What we will discuss today is that central bankers are effectively intent on increasing poverty in their societies. And, whichever way one looks at it, relying on such a pernicious policy tool – one that deliberately seeks to increase poverty – is not a sound basis for achieving social stability. And, and as inflation has been falling anyway, despite the hikes, the negative distributional impacts should militate against using such a nasty and inefficient instrument....William Mitchell —...

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This is a follow-up piece that includes Africa. It also has more on BRICS+ as well as ongoing work on developing an alternative payments system. The title is misleading in that it is representative of the actual subject of the post. The US and West don't figure in much in what he has to say other than being oppositional to these projects.Strategic Culture Foundation (sanctioned by the US Treasury Department)First We Go for Moscow, Then We Take BeijingPepe Escobar

I’m a molecular biologist who also has an undergrad degree in microbiology. Those facts and the additional facts that (a) I was in the Moderna phase III trial and (b) my medical school is one of ten NIH designated vaccine testing and evaluation units made me an avid student of the unfolding COVID-19 story. Given everything we know over centuries of experience, the null hypothesis is that any pandemic has a natural origin. But since the COVID-19...

Initial number for US 3Q +3.5% not too shabby…On July 28th, the initial #GDPNow model nowcast of real GDP growth in Q32023 is 3.5%. https://t.co/T7FoDdgYos #ATLFedResearch Download our EconomyNow app or go to our website for the latest GDPNow nowcast. https://t.co/NOSwMl7Jms pic.twitter.com/gxJRawmmMq— Atlanta Fed (@AtlantaFed) July 28, 2023

Why economists can’t forecast The problem of evaluating models built for forecasting is that one cannot get around invariance. There must be a stable bridge that connects the past and pres. ent with the future … To evaluate invariance its domain should be considered. In other words, one has to investigate what the list of all relevant non-negligible potential influences is. To ensure invariance, this list should be complete. This latter point was also...

In my previous post on utilitarianism, I started with two crucial observations. First, utilitarianism is a political philosophy, dealing with the question of how the resources in a community should be distributed. It’s not a system of individual ethics Second, (this shouldn’t be necessary to state, but it is), there is no such thing as utility. It’s a theoretical construct which can be used to compare different allocations of resources, not a number in people’s heads that can be...

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Weekly Indicators for July 24 – 28 at Seeking Alpha  – by New Deal democrat My Weekly Indicators post is up at Seeking Alpha. While there continues to be evidence of the normal progression of weakness from long leading to short leading to coincident indicators, there has also been an anomalous major positive resurgence in some of the short leading indicators. By normal historical standards, we “ought” to be well into a downturn. And yet...