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Barkley Rosser

Barkley Rosser

I remember how loud it was. I was a young Economics undergraduate, and most professors didn’t really slam points home the way Dr. Rosser did. He would bang on the table and throw things around the classroom. Not for the faint of heart, but he definitely kept my attention and made me smile. It is hard to not smile around J. Barkley Rosser, especially when he gets going on economic theory. The passion comes through and encourages you to come along with it in a truly contagious way. After meeting him, it is as if you can just tell that anybody who knows that much and has that much to say deserves your attention.

Articles by Barkley Rosser

On Golden Idols

6 days ago

On Golden Idols

 IN Exodus it is reported that while Moses spent time on Mount Sinai receiving the Ten Commandments from Yahweh, the people of Israel down below got tired of waiting for him and so constructed at least one, maybe more than one, as silver is mentioned along with gold, statue to be worshipped, with the golden idol, usually claimed to be of a calf, the most notorious.  When Moses returned with the Commandments he was wroth with anger and denounced them for this perfidy, and Exodus reports that Yahweh destroyed this idol, turning its gold into “dust” or other kinds of small particles depending on the translation, and then a part not usually discussed forced the people who had worshipped this golden idol to drink a liquid containing this

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Has Elon Musk Damaged His Portfolio By Buying Bitcoin?

10 days ago

Has Elon Musk Damaged His Portfolio By Buying Bitcoin?

 After tweeting repeatedly for some time about bitcoin and the originally satirical degecoin, both of which have gone up massively in the past year, on Feb. 8 Elon Musk put his money where his mouth had been and had his Tesla EV company buy about $1.5 billion in bitcoin.  The immediate aftermath of this was a substantial surge of the crypto from somewhat over $40,000 to somewhat over $50,000.  This seems to have inspired several other major established corporations and entities to also announce they would be holding bitcoin as part of the asset portfolios, along with renewed discussions of more official cryptocurrencies possibly being issued by various central banks (commercial banks

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Is China Committing Genocide In Xinjiang?

12 days ago

On the last day it could, the Trump State Department officially declared that the Peoples’ Republic of China is committing “genocide” in Xinjiang Province against the mostly Sunni Muslin Uighr minority, the previously dominant group in the province. New SecState Antony Blinken has publicly stated that he agrees with this judgment.  However, reportedly the State Department is reviewing this decision, as it is doing with many other parts of US foreign policy, including such things thought to be fairly straightforward such as rejoining the JCPOA nuclear agreement with Iran that Biden ran on rejoining and should. So whether or not this last minute action by Pompeo at State remains official or not is up in the air at the moment.

There is no question

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Normalizing Foreign Trade Relations

13 days ago

The Biden admin has not yet made moves to undo elements of Trump’s trade war, and some parts of it may not get undone, perhaps especially some directed at China.  But at least one move towards normalization with the rest of the world has just happened as the Biden admin has agreed to let the individual nominated to lead the World Trade Organization (WTO) take office. This is Ngosi Okunjo-Iweala, not only a woman, but a former Finance Minister from Nigeria.  She had previously been blocked by the Trump admin, with Trade rep Robert Lighthizer claiming she had “no experience in trade relatrions at all.” The Trumpers supported a former South Korean trade minister who negotiated a trade agreement with the US in 2018, but others did not do so.  The Trump

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Fucking With The Football

14 days ago

That would be the nuclear football, the one that a President of the United States can use to destroy all human life on the planet with by pushing some buttons.  It turns out there is a second one, a backup, one that is kept near the backup President. That would be the Vice President.

So CNN has put out a report that Tyler Cowen has picked up on and put as one of his daily news stories on Marginal Revolution, although barely commented on and not getting much attention on most media. The story in fact sort of does not quite play up how serious it is.  It focused on how people at DOD did not know how serious the situation was, without in fact playing up how serious it was.

The problem is that while there has been a lot of attention paid to how

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Is Bitcoin Really Real Money? Ontological and Epistemological Questions

20 days ago

Is Bitcoin Really Real Money? Ontological and Epistemological Questions

 The movement to make Bitcoin into a de facto form of money has taken a step forward when Elon Musk declared that he would be purchasing over a billion btc.  Some are claiming that Musk did this to pump up an alternative asset because Tesla stock is overpriced and may fall hard soon.  But who knows? Anyway, although btc fell today, it has reached dramatic new highs well over $40,000, with various people calling for it to go to $100,000. Many respectable financial advisers seem to be changing their tune, shifting to maybe one should hold a percent or two of btc along with gold in the non-income-earning part of their portfolios. Gold has remained flat just above $1800, and btc is

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Normalizing Foreign Trade Relations

20 days ago

Normalizing Foreign Trade Relations

 The Biden admin has not yet made moves to undo elements of Trump’s trade war, and some parts of it may not get undone, perhaps especially some directed at China.  But at least one move towards normalization with the rest of the world has just happened as the Biden admin has agreed to let the individual nominated to lead the World Trade Organization (WTO) take office. This is Ngosi Okunjo-Iweala, not only a woman, but a former Finance Minister from Nigeria.  She had previously been blocked by the Trump admin, with Trade rep Robert Lighthizer claiming she had “no experience in trade relatrions at all.” The Trumpers supported a former South Korean trade minister who negotiated a trade agreement with the US in 2018,

Read More »

Is Bitcoin Really Real Money?

23 days ago

Is Bitcoin Really Real Money? Ontological and Epistemological Questions

 The movement to make Bitcoin into a de facto form of money has taken a step forward when Elon Musk declared that he would be purchasing over a billion btc.  Some are claiming that Musk did this to pump up an alternative asset because Tesla stock is overpriced and may fall hard soon.  But who knows? Anyway, although btc fell today, it has reached dramatic new highs well over $40,000, with various people calling for it to go to $100,000. Many respectable financial advisers seem to be changing their tune, shifting to maybe one should hold a percent or two of btc along with gold in the non-income-earning part of their portfolios. Gold has remained flat just above $1800, and btc is

Read More »

Is Bitcoin Really Real Money?

23 days ago

Is Bitcoin Really Real Money? Ontological and Epistemological Questions

 The movement to make Bitcoin into a de facto form of money has taken a step forward when Elon Musk declared that he would be purchasing over a billion btc.  Some are claiming that Musk did this to pump up an alternative asset because Tesla stock is overpriced and may fall hard soon.  But who knows? Anyway, although btc fell today, it has reached dramatic new highs well over $40,000, with various people calling for it to go to $100,000. Many respectable financial advisers seem to be changing their tune, shifting to maybe one should hold a percent or two of btc along with gold in the non-income-earning part of their portfolios. Gold has remained flat just above $1800, and btc is

Read More »

Pushing Back For Democracy Around The World

26 days ago

Pushing Back For Democracy Around The World

 Given the massive impetus the presidency of Donald Trump gave to authoritarian and anti-democratic forces around the world, it is worth seeing that his defeat in a democratic election, despite his efforts to illegally overturn it, seems to have been followed by some outbursts of pro-democratic demonstrations in parts of the world, even as we saw a major setback for democracy in Myanmar with the military coup there.

Indeed, one of those pushbacks has been in Myanmar, where various groups have gone into the streets to protest this coup. I fear they will not succeed in reversing it, at least not immediately. But the generals have not gotten away with doing this without pushback and clearly will have

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Pushing Back For Democracy Around The World

26 days ago

Pushing Back For Democracy Around The World

 Given the massive impetus the presidency of Donald Trump gave to authoritarian and anti-democratic forces around the world, it is worth seeing that his defeat in a democratic election, despite his efforts to illegally overturn it, seems to have been followed by some outbursts of pro-democratic demonstrations in parts of the world, even as we saw a major setback for democracy in Myanmar with the military coup there.

Indeed, one of those pushbacks has been in Myanmar, where various groups have gone into the streets to protest this coup. I fear they will not succeed in reversing it, at least not immediately. But the generals have not gotten away with doing this without pushback and clearly will have

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RIP Michael Perelman

February 5, 2021

RIP Michael Perelman

 I have just learned that old friend Michael Perelman has “passed quietly in his sleep” (not reported of what) on September 21, 2020, having been born on October 1, 1939, so just shy of his 81st birthday.  I knew Michael for a long time and considered him a personal friend, although it has been some time since I have seen him in person.  He long had an active internet list and was officially signed on as one of the people who could post here on Econospeak when it started, and I remember him in fact posting a few times in the early days, but then stopped.  He was always insightful.

Michael received his PhD from the Agricultural Economics and Natural Resources Department at UC-Berkeley in 1971, where his major prof was George

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RIP Michael Perelman

February 5, 2021

RIP Michael Perelman

 I have just learned that old friend Michael Perelman has “passed quietly in his sleep” (not reported of what) on September 21, 2020, having been born on October 1, 1939, so just shy of his 81st birthday.  I knew Michael for a long time and considered him a personal friend, although it has been some time since I have seen him in person.  He long had an active internet list and was officially signed on as one of the people who could post here on Econospeak when it started, and I remember him in fact posting a few times in the early days, but then stopped.  He was always insightful.

Michael received his PhD from the Agricultural Economics and Natural Resources Department at UC-Berkeley in 1971, where his major prof was George

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Is China Now Number One?

January 30, 2021

Is China Now Number One?

 Actually I think focusing on such questions can be a not very useful exercise, but here I am asking it anyway.  As it is, indeed the Peoples’ Republic of China (PRC) is indeed Number One on a number of important grounds, although probably the bottom line is that the world is now dominated by a G2, the US and China, with it unclear which is Number One overall.  What has happened is that up until quite recently there was no question: the US was Number One as it had been for a long time.  That is not the case now.

Probably the most important fact lying behind PRC moving into a possible Number One position is that it indeed does have in real PPP terms the world’s largest aggregate GDP, probably on the order of 30% higher

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Is China Now Number One?

January 30, 2021

Is China Now Number One?

 Actually I think focusing on such questions can be a not very useful exercise, but here I am asking it anyway.  As it is, indeed the Peoples’ Republic of China (PRC) is indeed Number One on a number of important grounds, although probably the bottom line is that the world is now dominated by a G2, the US and China, with it unclear which is Number One overall.  What has happened is that up until quite recently there was no question: the US was Number One as it had been for a long time.  That is not the case now.

Probably the most important fact lying behind PRC moving into a possible Number One position is that it indeed does have in real PPP terms the world’s largest aggregate GDP, probably on the order of 30% higher

Read More »

Is Biden Going To Blow Reentering The Iran Nuclear Deal?

January 26, 2021

Is Biden Going To Blow Reentering The Iran Nuclear Deal?

I certainly hope not, but it is not out of the question.  There is a serious split within the new Biden administration over how to approach getting the US back into the JCPOA nuclear deal with Iran, which, just for the record, the US withdrew from even though it was the US that had violated it by not fully withdrawing economic sanctions against Iran, a decision made during the Obama administration that negotiated the deal, while Iran was not in violation and continued to adhere to it for quite some time after the US withdrew to condemnation by the other parties to the deal, which included western European nations as well as Russia and China.

Throughout the campaign Biden expressed an

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Is Biden Going To Blow Reentering The Iran Nuclear Deal?

January 26, 2021

Is Biden Going To Blow Reentering The Iran Nuclear Deal?

I certainly hope not, but it is not out of the question.  There is a serious split within the new Biden administration over how to approach getting the US back into the JCPOA nuclear deal with Iran, which, just for the record, the US withdrew from even though it was the US that had violated it by not fully withdrawing economic sanctions against Iran, a decision made during the Obama administration that negotiated the deal, while Iran was not in violation and continued to adhere to it for quite some time after the US withdrew to condemnation by the other parties to the deal, which included western European nations as well as Russia and China.

Throughout the campaign Biden expressed an

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Why Has AMLO Delayed Congratulating Biden On His Inauguration?

January 25, 2021

Why Has AMLO Delayed Congratulating Biden On His Inauguration?

 Maybe he has now done it, although I have been unable to find any reports of him doing so.  But almost alone among world leaders, I think joined only by Kim Jong Un of North Korea, Mexicos’s President known as “AMLO” did not basically immediately congratulate Joe Biden on his inauguration. Even very pro-Trump Brazilian President Bolsonaro did, expressing a hope to have good and beneficial relations between the US and Brazil, and although it was rather perfunctory and unenthusiastic, so did Russia’s President Putin.  But nothing out of AMLO, at least not right away. 

Supposedly he somehow thinks that Biden is going to be less friendly than Trump.  The one report I saw on this said

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Extending START

January 23, 2021

Extending START

 It is not a big headline story among all the other things newly inaugurated Joe Biden is doing, but it is being reported that despite a generally more hostile approach to Russia, he has agreed with what Russian President Putin has said he wants, which is to simply extend the current nuclear weapons START agreement for five more years. It is possible that out of annoyance with Biden Putin might somehow at this point create a roadblock for this very important decision, but given that the existing treaty expires on Feb. 5, there is not much time to come up with an alternative, and I think that Putin understands the importance of this matter and will hopefully agree to this, even if it might have been good to make some changes in the

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Will North Korea Explode After Biden Becomes President?

January 21, 2021

Will North Korea Explode After Biden Becomes President?

 This is what was forecast in a column in the Washington Post by Victor Cha. He sees a combination of economic collapse, a massive spread of Covid-19, and a standard desire when a new US president to enter the office to be behind a possible outbreak of military assertiveness, possibly exacerbated by a much more serious collapse of the DPRK economy and society.  I suspect this is overdone, but there are definitely some major problems going on there, with much of the new attention on this coming out publicly as a result of a major address by Kim Jong Un at the 8th (only?) Korean Workers’ Party Congress, where he openly admits failures to meet Five Year Plan targets for almost everything and

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An Appointment I Disapprove Of

January 11, 2021

An Appointment I Disapprove Of

 While many of them could be more progressive, given that Biden himself is largely a moderate making moderate nods to the progressive wing of the Democratic Party in his appointments, I have largely been not too dissatisfied with appointments made so far by President-Elect Biden.  My only surprise is that a bunch of people set their pants on fire over the appointment of Neera Tanden as OMB director while barely a squeak has been heard about the appointment to NEC Chair of total Goldman Sachs flunky, Brian Deese.  Actually, I do not think there even should be an NEC, which essentially replaced the CEA as the policy shop, with it usually being run by Wall Street types who are not even professional economists.

But

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The End Of The Embargo Against Qatar

January 6, 2021

The End Of The Embargo Against Qatar

 Yesterday Saudi Arabia announced that it is ending the embargo/boycott of Qatar, and though reportedly the UAE leadership is not entirely happy with this, they are going along with this as are the other nations involved in this, Bahrain and Egypt. This had begun in June 2017, reportedly with the encouragement and initial support by Trump and Jared Kushner, with them buying into it as part of an anti-Iran alliance, given that Qatar was accused of having dealings with Iran, with which it shares a major natural gas pool in the Persian Gulf. It took Trump and Kushner a few months to realize that the very important al-Ubeid airbase used by the US was there, so they shifted to trying to end the boycott, which

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Who Has Been Warring Against Christmas?

December 28, 2020

Who Has Been Warring Against Christmas?

 Where I am the Third Day of Christmas is just finishing with the news that Grinch Trump has ended his own brief War on Christmas and is signing the Covid-19 relief bill, thereby reinstating unemployment benefits for 14 million people although they’ll miss a week of payments, as well as preventing millions more from being evicted from their rental housing units, along with the Omnibus spending bill so the government will not shut down after tomorrow.  There has been less noise this year about the War on Christmas by the usual gang of right wing media types who like to whine about merchants and others saying “Happy Holidays!” rather than “Merry Christmas!” during the runup to Christmas, probably because so

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Trump As The Grinch Who Stole Christmas

December 27, 2020

Trump As The Grinch Who Stole Christmas

 So the Congress struggled for months after the House passed a $3.3 trillion followup Covid relief bill, which Senate Majority Leader McConnell blocked and kept blocking.  House Speaker Pelosi and Treasury Secretary Mnuchin kept negotiating and coming up with this or that proposal, only to mostly have McConnell shoot it down, or sometimes Pres. Trump himself doing so.  Finally after the election, and with the threat of losing control of the Senate, McConnell suddenly decided a deal needed to be made, so sure enough, with Mnuchin supposedly representing Trump, a deal got cut.  It must be recognized that the push for having another round of direct payments was pushed by Trump, who threw out several numbers, and

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Bubble Bubble Toil And Trouble?

December 22, 2020

Bubble Bubble Toil And Trouble?

 Or maybe not.

So recently there has been a lot of buzz that we may be seeing a variety of speculative bubbles in the US and indeed world economy.  Many asset markets have risen in the last few months, with several of them either reaching new highs or getting close to doing so, with some of them rising very sharply quite recently, with all of this making many eyebrows rise to noticeable degrees and mumble about possible crashes, which could well happen in any of these markets. But probably not in all of them.

One is of course the US stock market, which has hit new record highs recently for most of its indices, with the Dow, in particular, making headlines when it passed 30,000, where it still is, if not at a

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Constructing An Alternative Reality

December 7, 2020

Constructing An Alternative Reality

 This has been gradually developing for about the last quarter of a century or so.  While there was some of this going on before, it took off after the Newt Gingrich-led GOP took over Congress in the 94 election and Rush Limbaugh began his radio show.  Not long after Fox News began a more aggressive stance against President Clinton, pushing any and every scandal that would lead to his impeachment for lying about his sex life, although this proved unpopular with the public.  But that did not slow it down.  It became more developed in the Bush admin when support for the Iraq War became increasingly disconnected from reality, a war that was not connected to reality to begin with as it was based on false claims about

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Unprecedented

November 30, 2020

Unprecedented

 It occurs to me that our current president has engaged in a rather large number of actions that are unprecedented by any other president, as well as some only rarely happening and not for a long time, many of which for nearly all other politicians would make them viewed as simply unacceptable for being a president.  However, with him, there have been so many that people simply ignore most of them as being, “Oh well, there goes Trump again being himself.”
First of all, I do not have a full list of his norm-shattering precedents. In googling I saw an article that proclaimed he had violated 20 “presidential norms.” But it was behind a firewall.  And even though these may have been norms, it may be that other presidents violated at least some

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Is Bitcoin A Bubble?

November 27, 2020

Is Bitcoin A Bubble?

 We have all thought so, with no income and nothing backing it, and it went zooming from nearly nothing to over $19,000, only to fall back hard down to around $3000, where it more or less hung out for a couple of years with the occasional up  to $6000 or so.  But recently it has moved up to over $18,000, near its previous peak, and some other cryptocurrencies have also moved up sharply, with #2 Ethereum essentially doubling in price in the last month or so.  So, is this another round of bubble speculation that will be followed by another crash?
I note that some other non-monetary assets have been moving.  After long sitting around $1200 to $1300 per ounce, with reportedly the Chinese central bank keeping it above $1000 whenever it

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Yemen: More Damage To World Peace And Security Due To Trump Wrecking Everything As He Exits

November 25, 2020

Yemen: More Damage To World Peace And Security Due To Trump Wrecking Everything As He Exits

Michigan certified its vote results for Biden, and now crucially Emily Murphey at the GSA has agreed and now recognized officially that at least Joe Biden should be allowed to transition properly as has always happened in the past normally.

But in his lame duckery, still denying his obvious loss, Donald Trump is trashing everything in sight.  Very serious matters of foreign policy are part of this. One of these has been discussed in comments here previously, the removal from the Open Skies Treaty, which right now I am watching Rachel Maddow report that DOD is destroying the planes US used for this. Ack!!!

But for this post I am noting another awful thing they

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Janet Yellen Will Be Treasury Secretary

November 24, 2020

Janet Yellen Will Be Treasury Secretary

 I have long been a great fan of hers as well as knowing her and her husband, George Akerlof, personally.  Back in 2009 I was the first person to call for her to be named Fed Chair. I am very pleased with this appointment.  This is as good as it gets. (For those who wanted Lael Brainerd, we need her at the Fed where all the current governors are Trump appointees other than her).  Elizabeth Warren also would have been good, but Mass has a GOP governor who would appoint her successor, not so good. Yellen is the best pick and will be great.
Barkley Rosser

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