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Fri, 03/01/2025 - 11:30
He’s itching to do it The Republicans in Congress are also very, very thirsty for a shooting war. Normally, they’d be agitating for something in the middle east, maybe China, maybe even Ukraine. But since Trump took over they have to pretend that they’re pacifist isolationists. So Mexico it is, at least at first. I wrote about this earlier, based on a lot of reporting by Rolling Stone. They are taking about a “soft invasion” in which they drop in Special Forces to “take out” the leaders of the cartels. (The other option is an actual invasion force at the border.) They just published an update: Rolling Stone talked to half a dozen former special operations soldiers and intelligence agents to see what this saber-rattling might look like in practice. On paper, they argued it was an easy operation to dismantle the cartel leadership, something that our military — particularly units like SEAL Team Six and Delta Force — has mastered after two decades of war in Iraq and Afghanistan. To a man, all said they’d volunteer for the mission.
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Fri, 03/01/2025 - 10:00
Chief Justice John Roberts is mad as a hornet about all the criticism: Chief Justice John Roberts on Tuesday blasted what he called “illegitimate activity” aimed at undermining the independence of the judiciary. While facing criticism of contentious court rulings is part of the job for judges, some recent actions have crossed the line, Roberts said in his annual end-of-year report. He outlined four areas of concern: violence, intimidation, disinformation and threats to defy court judgments. All four “undermine our Republic, and are wholly unacceptable,” Roberts wrote. It’s pretty clear from the report that what he’s really angry about is the criticism that some of the Justices are corrupt and partisan. But it’s also highly unlikely that he’s talking about Trump who calls them every name in the book if they rule in a way he doesn’t ‘t like.
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Fri, 03/01/2025 - 08:30
This is terrifying: This is even more terrifying: The Inflation Reduction Act of 2022 was one of President Joe Biden’s chief legislative victories and the largest investment to fight the climate crisis in U.S. history. Trump and congressional Republicans have taken aim at the law to unwind much of Biden’s legacy and spur domestic fossil fuel production. Among the moves that could raise revenue: revoking the law’s $7,500 electric vehicle tax credit, new vehicle emissions rules and other incentives for clean energy production. Trump and the GOP could also green-light a major expansion of energy production on protected federal lands. Together, the CRFB projected, that could produce $700 billion in cost savings and new revenue over the next decade. One step forward two steps back. It’s a terrible, terrible mistake but I’m fairly sure this will be a priority.
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Fri, 03/01/2025 - 07:30
More infighting in MAGAworld: Billionaire Trump surrogate Elon Musk defended his decision to strip critics of their ability to monetize content on X after cracking down on dissent on the social network. Responding to a supporter who defended “people getting demonetized for their inexcusable behavior,” Musk declared, “Exactly. The first amendment is protection for ‘free speech’, not ‘paid speech’ ffs.” He demonetized people who criticized him specifically. I don’t know why anyone would be too surprised by that. He’s essentially an employer of people making money on X and employers have every right to muzzle speech on the job. Of course he did that. All you have to do is read his Twitter feed to see what an onanistic, self-indulgent, narcissist he is. In any case, his “free speech” crusade is very contingent on whose speech should be protected, not what or where. He likes to have it both ways.
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Fri, 03/01/2025 - 07:21
Simon Wren-Lewis is one of many mainstream economists who staunchly defend the idea that having microfoundations for macroeconomics moves macroeconomics forward. A couple of years ago he wrote this: I think the two most important microfoundation led innovations in macro have been intertemporal consumption and rational expectations …  [T]he adoption of rational expectations was not […]
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Fri, 03/01/2025 - 07:08
Tracking the Signs of Decline in America

If you want to be a decent analyst, let alone a forecaster, you need to know how to find real information. A lot of official statistics are either useless (inflation, unemployment numbers) or misleading.

Russia, with assists from Iran and North Korea and China (in non military goods, though often useful for making military goods) is out producing NATO in war material. If you just look at the GDP of NATO vs. Russia/China/Iran/NK you’d predict that couldn’t happen and you’d be wrong and like a lot of people you’d think Ukraine might or would win the war.

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Fri, 03/01/2025 - 06:00
Ernie Tedeschi, the director of economics at the Yale Budget Lab who in March wrapped up a three-year stint on the White House Council of Economic Advisers was asked by Business Insider, “was the “vibecession” fake?  He replied:   “The short answer is no. The vibecession was not fake. The long answer is no, but … ,” he said. Perceptions of the economy have to do with more than the economy itself. That doesn’t mean that people were lying or that their answers didn’t have some real economic motivation, but there’s clearly more to it than the material conditions in front of them — it’s also about their ideological leanings and how that shapes what they believe is ahead.”Perceptions of the economy are definitely deeply partisan,” Tedeschi said. That’s right.
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Fri, 03/01/2025 - 04:58
“The Australian government and its most senior officials have both failed to prevent or respond to the genocide committed by Israel against Palestinians in Gaza and been complicit in the carrying out of this genocide in a manner which falls squarely within Article 25 (3)(c) and/or (d) of the Rome Statute of the ICC,” state Continue reading »
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Fri, 03/01/2025 - 04:57
2024 has been an incredibly difficult year for me. As someone of Palestinian background, I have witnessed the ongoing genocide against my people, including the unimaginable pain of seeing babies and children being slaughtered in front of our eyes. The silence from the so-called international community is both heartbreaking and incomprehensible. I am often left Continue reading »
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Fri, 03/01/2025 - 04:54
In December, the Albanese government’s budget update had some surprises in it. One of the biggest involved big upward revisions to the size of Australia’s superannuation tax concessions. Let’s take a look at them. Last year, the economist Chris Richardson said our super system was already acting like “a reverse Robin Hood” because it was Continue reading »