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PRIME Economics: Ann Pettifor on what links austerity and bad economics to tragedies such as Grenfell Tower. Excerpt: “After cutting government spending on housing, George Osborne closed down another avenue for raising housing finance: local authority borrowing. In 2012 a severe cap was imposed on the ability of councils to borrow to build and maintain social housing”. Full Story.
Fortune: Robert Hackett (very appropiate) reveals 5 of the worlds hacking groups and their national affiliations. Excerpt: ” the biggest and baddest hacker groups are backed by nation-states. They’re called “advanced persistent threats” or APTs, in the cyber jargon, a phrase meant to convey their supreme and underlying quality”. Full story.
Economist: A look at a Universal Basic Income project in Norway. Excerpt: “The study’s design faced constraints. The constitution ordains equality for all, so getting permission to afford some welfare recipients special treatment was difficult. That limitation, and a budget of only €20m…”. Full Story.
Investment Week: Tom Eckett, are the days of central bank independence numbered? Excerpt: “There is no recognition at all by central bankers that it may well be their own easy money and zero interest rate policies that are actually causing the stagnation in growth while at the same time wealth inequality surges to intolerable heights”. Full Story.
Politico.eu: Tom McTague, On the travails of Brexit and Theresa May. Excerpt: “This country is fucked,” one senior Tory said. “We are tethered to the mast of Brexit and when it goes wrong we’re screwed. They all know it. All Labour have to do is hedge their bets. When the public realize they have been sold a pup they will turn on the party.” Full Story.
Zelo St: Tim Fenton on the squewering of the Daily Mail editor by Guardian cartoonist Martin Rowson. Excerpt: “Holed up the Northcliffe House bunker, this vengeful, boiling pillar of righteous rage has become increasingly erratic of late, still believing that he is strong enough to anoint Prime Ministers, appoint Governments, decide Government policy, and otherwise bend the world outside to his will”. Full Story.
Bloomberg: Theresa May set to complete DUP deal soon. Excerpt: “The prime minister is moving this process forward, she’s engaged now and we welcome that,” Jeffrey Donaldson said in a BBC Radio 4 interview on Thursday in London. The chances of a deal are “very good”. Full Story.
Forbes: Tim Worstall gives a cheer on the prospect of interest rate rises. Excerpt: “To some extent just muttering about maybe raising rates has done the job already. For the main driver of the current inflation is not bottlenecks in the UK economy, but import inflation from the lower pound”. Full Story.
Video: Roger Lewis interviews David Malone, very wide ranging 1hr 30, of Green Party Politics, climate change, the Golem XIV blog and much more. Watch.
Blog: Simon Wren-Lewis gives a stern lecture on basic economics to the Chancellor and senior civil servants. Excerpt: “His rationale is that the public like a dose of austerity, but tire after a time. At no point does he mention the economy (a recovery that stalled from 2010 to 2013, and then only started growing at trend thereafter), or monetary policy (interest rates were stuck at their lower bound). His desire for a shorter, sharper fiscal shock would have almost certainly produced a second recession”. Full Story.
Blog: FlipChartRick, (never knowingly outcharted!) on continuing austerity disguised by the capital account as a slight increase in public spending. Excerpt: “The trouble is, these shallow cuts will come on top of deeper ones made earlier in the decade. A report by the Institute for Government earlier this year warned that the ability of the public sector to maintain services while cutting budgets has “run out of steam”. Warning lights are flashing in the NHS, in schools and in local councils”. Full Story.
Blog: Shaun Richards, NotASayYesMan, has a rather harsh, but accurate, assessment of the Office of Budget Responsibility. Excerpt: “As later today the media will no doubt be using OBR forecasts as if they are some form of Holy Grail lets is remind ourselves of the first rule of OBR club. That is that the OBR is always wrong”. Full Story.
Video: Ha-Choon Chang, via Rigged Game blog, and what economists don’t want you to know. excerpt: “… pulls back the curtain on the often mystifying language of derivatives and quantitative easing, and explains how easily economic myths and assumptions become gospel. Arm yourself with some facts…”. Full Story.
Irish Times: Chris Johns, Is Theresa May heading for the perfect storm? Excerpt: “Having run an astonishingly inept campaign she immediately demonstrated her utter lack of negotiating skills by declaring a deal with the Democratic Unionist Party before one had been agreed. This, of course, gave the DUP the strongest possible negotiating hand”. Full Story.
Blog: Chris Dillow at Stumbling and Mumbling, free markets need equality. Excerpt: “There’s one thing that’s crucial – equality of power. For free markets to have public acceptance, the worst-off must have bargaining power. Without this, “free” markets merely become a device for exploitation”. Full Story.
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Spiegel Online: Thomas Hüetlin on the death of Brexit and how weak Theresa May and the Tories now seem. Excerpt: “The country looks ridiculous,” the Financial Times –– not exactly a leftist mouthpiece — wrote recently. Indeed, the party of Winston Churchill and Margaret Thatcher has turned into a gaggle of high rollers and unwitting clowns But now, after two catastrophic elections in less than a year, that is over. Completely.” Full Story.
Blog: longandvariable, Tony Yates on the record of central banks on inflation targeting. Excerpt: “A key thing to recall about inflation targeting was that it was about targeting the only thing that central banks had not yet tried targeting and failed. It came after broken promises to target the relative price of money and gold.” Full Story.
Pieria: Frances Copolla (from the archives) A Place Called Home a brief history of migration down the ages. Expert: “There is significant evidence that people do migrate from depressed regions to vibrant regions. Within countries this typically takes the form of migration from rural areas to cities, and from agriculture to industry.” Full Story.
RT: Watch. What next for the NHS? How the NHS is being carved up for the rentiers. Programme by Renegade Inc. Watch Here.