The Ayn Rand fan club #1 pin up boy at it again.
Paul Ryan: "We need to get answers" on Russiahttps://t.co/cvybz7PR3c— Axios (@axios) February 28, 2017
Chairman of the House Permanent Select Committee on Intelligence (aka HPSCI) is Congressman Devin Nunes and he spoke to the press about the allegations swirling around the Trump Presidency and its relationship with Russians. The title from the SLATE piece says it all, GOP intelligence chairman David Nunes: “There’s no evidence of anything” regarding Russia-Trump campaign contacts.…As I have been saying, lots of inference and innuendo, but zero evidence.
Sir Tony Atkinson, the doyen of inequality economics, passed away in January. This column, by a longstanding friend and co-author, outlines his contributions to the analysis and measurement of inequality – and many other areas of economics, including taxation, social protection, and the welfare state. The ultimate goal of Atkinson’s research was to translate economic analysis into policy actions: economics is a tool for understanding the world and taking informed decisions on policies, but economists must strive to communicate their results beyond the narrow circles of decision-makers, making them accessible for public discussion.
The 19th Congress is China’s most important political event since 2012, marking the beginning of President Xi’s second term. The new central party leadership will rule China over the next five years, a critical time for realising the vision of China’s development that Xi set out to achieve.
The Chinese Dream has set two centenary goals. The first is to double China’s 2010 per capita income, making China a ‘moderately well off’ society by 2021, the centenary of the founding of the CCP. The second aims to make China a ‘strong, democratic, civilised, harmonious and modern socialist country by 2049’, the centenary of the founding of the People’s Republic....A hundred years sounds like a long time to Americans, where the country is less than 300 years old. But a hundred years is a drop in the bucket for China, whose history extends across millennia.
Four decades ago, Milton Friedman recommended that central banks like the Federal Reserve pay interest to depository institutions on the reserves...
What does it say about libertarianism that the only country which tried Milton Friedman's ideas was Pinochet's dictatorial Chile? #ISFLC17— Richard 🥛 Spencer (@RichardBSpencer) February 19, 2017
The think tank of the Pentagon wants to divide Syria according to the model of Bosnia. The result would be ethnic cleansing and new, massive flood of immigrants.
The RAND Corporation, a leading US think tank close to the Pentagon, has published a report proposing a "Bosnian model" to resolve the Syrian conflict....Fort Russ
Mass immigration from the Third World is crippling workers in the economy, as Breitbart News reported in July. Every single job created from 2000 to 2014 went to foreign-born workers residing in the U.S.
GOPopulism. https://t.co/77E6gb06qy— Breitbart News (@BreitbartNews) February 26, 2017
The U.S. intelligence community’s extraordinary campaign of leaks claiming improper ties between President Trump’s team and Russia seeks to ensure a lucrative New Cold War by blocking detente, reports Gareth Porter.Recap of events.
Which of these two, reflects America’s likely path, more accurately? Has the Establishment now succeeded in walking-back Trump’s agenda? Who now speaks for the President?
The answer is not hard to fathom: return to Pat Buchanan’s clear explanation of how Trump became President: “He saw the surging power of American nationalism at home, and of ethno-nationalism in Europe. And he embraced Brexit. While our bipartisan establishment worships diversity, Trump saw Middle America recoiling from the demographic change, brought about by Third World invasions. And he promised to curb them.”
Obviously, it is the Trump-Bannon wing. Were Trump to abandon his reading of the nation and of the Europeans that brought him to the Presidency, he might as well throw in the towel now. He will not be re-elected.Will the Pence-Priebus wing or Trump-Bannon wing win out in setting policy.
So Kenneth Arrow leaves us with three arrows to enrich our understanding of the economic world: 1) markets collectively can never properly deliver every individual’s needs; 2) markets cannot equate supply and demand except under the most unrealistic assumptions and 3) economic growth is not achieved by just meeting the demand of consumers but requires decisions of investors to innovate. Ironically, none of the implications of these economic arrows have been accepted by the owners of capital and their politicians in practical policy. To do so, would be to admit that capitalism does not work for the majority or even much of the time for the capitalists.Michael Roberts' Blog
DC: It’s clear to me there are some sharp questions about the regulatory framework governing social media and the online world in general, questions regulators have been pretty keen to avoid so far. It’s time for them to do so now.Call for some form of censorship of social media to reduce social divisiveness by reweaving the social fabric from above?
As the Internet grows more sophisticated, it is creating new threats to democracy. Social media companies such as Facebook can sort us ever more efficiently into groups of the like-minded, creating echo chambers that amplify our views. It's no accident that on some occasions, people of different political views cannot even understand each other. It's also no surprise that terrorist groups have been able to exploit social media to deadly effect. Welcome to the age of #Republic. In this revealing book, Cass Sunstein, the New York Times bestselling author of Nudge and The World According to Star Wars, shows how today's Internet is driving political fragmentation, polarization, and even extremism--and what can be done about it. Thoroughly rethinking the critical relationship between democracy and the Internet, Sunstein describes how the online world creates "cybercascades," exploits "confirmation bias," and assists "polarization entrepreneurs." And he explains why online fragmentation endangers the shared conversations, experiences, and understandings that are the lifeblood of democracy. In response, Sunstein proposes practical and legal changes to make the Internet friendlier to democratic deliberation. These changes would get us out of our information cocoons by increasing the frequency of unchosen, unplanned encounters and exposing us to people, places, things, and ideas that we would never have picked for our Twitter feed. #Republic need not be an ironic term. As Sunstein shows, it can be a rallying cry for the kind of democracy that citizens of diverse societies most need.
With 1,597,000 unemployed, 2,191,000 inactive but want a job, and 1,118,000 part timers wanting full time why do we need any more?Modern Money Matters
How the Fed Will Hit the Budget With a $50 Billion Charge https://t.co/UBN6a8sTca— The Fiscal Times (@TheFiscalTimes) February 24, 2017
The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo.— Donald J. Trump (@realDonaldTrump) February 25, 2017
The Nuclear Question is becoming increasingly obfuscated by spin and lobbying as the West sleepwalks into Cold War II — a walk made all the more dangerous when the loose lips of the U.S. tweeter-in-chief announced that another nuclear arms race is a great idea (see link, link, link). Two Cold War II issues are central and almost never addressed: What will be the Russians' understanding of all the propaganda surrounding the Nuclear Question and the looming American defense spendup? And how might they act on this understanding?The Blaster
Germany's foreign intelligence agency, the BND, apparently spied on large numbers of foreign journalists overseas over the course of several years, including employees of the BBC, Reuters and the New York Times. Critics see a massive violation of press freedoms.Spiegel Online
The Netflix movie “The White Helmets” may win an Oscar in the “short documentary” category at the Academy Awards on Sunday. It would not be a surprise despite the fact that the group is a fraud and the movie is a contrived infomercial
Awarding “The White Helmets” an Oscar would fit with the desire of Hollywood to appear supportive of “human rights,” even if that means supporting a propaganda operation to justify another bloody “regime change” war in the Middle East.
Much of what people think they know about the White Helmets is untrue. The group is not primarily Syrian; it was initiated by British military contractor James LeMesurier and has been heavily funded (about $100 million) by the U.S., U.K. and other governments. The White Helmets are not volunteers; they are paid, which is confirmed in a Al Jazeera video that shows some White Helmet “volunteers” talking about going on strike if they don’t get paid soon.
Still, most of the group’s heavy funding goes to marketing, which is run by “The Syria Campaign” based in New York. The manager is an Irish-American, Anna Nolan, who has never been to Syria. As an example of its deception, “The Syria Campaign” website features video showing children dancing and playing soccer implying they are part of the opposition demand for a “free and peaceful” Syria. But the video images are taken from a 2010 BBC documentary about education in Syria under the Baath government.The White Helmets as anti-Assad volunteer heroes helping those repressed and attacked by Assad has been debunked as a propaganda hoax. The echo chamber still shamelessly promotes it.
SWL: Accepting the concept of the NAIRU does not mean you have to agree with their judgements. But if you want to argue that they could be doing something better, you need to use the language of macroeconomics.As an applied mathematician, Brian showed how macroeconomists don't know what they are talking about with respect to NAIRU when using the language of macroeconomics because the concept is empty.
Philosophy is a battle against the bewitchment of our intelligence by means of our language. — Ludwig Wittgenstein, Philosophical Investigations, § 109There are many parallels between economics and philosophy, one of the most evident is unfounded assumptions presumed to be self-evident. Scientific method was developed to circumvent this.
BR: The whole point of the standard NAIRU definition is that it is easy to observe: you just need to back out the acceleration of inflation (keeping in mind there may be other variables whose influence needs to be isolated). However, in the real world, the observed unemployment rate is affected by institutional factors -- which do not exist in a NAIRU model. Since the end result is that NAIRU estimates are inherently unreliable, the concept is wrong by definition.
This is why most mainstream macro has retreated to discussing output gaps of various types. Output gaps have to be inferred via various statistical techniques, and they are inherently fuzzier. It may be that Professor Wren-Lewis has some of these more recent models in mind when he is referring to NAIRU; but that makes as much sense as referring to post-1990 Fed Policy as monetary base targeting.
If you want to use standard academic terms, NAIRU is falsifiable, and was in fact falsified. The generalised output gaps that popped up to replace NAIRU are pretty much unfalsifiable.To a philosopher standing outside economics looking in, it appears that many economists are so intellectually committed to finding a solutions that they convince themselves and each other that they have found one when they have not.
We have got on to slippery ice where there is no friction and so in a certain sense the conditions are ideal, but also, just because of that, we are unable to walk. We want to walk: so we need friction. Back to the rough ground! — Ludwig Wittgenstein, Philosophical Investigations, § 107
One executive said in discussions with White House officials that his company has 50 participants in a factory apprenticeship program, but could take 500 if enough were qualified. But he said that in his experience, most students coming out of high school lack the math and English skills to absorb technical manuals.
US factory CEOs to Trump: Jobs exist; skills don’t https://t.co/OTk6NsBMNS pic.twitter.com/Jeyd31L1xF— Washington Informer (@DC_Informer) February 23, 2017