Tag Archives: US/Global Economics

One of those Matadors of the Culture Industry When Theodor Adorno referred to “one of those matadors of the culture industry,” in his “Free Time” radio lecture, he was presumably referring to the idols of stage, screen, television, or recording studio who are the staples of the supermarket tabloid personality cult. Oddly, though, his construction of the paragraph leaves open the interpretation that Adorno himself is “one of those  matadors” and...

The Central Asian Alphabet Issue  It remains too soon to comment in detail on the current upheaval in Kazakhstan as it is simply impossible to figure out what is happening, with multiple conflicting accounts and claims coming from many sources. Rather I want to comment on a deeper question that has been brought up in connection with this, although not central to it, but one that affects Kazakhstan’s Central Asian neighbors as well: what alphabet...

Politics as a Hobby* In a radio lecture he gave two and a half months before he died in 1969, Theodor Adorno explored the paradox that people do not know what to do with their free time and thus no longer even like it because “[t]hat state of freedom has been refused them and disparaged for so long.” People are generally more familiar with the Kris Kristofferson / Fred Foster version of the same idea from their song “Me and Bobby MeGee”:...

Commenter and Blogger RJS, MarketWatch 666 There has been good coverage on the two jobs reports on AB already. I will post my takes on the trade deficit and construction spending below, both of which I estimate 4th quarter GDP impacts. I have high confidence in my GDP estimate for trade in goods, since the release includes inflation adjusted figures, but much less confidence in my construction estimate (which i note) because I use the producer...

Prof. Joel Eissenberg, Biochemistry & Molecular Biology, Geneticist In 1998, I went to Moscow for the first time to speak at a summer course sponsored by the Russian Academy. The week before I went, we were on vacation and one morning, I heard the NPR reporter say: “Today, the Ruble lost 100% of its value.” That, of course, would mean that the Russian currency was completely worthless. The next day, she apologized and explained that the Ruble...

Classicalism and Revolution, Econospeak, Barkley Rosser  For those of you of a branch of Orthodox Christianity still using the Julian calendar, such as the Russian branch, Merry Christmas! I am tempted to comment on the situation in Kazakhstan, but I think we do not know what is going on there yet, so not now. Instead somehow I have been thinking about something that has something to do with economics, but I am going to look at it in other...

Commenter and Blogger RJS, Focus on Fracking US oil supplies near a 10 year low; biggest hit to gasoline output & demand since 2020 lockdownStrategic Petroleum Reserve at a new 19 year low; total crude supplies near a 10 year low; gasoline production and gasoline demand fall by most in 21 months; gasoline supplies rise by most in 21 months; distillate supplies rise by most in a year US oil data from the US Energy Information...

November JOLTS report: imagine, if you will, a game of musical chairs, New Deal democrat Imagine a game like musical chairs, except that some players are the chairs (employers) as well as people who want to sit in the chairs (potential employees), and players, both sitters and chairs, are continually entering and exiting the game. The game would be in equilibrium if the number of sitters and chairs are always equal. If there are more...

This Life: faith, work, and free time The blurbs on the first few pages of Martin Hägglund’s This Life are so surprisingly accurate that it would be hard to describe the book with an original superlative. “Monumental!” “Powerful!” “Important!” “Electrifying!” “Profound, thoughtful, compelling, and insightful!” Those blurbs were not idle puffery. All that is left for me to add is that I liked it very much. Oh, just one more thing… Hägglund’s...

To say that the Republican Party since Nixon had pandered to the lowest common denominator isn’t quite accurate, is it? Probably because the term is derived from the arithmetical least common denominator which makes one think of a unique number. Perhaps lowest common denominator was a more polite way of saying that the Republican Party would thenceforth pander to lowbrows, to their basest; to ignorance. Theirs was a war on elites, and, of course,...