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zugzwang

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Everything posted by zugzwang

  1. Left to his own devices Corbs would have done exactly that. Starmer was one of the people who persuaded him to seek a third way.
  2. Schiff's right about the commodification of education. Obtaining a degree ought to be as cheap as chips today. Anyone paying $50,000-$100,000 for 'the authentic University experience' has read Brideshead Revisited once too often. He's wrong about the time-scale though. Student debt didn't really go on a moonshot until after the GFC.
  3. Balance the books? Ten Houses spunked another £500m this morning! A mere down-payment on the eventual sum if history is any guide. https://www.theguardian.com/money/2021/sep/30/rishi-sunak-launches-500m-fund-to-help-struggling-families
  4. Nonsense. In a monetary economy there are always three agents: a buyer, a seller and a bank. If either the buyer or the seller defrauds the opposite party then the banking system as a whole experiences an impairment. To make good that hole individual banks will seek to modify the status of existing loans, or else issue new loans on more restrictive terms, or else withdraw certain products from the market entirely etc. In this way they are able to preserve their capital equity against acts of bad faith. The repricing of risk acts as a gradual tightening of credit availability to the market.
  5. It's irrational and self-destructive. It's also a tremendous shirking of responsibility. Globalisation was the gift of the Anglo-Saxon political establishment. Neoliberal policy makers expected China to fall apart the way Russia had under Yeltsin leaving Western bankers to feast on the spoils. That obviously didn't happen but Western pols are still fixated by the chimera of free trade, hence the re-invention of China as a strategic threat.
  6. It's not a zero sum game. Not in a monetary economy. In a monetary economy there are always three players: a buyer, a seller and a bank.
  7. The Bank of England's useless General Equilibrium fictions (they're not models) are probably responsible for much of it. It's been obvious to those of us with a debt based perspective that the UK would go bankrupt without a radical change of direction. Covid-19 appears to have sprung the debt trap a few years earlier than otherwise might have been the case.
  8. This push-your-car to work thing is killing me. If I'd known it was going to last all week I'd have emptied the boot.
  9. Bernanke and King were still fluting nonsense about the Great Moderation in 2006 - the Goldilocks' metric of steady growth and perpetually low inflation that their stewardship of the global economy had made possible - even as the entire sordid enterprise had begun to collapse.
  10. There would be repercussions elsewhere in the financial system. The potential for asset impairment and debt default would be considerable.
  11. There are seven and half billion people in the world all of whom want a standard of living roughly comparable with that of Western Europe. The US + EU + Japan do not have the capacity to satisfy that demand or even a fraction of it.
  12. What ridiculous assertion, fool? It was taken from the table above. You've presented a different set of (post lockdown) results updated to September 21st. From the same paper: The risk of death involving COVID-19 was consistently lower for people who had received two vaccinations compared to one or no vaccination, as shown by the weekly age-standardised mortality rates (ASMRs) for deaths involving COVID-19. The risk of a new infection following vaccination is highest during the first 21 days after the first vaccination, as shown by analysis of the COVID-19 Infections Survey. https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/deaths/articles/deathsinvolvingcovid19byvaccinationstatusengland/deathsoccurringbetween2januaryand2july2021
  13. Hallelujah! But we need to see a proper discouragement i.e. jail-time for some of these cranks. https://www.news.com.au/lifestyle/health/health-problems/covid-patient-dies-after-antivaxxer-helps-him-leave-hospital/news-story/6efa90ef830df28ae0c7f468354f5b05 Covid patient dies after anti-vaxxer helps him leave hospital Heartbreaking footage shows a 67-year-old Covid patzient being convinced to leave hospital by an anti-vaxxer two days before he died.
  14. It's overwhelmingly the unvaccinated that are dying of Covid-19. The doubly vaccinated are barely impacted by the disease.
  15. Trump was the tell. The moment the American public decisively rejected four decades of Neoliberalism and the intolerable burden of the Triffin dilemma. https://en.wikipedia.org/wiki/Triffin_dilemma The Triffin dilemma or Triffin paradox is the conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies. This dilemma was identified in the 1960s by Belgian-American economist Robert Triffin, who pointed out that the country whose currency, being the global reserve currency, foreign nations wish to hold, must be willing to supply the world with an extra supply of its currency to fulfil world demand for these foreign exchange reserves, leading to a trade deficit.[1]
  16. The digital yuan may never become the global reserve in its own right. I expect to see it taken up as part of a supranational bancor first. Which is essentially what Keynes wanted to see happen after 1945. At the very least it will liberate the world from having to price everything in dollars and negotiate with Wall Street's vampires for the means.
  17. Any old beaullox is good for Arf as long as it contradicts the scientific establishment. It's crossed my mind before: Has he got a side hustle flogging naturopathic 'remedies'?
  18. The US doesn't get a pass this time. It's debts are too great and its economy too small relative to the rest of the world to act as lender of last resort. The digital yuan is coming and Uncle Sham knows it.
  19. Held back by Tory efforts to reanimate the corpse of Neoliberalism on behalf of their principal constituency: City of London bankers and property developers.
  20. The same place as the 'Roaring Twenties'. In the imagination of Brexit cheerleading hacks and stenographers.
  21. There was an enormous house price crash in 2009. It lasted three years. George Osborne had to borrow £500bn to reverse it. The promise he'd made to the electorate to balance the budget by 2015 was quietly forgotten.
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