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Scott Santens: It isn’t just robots coming for our jobs it’s deep learning too. “The language is a new class of machine learning known as deep learning, and the “whispered word” was a computer’s use of it to seemingly out of nowhere defeat three-time European Go champion Fan Hui”. Full Story.
Shaun Richards: Takes a look at the UK savings ratio and why it may spell trouble ahead. “it is often forgotten now that one-year interest-rates in the UK rose to 7% for around a year or so as the credit crunch built up in what was a last hurrah of sorts for savers. Full Story.
Nog’s Musings: Ponders the question of how we landed at the hardest Brexit possible. “Now of course we in the process of rewriting history. We’re being told “People knew what they were voting for”. But that’s a lie. Most people on the leave side believed we would get a near pain free exit”. Full Story.
HuffPo: Lee Carnihan on why the concept of tax and spend is dead. Excerpt: “The government can create its own money without needing to first raise a penny in tax. It does this, not by planting a magic money tree, but by instructing the Bank of England to create it. Just as it did to help us out of the 2008/9 banking crisis”. Full Story.
FT: David Allen Green explains why Digby Jones is a little premature lauding new trade deals with USA and Oz. Excerpt: ” There are no negotiating mandates. There are no negotiation teams. There is no lead negotiator. There is no letter of intent. There is nothing so far, but warm words”. Full Story.
Politics.co.uk: Peter Crosskey reveals which food prices are likely to rise post Brexit. Excerpt: “These aren’t small changes. The new taxes on imported food can be expected to add 14% to the cost of getting potatoes through customs or nine per cent to the price of imported onions”. Full Story.
New Republic: Matt Stoller wonders if the Democrats can rediscover it’s monopoly busting powers with the rise of Amazon. Excerpt: “The rise of Amazon, and its overwhelming market dominance, has accelerated the collapse of traditional retail outlets”. Full Story.
Gov.uk: Mark Curtis is not impressed by the UK’s proposals for Africa and it’s colonisation by the City of London. Excerpt: “British firms are well placed to be Africa’s market makers, and the City can become the finance hub of choice”. Full Story.
RenegadeInc: Neil Wilson questions the role of the Central bank post independence. Excerpt: “Prior to 1997, the Governor of Bank of England was relatively anonymous civil servant, answerable to the Chancellor of the Exchequer, thereby Parliament, thereby the People. Brown broke the democratic tradition for a short-term political fix”. Full Story.
TaxReasearchUK: Richard Murphy on the death throes of Brexit. Excerpt: “few like living in a country where one of the biggest changes in our modern history is being managed by a government that so very obviously does not have the authority to deliver it”. Full Story.
Jacobin: Colin Gordon thinks the right has a natural contempt for democracy. Excerpt: “At each setback, he doubles his resolve to put ideas into action. With each year, he grows wearier of democratic institutions and the tyranny of majority rule”. Full Story.
Video: 1947 American public information film Don’t Be A Sucker really worth a watch (17 mins) and still relevant today. Watch.
BIUK: Ben Moshinsky reports on the BoE warning to banks and lenders. Excerpt “The PRA has seen “a shift in credit risk appetite as lenders compete with each other to find ways of widening the pool of available borrowers”, Full Story.
Independent: Jim Edwards reveals the Japanese paper on Brexit who call it insanity. Excerpt; “In sum, it says, we have invested a huge amount of money in Britain. And you guys are screwing it up. Do you want us to withdraw all our cash, companies and investments?” Full Story.
The LondonEconomic: Jack Peat on the rejuvenation of satellite town buildings by Wetherspoons. Excerpt: “Social clubs used to be a focal part of Britain’s community fabric. At their peak there were over 5,000 in Britain, but today their numbers have dropped to 1,500 and continue to slide”. Full Story.
Blog: Spandavia observes that we’ve finally jailed some bankers but redress for their victims is slow. Excerpt: “Despite the best efforts of many for it not to happen, Lynden Scourfield and Mark Dobson, both senior HBOS bankers, and David Mills, owner of Quayside Corporate Services and his team (including his wife), have gone to jail for a total of 47 years between them”. Full Story.
ActivistPost: Mac Slavo on the approaching solar minimum and it’s possible effects on the power grid. (Don’t click on the ads for goodeness sake.) Excerpt: “There would be nothing any of us could do if the sun’s activity decreases to the point that it causes the outermost atmospheric layer to collapse”. Full Story.
Blog: Frances Copolla with insights on how banking collapses occur. Excerpt: “Like IKB, Northern Rock had created an SPV, called Granite. Granite’s job was to convert Northern Rock mortgages, some of them subprime, into bonds and sell them to international investors”. Full Story.
Introducing: Debt Rattle. Another news aggregation site well worth a drop in, much more American than what I offer. Check it out.
Spiked: Rupert Cogan casts doubt on the independence of the Bank of England. Excerpt: “A decade of steady growth and low inflation appeared to underline the wisdom of Brown’s decision. At least it did until the crash of 2007”. Full Story.
Watch: MacroVoices, over an hour long but a great discussion on centrak banks and who works there. relates to the Fed but still relevant. Video.
Blog: Priti Patnaik on the soft laws of Switzerland on money laundering via fine arts. Excerpt: “In 2015, globally, the art market was pegged at more than $63 billion with more than half accounted for by dealers and private sales”. Full Story.
Prospect: Lyndsey Stonebridge on why Theresa may’s immigration target is a fantasy. Excerpt: “Even the laziest of PPE undergraduates will tell you that the economic consequences of an arbitrary, uncosted, setting of migration figures are probably not going to be good”. Full Story.
NYT: Nicolas Kristof suggests it is dangerous to use the D word in China as Liu Xiaobo did. Excerpt: “As a journalist, I see so much spin, preening, hypocrisy — but in your prison cell, you embody democratic values”. Fully Story.
Blog: Mr Ethical reveals the links between MI5 and HSBC. Excerpt: “This article appeared in Private Eye in October 2013, at the same time that they also investigated but spiked my fraud disclosures. The head of MI5 Jonathan Evans, now an HSBC director, was knighted in the New Years honours list 2014″. Full Story.
Blog: ANewNature: Miles King writing beautifully about the Lake District shortly before it was awarded Worls Heritage Status. Excerpt: “World Heritage Status is not given out willy-nilly. It’s a challenging process that takes years, and of course the process began before Brexit”. Full Story.
Blog: John Ward on Messiahs, Soros and the way the world really works. Excerpt: “The difference in 2017 is that, in their contemporary form, Messiahs have to be introduced at a speed more in keeping with the sub-atomic attention-span of a multi-media, moronic Messiah-seeking age”. Full Story.
Blog: FlipChartRick discusses the benefits of an EU-UK customs union. Excerpt: “Broadly speaking, the further away the UK moves from the EU’s orbit, the more political control it will have but the less preferential the trading conditions will be”. Full Story.
Blog: Marcia Hutchinson on what Corbyn and Rees-Mogg have in common. Excerpt: “No “call me Dave” mateyness for for Jacob, no Boris style flip-flopping depending on which view will further propel his ascent to number 10. The living embodiment of Sebastian Flyte from “Brideshead Revisted”, he is basically posh and proud of it”. Full Story.
Blog: Johnny Vedmore asks do you know about Traditional Britain Group? Also features Rees-Mogg. Excerpt: “The right wing Conservatives of the Traditional Britain Group describe themselves as the “Counter-Revolution” to the liberal establishment. They see everybody on the political left of them as the enemy”. Full Story.
The Economist: Why the German surplus is unsustainable and bad for the world economy. Excerpt: “the size and persistence of Germany’s savings hoard makes it an awkward defender of free trade”. Full Story.
Blog: Richard Murphy on why the national debt is no great burden. Excerpt: “Perhaps it’s because they think it was pensioners, like nurses, teachers and firefighters who crashed the economy in 2008 and we should now seek to wreak revenge upon them by denying them the chance they want to save in a way that technically costs us nothing”. Full Story.
Blog: Raúl Carrillo explains what Modern Monetary Theory can teach us about criminal justice. Exc:erpt: “Although primarily known as a set of macroeconomic ideas, MMT is rooted in the law. It begins with the premise that a monetary sovereign, such as the United States government, does not need to collect funds in order to spend funds“‘ Full Story.
Blog: Scott Santens does Alaska show us the way forward to a citizens income for all? Excerpt: “Something is wrong. If degrees of inequality can be thought of as degrees of temperature, climate change isn’t our only man-made heating problem”. Full Story.
Blog: Scott Adams (the Dilbert guy) solves the North/South Korea problem with a 100 year solution. Excerpt: “First we must acknowledge that a win-lose model has no chance of success in this specific case because North Korea responds to threats by working harder to build nukes”. Full Story.
Blog: Chris Dillow on Theresa May’s risible comparison of the UK to Greece. Excerpt: ” higher public spending brings in higher tax revenues, both directly as public sector workers pay more tax and indirectly as their extra spending generates more economic activity”. Full Story.
Blog: Tim Fenton on the reappearance of the dark money within political parties. Excerpt: “that method has much to do with the Dark Money that has been following those who continue to pursue an anti-EU agenda“. Full Story.
PositiveMoney: Edward Smyth casts doubt on UK economic recovery as savings collapse. Excerpt: “The latest ONS data puts the UK household saving rate at just 1.7% in the first quarter of 2017 – the lowest rate since records began in 1963”. Full Story.
Blog: Shaun Richards on Italy’s continuing banking woes. Excerpt: “it did not have the housing boom and bust that affected some of its Euro area colleagues. It did however not miss out on a banking crisis which the Italian establishment ignored for as long as it could” Full Story.
MarketWatch: The bankers bill for Brexit could be >$17 billion shall i start a crodfunder for them? “excerpt: “Passporting is the mechanism that allows U.K.-based banks to seamlessly sell their products and services across the 28 EU member states. It’s been an extremely popular system, with U.K. banks using it to expand their customer base across the union”. Full Story.
Guardian: George Monbiot explains why the Grenfell enquiry will be stitched up before it’s begun. Excerpt: “don’t allow defendants in court cases to select the charges on which they will be tried. So why should the government set the terms of a public inquiry into its own failings”? Full Story.
BBC: Report on a report that may never be published concerning Saudi funding of terrorists. Excerpt: “The Home Office report into the existence and influence of Jihadist organisations, commissioned by former Prime Minister David Cameron in 2015, has reportedly yet to be completed”. Full Story.
Blog: Frances Coppola on the farce of Brexit, whether you are suffering from buyers remorse or deluded enough to think it will happen you need to read this. Excerpt: “Nearly ten years of depression and austerity have ended with a revolution on both sides of the Atlantic. Though it is as yet an incomplete revolution: in both countries, public anger is focused not on the real culprits”. Full Story.
Blog: Simon Wren-Lewis on the over-reach of Neoliberalism. Excerpt: “I think they are part of (in the US) and a consequence of (in the UK) a common process, which I will call neoliberal overreach”. Full Story.
Gov.co.uk: Via Jolyon Maughan, an important development re Grenfell, an amnesty for Landlords illegally sub-letting but none for undocumented migrants. Full Story.
Renegage.Inc: By Claire Connelly and Ian Osborne all the lastest on sinister developments in state based cyber warfare. Excerpt: “Last week’s Petya cyber-attack was designed to look like ransomware that leaked out of America’s National Security Agency, but experts say the truth is much more complicated, and terrifying”. Full Story.
TandFonline: Steve Keen on how a diverse economy is the most successful, finally ffree to read. Excerpt: “Brexit means Britain will experience significant economic losses, thanks to the reversal of the gains from specialisation, is incorrect. The background assumptions regarding comparative advantage are false and cannot inform real-world situations”. Full Story.
ecnmy.org: Via @rethinkecon, never mind what you’re earning how do you feel? A new way of measuring the economy. Excerpt: “What they weren’t paying attention to was the emotional state of the country – things like, for example, a 15 per cent decline in the number of people rating their lives as ‘thriving’. Full Story.
Joseph Stiglitz: From 2011 but still very relevant today, 54 page pdf warning! A brief summary of the inception of the Euro and how it might have been different. Short version on this tweet (click on main frame) or for the brave Full Story.
MakeVotesmatter: An open appeal to the Labour Party to change to PR. Sign up if you’re convinced. Excerpt: “. There is no reason to expect our Parliament to better reflect the electorate the day after a General Election than it did the day before. The reason for this difference is that, while most of our peers use proportional voting systems, the UK is one of the last developed nations still to use First Past the Post”. Full Story.
Tax Research UK: Richard Murphy pleading for a sane conversation on state spending. Eccerpt: “First, the FT assumes that any extra government spending disappears down a black hole to be lost, forever. This is absurd. That spend does instead expand the tax base, immediately”. Full Story.
Blog: Tom Kibasi with a great explainer on what the single market and customs union actually is. Excerpt: “The big implication of a customs union is that independent trade deals cannot be negotiated with countries outside the customs union as all members must apply the same tariffs”. Full Story.
Reader Offer! Get your very Confirmation Bias Goggles from Scarfolk Council. Excerpt: “By tapping into the wearer’s biases, the goggles literally deleted undesirable objects from the wearer’s field of vision”. Full Story.
Introducing: Miles King and a new nature blog, the sound of the meadows. Excerpt: “Music has always been inspired by the sounds of nature. There are very few wildflower meadows now left in England. By listening to our Meadow Soundscape, anyone can enjoy the sounds of nature in a wildflower meadow wherever they are”. Full Story.
labourlist.org: Emma Bean on Keir Starmers 6 tests for Labour described by Frances Copolla as Labour’s unicorn. Excerpt: “The biggest danger currently facing British businesses, jobs and living standards is the chance of the Prime Minister exiting the EU without a deal.” Full Story.
BrexitCentral: Paul Kenwood ( the Managing Director of British Sugar) on why brexit is an opportunity for his industry. Excerpt: “If we get the terms right, one particular beneficiary of Brexit will be the beet sugar industry – a curiously little known British success story which supports more than 9,500 jobs”. Full Story.
NakedCapitalism: L. Randall-Wray on why the budget of the state cannot be compared to a household budget. “Whenever a demagogue wants to whip up hysteria about federal budget deficits, he or she invariably begins with an analogy to a household’s budget: “No household can continually spend more than its income, and neither can the federal government”. Full Story.
Watch: Warren Mosler (H/T @deficitowl) on the difference between money created by the state and by banks.
Independent: Ben Chu on the latest ONS figures showing record drops in household disposable income. Excerpt: “The ONS said that the inflation-adjusted compensation of the household sector fell 1.4 per cent in the first three months of 2017, reflecting spiking inflation and weak pay growth”. Full Story.
Blog: FlipChartRick on the Resolution Foundation’s latest report into job insecurity. Excerpt: “Hidden behind the noise of Brexit, the labour market is entering a new phase. In the second half of 2016 the number of workers on zero-hours contracts flatlined and agency worker numbers actually fell by 50,000”. Full Story.
politics.co.uk: Ian Dunt on Labour’s Brexit travails and Corbyn’s decisions on the EU. Excerpt: “Shadow Brexit secretary Keir Starmer, who for many months was gradually retreating on his demands for single market membership, has now effectively accepted defeat and adopted the hard Brexit position of Jeremy Corbyn”. Full Story.
LBC: James O’Brien on Kensigton and Chelsea’s decision to ban the public and press from it’s council meeting. Excerpt: “This is the 21st century in the United Kingdom. This is not Robert Mugabe or Putin’s Russia”. Full Story.
TaxJustice.net: Richard Murphy on the importance of Corporation Tax and how it fits globally with a nations aspirations. Excerpt: “The corporate income tax is under attack. Nation states are scrambling to offer multinational corporations an ever growing feast of lower taxes, loopholes and incentives. Lobbyists and politicians constantly try to persuade us that the corporate tax is a bad, inefficient, unreasonable tax”. Full Story.
New Statesman: Jolyon Maugham on Labour and how they must show their hand regarding Brexit. Excerpt: “A Labour approach to Brexit also means legislating to guarantee that Parliament has a truly meaningful vote on the final Brexit deal (my emphasis).” Full Story.
Blog: John Ward is wondering whether evreything is SNAFU or SNACFU as Soros wades into the Brexit debate. Excerpt: “In ten days time, the G20 is to meet in Hamburg. My sincere hope is that they might use up their session in the most effective and healthy way possible: by going immediately to the Reeperbahn…….remaining there until getting professionally laid returns them to something approaching reality”. Full Story.
Evening Standard: John Simpson on the shameful silence regarding the Al jezeera news channel. Excerpt: “Theresa May, in her desperate effort to find new markets for Britain, can’t afford to upset them. Everyone else seems to be looking away”. Full Story.
Quiz: Take the positive money quiz just four questions long and test your money creation knowledge, official Green Party policy. Take Quiz.
Blog: Simon Wren-Lewis defends economists accused of favouring the Euro. In the end it’s a political decision. Excerpt: “Euro membership involved macroeconomics. Membership of the EU is mostly about trade. These are different branches of economics with little in common. Brexit involves the impact of geography on trade”. Full Story.
The Conversation: Hetan Shah celebrates a victory for the ONS and an end to the “sneak peek” at official stats. ” Excerpt: ” Once a minister appears on the Today programme and sets the narrative about what the numbers supposedly say, it’s very hard for anyone else to shift the frame of that story”. Full Story.
New Eastern Outlook:
Blog: FossilsAndShit, top name for a blog and discusses whether we should trust science and why. Excerpt: “Peer review, data, rigorous analysis – these are the things that are supposed to set science apart from other forms of publishing and knowledge creation”. Full Story.
Forbes: Steve Keen fulminates against the chair of the FED for complacency on banking crisies. ” Excerpt: “This is the theory that led the OECD to proclaim, two months before the crisis began in August 2007, that “the current economic situation is in many ways better than what we have experienced in years…” Full Story.
Renegade Inc: Neil Wilson pens the political obituary of our erstwhile former Chancellor of the Exchequer, now Editor of the Standard. Excerpt: “perhaps we should dare to entertain the notion that journalism’s gain is of huge benefit to the nation, and that Osborne’s economic policies were founded on what can best be described as utter bollocks”. Full Story.
L.S.E. Richard Machin, On the economic futilty of welfare reform and the damage it can cause to local economies. Excerpt: “Ha Joon-Chang argues that the mainstream political narrative that welfare spending is a drain and should be reduced is illogical. He asserts that ‘a lot of welfare spending is investment’ and believes that appropriate funding in areas such as unemployment benefits can improve productivity and workforce capability”. Full Story.
TruthOut.org: C.J. Polychroniou interviews Noam Chomsky and Ha-Joon Chang, an economics lesson all on it’s own, strongly reccommended. Excerpt: “If by “globalization” we mean international integration, then it long pre-dates capitalism. The silk roads dating back to the pre-Christian era were an extensive form of globalization”. Full Story.
Watch: Bill Abram, H/T Ruth Clayton, briefly talks about growing up during the depression in Alberta Canada, before describing Canada’s experience of debt-free money issue from 1935-1974 and its barely perceptible effect on the national debt. At the end, he waxes philosophical about the source of true wealth in society. Watch: (6 mins)
indy100: Josh Withey reports on a man who trvelled from Newcastle to London via Spain because it’s cheaper. Excerpt: “I can have a night on a Spanish island, hire a car, have a cocktail on the beach, fly back to London and still have £40 left over”. Full Story:
perc.org.uk: Joel Benjamin on so years of Big Bang in the City of London. Excerpt: “In Redwood’s medieval storyland removing regulations (read: rules which guard against market consolidation and protect consumers from financial rape and pillage) the peasant class would be able to cross the moat and share in the enormous wealth amassed by the Barons of high finance, feasting within the City walls”. Full Story.
Forbes: Frances Copolla on the Italians bailing out their banks driving a coach and horses through EU Directives. Excerpt: ” the additional borrowing will temporarily increase Italy’s deficit to GDP, it might fall foul of the Stability and Growth Pact. But the Italian government doesn’t care”. Full Story.
ITV: Noreena Hertz on the Bank of England’s warning to banks about excessive private borrowing and what banks must do nest. Excerpt “Were circumstances to change – which of course may happen given rising inflation, Brexit risks and falling growth in GDP – lenders, who have assumed that things will just mosey along as has become usual, could be in trouble”. Full Story.
Politics.co.uk: Ciaran McGonagle on the Tory/DUP deal the best I’ve read so far and what a great deal it is for the DUP. Excerpt: “While, in substance, the deal was fairly predictable there are a number of notable points which hint at both the deal-making ability of the DUP and the desperation of Theresa May’s party to secure a workable parliamentary majority”. Full Story.
Medium: Stuart Mark on how he sees a Universal Basic Income as a moral choice of policy. Excerpt: “Well, as it turns out, I love advocating for UBI, too… because I, like Scott, can see it as “a foot in the door” to a society where we ALL will have the freedom to focus primarily on what we love to do, whatever that may be. We should all have the freedom to express that”. Full Story.
Independant: Katie Forster on how the NHS is being deliberately underfunded to aid privatisation. Excerpt: “Members of the British Medical Association (BMA) accused Theresa May and Jeremy Hunt, the Health Secretary, of “consciously” creating a crisis in NHS hospitals…”. Full Story.
Northern Echo: A SHOPKEEPER who was threatened with legal action when he called his corner shop “Singhsbury’s” has changed its name to “Morrisinghs” No I’m not making this up! 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. (Unedited start from 5 mins in).
Blog: GolemXIV, David Malone with an intro to events in the Middle East and the potential for flare ups. Excerpt: “The Great Gas War is gathering towards a major escalation. The Northern Front in Ukraine has gone quiet. Or at least unreported. But its Southern Front from Syria to Yemen, Turkey to Iran is hotting up”. Full Story.
Blog: NotASayYesMan, Shaun Richards on the continuing bank bail outs and our entrance into a second lost decade. Excerpt: “As we move from our starter to the main course we find ourselves facing a menu which has taken nearly a decade to be drawn up. The Italian response to the banking crisis was to adopt the ostrich position and ignore it for as long as possible. Indeed for a while the Italian establishment boasted that only 0.2% of GDP ( Gross Domestic Product) had been spent on bank bailouts”. Full Story.
Blog: Ponderings by Gemma, a very Germanic look at the cultural differences on work practices and their relevance to Grenfell. Excerpt: “The real point of this post is about penny pinching. Not just penny pinching, because every modern form of accountancy is about pinching pennies”. Full Story.
TUC: Trade Union Congress on those in insecure work and zero hour contracts, very detailed. Excerpt: “Over three million people – one in ten of the UK workforce – now face insecurity at work. Not only do they often face uncertainty about their working hours, they also miss out on rights and protections that many of us take for granted, including being able to return to the same job after having a baby, or the right to sick pay when they cannot work”. Full Report.
Blog: Touchstone Bharat Mehta also on #insecure work and how it can be tackled. Excerpt: “Research by the Social Market Foundation (SMF), funded by Trust for London, shows that 1.7m low-paid workers are not covered by the national living wage because it does not cover the self-employed”. Full Story.
Axios: Christopher Matthews, on the impact of $13 minimum wage in Seattle. Spoiler, it didn’t cause job losses. Excerpt: “Berkeley’s Institute for Research on Labor and Employment is out with a new study on the effects of Seattle’s wage policies, and found that there was no job loss as a result of the mandate”. Full Story.
Blog: Neil Wilson, on what sort of jobs will be provided by the Job Guarantee and how it differs from the private sector. Excerpt “The Job Guarantee is a mechanism for creating jobs of social value. It is a dynamic system that enables and supports the creation of jobs that provide public service to others and that others consider to be of public service “. Full Story.
Little Atoms: Padraig Reidy, on how the DUP thrive on brinksmanship and crisis, a handy guide to how coalition talks will go. Excerpt: “The point of all this is to highlight the modus operandi of modern Northern Irish politics: trigger a crisis, and then work it to your advantage (Sinn Féin’s manouevering over “Cash for Ash”, eventually leading to the Assembly election in March of this year, was an absolute masterclass in the form)”. Full Story.
Blog: The Naked Mole Rat. Russ Jones on the WOWS, not another new acronym we groan! Excerpt: “So it’s with some trepidation that I propose a new – or rather increasingly extinct – group. Wealthy, Old, White and Southern: the WOWS”. Full Story.
Spectator: James Bartholomew, waxes lyrical about the perils of Socialism in a one sided diatribe. Excerpt: “Hong Kong was an unusual place in lots of ways but its economic policies were truly extraordinary compared to most other countries’. The highest rate of income tax was 15 per cent and there was no capital gains tax at all”. Full Story. (Click refresh to remove Sub Ad.)
Blog: History Briefing, Marcia Hutchinson, (a new blog on the block, welcome) on the foundation of Corbyn and Momentum. Excerpt: “Ever since Corbyn originally stood for the leadership of the Labour Party and Momentum formed in order to support him they have been vilified as Trotskyites, Leninists and entryists and that’s by the Labour party, never mind the Tories”. Full Story.
Video: TEDx Talk by Laurie Macfarlane on why you can’t afford a house and how to fix it, better than the advice to give up avacado toast! Watch.
Morning Star: Kate Hoey on why the EU will never reform citing the ongoing car crash in Greece as evidence. Excerpt: “That was when I really discovered the undemocratic nature and the whole cliquey-ness of the EU — it’s all about ‘you scratch my back here and I’ll scratch your back there’.” Full Story
Blog: Lars Syll on mainstream monetary theory, neat plausible and utterly wrong, proper econ101. Excerpt: “Financing quantitative easing, fiscal expansion, and other similar operations, is made possible by simply crediting a bank account and thereby – by a single keystroke – actually creating money”. Full Story.
Business Insider: Scott Santens, the man living the Universal Basic Income life to prove it works. Excerpt: “While headlines about machines eliminating jobs provoke feelings of anxiety in many people, I’m not one of them. I feel a sense of security, since I know there’s always going to be a bare minimum income on the first of each month”. Full Story.
Guardian: Ed Mayo, on co-operatives and mtuals providing social care rather than profit driven agencies. Excerpt: “Our future care system cannot be organised around price, competition and profits. We’ve done that for 20 years and it hasn’t worked”. Full Story.
Renegade Inc: Mitch Feierstein, On the great policy failures of Central Banks. Excerpt: “The biggest problem is that inflation-adjusted wages have been flat while central bank manipulation has inflated unsustainable asset bubbles in stocks, bonds, and property markets making the cost of living impossible. As wages have stagnated, DEBT HAS DRIVEN consumption—and the consumers are now tapped out”. Full Story.
Bloomberg:Ferdinando Giugliano, on Italy driving a coach and horses through the EU’s Single Bank Resolution Law. Excerpt: “The Italian scheme is radically different from the one put in place two weeks ago, when the Spanish lender Banco Santander bought Banco Popular for one euro”. Full Story.
Blog: The Slog, John Ward, with some choice words for progressives (eek!) and the right alike. Excerpt: “Then there are the soi-disant Progressives who are always right. Those who – when the People express a view, dissatisfaction or demand for action – invent a hundred rationales as to why such expressions of will are naive…” Full Story
Business Insider: The Motley Fool on Instagram Sories eating Snap’s lunch. Excerpt: “Shortly thereafter, Snap reported first-quarter results and disclosed that it added 8 million DAUs in the first quarter, bringing its total DAU base to 166 million. Unfortunately for Snapchat, Instagram Stories just hit 250 million DAUs. Full Story. (They get Jolly Cross if you use an ad-blocker.)
Counterpunch: Gary Leupp, on the ongoing situation with Qatar. Excerpt: “…to provoke a general confrontation between the Sunni world (led by itself) and Shiite world (led by Iran). What has has Qatar done to offend the Saudis, the UAE, Bahrain, Egypt and Yemen”? Full Story.
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.
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.