Petrol for Banks?

While looking for old sources discussing the "manpower channeling" policies of the U.S. Selective Service (draft) during the Vietnam war, I uncovered a treasure trove of 1960s essays on the military-industrial-academic complex. The first one that caught my eye was "The University and the Political Economy" by James O'Connor. O'Connor later wrote The Fiscal Crisis of the State and founded the journal, Capitalism Nature Socialism. "The University and the Political Economy" appeared in the 1969...

Mike Tyson‘s famous line is applicable to many investors. 

Economics — a dismal and harmful science .[embedded content] It’s hard not to agree with DeMartino’s critique of mainstream economics — an unethical, irresponsible, and harmful kind of science where models and procedures become ends in themselves, without consideration of their lack of explanatory value as regards real-world phenomena. Many mainstream economists working in the field of economic theory think that their task is to give us analytical truths....

 – by New Deal democrat After almost half a year of general stabilization, or very slow deceleration, the JOLTS report for March featured multi-year lows in almost all of its components.  Job openings (blue in the graph below), a soft statistic that is polluted by imaginary, permanent, and trolling listings, declined -325,000 to a three year low of 8.488 million. Actual hires (red) declined -281,000 to 5.500 million, the lowest level since the...

Barter's Big Misconception.

by New Deal democrat The Bonddad Blog A preliminary programming note: In addition to the manufacturing and construction reports, today we also get the JOLTS report for March, and updated motor vehicle sales reports. Yesterday we also got the Employment Cost Index for Q1. I will comment on the JOLTS report later today. I’ll comment on the ECI along with jobless claims tomorrow. Additionally, Wolf Richter made an interesting point yesterday...

We did it again! MFF cupmästare 2024

Japan's Slowing GDP Due to Wealth Concentration

Law professor Eric Segall is a leading critic of the Supreme Court.  In a blog post today, he doesn’t pull any punches: The disaster that was the Trump v. United States oral argument reminded me of how little the Roberts Court has actually cared about rule of law values and legal transparency during its 18-year run. Leaving aside the overturning or narrowing of numerous landmark cases from abortion to affirmative action to the free exercise of...