by Robert Reich What really happened today on Wall Street First, a bit of personal history. Two weeks before October 19, 1987, I warned publicly that “in two weeks, the stock market will lose 20 percent of its value.” Then, on October 19, 1987, the S&P 500 had the biggest one-day fall in its history — dropping 20 percent. I was immediately deluged with letters and phone calls (no emails then) from people who wanted to sign up for my...

Russia’s latest military gains in the Donetsk region (Report, July 5) reinforce the case for a negotiated settlement of the war in Ukraine. The US and its allies support Ukraine’s key war aim, which is a return to the 2014 frontiers, ie, Russia’s expulsion from Crimea and Donbas. But all informed analysts agree that short of a serious escalation of war, the likeliest outcome will be continued stalemate on the ground, with a not insignificant chance of a Russian victory. This conclusion...

Labour’s Economic Plan Lacks Keynesian Ambition Jul 24, 2024 Robert Skidelsky Today’s risk-averse economic climate calls for increased public investment to attract reluctant private capital. But British Prime Minister Keir Starmer’s insistence on adhering to strict fiscal rules casts doubt on his ability to pull the United Kingdom out of its economic malaise. LONDON – In a recent speech, the United Kingdom’s new Chancellor of the Exchequer, Rachel Reeves, reiterated her...

My Lords, I welcome the new Front Bench. I know the noble Lord, Lord Coaker, as an eloquent speaker and a doughty defender of the good fight—if he is allowed to. I believe the Starmer era will be defined by its handling of foreign affairs. As many noble Lords have pointed out, the world is very dangerous place. There are three powder kegs: in the Far East, in the Middle East and in Ukraine. Each is capable of igniting a world war. I concentrate on Ukraine because it is on the outcome...

Two good commentaries coming up on Angry Bear as written by Joyce Vance and Robert Reich. Both are addressing what is going on with the economy or Black Monday (Reich) and the other by Joyce Vance and the Vice President choice and SCOTUS issues. Both are good commentaries. Got another on Covid which I am waiting on more Info from the authors. Prof. Heather is talking about the collapsing reality TV and politics. Been busy trying to take better...

Nedanstående är en gästpost signerad Mats Bladh Lars Syll skriver att felet med den neoklassiska teorin är dess deduktiva karaktär. Han tar Paul Krugman som exempel på att kritiska nationalekonomer själva faller tillbaka på sådana slutna modeller, och därför kan man inte ta slutenheten som det avgörande inslaget. Syll kunde ha tagit Joseph Stigler som exempel, hos vilken ”informationsmisslyckanden” höjs upp till norm i försöket att omvandla ”mainstream” inifrån. Jag vill hävda...

The market has conditioned investors to expect this, but it is not going to happen this time. 

from Asad Zaman and WEA Pedagogy Blog This is the second post in a sequence explaining post WW2 USA strategies for global dominance. For the previous post, see: Hudson on Super Imperialism 1 U.S. Financial Strategies for Global Dominance  Introduction: Michael Hudson, in his podcast and writings, provides a profound critique of the U.S.’s economic and financial strategies that have underpinned its global dominance. This blog post explores Hudson’s insights into the...

Economic Survival Depends On This

Economically weighted ISM indexes show (and forecast) an economy still – barely – in expansion  – by New Deal democrat As I was traveling last week, I did not write about several data series that I normally update. I plan on taking care of that this week. There’s also a little excitement in the markets today. Typically and when there has not been drastic *hard* news, the action is all about leveraged positions being unwound in disorderly...