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Mike Norman Economics

Sputnik International — Tariffs? Meh: China Has Other Ways to Answer On Trump’s Trade War

The Chinese economy has plenty of ways to counter US President Donald Trump's import tariffs apart from simply imposing parallel measures, writes Politico's authors Adam Behsudi and Doug Palmer, that have been used in the past and proven to be very effective. One misapprehension in the article, perhaps since the authors are American and influenced by American views of how China functions, is that the Chinese government can suggest a boycott of US imports that would be effective. The reality...

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Paul Antonopoulos — China SPEAKS OUT: NATO Aggression on Syria is War against Russia

Jinri Toutiao, one of China’s largest media agencies, has unveiled an article arguing that while the conflict in Syria might seem like a civil war between government and opposition forces, it is in reality “a deadly battle between Russia and NATO countries.”...  In other words, the Chinese media giant has a firm grasp on the geopolitics of the Syrian conflict and Russia-NATO confrontation. This is an important indication of China’s orientation. What’s more, other analysts, in addition to...

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Katrina vanden Heuvel — Americans are drowning in student-loan debt. The U.S. should forgive all of it.

I'll break a self-imposed rule and link to the WaPo for this. The debt burdens not only the debtors but also the entire economy by dampening consumer demand. The federal government guarantees more than 90 percent of all outstanding student debt. A recent paper by Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin and Marshall Steinbaum of the Levy Economics Institute found that if the government canceled the debt it owns and bought out the remaining private creditors, it would...

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Bill Mitchell — Real resource constraints and fiscal policy design

There is an interesting dilemma currently emerging in Australia, which provides an excellent case study on how governments can use fiscal policy effectively and the problems that are likely to arise in that application. At present, the Australian states are engaging in an infrastructure building boom with several large (mostly public sector) projects underway involving improvements to road, ports, water supply, railways, airports and more. I travel a lot and in each of the major cities you...

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Toni Airaksine — Prof blames mathematics for ‘global disparities in wealth

First, Ernest asserts that “the nature of pure of mathematics itself leads to styles of thinking that can be damaging when applied beyond mathematics to social and human issues,” since math facilitates “detached” and “calculative” reasoning.... Second, he argues that the “applications of mathematics in society can be deleterious to our humanity unless very carefully monitored and checked,” worrying particularly about how math facilitates transactions of money and finance....Finally, Ernest...

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Pam and Russ Martens — Removal of GE from the Dow Looks Suspiciously Like Citigroup’s Exit

General Electric Co. (GE) will be unceremoniously sacked from the Dow Jones Industrial Average on June 26, it was announced yesterday by the S&P Dow Jones Indices folks. GE was one of the original 12 companies in the index when it was created in 1896. The Dow now consists of 30 companies and GE has been in the index continuously since 1907. Curiously, GE – an industrial giant that makes highly sophisticated commercial jet engines for Boeing and turbines for power plants among numerous...

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Michael Emmett Brady — J M Keynes on the Enemies of Capitalism: The Internal, Endogenous Threat to the Macro Economy from Wall Street Stock Market Speculators and Rentiers

Abstract J M Keynes carefully read Adam Smith’s The Wealth of Nations (1776) before he was 28. Of extreme importance to Keynes was Smith’s categorization of a group of upper income class citizens, whose speculative and financial interactions with the private banking industry created a very severe danger to the society as a whole, as being projectors, imprudent risk takers, and prodigals. Keynes’s description of Smith’s projectors, imprudent risk takers, and prodigals in the General Theory,...

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sfc models — New working paper

Modeling economic forces, power relations, and stock-flow consistency:a general constrained dynamics approachby Oliver Richters and Erhard Gloetzl Abstract: In monetary Stock-Flow Consistent (SFC) models, accountingidentities reduce the number of behavioral functions to avoid anoverdetermined system of equations. We relax this restriction using adifferential algebraic equation framework of constrained dynamics.Agents exert forces on the variables according to their desire, forinstance to...

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