Reading
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“To defend civilization, defeat Russia.” Writing in the unfailingly bellicose Atlantic, an American academic of my acquaintance recently issued that dramatic call to arms. And lest there be any confusion about the stakes involved, the image accompanying his essay depicted Russian President Vladimir Putin with a Hitler mustache and haircut. Cast Putin as the latest manifestation of the Führer and the resurrection of Winston Churchill can’t be far behind. And, lo, more than a few observers have already begun depicting Ukrainian President Volodymyr Zelensky as the latest reincarnation of America’s favorite British prime minister. These days, it may be Western-supplied missiles downing “kamikaze drones” rather than Spitfires tangling with Messerschmitts over southern England, but the basic scenario remains intact. In... Read more
Ambitious social security and health care reforms aim to coax the masses into saving less and consuming more
This could be big. Saving preference is inversely proportional to consumption preference. Saving reduces consumption spending, that is, demand. Low consumption to investment and low domestic to external are a major factors holding the Chinese economy back from expansion.
Even the IMF is recommending a version of this — from the neoliberal perspective, of course. But China has its own plan in the works. Hopefully, it will be more welfare-oriented than stimulative-directed.
Well targeted, that is, welfare-oriented, this kind of program would also be a factor in stabilizing China's population and reversing the present decline that will adversely affect growth over time absent offsetting increases in productivity — which is one factor in China's emphasis on innovation.
This would also make China more self-sufficient, and it is likely that China is observing Russia's demonstrated success in achieving this.
Week-end Wrap – Political Economy – February 12, 2023
by Tony Wikrent
War
Seymour Hersh: Navy Divers + Spooks + Norway Took Out Nord Stream 2 on Biden’s Orders, Using Timer
[Naked Capitalism, 2-8-2023]
I have finally moved my blog and integrated in within my long-standing home page. The new blog address is – http://www.billmitchell.org/blog – although the old address will work forever. However, I do urge you to update your bookmarks to the new address....
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
THE much-loved Ocean Film Festival World Tour returns to Coffs Harbour next month for its tenth anniversary. This year the one-off special event screening takes place at the Jetty Memorial Theatre on Thursday 9 March 2023 from 7.00pm to 10.00pm. Advertise with News of The Area today. It’s worth it for your business. Message us....
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