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EconoSpeak

The Econospeak blog, which succeeded MaxSpeak (co-founded by Barkley Rosser, a Professor of Economics at James Madison University and Max Sawicky, an economist at the Economic Policy Institute) is a multi-author blog . Self-described as “annals of the economically incorrect”, this frequently updated blog analyzes daily news from an economic perspective, but requires a strong economics background.

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...

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We Need a Plan for Militias

 A social trend can lie dormant for years, gradually expand and then suddenly explode as if following a hidden exponential growth curve.  Revolutions work this way, and so do religious cults.  Most of the time the curve is nipped in its early phase, but not always.  It isn’t a good idea to assume a fringe movement will always remain fringe.Which brings us to the topic of right wing militias, people who carry assault rifles, study military tactics, go target-shooting in the woods and live in...

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Is China Committing Genocide In Xinjiang?

 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...

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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...

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Fucking With The Football

 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...

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Impeachment: What’s the Message?

The mantra of the moment is that impeachment is not a trial and shouldn’t be governed by the same rules that apply to a court of law.  True, but that means it’s really a political event, where the verdict matters less than the message.What’s coming through the media reporting is “Trump incited a riot.”  Well, he did, more or less, but that just means he’s a bad person.  It’s not news that Trump is a pretty nasty role model, and I fear the reaction of many people will be that the campaign to...

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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...

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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...

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Karl Marx/Benjamin Franklin Mashup

Capital itself is the moving contradiction, in that it presses to reduce labour time to a minimum, while it posits labour time, on the other side, as sole measure and source of wealth. Remember that time is money. Hence it diminishes labour time in the necessary form so as to increase it in the superfluous form; hence posits the superfluous in growing measure as a condition – question of life or death – for the necessary. He that can earn ten shillings a day by his labour, and goes abroad,...

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Summers and Ricardo

I share some of Summers' concerns about the magnitude of Biden's proposed stimulus.  The comparison to the January 2009 situation is marred by the fact that we are not now in a Demand-deficient Keynesian-style recession as we were then. What's holding back output now is clearly pandemic-induced supply constraints. On the other hand, if the Ricardian Equivalence theorem holds, perhaps some non-negligible portion of the transfer component of the stimulus will be saved. (Even...

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