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Millaise

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  1. To earn a penny, someone else must spend a penny; this is foundational MMT. Whither austerity? The analysis of Sectorial Balances shows that if the government cut back spending in order to "save", the public have to start borrowing money instead, and this costs far more.
  2. We need more threads on important subjects like this. The shortage of STEM is complete hooey, as everyone in it on crap wages knows. Most people get jobs through contacts, even now; this is one major reason why children from wealthier families get better jobs...they know more and more influential people. HR clap-trap gives a veneer of impartiality to companies, but a cursory look at my company address book suggests that genetics seems to be a strong factor in ability to get the job. Education itself is rarely needed to do a job (you could probably pick up the skill in a short time if it was really needed), instead, it is a shibboleth to show that you are prepared to take pain and invest time, and companies like these tokens of commitment because they are real, where as signals like saying ' I am passionate about plankton' are cheap.The building trade is almost all word-of-mouth. Bizarrely, the BBC is, too, since they have moved to a freelance model, and teams have to be put together in a matter of a few weeks; in such an environment, it would be ridiculous to go through an advertising and interviewing process, so people just ring up their mates, who they know and trust. No BBC worker is going to be asked to explain a 6-month gap on a CV. I really don't know what to suggest, other than join the Freemasons.
  3. Read Gary Taubes' (ISTR he started out as a physicist) view on salt. The history is interesting: doctors felt salt, being a hypotensive, was bad and must contribute to some strokes and so something had to be done, but they had no way of measuring how bad, so they plucked the 6g/day RDA out of thin air. It number has stuck for 40 years. https://www.stat.berkeley.edu/~rice/Stat2/salt.html
  4. yes. The total charge ratio is rarely provided, and yet it is higher than the management charge which pays for the brains that formulate the portfolio. For example, it would include platform fees and statutory audit work. Then there are hidden losses that you might not consider a cost, for example, if you reinvest dividends by selection Accumulation (often recommended), then these have to be converted into shares. There is a dealing cost involved in this which you must bear, but dividends are coming in all the time, and there is often a minimum dealing fee. This can become painful. If you don't maintain a cash float in your account, then some of your shares are sold to fund the dealing charge to put the new shares in. There can be another charge for this. A tracker doesn't insulate you from this sort of creaming.
  5. https://www.futurist.com/2012/05/15/the-mission-reconnect-wages-and-productivity-growth/ Lots of metrics started to diverge from their long-term trends in the 1970s. Was it trickle-down economics; the repeal of Breton-Woods; the diminution of Glass-Steagal? Or something else?
  6. This is what we are conventionally told.You need to hear the red pill version. The hidden fund charges are are so great (ignore the number in the key features documents), inflation so high, and the the true long-term averaged fund returns so low (nothing like the 10% often quoted), that if you don't have employer contributions, you can be better off not paying into a pension at all, then in your last few years of employment, sticking everything you earn in.
  7. Interesting point. Why hasn't this then happened? Democracy ≠ Universal suffrage. There are plenty of countries around the world where elections are held, but there is no democracy. Democracy contains something of the idea of limiting any one groups power over others, yet, as we have seen over the past 12 years, the bankers and big business are actually dictating the rules, and politicians enact them. This week, Max Kaiser's guest Randy Voller suggested, in the US, the Supreme Court is really in charge, and they listen to their millionaire and billionaire mates, and make rulings accordingly.
  8. Is that a spoof article? Surely those landlord names are made-up?
  9. The human body is tricky because it uses the same hormones to modulate a range of systems. A drug that targets a cell receptor will inadvertently have an affinity for other cell receptors, and act as an agonist or antagonist on systems it was never intended to modify. For perhaps understandable reasons, the medical profession accepts this, because when they encounter someone sick, doing nothing is rarely an option. However, if you took your car to the garage for a belt change, but it came back with the exhaust holed, you'd be pretty annoyed, and might ask, 'was it worth it?'
  10. There is an old book Financial Shenanigans by the aptly named Shilit. He explains how companies manipulate their figures, and all the key information is hidden in footnotes on page 114. You'd have to train yourself to unpick it, and then it becomes a huge consumer of time and effort just to examine one company. For the average Jo or Joe, free-time is too precious, and investment boils down to playing a lottery.
  11. You hear this said, but how true is it? Imagine if all financial figures were fully known years into the future. The volume of trades would plummet, and where would hedge funds be? I think the high heat financial sector loves uncertainty. Long term manufacturing businesses probably love certainty, so they can plan for the next twenty years, but no one gives a fig about them and their dinosaur thinking anymore.
  12. That is what the mainstream press say. If Zimbabwe still grew or made anything, I might have wanted to spend the $100trillion Zim. note I have, alas they do not. The same is true of Argentina and the Weimar. It is not printing money that ruins the currency but the ruination of mining, manufacturing, and agriculture. Venezuala has been ruined by US sanctions so they can't sell what they have, because they won't come in to line and disavow communism, just like Cuba. Printing money is little different to reducing taxation, or reducing interests rates thereby increasing personal borrowing, but people don't seem to have the same aversion to those things.
  13. Pity the views of Atlee, Gaitskill, Wilson, Castle, Shore, Foot, Benn, Kinnock (1980s version), Blair (1980s version), & J.C. Himself are no longer representative of the Labour Party at large.
  14. I'm sure there are lots of people who would agree with you; it is the dismal science and it seems to have little predictive power. A trivial everyday example are the analysts from the funds and banks who appear on TV or radio to discuss companies and the stock market, who use language such as "taking a breather", or "market correction" as explanations, not being self-aware enough to realise that that would mean the price had been incorrect---something that isn't meant to happen because of the high-frequency trading, and huge numbers of clever analysts and traders on telephone number bonuses watching the companies, and if the price was wrong, why would it now be right? The Modern Monetary Theorists, like Bill Mitchell, would be among those who would agree with you. Take a look on Youtube for his interviews, if you're interested. The MMT people have evolved a pragmatic, empirical way to operate based on observations of humans and how they appear to behave in real life. This puts economics closer to sociology, where it belongs.
  15. There's a chapter in a Chang Ha-Joon book (23 Things) that argues the productivity growth from the development of the telegraph or washing machine bested anything that has come from the development of the Internet.
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