (labour) income
inequality  Gini  coefficient  social  mobility  income  mobility  intrinsic  motivation  fairness  human  resources  HR  management  people  management  well  being  philosophy  Alain  de  Botton  happiness  index  Selbstfürsorge  self-awareness  self-actualization  Maslow  socioeconomic  status  status  anxiety  social  status  workplace  work  environment  beyond  workplace  drama  chronic  stress  shareholder  value  profit  maximisation  shared  economic  interest  economic  damage  wage  growth  income  growth  income  gap  gender  pay  gap  glass  ceiling  glass  cliff  gender-based  discrimination  gender  inequality  trust  labour  economics  labour  market  microeconomic  policy  behavioral  economics  Organizational  behavior  organization  skill-biased  technological  change  job  market  minimum  wage  living  wage  equilibrium  sticky  wages  liberal  economic  reform  neoliberal  neoliberalism  underemployed  Workers  Union  macroeconomic  policy  unemployment  skills  gap  education  policy  vocational  education  poverty  trap  student  debt  student  loan  downward  mobility  welfare  state  Higher  income  inequality  Privileged  Middle  Class  Sozialer  Abstieg  squeezed  Public  Services  Services  child  poverty  poverty  American  Dream  output  gap  potential  output  added  value  value  creation  capital  skills  human  capital  dehumanisation  subhuman  trickle-down  economics  dogma  ideology  austerity  policy  error  policy  folly  UK  state  capital 
july 2015 by asterisk2a
Greek debt crisis: What next for the European Union dream? - BBC News
In a European Union that's currently dominated by eye-popping debt figures, last-minute debt talks and sharp-tongued insults, some people are wondering what happened to the idealism behind the European project: the "European idea"? // &! Greece debt crisis: Eurozone decision down to politics - http://www.bbc.co.uk/news/blogs-eu-33429622 // agglomeration of the symptoms and outcomes of our time have pushed weak career politicans in a corner where they can't admit a big academic/intellectual/economic mistake and at least re-orientate. thus keeping the destructive path they are on. because their national (political) interest (and that of their constituency) is them more important (their status quo career) than the greater good and stable integrated (& solidarity) future of Europe is so needs in an even more unstable and uncertain and competitive future. It all started when they said it was "Alternativlos" to bailout banks and transfer the debt (risk) on public balance sheet.
Grexit  PIGS  European  History  European  Union  Angela  Merkel  Jean-Claude  Juncker  ECB  MarioDraghi  Germany  France  FrancoisHollande  Leadership  Career  Politicians  No  Representation  Wolfgang  Schäuble  compromise  political  error  political  folly  political  economy  political  theory  Syriza  Alexis  Tsipras  Yanis  Varoufakis  austerity  dogma  ideology  IMF  ChristineLagarde  humility  humble  character  economic  Fiscal  Pact  Schuldenbremse  Gesellschaft  society  symptom  bailout  PIIGS  zombie  banks  PIIGSFB  GFC  recovery  2015  UK  neoliberal  neoliberalism  crony  capitalism  TBTF  toobigtofail  too  big  to  jail  Wall  Street  liberal  economic  reform  referendum  democracy 
july 2015 by asterisk2a
Alexis Tsipras im EU-Parlament: Viel reden, wenig sagen - SPIEGEL ONLINE
bit.ly/1IJwjL7 Greece needs much more time for reform implementation and to get to a stable economy, till it even can be considered debt repayment - even if all creditors block a substantial haircut/debt jubilee - they had (Germany). IF THEY (creditors) can not see a 'common sense' deal through, Greece will have to issue IOU in lieu of Euro paper money for Pensioners, Civil Servants & Contractors or break with ECB and issue unsecured loans to Banks via Bank of Greece. AND/OR as well as probably enact Plan B for a return to the Drachma ( bit.ly/1D16Rus ) AND THEN - Juncker threatens-claims Tsipras to have in-detail Grexit plan ( bit.ly/1gobU36) already. This only speak to the dogma & ideology creditors live in. No willing to compromise for the future of european union and actually use the crisis as an opportunity for more integration and solidarity. A union that Europe needs for its future, existence.
Greece  Grexit  referendum  creditors  IMF  Alexis  Tsipras  Syriza  Germany  EFSF  ECB  MarioDraghi  ChristineLagarde  Troika  Jean-Claude  Juncker  Angela  Merkel  Wolfgang  Schäuble  France  FrancoisHollande  zombie  banks  European  Union  European  History  Career  Politicians  No  Representation  Leadership  compromise  dogma  austerity  ideology  economic  economic  model  academia  political  economy  political  theory  political  error  political  science  political  folly  Governance  solidarity  fiscal  monetary  banking  transferunion  currency 
july 2015 by asterisk2a
George Osborne forces BBC to pay for over-75s' TV licences | Media | The Guardian
+ the short-fall from people not paying TV licence because they don't watch live TV, only catch-up on the iPlayer (loophole) // bit.ly/1KLEiJo - BBC supporters say funding deal will cause cuts to jobs and services [...] “So sad to see the government’s demonising of the BBC. Best in the world at what it does, the BBC is a British success story.” [...] [estimates of cut up to 12%] [...] “awful” and “quick and dirty deal” [...] “It feels as if the BBC had a gun to their head and chose to get shot in the leg instead. It is bound to lead to cuts in jobs, services and quality. It could well mean the end of free TV licences for the elderly.” [...] a bullying backroom deal over a couple of days. //&! bit.ly/1CmmWzM - It’s hard fighting in the digital age, but picking up the tab for free pensioner TV licences is a perilous choice &! bit.ly/1LR9nuv
BBC  British  Broadcasting  Corporation  TV  licence  iPlayer  digital  natives  digital  economy  digital  content  Age  digital  divide  Television  Netflix  Phablet  user  behaviour  snacking  neoliberal  neoliberalism  liberal  economic  reform  George  Osborne  David  Cameron  Toff  Privileged  Establishment  austerity  Public  Services  ideology  Rupert  Murdoch  News  Corporation  News  Corp.  dogma  propaganda  populism  BBC  Trust  mobile  homescreen  mobile  first  user  generated  content 
july 2015 by asterisk2a
Münchau: Merkel zwischen Schuldenkonferenz und Grexit - SPIEGEL ONLINE
[ Groesste feigheit und intelectual cynicism of EU history. "Alternativlos." BIS warned, time was wasted. ] Mit ideologischer Verbohrtheit beharren die Deutschen darauf, dass Griechenland all seine Kredite zurückzahlen muss - was so oder so nicht geschehen wird. Höchste Zeit also für eine Schuldenkonferenz! // Case of history - Treaty of Versailles = Nationalism (Nazi) and Rechtsruck! Happened in Greece and Co. and in Germany. // People learned and after WW2 and came together to give Europe a chance! >> London Debt Agreement (German: Londoner Schuldenabkommen) "An important term of the agreement was that repayments were only due while West Germany ran a trade surplus, and that repayments were limited to 3% of export earnings. This gave Germany’s creditors a powerful incentive to import German goods, assisting reconstruction." - bit.ly/1exF0vY bit.ly/1ep1dvW - also periphery countries like France, Italy, Spain and Portugal were encouraged by Allies not to demand war reparations.
Greece  Grexit  PIIGS  PIGS  sovereign  debt  crisis  debtoverhang  ideology  propaganda  WW1  WW2  Treaty  of  Versailles  debt  jubilee  European  History  London  Agreement  Londoner  Schuldenabkommen  common  good  common  sense  Gesellschaft  dogma  populism  economic  society  austerity  trickle-down  economics  long-term  view  long-term  thinking  solidarity  Angela  Merkel  IMF  Troika  Wolfgang  Schäuble  World  Bank  Jean-Claude  Juncker  ChristineLagarde  academia  academics  sustainable  sustainability  Super  Cycle  debt  restructuring  haircut  debt  bubble  TBTF  too  big  to  jail  toobigtofail  crony  capitalism  Career  Politicians  No  Representation  Leadership  Legacy  vision  European  Union  fiscal  transferunion  Eurobond  lost  decade  lost  generation  GroKo  Sigmar  Gabriel  manufactured  consent  corporate  state  democracy  Lügenpresse  political  theory  political  error  political  economy  political  folly  policy  folly  policy  error  ECB  MarioDraghi  Makers  Great  Depression  GFC  recovery  output  gap  bailout  zombie  banks  banking  EuropeanSystemicRiskBoard  BIS 
july 2015 by asterisk2a
The Tory budget plan to cut tax credits – is it naive or just plain cynical? | Politics | The Guardian
[// If the Toff thinks firms will pay living wage & will not try to skirt around, he is intellectually a fraud & a cynic. //] [...] [P]roclaiming his renewed determination 2 take 12bn more out of the 220bn benefits bill, Osborne is being dishonest in an Alex Salmond sort of way. He & Dave have again ringfenced the £95bn pensioners share of the bill (state pensions plus perks like free TV licences), which is by far the largest component. Why? Pensioners bother to vote. They also retain the quaint old habit of buying newspapers. The Tory newspapers support pensioner perks. [ No Leadership, opportunistic, ... ] &! bit.ly/1KIQ4Tg Greek turmoil offers Osborne justification for his dictum of austerity [...] UK Manufacturing just 10% of Economy, oil capital shrinking, &! We are all in this together ... he pits each against each other for his agenda, ideology, dogma of the small state &free market while bailing out crony capitalism &zombie banks &treating them all same as if nothing happened
working  tax  credit  child  tax  credit  austerity  UK  David  Cameron  George  Osborne  budget2015  living  wage  minimum  wage  Tories  Conservative  Party  Privileged  liberal  economic  reform  welfare  state  Social  Services  Public  Services  free  market  Contractor  Zero  Hour  Contract  working  poor  Niedriglohn  Niedriglohnsektor  Service  Sector  Jobs  job  market  job  security  underemployed  self-employment  political  economy  political  theory  democracy  Career  Politicians  No  Representation  Leadership  ideology  dogma  economic  history  propaganda  manufactured  consent  Lügenpresse  Toff  Establishment  mobility  downward  mobility  Gini  coefficient  inequality  income  inequality  tax  code  tax  free  income  child  poverty  chronic  stress  food  poverty  poverty  equality  solidarity  bailout  PR  relations  spin  doctor  fairness  TBTF  toobigtofail  too  big  to  jail  labour  market  labour  economics  job  creation  value  creation  added  value  recovery  GFC  society  Gesellschaft  Zivilgesellschaft  civil  society  courage  zombie  banks  crony  capitalism  capitalism  Wall  Street  small  state  London  income  growth  economic  growth  Lohnzurückhaltung  wage  growth 
july 2015 by asterisk2a
Merkel's Leadership Has Failed in the Greece Crisis - SPIEGEL ONLINE
[ "Alternativlos." ] Angela Merkel relishes her reputation as queen of Europe. But she hasn't learned how to use her power, instead allowing a bad situation to heat up to the boiling point. Her inability to take unpopular stances badly exacerbated the Greek crisis. // &! bit.ly/1f8B8lY - Kein Unterschied, ob "Bild", "Zeit" oder ARD: In den deutschen Medien schwingen sich Journalisten reihenweise zu pöbelnden Parteigängern auf, statt Fakten und Analysen zur Griechenlandkrise zu bringen.
debt  jubilee  haircut  Grexit  Greece  PIGS  sovereign  debt  crisis  Angela  Merkel  Leadership  Career  Politicians  Germany  political  error  political  economy  political  science  political  folly  short-term  thinking  short-term  view  European  Union  IMF  ECB  BuBa  Bundesbank  Jens  Weidmann  MarioDraghi  ChristineLagarde  Jean-Claude  Juncker  France  unintended  consequences  unknown  unkown  complexity  ideology  dogma  manufactured  consent  corporate  state  bailout  solidarity  Gesellschaft  history  economic  history  austerity  Schuldenbremse  Fiscal  Pact  policy  folly  policy  error  GFC  recovery  sovereignty  Lügenpresse  media  conglomerate 
july 2015 by asterisk2a
Six takeaways from the Danish elections
Rechtsruck  Rechtsextremismus  right-wing  immigration  Europe  Protest  Partei  Protest  Party  Zivilgesellschaft  gesellschaft  Sozialer  Abstieg  2015  squeezed  middle  class  welfare  state  Public  Services  austerity  Social  Services  political  economy  European  Union  GFC  recovery  bailout  toobigtofail  too  big  to  jail  TBTF  fairness  populism  propaganda  dogma  Nationalism  protectionism  symptom  European  Election  2014  antisemitism  Antisemitismus  racism  Xenophobia  solidarity  PIGS  sovereign  debt  crisis  Career  Politicians  No  Representation  policy  error  policy  folly  short-term  thinking  short-term  view  political  folly  AfD  NPD  UKIP  Fiscal  Pact  Schuldenbremse  Angela  Merkel  Leadership  vision 
june 2015 by asterisk2a
Empire - The Promise and Peril of Democracy - Web Extra - Empire asks why democracy is in retreat - YouTube
symptoms now more evident than ever!
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october 2014 by asterisk2a

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