asterisk2a + policy-makers   15

Thomas Piketty: on tour with the 'rock-star economist' -video | Business | theguardian.com
Thomas Piketty. funny thing, at this meeting in min 3. no handshake, no spreading germs. less sick days. ;) ... +++ Faisal Islam on The Default Line - video interview - http://www.theguardian.com/business/video/2013/aug/16/faisal-islam-default-line-video || + Michael Lewis: the stock market is rigged – video interview - http://www.theguardian.com/business/video/2014/apr/30/michael-lewis-the-stock-market-is-rigged-video-interview ||
Thomas  Piketty  Robert  Reich  Book  documentary  Gini  coefficient  post-recession  post-crisis  GVC  greatrecession  greatdepression  recovery  2014  income  inequality  income  mobility  coldprogression  kalte  Progression  social  mobility  low-income  income  growth  income  distribution  tax  free  income  disposable  income  crony  capitalism  greed  Super  Rich  corporate  governance  journalism  journalismus  speculative  bubbles  property  bubble  economic  history  long-term  thinking  accountability  governance  public  policy  policy  error  policy  folly  policy-makers  lostdecade  lostgeneration  long-term  unemployment  underemployed  structural  unemployment  youth  unemployment  unemployment  Europe  USA  UK  sovereign  debt  crisis  democracy  inequality  Faisal  Islam  generational  contract  Environmental  Movement  disaster  Millennials  generationy  babyboomers  HFT  WallStreet  toobigtofail 
may 2014 by asterisk2a
British austerity is no model for the rest of the world - FT.com
the pace of fiscal contraction has slowed over the past two years. This means that the brake on growth caused by fiscal policy is becoming more attenuated. So the turnround in growth over the past 18 months is as much evidence against austerity as it is pro-austerity. Second, faced with the potential damage caused by the deficit reduction to demand and economic growth, the UK government has been forced to introduce a number of extraordinary measures to support lending. [...] It certainly should not, however, be seen as any kind of inspiration to other companies or countries. + http://www.telegraph.co.uk/finance/economics/10807988/Rapid-rate-rises-could-throw-UK-back-into-recession.html
Help  to  Buy  Scheme  Funding  for  Lending  Scheme  fiscal  policy  monetary  policy  BOE  austerity  Mark  Carney  davidcameron  GeorgeOsborne  recovery  2014  GFC  zombie  consumer  Debt  Super  Cycle  private  sovereign  crisis  consumer  bubble  monetization  monetisation  QE  ZIRP  Career  Politicians  short-term  thinking  election  campaign  promises  general  election  2015  election2015  unintended  consequences  unknown  unknowns  productivity  wage  stagnation  living  wage  working  poor  squeezed  middle  class  financial  repression  New  Normal  structural  deficit  budget  deficit  jubilee  public  household  debtoverhang  liquidity-trap  economic  history  property  bubble  Supply  and  Demand  mortgage  market  housing  market  Supply  Supply  Shortfall  public  policy  policy  error  policy  folly  unconventional  monetary  policy  policy-makers  policy  makers  democracy  Politics  UK 
may 2014 by asterisk2a
A Showdown In Italy Over A Polluting Steel Plant : NPR
A court in Italy has ordered a partial shutdown of the largest steel plant in Europe because of the carcinogens it spews into the air. The government has rejected the court's ruling, saying the Italian economy needs the jobs.

[...]

Short-Term National Economic Policy over Long-Term Public Health Concerns. PS: Public Health is actually of importance for Economic performance ... long-term (ie sick days, quality of life, productivity, ...). People (Politicians) again don't see the whole picture.

... cue CHINA.
greatrecession  Italy  China  Economic  Policy  policy-makers  error  folly  economics  economic-thought  philosophy  public  health  public  health 
december 2012 by asterisk2a
James Bianco: The US Economy Has Not Created New Wealth - YouTube
Real world Economics.

James Bianco, President of Bianco Research, L.L.C., argues that the US economy isn't creating a wealth effect. In fact, there has been no wealth creation during following the economic collapse of 2008. According to Bianco, if the market stays the same, the rich will get richer, and the poor poorer.
bank  crisis  banking  crisis  toobigtofail  lobby  Lobbying  WallStreet  policy-makers  policy  folly  policy  error  greatrecession  GFC  monetary  policy  fiscal  policy  academics  academia  economic  cycle  economic-thought  economic  model  economic  history  economy  economics  wealth  creation 
october 2012 by asterisk2a
The euro crisis: We haven't forgotten how to make depressions | The Economist
GREECE is in a depression. A real deal, no kidding, bad-as-the-1930s depression.

The Greek economy is imploding for no other reason than that the prices are wrong.

***

sticky wages = sticky price for everything else

+

1930's Depression was excaserbated by countries sticking to the Gold standard.
The Euro is today Greece's, Spain's and so forth (PIIGS) Gold Standard that is ruinous.
EU Politicians made a grave error of judgement and assumptions - and are too stuck up as always to admit mistakes and revert course, OR drive full steam ahead with fiscal integration and assuming liabilities as a whole.

***

http://www.economist.com/node/21560252
book  Brussels  policy-makers  politics  economic-thought  goldstandard  gold  sticky-wages  economics  supply-demand  demand-curve  economic  history  Euro  EMU  Europe  policy  folly  policy  error  depression  2012  sovereign  debt  crisis  austerity  Greece  greatrecession  greatdepression 
august 2012 by asterisk2a
Insight: PFGBest regulator known for inexperienced auditors | Reuters
What does the decade long fraud behind closed doors @PFGBest and the LIBOR rigging scandal have in common??!!

***

NFA - is Industries self-regulating body
National Futures Association (NFA) is the industrywide, self-regulatory organization for the U.S. futures industry

BBA - is Industries self-regulating / oversight body
British Bankers’ Association
"The BBA is the leading trade association for the UK banking and financial services sector. We speak for over 200 member banks from 60 countries on the full range of UK and international banking issues."

***

Industry bodies, regulating its own Industry (including revolving door between companies and regulator) is (looks very much to be) the weakest link in regulating/overseeing any industry.

Another example is the FDA (USA) where most safety studies are funded by the companies itself and the existence of a revolving door. Also a lack of expertise and personal is apparent too.
confidence  trustagent  trust  policy-makers  policy  folly  policy  error  Politics  capitalism  FDA  Industry  Regulation  accountability  transparency  oversight  banking  crisis  bank  crisis  greatrecession  GFC  regulators  FSA  BaFin  SEC  CFTC  misconduct  fraud  LIBOR  rigging  scandal  PFGBest  BBA  NFA 
july 2012 by asterisk2a
An introduction to the Cuckoo Clock Syndrome : RSA blogs
http://wrap.warwick.ac.uk/5306/

Policymakers and leaders often treat Wicked problems as though they were Tame or Critical (and sometimes vice versa)

Wicked problems cannot be treated like Tame or Critical problems. By their very nature these problems – whether it be obesity, issues of mental health or anti-social behaviour – are not caused by a single factor but rather a complex web of drivers; social, economic and environmental. Attempting to solve them with a single, discreet intervention is misguided and likely to be counterproductive.

Likewise, occasionally policymakers decide to treat Wicked problems as though they are a Crisis. The reason why our leaders choose to react to problems with inappropriate responses is partly because they need to be seen as courageous and as having a strong handle on the problem.

Wicked problems require ‘Clumsy’ rather than ‘Elegant’ solutions that combine different ‘cultural understandings’
leadership  decision  making  problem  solving  skill  policy-makers  policy  folly  policy  error  public  policy  politicalscience  political  economy  political  theory  academia  politics 
july 2012 by asterisk2a
Bank of England's money printing is putting UK economy at risk - Telegraph
In its annual report, the Swiss-based Bank for International Settlements (BIS) warned that artificially low rates and inflated asset prices could also be holding back growth by masking lenders' bad debts and deterring them from cleaning up their balance sheets.
"Prolonged and aggressive monetary accommodation may delay the return to a self-sustaining recovery," "It can undermine the perceived need to deal with banks' impaired assets."
Political pressure for loose monetary policy, including quantitative easing (QE), also threatened to damage central banks' credibility and destroy their independence,
at risk the central banks' price stability objective, their credibility and, ultimately, their independence.
governments, banks and households struggling with too much debt were dragging down the world's economy and that more needs to be done to make the banking system safer.

http://www.bloomberg.com/news/2012-06-25/central-banks-commit-to-ease-as-threat-of-lost-decades-rises-1-.html
debt  jubilee  policy-makers  policy  folly  policy  error  politics  economics  economic-thought  economic  model  greatrecession  GFC  lostgeneration  lostdecade  debtoverhang  balance  sheet  recession  richardkoo  monetary  theory  System  confidence  trust  trustagent  ECB  bubble  Japan  QE  ZIRP  unintended  consequences  economic  history  BOJ  Fed  BOE  monetary  policy  UK  zombie  banks  NPL  BIS 
june 2012 by asterisk2a
BIS Official Warns of Central-Bank Overreach - WSJ.com
BIS warns of unintended consequences of more unorthodox easing measures as politicians agree to not agree bc of their principles. Not able to acknowledge that they/we sit all in the same boat.

***

The unconventional measures introduced by many central banks in response to financial turmoil could create other problems if carried out for too long, the general manager of the Bank for International Settlements said Sunday.

“A worry is that monetary policy would be pressured to do still more because not enough action has been taken in other areas… “Fiscal adjustment, the repair of banks’ balance sheets and other reforms cannot be put off in the hope of better times,” Mr. Caruana said. “Relying only on central bankers but failing to act on other fronts would ultimately damage confidence and increase the risks to macroeconomic and financial stability.”

"These emergency measures could have undesirable side effects if continued for too long,"
centralbanks  India  Brazil  BRIC  australia  Canada  BoC  bubbles  PBoC  China  UK  PIIGSFB  PIIGS  USA  sovereign  debt  crisis  quantitative-easing  QE  operationtwist  ZIRP  unintended  consequences  BoJ  ECB  BoE  Fed  policy-makers  policy  folly  policy  error  politics  trust  trustagent  monetary  theory  System  monetary  policy  BIS 
june 2012 by asterisk2a
Attacks paid for by big business are 'driving science into a dark era' | Science | The Observer
She confessed that she was now "scared to death" by the anti-science movement that was spreading, uncontrolled, across the US and the rest of the western world.

"We are sliding back into a dark era," she said. "And there seems little we can do about it. I am profoundly depressed at just how difficult it has become merely to get a realistic conversation started on issues such as climate change or genetically modified organisms."

Oreskes is co-author, with Erik Conway, of Merchants of Doubt,
"Our present crisis over the rise of anti-science has been coming for a long time and we should have seen it coming," adds Oreskes.

Heads They Win, Tails We Lose: How Corporations Corrupt Science at the Public's Expense,

the worst excesses of the anti-science lobbies are confined to the US. However, there are signs that their influence is spreading,
status  quo  public  policy  anti-science  capitalism  transparency  corruption  corporations  book  folly  policy  politics  GMO  climatechange  science  lobby  policy-makers  USA 
february 2012 by asterisk2a
Court raps Cable over his £9,000 tuition charges that fail to comply with equality rules | Mail Online
Lawyers acting for Mr Hurley, from Peterborough, and Miss Moore, from Brixton, South London, had argued the tripling of fees breached human rights and equality laws.
They said the scale of the increase – from £3,290 a year to £9,000 – ran counter to the right to an education and was likely to deter poorer students.

They also claimed higher fees would discriminate against women, disabled people and ethnic minority graduates, whose lifetime earnings tend to be lower.
The judges accepted it was likely that higher fees would put off some applicants but said it was too soon to tell.

Speaking outside court, Miss Moore said: ‘For the court to recognise the Government’s actions as unlawful is a great achievement.
‘It shows it is possible to challenge decisions made by our government that have damaging effects on the future of our society.’
equality  2012  2011  folly  policy  policy-makers  politics  inequality  bubble  studentdebt  tuition  university  education  UK 
february 2012 by asterisk2a
The Exchange-Rate Delusion - Michael Spence - Project Syndicate
Developing countries have learned over time that real income growth and employment expansion are driven by productivity gains, not exchange-rate movements. This, in turn, requires public and private investment in tangible assets, physical and telecommunications infrastructure, human capital and skills, and the knowledge and technology base of the economy.

Of course, it is possible for a country’s terms of trade to get out of line with income and productivity levels, requiring a rebalancing. But resetting the terms of trade is no substitute for tackling the structural underpinnings of productivity.

- you get what you measure, measure wrong and you get wrong policy ideas

Underinvestment has long-term costs and consequences everywhere. Excess consumption merely hides these costs temporarily.
productivity  economy  employment  history  economics  China  USA  politics  tradedeficit  policy  policy-makers  2011  income-growth  income  globalisation  global-trade  global-economy  competitiveness  competi 
december 2011 by asterisk2a
Chart of the Day: Operation BRIC Twist | Credit Writedowns
Bottom line: Operation Twist can only move rates a few basis points. And since the Fed is targeting quantity not price AGAIN, it's not even clear that rates will decline. Rates are already so low that these basis points won't make ANY difference. I see this as a non-event, a big fat yawn. It’s not treason at all. It won’t even be effective.

=====

OpTwist = quantity targeting
SNB = Price floor EURCHF = Price targeting = is working.
operationtwist  Fed  policy  policy-makers  SNB  intstrument 
november 2011 by asterisk2a
Drinks Are Free as Bartenders Refill Punchbowl: William Pesek - Bloomberg
Central-bank freedom is steadily being curtailed. Concerns that the global economy will follow the BOJ’s trajectory are pointless. The world’s main monetary powers already are like Japan. Just imagine the outcry Bank of England Governor Mervyn King would face if he raised interest rates. It would be politically impossible as lawmakers try to cut spending.
BOJ  Fed  ECB  2010  ZIRP  policy  policy-makers  monetary  independence  benbernanke  trichet  government  sovereign  debt  politics 
october 2010 by asterisk2a

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