In modern states, demand for currency comes from the ongoing self-imposed liability for the currency. There is no need to pay savers in order for them to desire to hold the currency (interest on sovereign bonds issued for "deficit spending"). Any justification for doing so must rest on some other perceived benefit of paying savers.
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How is it that in Australia, one of the richest countries in the world, we have a housing crisis where hundreds of thousands of renters can’t afford a roof over their head? To figure out why rents are soaring, we need to look at the broader political disease: we have spent about two decades trying
The post Australia’s housing crisis is self-inflicted. We need four reforms to reverse it appeared first on The Australia Institute.
"These islands attract millions of visitors a year keen to experience their natural wonders. Yet often this very “ecotourism” is contributing to their degradation."
How does monetary policy affect financial vulnerabilities and, in turn, how does the state of the financial system interact with the maximum employment and price stability goals of monetary policy? These were the key questions covered in the September 30 conference organized by the Federal Reserve System. The conference was co-led by Federal Reserve Board Vice Chair Lael Brainard and Federal Reserve Bank of New York President and CEO John C. Williams, each of whom offered prepared remarks. The program also included a panel of current and former central bank policymakers to explore the themes of the conference, as well as paper presentations with discussants. In this post, we discuss highlights of the conference. The agenda includes links to all of the presentations as well as videos for each session.
Oct 19, 2022ROBERT SKIDELSKY Admired in the West but loathed by his countrymen as a harbinger of Russia’s post-Cold War misfortune, Mikhail Gorbachev fully grasped the immense challenges of reforming the ailing Soviet Union. Today’s Russia largely reflects the anti-Western grievances stemming from his failure. LONDON – Mikhail Gorbachev, the Soviet Union’s last leader, was buried last month … Continue reading Gorbachev’s Tragic Legacy
The genealogical approach has found surprising success in an unlikely genre.
Why is life treated as less valuable than the depiction of life? By George Monbiot, published in the Guardian 19th October 2022 What does it take? How far must we go to alert other people to the scale of the crisis we face? Only one answer is clear: further than we have yet gone. We […]
The BBC chatted to Chris Chibnall in the lead up to his final episode as showrunner -here’s what he had to say. Can you tell us what audiences can expect from this special?You can expect a massive all action thrill ride from start to finish. There will be laughter, there will be huge jeopardy, and there will be tears at the departure of the Thirteenth Doctor. It’s the biggest threat the Doctor has ever faced – and that any Doctor has ever faced – to their life or lives.Can you talk a bit about the process in putting this feature… Continue reading
The highly paid political class in charge of each of the UK’s three major political parties detests, despises, distrusts and seeks to discard their own party membership. The Conservative, Labour and SNP elite all view their party members as a potential embarrassment. The Tory Party MP’s appear to have worked out how to get rid […]
The post The Party is Over appeared first on Craig Murray.
Beveridge curves for vulnerable groups, especially single mothers, differ from the overall workforce, meaning structural barriers to the job matching process exist.
Financial Times columnist and author Rana Foroohar talks about her new book Homecoming: The Path to Prosperity in a Post-Global World
Although most of those infected with COVID-19 have recovered relatively quickly, a substantial share has not, and remains symptomatic months or even years later, in what is commonly referred to as long COVID. Data on the incidence of long COVID is scarce, but recent Census Bureau data suggest that sixteen million working age Americans suffer from it. The economic costs of long COVID is estimated to be in the trillions. While many with long COVID have dropped out of the labor force because they can no longer work, many others appear to be working despite having disabilities related to the disease. Indeed, there has been an increase of around 1.7 million disabled persons in the U.S. since the pandemic began, and there are close to one million newly disabled workers.
Racial and ethnic earnings disparities have been salient features of the U.S. economy for decades. Between the pandemic-driven recession in 2020 and the rising inflation since 2021, workers’ real and nominal earnings have seen rapid change. To get a sense of how recent economic conditions have affected earnings disparities, we examine real and nominal weekly earnings trends for Asian, Black, Hispanic, and white workers. We find that average real weekly earnings have been declining in the past year, but less so for Black and Hispanic workers than for white and Asian workers. Black and Hispanic workers have also experienced small increases in real earnings since the pre-pandemic period.
Australia's and Norway's economies both have massively profitable resource industries, but Norwegians receive a much larger and fairer share
The post Norway shows how Australia can get a fair return from oil and gas appeared first on The Australia Institute.
Roughly 20 years ago, we made limited edition prints of these images and they sold out. Since then, we’ve been getting requests for more. At long last, your wish is our command: with altered color and a slightly smaller size (11 x 14” as opposed to 11 x 17”) we are presenting this second run of prints that we hope all can enjoy, without diminishing the collectible value of that first limited run. The “Hot Dog” image originally appeared in a special Phish issue of Entertainment Weekly in the year 2000. The “Phishbowl” originally appeared in Rolling Stone magazine in 1998. More info HERE:
https://www.printsandtherevolution.art/product/phish-hot-dog-phishbowl-2-print-set-save-on-shipping
Permits back on trend after a post-Covid bounce? Starts down a bit but perhaps leveling off around pre covid levels. Certainly not a major collapse yet: Multi-family doing better than single-family: Another tick up in the Fed Atlanta’s GDP calculations:
The post Housing permits and starts, GDP forecast appeared first on Mosler Economics / Modern Monetary Theory.
Admired in the West but loathed by his countrymen as a harbinger of Russia’s post-Cold War misfortune, Mikhail Gorbachev fully grasped the immense challenges of reforming the ailing Soviet Union. Today’s Russia largely reflects the anti-Western grievances stemming from his failure.
Antitrust expert Hal Singer shows how big businesses in certain industries are taking advantage of inflation worries to jack up prices far beyond their cost increases, all the while raking in robber-baron profits.
Microeconomist Hal Singer studies the topic on everyone’s mind: prices. Singer, who teaches advanced pricing at Georgetown’s McDonough School of Business and frequently serves as an economic expert in antitrust litigation (often concerning how firms set prices), says that those who hold workers’ wages responsible for inflation are not only wrong but making the problem worse with policies that fail to hit the real mark.
The latest data from the Bureau of Statistics on families shows that more than ever before couples with dependants are both working.
The post Families change but the same problems remain appeared first on The Australia Institute.