Reading

Created
Tue, 21/03/2023 - 10:00
A Black in power man trying to get a white man No surprise: it’s working. He pulled that chain and they came running: Bump writes: One of Donald Trump’s less-appreciated political skills is getting his supporters to view attacks on him as attacks on them. His supporters have often seen him that way, viewing criticism of Trump’s presidency or of him personally as an attack on the political movement he leads and, therefore, on them. The tactic works. Or: It generally does. When Trump’s primary frustration was the investigation into Russia’s interference in the 2016 election and possible overlap between that effort and his campaign, turning the probe into a perceived attack on his supporters was tricky. Sure, there was a lot of “the Deep State is out of control and could do this to you,” but it’s not clear that this really landed. Instead of building his base’s reserves of empathy, the Russia probe drew from them. Instead of Trump making everyone the victim, he mostly fell back on complaining about being a victim himself. Since he lost the 2020 election, though, he’s had better luck.
Created
Tue, 21/03/2023 - 09:30
What is missing from the debates over monetary policy today is the understanding that the Fed was not established to control inflation. It was created to prevent financial crises by acting as a lender of last resort in times of distress. Indeed, that’s exactly what the Fed is doing now — opening up its lending facilities to banks in need. But rather than focus on maintaining financial stability, the Fed has become obsessed with controlling inflation, something it cannot really do without causing either a recession or a financial crisis (or both).

What the Fed needs to do is abandon misguided economic theories that have subverted its primary goal of financial stability to inflation targeting. Rather than change interest rates to control inflation it should pivot to a policy of stable interest rates with the goal of maintaining financial stability. The current experience is yet another stark example that unstable interest rates are inconsistent with financial stability. This approach is counterproductive and unnecessary since we have more effective tools for macroeconomic stabilization, such as fiscal policy..…
Created
Tue, 21/03/2023 - 09:00
A theory I’ve been wondering about this too. It’s rather bizarre. He’s in the midst of what is already a tough primary fight and his twitter game was instrumental in his 2016 campaign. But despite Elon Musk’s entreaties to return he’s not back on the platform for some reason where he still has a massive following.It just seems unlikely that he’s content with Truth Social where his engagement is tiny by comparison. Today in the Bulwark, Kimberley Whele discusses that SEC investigation I mentioned the other day in which Trump may be implicated in a money laundering crime to do with his Trump Media company. In the process she notes that this may be the reason he’s not returning to twitter: Donald Trump is involved in yet another probe that could potentially result in criminal charges against him or his associates, this one a yearslong federal investigation by the SEC and DOJ relating to the creation and funding of his Truth Social platform. A final twist in the criminal probe involving Trump Media involves the former president’s use of social media.
Created
Tue, 21/03/2023 - 08:14
Disputes with train operating companies continue, but RMT solidarity brings big win while managements of some other unions undermine their members Mick Lynch’s RMT union has won a major victory – and a significant pay-rise – for members working in Network Rail. 76% of members on a 90% turnout voted to accept an improved offer […]
Created
Tue, 21/03/2023 - 07:10
It should be obvious to just about anyone by now that transnational capitalism cannot survive in its present form if humanity is to survive. The amount of negative externality that is not priced in is too great. Markets are not a mechanism that delivers accurate economic calculation, contrary to what Hayek argued in his Nobel Prize Lecture (1974), and is now widely accepted as received wisdom. Valuation is biased by failing to consider true cost and reliance on this is leading to more erroneous assumptions about addressing emergent challenges. 
Created
Tue, 21/03/2023 - 06:00

Capitalism has its capacity to reinvent itself and not only survive the many crises it has caused but transform itself into more aggressive forms over the years. This has prompted many authors to query the possibility of its collapse and at what point this event may occur. More importantly, how will this system of appropriation and accumulation that the world has got used to finally unravel? It is a timely question when the availability, accessibility and affordability of basic and essential human needs such as staple foods are being impacted by the dilapidated state of governments, economy, and ecology under the capitalist system. One explanation offered by William I. Robinson has come at a time when the world is at an intersection of many crises on multiple fronts: health, environment, economy, and escalating geopolitical tensions. Robinsons’ latest book Can Global Capitalism Endure? was published in 2022 by Clarity Press as the world just experienced the impact of the Covid-19 pandemic, the ripple effects of war between Ukraine and Russia and the escalating wrath of climate change.

Created
Tue, 21/03/2023 - 06:00
DeSantis gave a back-handed statement this morning in which he repeatedly used the words hush money payments to a porn star” repeatedly. (The video is in a post below.) Trump isn’t happy about it Did he just hint that Ron DeSantis molested young men when he was a high school teacher? Lol. It’s going to be a long campaign. His meltdown is impressive. This is just from the last 48 hours. And it’s not all of them: Let it sink in once again that this man is the leader of the Republican Party, was president of the United States and has a decent chance of becoming president again. And he is certifiably nuts. But then, so are his fans:
Created
Tue, 21/03/2023 - 06:00
A new book by economist Richard McGahey examines the country’s anti-urban structure and ideology, offering insights on how American cities can thrive.

Cities. They’re the places where most Americans live, work and play, but skeptics say they aren’t the “real America.” They drive economic growth, but rarely reap the full benefits of what they generate. Cities are places of opportunity and innovation but saddled with neglectful, if not downright harmful policies. Thomas Jefferson called cities “pestilential to the morals, the health, and the liberties of man.” Donald Trump, a lifelong New Yorker, referred to Baltimore as a “disgusting, rat and rodent-infested mess,” Atlanta as “in horrible shape and falling apart” and inner cities across the country as “burning and crime infested.”

Why all the hate?