Very sad to hear of the passing of the remarkable Prof. Victoria Chick, a brilliant macroeconomic and monetary theorist - who helped restore Keynes's monetary theory to its rightful place in the economic canon.
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Ann Pettifor
@AnnPettifor
Global Fin System. Author: The Production of Money, The Case for The GND. System Change Newsletter: annpettifor.substack.com. AnnPettifor@econtwitter.net
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Her chaotic pro-rich policies would have caused huge social/econ damage. The short term damage was limited by reversing most of her specific policies. She has however caused actual long term damage by leaving us with the triumphant return of failed Treasury austerity ideology.
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State of emergency called in Chile. Wildfires have already destroyed ~14,000 hectares. Particulate matter levels are very high over a wide region. A hotter world means more intense heat waves - which means bigger forest fires.
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More than 100 thousand Israelis are demonstrating tonight in Tel Aviv and other cities around the country against Netanyahu's plan to weaken the supreme court and other Democratic institutions. This is the 6th week in a row demonstrations are taking place
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#Britain should engage directly in war against #Russia, says Tobias Ellwood, head of the British parliament's defence committee. "We are at war in Europe, we need to move to martial law".
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🚨 UPDATE: Four people are STILL OCCUPYING a Shell oil platform on its way to the North Sea.
Anyone else think it's time for Shell to start paying up for the loss and damage they've caused?
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The River Chess is a chalk stream 1 of only 225 in the entire world and this is how water companies treat them.
And the does what exactly?
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This is Scotsbridge Mill on the @RiverChess foam here as well and we are 24hr it’s into this incident. Still no answers @thameswater
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The US's military industrial complex is preparing us for another war - World War lll.....
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The Pentagon itself said that “the payload wouldn’t offer much in the way of surveillance that China couldn’t collect through spy satellites” and that “the balloon posed no serious physical or intelligence threat”.
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South Africa's nationalist Afrikaners were never smart enough to counter Washington's opposition to apartheid by arguing that anti-apartheid campaigners unfairly victimised Afrikaners...If they had, Mandela might have remained on Robben island..
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Let’s examine one of the GOP’s arguments yesterday: that criticism of US/Israeli gov’s role in the Palestinian human rights crisis, which orgs from @hrw to @amnesty are sounding the alarm on, is equivalent to antisemitism.
It’s a dangerous conflation, and we must recognize that.
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Just finished binging my way through TraumaZone, a seven-hour BBC documentary on the USSR and Russia from 1985 to 1999 by legendary filmmaker Adam Curtis. The film uses entirely BBC archival footage to illustrate the period. Gripping, dark, utterly depressive - and masterful.
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I've lived in the former Soviet Union for seven years and have a master's degree on it, but I'm not sure I've seen anything that makes you feel what the insanity of that period was like this does. The entire doc is on YouTube here:
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Is anyone listening?
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"Riskier loans leads to the economy resembling a house of cards."
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"As the economics writer Matthew C Klein says: “You can only throw so many million-dollar birthday parties.” The consequence is that production is excessive relative to deficient pay. Debt used to sustain purchasing power. Wealth.. is channelled into speculation.
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"Mr Tily’s analysis today is that the excessive imbalance towards wealth from labour distorts economic activity and sees too low wages putting goods and services out of reach of too many – while the extremely rich don’t spend.
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Geoff Tily, author of TUC report, relies on 2 thinkers who did much to shape ..thinking on economics: JA Hobson & John Maynard Keynes..their arguments that Labour deployed in 1945 so that public debt of 250% of GDP did not stand in way of transformative change..
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"What differs from a century ago is fortunes now built on houses: 1/4 of wealth on ST rich list held by people in finance; a fifth by those in property. As much of this income is dividends and capital gains, it faces lower tax rates than income from work."
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Guardian's lead on 3 Feb '23: "Since GFC, “financial wealth” has risen by more than £800bn to £1.9tn. Net worth as a share of GDP in 2020, cornered by the rich, matched the 1930s peak..
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Mimicking the US Republican's attack on the franchise, the Tories made up a threat to the integrity of the voting system to justify an expensive id scheme that is going to deprive a lot of people of the vote. They continue to lie about the need for it.
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EXCL: Only 10,000 people have applied for government voter ID since scheme opened - just 0.5% of total who might need it - by @peterwalker99 theguardian.com/politics/2023/
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Recent articles (e.g. ) report that "punishing tax changes" led to an exodus of non-doms.
This reading of non-doms statistics is wrong.
Non-dom numbers dropped because people stopped claiming the status, not because of emigration:
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The Guardian view on Rishi Sunak’s message: workers’ doom loop, wealth’s boom loop | Editorial
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"Workers Doom Loop to Wealth's Boom Loop" 's TUC report hailed by the Guardian..."The doom loop has seen Britain's miss out on £400bn of growth ..The boom loop produces the opposite effect for the rich."
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Glad I attended conference on "Economics for Workers, not Wealth" . Excellent interventions throughout the day highlighted the urgent need to fix economic imbalances, domestically and internationally. When will governments act?
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Our final speaker of the day, @filste, has called for a new Bretton Woods agreement to fix today's broken global economy.
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Rethinking Economics Greenwich Conference, 25 Feb Speakers include:
Ozlem Onaran
eventbrite.co.uk/e/rethinking-e
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. Current US inflation is driven by market speculation and profiteering, not wages.
Raising rates is an outmoded approach, and cutting jobs is a class war. Those being affected don't fully realize they should be actively opposing this. #GlobalEconomy #inflation
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“The poorest fifth of the population are now much poorer [in the UK] than most of the poorest countries in central and eastern Europe,” says . “They would be better off in quite poor countries in the European Union.”
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This isn’t one of the main charts in the forecasts today but it might be one of the most important.
Come 2026 the UK economy will still be smaller than it was in 2019.
Another seven years of lost growth. (I added the red dotted line)
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The key point on interest rates: because debt is so much higher a rate of 4% today is equivalent to *double-digit rates* in the past. (Via .)
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US pension funds are on the brink of implosion – and Wall Street is ignoring it | David Sirota | The Guardian
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Yuan Yang of the on China and industrial strategy and the green economy.. at this conference on the need for an economy for workers not wealth...
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"Shrewsbury residents threaten to withhold water bill payments in disgust at raw sewage washing up."
I'm telling you, this is going to be a massive issue at the next election.
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Heather Wakefield of the Women's Budget Group on why the pay crisis is a v big issue for women.. as they make up 60% of those earning below the Real Living Wage...
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Plus concentration of wealth one of the key drivers of the climate crisis...
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Stewart Lansley: The transfer of common ownership to private ownership has made the govt poorer..
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Lansley: Return of luxury capitalism - Econ- activity skewed away from provision of essentials - to needs of the very rich. 'Private affluence public squalor'
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Stewart Lansley: Classical economists all warned about dangers of extraction.. Pareto's 'production vs appropriation of goods produced by others' - & Veblen's warning of 'sabotage'
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