This is another post for my commonplace book. It is extraordinary difficult to get a rational explanation for the marginal revolution. Trying to imitate nineteenth-century physics seems to be part of it. "Marx implicitly assumes the the whole of social reproduction is mediated through the exchange of commodities, including the reproduction of labor power, that is, the reproduction of people themselves. We can view the labor that produces what productive workers consume as the labor...

Why would you have your RRP rate above your min FFR target and then not understand why MMMFs won’t fully engage in Tsy markets?How stupid are these f-ing people?When Fed did RRP in the first place they created a competing risk free asset class to Tsy securities which was bad enough… but then set the rate higher than your min target?#Fed officials are mulling a 5 bps cut to the reverse-repo rate to align it with the lower end of the federal funds target range. Nov meeting minutes highlight...

[unable to retrieve full-text content]Made in America returns! Consumer-goods supplier Reckitt Benckiser is looking to respond faster to shifts in demand for over-the-counter pharmaceuticals by moving more of its manufacturing to the U.S., its largest market. Reckitt is investing $200 million into a factory in Wilson, N.C., that it acquired last month, part of an effort to rewire its supply chain […] The post Coming to America . . . More Manufacturing appeared first on Angry...

[unable to retrieve full-text content]– Israel Agrees to Cease-Fire With Lebanon’s Hezbollah—But What About Gaza?, Common Dreams. After months of slaughtering those not responsible, then you ask for a truce? “A cease-fire agreement between Israel and Hezbollah appeared to be within reach on Monday amid reports that Israeli Prime Minister Benjamin Netanyahu repeatedly scuttled diplomatic efforts in recent months. – The Global […] The post...

[unable to retrieve full-text content]Richard D. Wolff & Michael Hudson: ICC Arrest Warrants Issued for Netanyahu,Ukraine escalations, G20 Dialogue Works • 1:14:45 • NIMA ALKHORSHID: Hi, everybody. Today is Thursday, November 21st, and we have Michael Hudson and Richard Wolff with us here. Welcome back. RICHARD WOLFF: Thank you, Nima. Glad to be here. MICHAEL HUDSON: Yep! NIMA ALKHORSHID: Continue Reading The post Petrodollar Deal or No Deal first appeared on Michael Hudson.

[unable to retrieve full-text content]Back when Trump rebranded NAFTA as “USMCE,” here’s what he said about it: “We have negotiated this new agreement based on the principle of fairness and reciprocity…. This is a terrific deal for all of us….This new deal will be the most modern, up-to-date, and balanced trade agreement in the history of our country…. With […] The post USMCA used to be “a fair deal for everybody” appeared first...

[unable to retrieve full-text content]Brief commentary by Dr. Kahn who is in the thick of the discussion on Medicare Advantage Costs. Health Justice Monitor, Medicare Advantage Overpayment >$100 Billion, Jim (James G.) Kahn, MD, MPH Summary: Physicians for a National Health Program released a valuable summary of Medicare Advantage overpayments. The scope and scale is breathtaking: $100 billion annual payoff […] The post Payments to Medicare Advantage Plans is More Than What is...

.[embedded content] Riksbanken har en nästintill oinskränkt makt över penningpolitiken, en politik som i hög grad styr inflation, sysselsättning och ekonomisk stabilitet. Denna makt bör vara föremål för större demokratisk övervakning för att säkerställa att den överensstämmer med vad vi som samhällsmedborgare har för intressen. När man diskuterat  Riksbankens oberoende har man oftast definierat detta i förhållande till regeringar och intressegrupper. Men hur är det med...

Debunking the ‘natural rate of interest’ myth Keynes’s signal contribution was to switch the emphasis from interest rate adjustments to changes in income as the key macroeconomic adjustment mechanism. In so doing, he argued that the interest rate and asset prices adjust to clear balance sheets incorporating stocks, not flows, of financial claims. He pioneered national income accounting which now reveals the importance of leakages due to business saving,...

[unable to retrieve full-text content]I have begun a possibly long series on people’s heuristics and biases when we try to think about probability. I posted one explanation of the Allais Paradox. Click on the link for definitions as I go on assuming earlier posts have been read (this will create problems but I can’t avoid it). Briefly the Allais […] The post Allais Paradox II : Do Two Wrongs Make a Right? appeared first on Angry Bear.