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Bill Mitchell — Why do currency-issuing governments issue debt – Part 1
One question that continually comes up when I do interviews is this: If governments are not financially constrained in their spending why do they issue debt? Usually, the question is expressed in an incredulous tone, meaning that the person asking the question considers this to be the gotcha moment, when they pierce the impeccable logic of Modern Monetary Theory (MMT) and show it for what it is – a sham. One problem is that there is a tendency to confuse motivation with function and many people sympathetic to MMT reduce it to simple statements that belie the reality. One such statement, relevant to this topic, is that government's issue debt to allow the central bank to maintain a specific short-term interest rate target. Central banks have traditionally used government debt as an interest-rate maintenance tool. But that is a function of the debt rather than being the motivation for issuing the debt in the first place. So we explore those differences today as a means of clarifying the questions and confusions around this issue. This is Part 1 of a two-part series, which I will finish tomorrow....
Why do currency-issuing governments issue debt – Part 1
Zero Hedge"The Dollar Is Out Of Stock Everywhere": Hong Kong Money Exchangers Turn Away Clients Amid Run On US Dollars
Pompeo: China Is Intent Upon The Destruction Of Western Ideas, Western Democracies, And Western Values
Schlichter: This Election Is Republicans Versus China
China's Foreign Ministry Tweets "I Can't Breathe!" As America's Rivals Troll US Over Unrest
As China Fumes Over Trump's "Gross Interference" In Hong Kong, Here Are 6 Things It Can Do In Retaliation
Large domestic disturbances, the U.S. Military, and the Insurrection Act — Robert Willmann
The relevant law.
Large domestic disturbances, the U.S. Military, and the Insurrection Act
Robert Willmann
RT — Elon Musk tweets IN RUSSIAN to accept co-operation offer from Russia's space agency
Classy — for a change.
Elon Musk tweets IN RUSSIAN to accept co-operation offer from Russia's space agency
Roscosmos CEO congratulates NASA chief on Crew Dragon's docking to ISS
National Guard, Now Authorized to Use Live Ammo, Flood America's Streets — Alan Macleod
"Move on. Nothing to see here. Hong Kong, Uyghurs, Chinese flu, Russia, Iran...."
Note: "use live ammo" is unclear. The Guard is authorized carry live arms, but rules of engagement have not been revealed to my knowledge. These folks are trained and equipped for combat and not policing.
Mint Press News
National Guard, Now Authorized to Use Live Ammo, Flood America's Streets
Alan Macleod
Chinese Officials, Media Lash Back at US Over Hong Kong Issue Citing Crackdown on Minneapolis Riots
Russia Sends Note of Protest to US Over Police Use of Pepper Spray on RIA Novosti Reporter
Moscow Strongly Condemns Use of Riot Control Weapons Against Reporters by US Police
Why? — Andrei Martyanov
So, Trump wants to exclude China from "international community" by holding this gathering which decides nothing and is worthless in terms of any practical solutions to an unfolding catastrophe which is global economic crisis. So, anyone can explain what Russia is to gain, other than some photo-ops for Trump, from this meeting? Why should Vladimir Putin even be there? Moscow and New Delhi have a direct line and can solve their issues by talking directly, Europe, frankly, is economically suicidal, Australia is a non-entity for Russia, so why? I don't know, but Trump, evidently thinks that this is a good idea. I think it is a waste of time, because the settling of global issues must happen first between G-3: China, US and Russia. Until something is decided within this triangle no other meetings will produce any sensible world order which will reasonably satisfy everyone. The United States is not ready to deal with this issue yet, but US has only two options here: war and getting back to the reality. What will be this choice we don't know yet, hopefully the latter one.
Andrei Martyanov
Defend Democracy Press
Trump wants an anti – China alliance
Why making economic predictions now is useless — Branko Milanovic
Shouldn't need saying, but it does. Obvious is not always obvious to everyone. And Branko Milanovic only lists a few of the reasons. There are a lot of balls in the air — or knives.
Global Inequality
Why making economic predictions now is useless
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace
Breakingviews - Review: MMT lives up to some of its promises — Edward Hadas
Generally favorable review of about to be released, The Deficit Myth by Stephanie Kelton.
Strategically, I am good with "generally favorable" reviews with qualification. Effusively positive reviews would likely get a similar reaction to negative rants. I would say that "balanced" reviews like this will help sales and that will help to get the word out there as well as influence "influencers."
Breakingviews - Review: MMT lives up to some of its promises
Edward Hadas
North Atlantic vs Eurasia — Paul Antonopoulos
Germany wobbling?
Bill Totten's Weblog
North Atlantic vs Eurasia
Paul Antonopoulos
Originally at Infobrics
Some Critical Responses — Peter Radford
I happen to think that the ignorance revealed by total factor productivity could be reduced by the abandonment of both "capital" and "labor" from a production function and replaced by more accurate inputs such as energy, raw materials, skill, and information or knowledge. Heck, I would even find room for management in there. I don't think it possible to "maximize" anything in an economy because of the irreducible uncertainty facing decision makers. Equilibrium is more an illusion than a fact because the system is bothy open and dynamic. It may be useful as an investigative tool, but as a description of reality? Oh, and I tend to see the world through the prism of evolution and complexity.
The Radford Free Press
Some Critical Responses
Peter Radford
Now there's trouble busin' in from outta state...
From the 'Nebraska' album... The Boss' best work imo...
Now there's trouble busin' in from outta state
And the D.A. can't get no relief
Gonna be a rumble out on the promenade...
Well now everything dies baby that's a fact
But maybe everything that dies someday comes back
Put your makeup on, fix your hair up pretty
And meet me tonight in Atlantic City
Posted by Matt Franko at 7:56 PM No comments:
John Quiggin — Modern Monetary Theory: Neither modern, nor monetary, nor (mainly) theoretical?
John Quiggin reviews the MMT textbook, Macroeconomics by William Mitchell, Randall Wray and Martin Watts. More favorable than the title suggests, although with qualifications. Importantly, the review distinguishes academic MMT from popular MMT. Worth reading.
John Quiggin's Blog
Modern Monetary Theory: Neither modern, nor monetary, nor (mainly) theoretical?
John Quiggin | Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government
Government Spending Comes First in a Sovereign Currency System — Peter Cooper
Mini-article. Keeper.
heteconomist
Government Spending Comes First in a Sovereign Currency System
Scientist posits 'wild' hypothesis that cross immunity could slow pandemic
WHO expresses caution on whether there may be protection from prior exposure to some cold viruses; scientists examine if some people are more vulnerable to infection than others
The conspiracists are saying that C19 is not particularly harmful to the vast majority of people, and if their figures are correct, could this explain the mystery of why C19 never did as much harm as the scientists expected. It is only an hypotheses, and more research is needed.
If this turns out to be the case, we were lucky this time. Let's hope we are better prepared for future pandemics.
In a recent post on Twitter, Francois Balloux of University College London noted an "intriguing" lack of an immediate resurgence in COVID-19 cases following the easing of lockdowns in several countries.
...that a "proportion of the population might have pre-existing immunity to #SARSCoV2, potentially due to prior exposure to 'common cold' coronaviruses."
George Szamuely on the US riots.
Russia is getting blamed for the US riots, rather than the US economic and political failed policies.
I read an article yesterday about GMOs, which said that Russia had spread conspiracy theories about their dangers. These conspiracy theories are getting out of hand. Although GMOs do appear to be safe.
Why anti-vaxxers will refuse the coronavirus vaccine
I was reading what I thought was a good article earlier about C19 conspiracies and I thought I might tweet it, except two thirds of the way through it blamed Russia and China for spreading some of the these theories to sow discord in the West. Fortunately, this Guardian video doesn't go there.
Southfront — CNN Pushes 'Russian Meddling' Version In Its Coverage Of Minneapolis Riots
Finally, CNN found whom to blame for the recent spike of violence in the United States. It's the 'Russian trace' that, according to CNN, should be checked in the case of Minneapolis riots.
Donald Trump calls it "fake news" on Twitter.
Meanwhile the wheels aren't just falling off, they are being burned up.
CNN Pushes 'Russian Meddling' Version In Its Coverage Of Minneapolis Riots
John Maynard Keynes: How Much Does Finance Matter? Brad DeLong
Keeper Keynes quote anticipating the fundamental assumption of MMT that the only actual constraint is real resources, which is the foundation of Stephanie Kelton's new book, The Deficit Myth (available June 9).
Professor DeLong does not state this explicitly, but we can probably assume that this post is not a coincidence and it is as close as he wants to get.
Anyway, Keynes make the point that so-called affordability is a non-issue. Austerity in the name of fiscal responsibility is a monumental error the cost of which through needlessly foregoing inherent potential is incalculable.
Grasping Reality
John Maynard Keynes: How Much Does Finance Matter?
Beijing sees Trump's hand and won't fold — Pepe Escobar
Team Trump has vociferously announced its own strategy. Expect serial, silent Sun Tzu counterpunches.
Beijing sees Trump's hand and won't fold
Comments On Tyler Cowen's Review Of "The Deficit Myth" — Brian Romanchuk
Tyler Cowen did a review of "The Deficit Myth" by Stephanie Kelton, which is to be released June 9 (Amazon affiliate link). Since I have not read the book yet myself, I cannot comment on his views about the book. However, Cowen makes some criticisms of Modern Monetary Theory (MMT) that are worthwhile responding to.
I am turning to writing a short primer on MMT, and will probably have a chapter on critiques that I feel are useful. (My estimate is that over 90% of "MMT critiques" consist of people making stuff up, based on the contents of other "critiques.") I expect that I could use some of the discussion here as examples. The review consists of a dozen numbered short points, and I will only respond to the ones that I see as being useful, and not solely related to the book....
Bond Economics
Comments On Tyler Cowen's Review Of "The Deficit Myth"
Brian Romanchuk
China Is Not the Enemy — Neoliberalism Is — Isabella Weber, Hao Qi, and Zhongjin Li
Another side of the story.
China Is Not the Enemy — Neoliberalism Is
Isabella Weber, Hao Qi, and Zhongjin Li
The Diplomat is usually pretty US and Western-centric in its viewpoint. However, the unique American and geographically delimited Western liberal views are foundationally different from other views, such as the Chinese and other Asian, Islamic, etc. Viewing one predominantly of exclusively through the lens of another skews the analysis away from objectivity.
This article is more balanced and nuanced, and is worth a read. The author seems to be personally familiar with the Chinese and Western viewpoints.
How Chinese Nationalism Is Changing
RT — AI to choose your news? Microsoft to get rid of journalists & replace them with ROBOTS
Coming to a job near you soon?
Interestingly, there is push on the "far left" to completely automate and robotize, making wage workers obsolete.* These "futurologists" see this quantum leap in technological innovation and its scaled application as a "new mode of production" in the Marxist sense of making possible "new relations of production" based on treating technology as a public utility under public control and operated for public purpose rather than subject to private ownership. No Luddites allowed.
MMT would suggest that this transition from private investment as the driver to public investment as entirely possible since the constraint is availability of real resources rather than finance.
This also accords with R. Buckminster Fuller's vision of design science as doing more with less, his systems approach through the world game, and his view that while material resources may be finite, "metaphysical resources" (his words), that is, knowledge and know-how, are infinite in potential and only need to be developed through education in the broadest sense. While physical (biological) evolution underlies individual reproduction, psychic evolution underlies social reproduction.
AI to choose your news? Microsoft to get rid of journalists & replace them with ROBOTS
* Aaron Bastani, Fully Automated Luxury Communism – A Manifesto (Verso). Short review here.
Patrick Lawrence — America: The Deluded Superpower
China and Russia, because they have given up exceptionalism, full spectrum dominance and all those other fantasies, only have to counter the U.S. military and only in their home neighbourhoods. That is much cheaper and much easier. What's really expensive, because unattainable, is chasing after the exceptionalist goal of dominance in everything, everywhere, all the time. That's a "tried and true" road to oblivion.
Defense is a lot less costly than offensive, especial "full spectrum dominance." Also, anyone with any familiarity with Chinese martial history knows that it's a history of weapons innovation and countering.
America: The Deluded Superpower
Too late to deal with New START extension after US presidential election - [Russian] diplomat
America's status as a superpower has been damaged by its inability to beat the Taliban in nearly 20 years of war
America pulls out of another quagmire (after Vietnam), now bogged down in Syria.
Donald Trump's withdrawal of troops from Afghanistan is an unavoidable recognition of failure
What Happens Next in Afghanistan? the Neo-Taliban
Ted Rall
Posted by Tom Hickey at 11:57 AM 5 comments:
Sputnik — Donald Trump and Angela Merkel Reportedly Clash Over Nord Stream 2 Gas Pipeline
Donald Trump, writes the outlet, has repeatedly criticised Germany, and Chancellor Merkel specifically, over issues such as Berlin's defence spending and commitment to NATO, while Merkel, in turn, publicly took issue with the Washington administration's "unilateral approach" to a succession of foreign policy issues.
Donald Trump and Angela Merkel Reportedly Clash Over Nord Stream 2 Gas Pipeline
Sputnik — Exclusive: Ex-Ukrainian President's Aide Opens Up on Biden Tapes, Democrats' Money Laundering
Biden lawyering up?
Exclusive: Ex-Ukrainian President's Aide Opens Up on Biden Tapes, Democrats' Money Laundering
Southfront — U.S. Seizes $1.1 Billion Of Russian-Printed Libyan Currency In Joint Operation With Malta
Short and of interest about "parallel currency."
The [US State Department] spokesman, Morgan Ortagus, called the bank an "illegitimate parallel entity," stressing that the Government of National Accord (GNA) bank, the Central Bank of Libya, is the country's only legitimate central bank.
U.S. Seizes $1.1 Billion Of Russian-Printed Libyan Currency In Joint Operation With Malta
The Russian Foreign Ministry begs to differ.
US Department of State statements are counterfeit, not dinars seized in Malta - ministry
US May Send Troops to Tunisia Over Alleged Russian Campaign to Destabilize Region, AFRICOM Says
Our Grim Future: Restored Neoliberalism or Hybrid Neofascism? — Pepe Escobar
Pepe Escobar is emerging as a public intellectual in addition to being a reporter on geopolitics as someone worth taking into account. He is accomplished in several languages, widely read and widely travelled, and also well-connected. He brings a different lens to examine the world scene than most national reporters. His nationality is Brazilian but Brazil is not his focus.
Our Grim Future: Restored Neoliberalism or Hybrid Neofascism?
Posted by Tom Hickey at 12:46 PM 1 comment:
We'll Need Mass Debt Forgiveness to Recover From the Coronavirus — Eric Levitz
MMT friendly.
Money is created in one of two ways: by the government making payments (Uncle Sam writes you a check, the bank then credits that to your account) or the bank extending a loan, in which case the bank credits money to your account against a contract saying you're going to pay it back. The government extinguishes money by taking in taxes; the bank extinguishes it by taking in loan repayments.
The question of how much money is created is determined by how much activity the public and private sectors are willing to animate. How many loans does the banking sector wish to extend? How much spending will the public sector approve?
Regarding the title, I would not say debt "forgiveness" but "restructuring." Only debts that cannot be repaid need to be discharged. This would reduce or prevent Chapter 7 bankruptcies and evictions, that can cascade and produce a domino effect. Other debts can be restructured, which is what Chapter 11 is about. This would apply to essential production and services, for example.
The trick is to head off systemic risk that results in a deep recession or even a debt-deflationary depression.
This could be avoid by an economic snap-back, a so-called V-shaped contraction. However, absent an quite recovery, debt can become a problem.
We'll Need Mass Debt Forgiveness to Recover From the Coronavirus
Eric Levitz
Albert Einstein Explains Why We Need to Read the Classics — Josh Jones
Now that many people have time on their hands...
Albert Einstein Explains Why We Need to Read the Classics
Josh Jones
For these reasons, we should be on our guard not to overestimate science and scientific methods when it is a question of human problems; and we should not assume that experts are the only ones who have a right to express themselves on questions affecting the organization of society....
Einstein played the violin.
Perhaps one of the clearest and simplest statements of an outline of an argument for socialism.
Why Socialism?
The Investment Cost of the U.S.-China Trade War — Mary Amiti, Sang Hoon Kong, and David E. Weinstein
In sum, we find that the U.S.-China trade war lowered the market capitalization of U.S. listed firms by $1.7 trillion and will lower their investment growth rate by 1.9 percentage points by the end of 2020.
FRB — Liberty Street Economics
The Investment Cost of the U.S.-China Trade War
Mary Amiti, vice president in the Federal Reserve Bank of New York's Research and Statistics Group; Sang Hoon Kong, economics Ph.D. student at Columbia University; and David E. Weinstein Carl S. Shoup Professor of the Japanese Economy at Columbia University
You can now buy used clothes online from Walmart — Elizabeth Segran
Recycling moves to another level.
You can now buy used clothes online from Walmart
Elizabeth Segran
Who pays for Covid-19? Assessing seven potential options — Arvind Ashta
Arvind Ashta rejects MMT as hyerinflatonary, and the other options as problematical. He then proposes a Tobin tax and admits that it is probably unrealistic, too, since the finance sector bear the burden of being taxed.
Who pays for Covid-19? Assessing seven potential options
Arvind Ashta is a Senior Professor in the Burgundy School of Business, Université Bourgogne Franche-Comté, Dijon, France
*The Deficit Myth* and Modern Monetary Theory — Tyler Cowen
An Austrian economist reviews Stephanie Kelton's new book.
*The Deficit Myth* and Modern Monetary Theory
Tyler Cowen | Holbert C. Harris Chair of Economics at George Mason University and serves as chairman and general director of the Mercatus Center
Washington Post Tells Readers About Trump's "Existential" Threat to China — Dean Baker
Shooting from the hip and hitting oneself in the foot?
Beat the Press
Washington Post Tells Readers About Trump's "Existential" Threat to China
Dean Baker | Co-director of the Center for Economic and Policy Research in Washington, D.C.
Cooperate with China or Suffer
Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, and a former chairman of the Hong Kong Securities and Futures Commission; and Xiao Geng, President of the Hong Kong Institution for International Finance, and a professor and Director of the Research Institute of Maritime Silk-Road at Peking University HSBC Business School
Two Definitions — Peter Radford
In recent weeks we have become accustomed to calling someone an 'essential worker'. These are our most important people. They are, if the dictionary doesn't lie, indispensable. They are extremely important. They are key, crucial, vital, and needed. They sound pretty darned special to me. They must be doing things that, were they not doing them, would bring the economy to a screeching halt.
My goodness, they must be paid a lot. Surely anyone who is a vital cog in the machinery is paid commensurately with that importance.
Not really. Not at all for most of them — the exception here in the U.S. being doctors. No, most of our 'essential workers' are amongst our least well paid....
Two Definitions
Bill Mitchell — ECB asset purchase programs are the only thing keeping Member States solvent
I haven't had time yet to fully work through the decision by the European Commission yesterday to provide grants and loans to struggling Eurozone countries. I will comment on that when I have had time to understand the implications and be in a position to provide fair comment. It seems to be a vastly inadequately response in quantum, on top of an existing lack of fiscal support. But more on that another day. Today, I am investigating the latest data from the ECB. On May 26, 2020, the ECB released its bi-annual – Financial Stability Review, May 2020 – which seemed to excite some journalists to advance narratives that 'sovereign debt' investors (although none of the Eurozone nations are sovereign) will soon become spooked by the sharp rise in public debt levels in Europe, which will "threaten to undermine private-sector spending" and stall any growth prospects. The quote is from a Financial Times article (May 26, 2020) – ECB warns of challenge for eurozone from soaring public debt – which followed the release of the ECB's Review. The elephant is, of course, the ECB assets and its ability to control all yields on public debt at will....
ECB asset purchase programs are the only thing keeping Member States solvent
Rebel Wisdom - Conspiracy, Sensemaking & Truth. An Inquiry
Rebel Wisdom take a Jungian look at conspiracy theories. A myth in Jungian psychology doesn't mean something is untrue because it's not historically true: The story, or myth, is symbolic of a greater truth. Millions of people in the West feel they have been lied to by the establishment, so now they don't believe anything they say.
How can we make sense of the enormous changes going on in the landscape right now, as the growing crisis uproots everything we thought we knew.
Rebel Wisdom recently brought out a series of films about conspiracy and sensemaking, around the recent David Icke interviews on the channel London Real. They caused a huge, and hugely polarised reaction.
In this inquiry with Peter Limberg of the Intellectual Explorer's Club, Rebel Wisdom's David Fuller explores the topics raised by the films, and tries to make sense of the deeper questions they raise.
Bailout Watch
Continuing our new feature during the COVID shutdown:
Discount retailer Tuesday Morning files for bankruptcy, to shut 230 stores https://t.co/hlPFQGHq7H
— CNBC (@CNBC) May 27, 2020
Lefty morons call this a "bailout!"....
Moving Into The New "Normal" Brian Romanchuk
Cannada-centric.
Moving Into The New "Normal"
Pandemic Triggers Record $400 Billion Drop In Energy Investment — Tsvetana Paraskova
Energy units expended rather than currency units, as in GDP, are the true measure of productive economic activity. But energy investment is an indication of anticipated future direction.
Oilprice
Pandemic Triggers Record $400 Billion Drop In Energy Investment
$82 trillion over 5 years? Cambridge study counts the cost of coronavirus — Shalini Nagarajan
Worst-case scenario numbers.
$82 trillion over 5 years? Cambridge study counts the cost of coronavirus
Shalini Nagarajan
ZH — Boeing Slashes 6,770 US Workers, Sees No Recovery In Air Travel For "Years"
Another ominous sign. Will the aircraft and airlines industries need a bailout?
Boeing Slashes 6,770 US Workers, Sees No Recovery In Air Travel For "Years"
Bill Mitchell — we remember the release of the 1945 White Paper on Full Employment
Some Wednesday snippets today. Tomorrow, I will write about what I have been thinking about the Eurozone. There has been a lot of hot air about the Franco-German accord that Emmanuel Macron and Angela Merkel came to recently. Hot air is the operative term. The fault lines in the Eurozone continue to widen and the policy dissonance is becoming more acute as they deal, not only with the health crisis, but also the 19 economies that have been starved of investment and infrastructure development. This Saturday (May 30, 2020) marks the 75th Anniversary of the release of the famous 'White Paper on Full Employment', which outlined the responsibilities that the Australian government took on to ensure there were jobs for all workers who were wanting work. This White Paper really defined the Post-WW2 consensus and began a period of low unemployment, upward social mobility, the development of public education and health, declining income and wealth inequality and stable wage shares as real wages kept pace with national productivity growth. It wasn't nirvana because lots of issues were still in need of solutions (for example, gender attitudes, indigenous inclusion, etc). But it was a blue print for an inclusive society with growing material prosperity. The vision was abandoned sometime in the 1970s as neoliberalism took centre stage and political parties on both sides of the fence gave up talking about full employment. To restore full employment as a primary social goal and government responsibility is an agenda I have pursed all my career. We should all read the 'White Paper' and recast it in modern terms and fight like hell for a similar vision that is apposite for the times and crises we now face....
May 30, 2020 – we remember the release of the 1945 White Paper on Full Employment
Germany Aims To Become World's Hydrogen Hotspot — Vanand Meliksetia
The energy transition can be compared to a marathon instead of a sprint. As the costs of photovoltaic cells and wind turbines have significantly decreased, decarbonizing the economy has become attainable. The wealthier countries of northern Europe are, arguably, some of the most ambitious societies when it comes to the energy transition. Germany, especially, is an important country due to the size of its economy, political influence in Europe, and technological prowess. Hydrogen is an essential part of the strategy to become carbon neutral by 2050....
Germany Aims To Become World's Hydrogen Hotspot
Vanand Meliksetia
Neochartalists' Rhetoric Against Raising Taxes — Ramanan
Policy choices.
My policy solution is that economic liberalism and political liberalism are incompatible. So-called capitalism (including capital and land ownership) cannot coexist with genuine democracy as rule of, by and for the people based on egalitarian community.
The economic system that corresponds with so-called capitalism is plutocratic oligarchy, for which there is ample evidence in sociology and political theory. The economic system that corresponds with genuine democracy as rule of, by and for the people based on egalitarian community is so-called socialism.
Choice between them is a value judgment, and in actuality such choices are generally made based on power relationships in social groups.
I would define "capitalism" as the range of economic systems that favor capital over people, and "socialism" is the range of economic systems that favor people and the environment over capital (including capital and land ownership). But the devil is in the details, especially since under the present configuration in most of the developed world, capital controls the power and determines institutional arrangements and application.
Considered as an analytical tool that studies various monetary systems and their economic and financial implications under different institutional arrangements, MMT is policy neutral, since it is chiefly descriptive.
As an macroeconomic theory that prioritizes full employment, it is value-based. Prioritizing full employment favors workers (the majority of people in most societies) over capital (ownership of means of production and finance dominated by a few).
Other economic theories that claim to be more "naturalistic" do not make such an assumption but leave outcomes to so-called free markets in models that relegate government to the function of umpire with laissez-faire as the basic rule. However, privileging "naturalism" over, e.g., system regulation based on "control theory," is also a value judgment. Proponents of such systems view MMT as socialistic.
On the other hand, some critics argue that MMT economists in general assume a capitalist model and stay pretty in the box.
Neochartalists' Rhetoric Against Raising Taxes
Unsanitized: A Few Weeks to Stop a Depression — David Dayan
We're back from a holiday weekend but the Senate is still out of session, having left Washington without acting on more economic aid. The official line from Republicans is that it's time to see how previous efforts work before considering more. And anyway, the economy's opening back up, maybe it won't need federal support.
This is a dangerously wrong attitude, especially because of the realities of the political calendar. Decisions will be made in the next few weeks that will put the nation on a direct path to depression without Congressional intervention.
That's because the fiscal year for many states begins on July 1, and budgets must be adopted between now and then. California has a June 15 deadline for how to fill its giant budget hole, which could be as much as $54 billion. Other states scheduled to adopt a budget within this period include Colorado, Delaware, Georgia, Iowa, Kansas, Louisiana, Maine, Massachusetts, Michigan, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Vermont, and Wisconsin....
The folks in charge don't seem to appreciate systemic risk.
American Prospect
Unsanitized: A Few Weeks to Stop a Depression
David Dayan
The Primary and Secondary Market Corporate Credit Facilities — Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar, and Peter Van Tassel
On April 9, the Federal Reserve announced that it would take additional actions to provide up to $2.3 trillion in loans to support the economy in response to the coronavirus pandemic. Among the initiatives are the Primary Market and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF), whose intent is to provide support for large U.S. businesses that typically finance themselves by issuing debt in capital markets....
Creditor of last resort.
The Primary and Secondary Market Corporate Credit Facilities
Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar, and Peter Van Tassel
Bill Mitchell – The Australia government is increasingly buying up its own debt – not a taxpayer in sight
In the wake of the $A60 billion bungle, the Australian government has turned its attention to creating smokescreens. Yesterday (May 25, 2020), the Treasurer released a statement – Temporary changes to continuous disclosure provisions for companies and officers – which effectively allows corporations to withold information from the public and investors about the state of their company finances. It will now be very hard to prove that company directors have mislead their investors. This is one of those thin end of the wedge trends that the Government has introduced under its emergency powers. For some time, the business peak bodies have been demanding the Government limit the capacity of shareholders to engage in class actions and for workers to pursue actions under industrial relations legislation (for example, QANTAS staff who have considered a class action against unsafe working conditions). But the point is that these diversions, which may or may not linger after the so-called 6-month sunset clause, take the pressure of the Government for their inept economic management, which is responsible for more than 2.4 million Australians (over 24 per cent of available workers) idle in one way or another. And when the question of economic management is raised we get a litany of lies reinforcing the fictional world that mainstream economists have created to prevent people from really understanding what the currency-issuing, Australian government can and cannot do. Today, I present some data on the RBA bond buying program and the way it is dovetailing with the debt-issuance activities of the Australian Office of Financial Management (AOFM). The Treasurer is in the National Press Club today and will spend his time lying about saving taxpayers' money and reducing the debt burden for our grandchildren. Meanwhile 2.4 million Australians need more work....
The Australia government is increasingly buying up its own debt – not a taxpayer in sight
Is The U.S. Prepared For War With China? — Gregory R. Copley
Some American strategy thinking.
Is The U.S. Prepared For War With China?
Gregory R. Copley via Defense and Foreign Affairs
Wang Shuo — Printing Money Is Not the Solution You Think It Is
The author exhibits zero understanding of actual MMT and criticizes a wildly mistaken stereotype. Not a good sign from China.
Caixin (PRC)
Wang Shuo: Printing Money Is Not the Solution You Think It Is
Wang Shuo | editor-in-chief of Caixin Media and Caixin Weekly
However, this would count toward Wang Shuo's concern about the surge in central bank "money printing." While the understanding of the facts is wrong, the facts appear to be influencing expectations.
JPMorgan: The Surge In Gold Is A Sign Of Eroding Confidence In Central Bank-Generated Money
Zero Hedge — Goldman: The Default Cycle Has Started
Goldman writes this morning that with businesses shuttered and job losses mounting rapidly, "there is growing concern over the ability of borrowers to service their debt obligations and the resulting risks to financial stability."
In response, Goldman "assesses the likely scale of economy-wide credit losses, the exposure of creditors to those losses, and the potential risks to financial stability and the banking sector" to conclude that "rising bankruptcies and delinquencies suggest the default cycle has started."...
It didn't take a crystal ball. Without a swift V-shaped recovery, this could get ugly, giving "domino effect" new meaning.
Goldman: The Default Cycle Has Started
Russian researchers test coronavirus vaccine on THEMSELVES, team leader says they now have antibodies
The anti-vax, Covid-19, 5g, Bill Gates depopulation conspiracists say they would never take a vaccine. Many tell me I can have their one. But these scientists felt perfectly safe injecting themselves with a new vaccine they had developed.
Scientists in Russia have carried out the first unofficial trial of a Covid-19 vaccine – and they say it's effective. Epidemiologists in Moscow took the unorthodox step of injecting themselves and examining their own results.
Zero Hedge — Kim Jong Un Oversees Meeting To Increase NK's 'Nuclear War Deterrence'
Back from the dead.
Kim Jong Un Oversees Meeting To Increase NK's 'Nuclear War Deterrence'
TASS — Russia will not accept attempts to privatize the Moon, says Roscosmos CEO
Attempts to privatize the Moon run counter to international law, CEO of Russia's Roscosmos State Space Agency Dmitry Rogozin said in an interview with the Komsomolskaya Pravda radio station on Monday.
"We will not, in any case, accept any attempts to privatize the Moon. It is illegal, it runs counter to international law," Rogozin pointed out.
The Roscosmos CEO emphasized that Russia would begin the implementation of a lunar program in 2021 by launching the Luna-25 spacecraft to the Moon. Roscosmos intends to launch the Luna-26 spacecraft in 2024. After that, the Luna-27 lander will be sent to the Moon to dig up regolith and carry out research on the lunar surface....
Russia will not accept attempts to privatize the Moon, says Roscosmos CEO
Is Trump's New Cold War Necessary? — Tom Luongo
Trump thinks he's fighting a new Cold War against China but he's really just fighting the next round in an old war on Asia that's over 200 years old.
And it's a war he cannot win....
Is Trump's New Cold War Necessary?
India Punchline
Iran surges in Venezuela in defiance of US sanctions
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service
Bill Mitchell – Dear Treasurer, I have a plan for your $60 billion
On Friday, we had the extraordinary admission from our Federal government that they had overestimated the injection required to fund their wage subsidy JobKeeper program by some $A60 billion. When the overall program was announced the Treasury allocated $A133 billion to it. So now they are admitting to a 45 per cent forecasting error, which sort of dwarfs the worst errors that the IMF makes, and they sure make some bad mistakes in their projections. Whatever the reason for the mistake, the way the Treasurer has defended it is quite repugnant – claiming virtue out of the incompetence. And while all the Labor Party economists are talking about seeing the error from space, none of them picked it up or had the nous to realise that the figures didn't add up when the Government originally released them. I am the only economist who wrote that the figures published by the Government didn't make sense. I did that on April 29, 2020. I also wrote to the Treasury and the Treasurer requesting answers to questions that reflected my concern. They didn't bother replying. Now everyone is wise after the fact. Anyway, the $A60 billion is a nice round figure. And I outline a plan in this blog post on exactly how the Treasurer can spend it and improve the well-being of more than a million Australians with a stroke of the pen....
Dear Treasurer, I have a plan for your $60 billion
Caitlin Johnstone — China Derangement Syndrome: Notes From The Edge Of The Narrative Matrix
Friendly reminder that we've invented weapons which can end all life on earth and we're in steadily increasing danger of setting them all off because some guys in a think tank wrote some words....
Caitlin Johnstone — Rogue Journalist
China Derangement Syndrome: Notes From The Edge Of The Narrative Matrix
Zero Hedge "The Comments Are Highly Important" [Goldman]: China's Xi Reportedly Indicated Desire To Avoid Strong Stimulus
Overnight, Goldman confirmed as much, writing that President Xi participated at group discussions at the Two Sessions on Friday, with some of his comments reported on Saturday. Notably he said if it were not because of the pandemic, the growth target would be set at around 6%. He added that a global recession is guaranteed, and given this, if a numerical target (implicitly at a relatively high level) was set, it would require a strong stimulus and the focus of the government would be on the growth rate. He said the focus should instead be on the "six stabilities" and "six guarantees" in six areas — the pursuit of these goals will indirectly contribute to GDP growth but the latter should not be the focus of the government, according to the report....
"The Comments Are Highly Important": China's Xi Reportedly Indicated Desire To Avoid Strong Stimulus
The science behind human irrationality just passed a huge test — Cathleen O'Grady
Behavioral economics vindicated.
This 1979 Kahneman-Tversky study and its contemporary replication is about loss aversion. There are many, many more cognitive-affective biases affecting rationality. There is also illogic, since most people are not trained in either critical thinking or rigorous scientific method, and mathematical innumeracy is high, especially when the long term is included, as it is in many economists' assumptions about rationality and maximization.
Then there is connotation of terms in addition to denotation, where the connotation carries an emotional charge. Persuasion — real advertising, PR and propaganda — are based on this.
People also often choose and act against their own assumed "better" interests eg., economic interests, since interest is determined by values and people often hold a value system that subordinates one set of interests, e.g., economic, to another, e.g., social, political, cultural or religious.
The assumption that humans are "rational agents" in the sense that economists understand the term, which focuses exclusively on economic interest, is not a truism as supposed. The evidence shows this.
The science behind human irrationality just passed a huge test
Cathleen O'Grady
Fuzzy logic and fuzzy sets address this issue.
"Banishing 'Black/White Thinking': A Trio of Teaching Tricks"
Andrew Gelman | Professor of Statistics and Political Science and Director of the Applied Statistics Center, Columbia University
Evonomics
Evidence for Tribalism in Economics
Blair Fix /
"Dr. Doom" At IT Again: Predicts 10-Year Depression — J. Barkley Rosser
Barkeley Rosser says to take Roubini with a grain of salt, but only a grain, since he makes some important points. I am in agreement with that. Both optimism and pessimism need to be tempered with realism, and reality is fraught with uncertainty owing to human decisions that affect conditions. And just as the weather is relatively uncertain other than short term, reality has a way of delivering "exogenous shocks." So the watchword should be "caution." That is not a meme or mantra of this administration. Forking paths ahead?
"Dr. Doom" At IT Again: Predicts 10-Year Depression
J. Barkley Rosser | Professor of Economics and Business Administration James Madison University
Pamela Yellon - Death by Investing: How a 10 Percent Loss Raises Mortality Levels
Stock market declines are linked to early death, illness, and fatal accidents. Are you at risk?
This is what bothers me about the Lockdown, could it kill more people than Covid-19 in the long run?
Losing money in the stock market can cost you your life, and I'm not just talking about the old cliché of people jumping out of skyscraper windows when markets crash.
In fact, people with as little as 10 percent of their wealth in the stock market who experience a 10 percent loss stand an increased risk of dying early or suffering health problems such as high blood pressure and depression.
That's according to a study published in the American Economic Journal, which looked at booms and busts in the U.S. stock market between 1998 and 2011. In the study, Hannes Schwandt, assistant economics professor at the University of Zurich Department of Economics, determined that what he called "wealth shocks" strongly affect health outcomes.
Zero Hedge — Bankruptcy Tsunami Begins: Thousands Of Default Notices Are "Flying Out The Door"
Risk of debt-deflation taking hold?
Bankruptcy Tsunami Begins: Thousands Of Default Notices Are "Flying Out The Door"
Tracking The Recovery: What Real-Time Data Says About The State Of The Global Economy
VIPS MEMO: To the President—Avoid Hostilities Over Iranian Fuel Shipment to Venezuela
The Veteran Intelligence Professionals for Sanity (VIPS) urges Donald Trump to avoid the slippery slope toward armed conflict as an Iranian oil tanker nears Venezuela on Sunday....
If the rich knew what tax was for they might actually appreciate it… — Peter May
Worth a read in full, so no spoilers.
If the rich knew what tax was for they might actually appreciate it…
Bitcoin's Shocking Energy Consumption — Haley Zaremba
When it comes to thinking about which economic sectors and industry niches that consume the most energy, cryptocurrencies may not immediately come to mind. But for some of these crypto companies, their energy and carbon footprints are not just considerable, they're massive. The most famous example, Bitcoin, has an annual energy footprint slightly larger than the entire nation of Switzerland. The company's current energy consumption can be tracked here.
Last year, the University of Cambridge created an online tool that allows users to compare the boggling energy consumption of Bitcoin to other entities. At the time that this platform debuted, the tool estimated that "Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world's supply," according to a BBC report. This shocking figure translates to "as much power as would be generated by seven Dungeness nuclear power plants at once."...
Bitcoin's Shocking Energy Consumption
Haley Zaremba
China: one country, two sessions, three threats — Pepe Escobar
It's absolutely essential to position the Two Sessions [of the 13th National People's Congress] within the larger, incandescent geopolitical and geoeconomic context of the de facto new Cold War – hybrid war included – between the US and China....
The great game is still about who controls the Eurasian land mass as the center of the "world island," set forth by British strategist Halford Mackinder, and the "rimland," proposed by Nicholas J. Spykman. These doctrines were the basis of the strategies respectively put forward by Republican Henry Kissinger and Democrat Zbigniew Brzezinski.
The contest pits the great land powers, Russia and China, against the great sea powers, the US and UK, as traditional enemies. To win this contest, the US and its allies would need to pry Russia and China apart, which is highly unlikely at this point. In order to prevail as undisputed hegemon, the must defeat both Russia and China either separately or together.
While Brzezinski was implacably anti-Russian, Kissinger realized that the US was betting the farm on defeating a Sino-Russian alliance. As result, he convinced Nixon to reach out to Mao. (Secretary of the Treasury John Connally convinced Nixon to shut the gold window for international trade). Trump was acting on Kissinger's advice in his approach to Russia, but the deep state and Democratic Party turned that into Russiagate.
China: one country, two sessions, three threats
The 13th National People's Congress of China
Zamir AWAN
Like China doesn't realize this. This is what the "Uyghur concentration camps in Xi'an" and "Hong Kong dissent suppression" propaganda memes are all about. Does China have entirely clean hands in this? Hard to tell what is really going on there, but regardless, the memes are being exploited.
The US is Trying to Dismember China by Promoting Separatism in Its Regions
Russia, China won't accept US nuclear superiority — M. K. Bhadrakumar
The arms race is on. And further reason for Russia and China to enter into a closer military alliance to counter the US and its allies. The world is splitting economically, politically and militarily into opposing camps again, which is doubly dangerous in difficult economic times. Liberal globalization is on hold for the foreseeable future, as the rivalry between liberalism and traditionalism heats up.
Russia, China won't accept US nuclear superiority
U.S. Threatens New Nuclear Tests To Push China Into A Treaty It Does Not Want
Blog: Chinese Economists Clash Over Monetization of Fiscal Deficit, Special Treasury Bonds — Zhang Qizhi and Gavin Cross
Strongly suggests that Chinese policy makers are not on board with the MMT approach and are resistant to it because (neoliberal) "fiscal discipline." So much the worse for China.
Caixan
Blog: Chinese Economists Clash Over Monetization of Fiscal Deficit, Special Treasury Bonds
Zhang Qizhi and Gavin Cross
Joan Robinson On Michal Kalecki's Claim To Priority— Ramanan
Kalecki made the mistake of writing in Polish. Otherwise, we would be talking about Kaleckianism rather than Keynesianism.
Joan Robinson On Michal Kalecki's Claim To Priority
Car rental giant Hertz files for bankruptcy as its vehicles remain idled by pandemic — John Solomon
Car giant was already saddled with debt before COVID-19 struck.
Anomaly, or indication of systemic risk owing to debt?
Car rental giant Hertz files for bankruptcy as its vehicles remain idled by pandemic
It's not just a matter of reopening. Will the customers be there?
Coronavirus: Leading economist warns of 10 years of depression and debt
Karishma Vaswani interview with Nouriel Roubini
John Quiggin — MWW on MMT (from Twitter via Spooler)
Mitchell, Wray and Watts Macroeconomics p 323, give a the correct version of the #MMT position on budget aggregates ....
MWW on MMT (from Twitter via Spooler)
The Incoherence Of Yield Curve Control Brian Romanchuk
Yield curve control -- setting bond yields by the central bank -- has returned to discussion. Mainstream economics over-emphasises the role of interest rates in guiding the economy, and based on previous experience, it seems entirely likely that some form of new policy will be attempted to counter-act economic weakness. The main options appear to be negative interest rates and yield curve control, and it seems clear that Fed officials prefer yield curve control to negative rates, Yield curve control will either accomplish very little, or be viewed as a mistake in retrospect. That said, it is still a more sensible policy that large scale purchases of Treasurys by the Fed (Quantitative Easing)....
Important post on MMT, monetary policy and conventional beliefs, attitudes and expectations.
Barring a miracle cure for COVID-19, the United States is drifting into a multi-year period of extremely depressed activity. There does not appear to be capacity to eradicate the virus, nor are older consumers or office workers willing to take meaningful health risks to benefit capitalism. Unless there is a magical transformation in the attitudes of the ruling elites, the fiscal policy response will remain reactive, and ineffectual. The Fed is the only entity in the United States that takes any responsibility for the effectiveness of policy, and so we should expect to see greater leaps in its policy framework.
Although yield curve control is the most likely next step, negative interest rates cannot be ruled out. Health worries might strengthen the hand of those advocating the abolishing of paper money, removing one institutional barrier to negative interest rates.
The Incoherence Of Yield Curve Control
Asian century began in May 2020 — David P. Goldman
Economic historians may date the start of the Asian century to May 2020, when most Asian economies bounced back to full employment while the West languished in coronavirus lockdown. Asia has emerged as an economic zone as closely integrated as the European Union, increasingly insulated from economic shocks from the United States or Europe....
Asian century began in May 2020
David P. Goldman
RT — 'We'll spend you into oblivion': US nuclear envoy reveals 'negotiating' tactic for New START, last arms control deal with Russia
Trump goes full Reagan.
Apparently the US doesn't realize that the real cost is in terms of real resources rather than units of account for countries that issue their own currencies. Or maybe it does and wants to force China to drop its dollar peg like Russia.
Whatever, it's nutty. Kind of like declaring that the US is staying in Syria to create a quagmire for Russia.
Where are the grownups?
Oh, and did I mention that the latest talking point is the Social Security is running out of funding soon so that the program needs to be cut.
'We'll spend you into oblivion': US nuclear envoy reveals 'negotiating' tactic for New START, last arms control deal with Russia
US Militarizing Space, Exiting Treaties in 'Historical Miscalculation' to Stay Hegemon
Ray Dalio concerned.
"Revolutions And Wars": What According To Ray Dalio Comes After "Printing Money"
THE AUSTRALIAN CHEWING-GUM IS NOW ON THE RUSSIAN SHOE – AUSTRALIAN MINISTER ASKS LAVROV TO SAVE EXPORTS FROM CHINESE SANCTIONS; LAVROV ASKS FOR AUSTRALIAN SUPPORT TO STOP FAKE MH17 EVIDENCE IN DUTCH SHOW TRIAL — John Helmer
One day after Australia was defeated at the World Health Assembly in a joint effort with the Trump Administration to attack China, and after Beijing retaliated, calling the Australian Government a US puppet, a joke, and chewing-gum on China's shoe, Australia has telephoned Moscow for help. In a call initiated by Foreign Minister Marise Payne (lead image, left), Foreign Minister Sergei Lavrov was asked to boost Russian imports from Australia and send more Russian tourists to the country.
Lavrov replied that Australia should stop fabricating evidence of Russian involvement in the shoot-down of Malaysia Airlines flight MH17, and withdraw from the Dutch show trial which is scheduled to resume hearings in Amsterdam next month....
Dances with Bears
THE AUSTRALIAN CHEWING-GUM IS NOW ON THE RUSSIAN SHOE – AUSTRALIAN MINISTER ASKS LAVROV TO SAVE EXPORTS FROM CHINESE SANCTIONS; LAVROV ASKS FOR AUSTRALIAN SUPPORT TO STOP FAKE MH17 EVIDENCE IN DUTCH SHOW TRIAL
John Helmer
As debt soars, the cost of servicing it keeps falling
Good news for the British government's finances
An awful lot has changed since Rishi Sunak, the chancellor, unveiled his budget in March. Britain's economy looks set to experience an unprecedentedly rapid and deep recession. What is more, the government, through actions such as the furlough scheme to support employment, is choosing to bear an unusually large share of the initial costs. The result will be much higher government debt than previously anticipated. And yet the actual cost of servicing that higher debt may well turn out to be lower than was expected back in March.
There is now so much uncertainty that the official government forecasters—the Office for Budget Responsibility (obr) and the Bank of England—have declined to issue their usual forecasts, instead presenting what they call "scenarios". More detailed modelling by the Resolution Foundation shows what may be to come. According to the think-tank's three-month lockdown estimate, the debt-to-gdp ratio will soon head back to the 100% mark—a level not seen since the 1950s, when Britain was still burdened with the costs of fighting the second world war.
8 logical fallacies that are hard to spot — Steven Johnson
Recognize any of these in economic discourse?
Big Think
8 logical fallacies that are hard to spot
Bill Mitchell – Britain confounding the macroeconomic textbooks – except one!
Remember back just a few months ago. We are in Britain. All the Remainers are jumping up and down about Brexit. We hardly see anything about it now as the UK moves towards a no deal with the EU. Times have overtaken all that non-event stuff. Now the developments are confounding the mainstream economists – again. There will be all sorts of reinventing history and ad hoc reasoning going on, but the latest data demonstrates quite clearly that what students are taught in mainstream macroeconomics provides no basis for an understanding of how the monetary system operates. All the predictions that a mainstream program would generate about the likely effects of current treasury and central bank behaviour would be wrong. Only MMT provides the body of knowledge that is requisite for understanding these trends....
Britain confounding the macroeconomic textbooks – except one!
Definitions and Debate — Definitions and Debate Regan Ferrell interviews Jeffrey Miron and Michael Hudson
Regan: Hello everyone, thank you for tuning into this episode of the Knowledge Problem Podcast. I'm your host Regan Ferrell [and I'm Alex Pilkington] on today's episode we explore the merits and shortcomings of capitalism. [1:00] We have Dr. Jeffrey Miron speaking first, followed by rebuttals from Dr. Michael Hudson....
Michael Hudson — On Finance, Real Estate And The Powers Of Neoliberalism
Definitions and Debate
Regan Ferrell interviews Jeffrey Miron, senior lecturer and director of undergraduate studies in the department of economics at Harvard University as well as a senior fellow at the Cato Institute, and Michael Hudson, President of The Institute for the Study of Long-Term Economic Trends (ISLET), Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University
Muslim Chinese Street Food Tour in Xi'an, China | BEST
C J Werleman is putting out anti-China propaganda on Twitter, and Nafeez Ahmed sometimes does this too. Both are excellent journalists in every other way.
CJ Werleman says the Chinese government is forcing Xinjiang Muslims to eat pork and drink alcohol. This is total rubbish as it would greatly backfire. They would have a revolution on their hands.
Uyghur students forced to eat pork, Muslims required to drink before entering mosques, C J Werleman
A Chinese person sent me this video.
This video exposing "extreme oppression of Muslim food culture" has received over 1 mil views on youtube! It's just terrible!
Muslim Chinese Street Food Tour in Xi'an, China | BEST Muslim Chinese Cuisine in China
Muslim Chinese Street Food Xi'an - Chinese Street Food - Best Muslim Street Food China
Muslim Chinese street food and Chinese Food is delicious in China! I flew to Xi'an, China and have been eating street food and dumplings non stop. Best Street Food I've tasted in China, maybe even best street food in Asia! The Chinese food is so good in Xi'an! I've eaten street food in Bejing, street food in Shanghai,, and street food in Chengdui, all of which has been amazing, but I have to say that the chinese street food in Xi'an has been some of the best!
TASS — Putin: Russia is now fully self-sufficient in basic food products
National self-sufficiency is the new target. Russia was able to achieve this owing to sanctions. According to Putin, without sanctions it would have been impossible politically.
Putin: Russia is now fully self-sufficient in basic food products
TRUTH VACCINE KILLS AUSTRALIAN-AMERICAN CAMPAIGN AGAINST CHINA IN WORLD HEALTH ORGANISATION DEBATE — John Helmer
Longish, but interesting if following this.
TRUTH VACCINE KILLS AUSTRALIAN-AMERICAN CAMPAIGN AGAINST CHINA IN WORLD HEALTH ORGANISATION DEBATE
May 20 COVID-19 Test Results, AND Great News on the Next Step — Bill McBride
With testing ramped up, some numbers are coming in.
May 20 COVID-19 Test Results, AND Great News on the Next Step
Update: The World's Simplest Bond Model — Brian Romanchuk
I ran across a comment to the effect that Modern Monetary Theory (MMT) somehow is missing a theory of interest rates....
Update: The World's Simplest Bond Model
South America Won the U.S.-China Trade War
Two economists calculate that U.S. farms lost $14 billion because of retaliatory tariffs, while South American countries boosted their exports by $13 billion to fill the gap.
The trade war may not have turned out to be "good and easy to win" for the United States, but some other countries have benefited from how higher tariffs have warped the global flow of agricultural goods. Argentina, Brazil, and Chile were the "primary beneficiaries of the retaliatory tariff increases," Carter and Steinbach write, because they "were able to substantially expand their trade with retaliatory countries at the cost of the United States."
Reason.com
Poetic truths from a leading economist: 'from crisis stems great renewal' — James Nason
In a keynote address to the Alltech One virtual global conference last night Australian-time, Mr McWilliams, an internationally renowned speaker and one of the world's most influential economists, drew from the work of his countryman WB Yeats to illustrate how previous periods of crisis have historically led to great renewal.…
"When I worked in the Central Bank in Ireland, if you'd told me that the Federal Reserve was going to buy government bonds directly, was then going to buy corporate bonds directly, and then last Thursday, it says we're going to buy junk bonds and we're going to take those off the balance sheets of the banking system and we're going to give the banking system cash and the banks can lend out that, I would have said, that 'ain't going to happen'.
"And the funniest thing is it's happened in the last two weeks and nobody said a word.
"Why? Because everybody realises that this shift is coming."
– 'Modern monetary theory' gaining momentum: Faced with a choice between abandoning their dogma or moving into another Great Depression, monetary authorities in the United States and Europe were choosing to spend their way out by underwriting incomes and bailing out industries, and electing to worry about potential inflationary consequences in the future.
The US and Europe were in "a sort of a deflationary death spiral" that could potentially "drag us all into a depression" which could go on for a long time if monetary authorities don't actually step up to the plate. However Mr McWilliams said he believed they are stepping up.
In the United States which has full monetary autonomy and its own currency and is facing a Presidential election later this year, the Democratic side of politics is coalescing around support for modern monetary theory, the notion of printing money to solve a country's problem (a concept that many traditional economists have issues with).
2020 opened with the expectation the US would experience a presidential election against a backdrop of lowest level of unemployment ever. It will now be held against a backdrop of the highest unemployment ever, currently standing at 28 percent.
"That is the only story" Mr McWilliams said. "Once your unemployment goes to that level, then all bets are off. All ideology's out the window, and you've got to get folk back to work."
Mr McWilliams said it would be critical for the US under this approach to protect its "productive capacity" to avoid hyperinflation, such as that which beset Germany after World War I and Zimbabwe when productive farming land was taken from farmers under the Mugabe regime.
In order to achieve aim that he said key MMT proponents such as economist Stephanie Kelton, a senior Democratic economic advisor, are promoting the idea of using Government money now to build and expand the capacity of the US economy to reduce the chances of having inflation.
"I would agree with that, simply because I think we're moving into a deflationary world. If rates of unemployment in certain states are as high as they seem to be ticking up every day, that's not an environment where prices rise. That's an environment where prices fall."
Beef Central (Australia)
Poetic truths from a leading economist: 'from crisis stems great renewal'
James Nason
Bill Mitchell — MMTed
MMTed Q&A
The questions are rolling in – thanks – and we will begin our program next Wednesday (May 27, 2020).
As part of the on-going development of our MMTed project, we are introducing – MMTed Q&A – which will be a weekly live program screening on Wednesday nights starting at 20:00 Australian EST.
This will be at:
10:00 Dakar
12:00 Paris
13:00 Helsinki
19:00 Tokyo, Kyoto and Dili
03:00 San Francisco
The program will run for 30 minutes each week and the format will be around 5 questions will be answered with discussion.
Each week, we plan to bring in some of the MMT experts who can help answer your questions.
If you want to ask a question the process, as a trial, will be to submit your enquiry via the – MMTed Q&A – page.
We do not guarantee that your question will be answered but we will do our best.
Only submissions will valid E-mail addresses will be accepted.
The links to the live stream each week will be published in advance on the site and via Twitter and on this blog site.
Call for MMTed Support
We are making progress in developing the program that will become – MMTed.
But we still need significant sponsors for this venture to ensure that we can run the educational program with negligible fees.
If you are able to help on an ongoing basis that would be great. But we will also appreciate of once-off and small donations as your circumstances permit.
You can contribute in one of two ways:
1. Via PayPal – which is our preferred vehicle for receiving donations.
The PayPal donation button is available via the MMTed Home Page or via the – Donation button – on the right-hand menu of this page (below the calendar).
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Please write to me to request account details.
Please help if you can.
We cannot make the MMTed project viable on a sustainable basis without funding support.
We will always maintain strict anonymity with respect to donations received, except if the donor desires to be publicly associated with the venture and gives their permission in writing to appear on the Donors Page.
Bill Mitchell – Progressives still speak the language of the neoliberals but then dream of change
Its Wednesday, so a collection of snippets, ads and music. One of the things I am working on as part of my book venture with Thomas Fazi, our followup to – Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (Pluto Books, September 2017) – is the way the Left and Right are responding to the current crisis. It is clear to me that the Right are seeing it as a way to really entrench new beach head gains on their long term agenda to divert public spending away from general welfare towards the top-end-of-town and to use the legislative/regulative structures of government to further their aims to divert more of the national income produced towards capital, particularly financial capital. Meanwhile, it looks as if the Left has gone to asleep – or better – they haven't really woken from their long-term slumber as they dream their standard narrative that global capital has made the state unable to pursue independent fiscal agendas that will improve the lot of all humanity. So I am looking into that sort of narrative and collecting evidence as one does to compile into a coherent argument.
Progressives still speak the language of the neoliberals but then dream of change
Trump New Press Secretary
Trump locking in the Evangelical vote (BIG!):
A really great woman, and what a job she is doing! https://t.co/MSCOqbAH5Q
DTs:
Posted by Matt Franko at 7:31 AM 2 comments:
Powell Sees Little Reason to Fret Over Fed Balance-Sheet Growth
LOL well not anymore he doesn't.. or not at least until March 2021...
Derby's Take: Powell Sees Little Reason to Fret Over Fed Balance-Sheet Growth https://t.co/KYP2drXpbg
— WSJ Central Banks (@WSJCentralBanks) May 20, 2020
Posted by Matt Franko at 6:57 AM No comments:
KV - Oh, to be young again!
Only kidding, I don't think I would have ever been up for this. I can only think these guys are from an elite crack military unit.
Posted by Kaivey at 7:16 PM 13 comments:
US Threatens to Prevent Iranian-Venezuelan Mutual Assistance — William Camacaro, Frederick B. Mills, Danny Shaw
As Carmen Parejo Rendón observes "what the US does not realize is that it keeps creating more enemies for itself and with this it is reinforcing multilateralism."
Internationalist 360º
US Threatens to Prevent Iranian-Venezuelan Mutual Assistance
William Camacaro, Frederick B. Mills, Danny Shaw
Merrill: "Most of the slowdown occurred due to voluntary social distancing rather than lockdown policies" — Bill McBride
This is an important note and suggests the economy is dependent on the course of the pandemic.
Merrill: "Most of the slowdown occurred due to voluntary social distancing rather than lockdown policies"
Related at CR
May 19 Update: US COVID-19 Test Results
Sputnik — Nokia Says Broke 5G World Speed Record
Nokia has set a new world record for the 5G speed, registering 4.7 billions of bits per second (Gbps) on a US operator's network in Dallas, the Finnish telecommunications company said on Tuesday.
Latest from the technology wars.
Nokia Says Broke 5G World Speed Record
RT — Study Trump cited in his latest attack on WHO does NOT EXIST, says editor-in-chief of prestigious medical journal
"This statement is factually incorrect," the Lancet said in a statement referring to Trump's claims and allegations, which the journal described as "damaging to the efforts to strengthen international cooperation to control the pandemic."
Study Trump cited in his latest attack on WHO does NOT EXIST, says editor-in-chief of prestigious medical journal
U.S. Overtakes China As Most Attractive Destination For Renewables — Tsvetana Paraskova
The United States beat China to become the world's most attractive country for investments in renewable energy, and the prospects for the U.S. renewables sector after the pandemic are bright despite the current setbacks, E.Y. said in a new report on Tuesday.
The latest edition of the Renewable Energy Country Attractiveness Index (RECAI) developed by E.Y. showed the U.S. snatching the top spot away from China for the first time since 2016. The shift in attractiveness in the United States was largely due to the short-term extension to the production tax credit (PTC) for wind power and long-term growth in offshore wind plans, which envisage investments of US$57 billion for the installation of up to 30 gigawatts (G.W.) by 2030, E.Y. said.
At the same time, growth in China's renewables market has slowed down because the authorities want to wean the renewables market off subsidies, the consultancy noted. The slashed subsidies and lower demand from the coronavirus pandemic bumped China off its first-place seat, according to E.Y....
U.S. Overtakes China As Most Attractive Destination For Renewables
Bill Mitchell — Why do currency-issuing government...
Large domestic disturbances, the U.S. Military, an...
RT — Elon Musk tweets IN RUSSIAN to accept co-oper...
National Guard, Now Authorized to Use Live Ammo, F...
Why making economic predictions now is useless — B...
Breakingviews - Review: MMT lives up to some of it...
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Today, we had a unique first opportunity to get up-close and personal with the new Bugatti Chiron hypercar and the people that played a key role in its development. Ahead of its Geneva Motor Show debut tomorrow we are proud to bring you the latest on the Bugatti Veyron's successor.
To start with what everybody was waiting for: the new Bugatti Chiron comes with a 8.0-litre W16 engine. Thanks to some clever new set of turbochargers, it produces 1,500hp and 1,600Nm which is available virtually immediately (peak torque is delivered from around 2,000 rpm all the way to the red line).
0-100 km/h in done in less than 2.5 seconds, 0-200 km/h in less than 6.5 and 0-300 km/h in under a brainmelting 13.6 seconds. Braking is of course equally important and for that purpose Bugatti fitted discs that are 20 mm larger in diameter front and rear and forged one-piece calipers. This F1-inspired brakes along with the airbrake provide some impressive stopping power. 100-0 km/h brake distance is only 31.3 meters. 200-0 km/h is done in 125 meters and 300-0 km/h is done in 275 meters.
The Bugatti Chiron's top speed is limited to 380 km/h in Handling Mode and 420 km/h when the Top Speed mode is engaged with the second key. Talking to Bugatti CEO Wolfgang Durheimer, the Top Speed mode is certainly possible but only under very strict and monitored conditions. The company's test drivers are still working towards a new record top speed (currently held by the Bugatti Veyron Supersports at 431 km/h) with the Bugatti Chiron.


text:
Classical 95.9-FM WCRI
07-28-13 WCRI's Festival Series: The Newport Music Festival - Mark Malkovich Part II
Our 6th of 6 programs dedicated to the Newport Music Festival 2013 is a final conversation with Newport Music Festival General Director Mark Malkovich. We listen to him give his take on the end of the 2013 season.
07-28-13 The RI International Film Festival 2013 - Conducting Conversations
This week The RI International Film Festival 2013 is the subject of the program, with George T. Marshall, Executive Director. We talk about the upcoming Festival, and listen to some selections from award winning movie themes. For more information call 401.861.4445 or go to www.film-festival.org
07-26-13 Trombonist Steve Turre - Jazz After Dinner
This weeks Jazz After Dinner show features Trombonist Steve Turre!
07-21-13 WCRI's Festival Series: The Newport Music Festival - My Music NMF All-Stars Part II
Our 5th of 6 programs dedicated to the Newport Music Festival 2013 is a look back at a My Music program featuring Newport Music Festival All-Stars...Part II. This program was recorded by the late Mark Malkovich and we are pleased to bring it to you once again. Listen and enjoy!
07-21-13 The 49TH Annual Block Island Music Festival - Conducting Conversations
The 49TH Annual Block Island Music Festival is the subject of this week's program, with Bob O'Connell, singer, songwriter, and pianist . We talk about the Festival, and listen to some songs by Joe Parillo, Bob O'Connell, Road Show, Maxx Factor, and Eddie Dillon. The Festival will be on July 27, 8PM, at St. Andrews Church, Block Island RI. For more information call 401 466-2950.
07-19-13 Guitarist Pat Metheny - Jazz After Dinner
This weeks Jazz After Dinner show features guitarist Pat Metheny from his "Quartet" recording with pianist, Lyle Mays, bassist, Steve Rodby and drummer Paul Wertico.
07-14-13 WCRI's Festival Series: The Newport Music Festival - My Music NMF All-Stars
Our 4th of 6 programs dedicated to the Newport Music Festival 2013 is a look back at a My Music program featuring Newport Music Festival All-Stars. This program was recorded by the late Mark Malkovich and we are pleased to bring it to you once again. Listen and enjoy!
07-14-13 Theatre By The Sea's production of "ANNIE" - Conducting Conversations
Theatre By The Sea's production of "ANNIE", is the subject of this week's program, with Richard Sabellico, director and choreographer. We talk about the upcoming musical that runs from July 17, to August 10, and listen to some of the songs from the show. For more information call (401) 782-8587, or go to www.theatrebythesea.com
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WCRI Special Programming
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WCRI's Kids Hour
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redpajama_set_name: RedPajamaCommonCrawl


text:
Q: MX Record warning causing emails to not be sent? Is it possible the following error could cause emails to not be sent?
 warning: numeric domain name in resource data of MX record for domain.com: xx.xxx.xxx.xxx

Our customer support department says there' been a huge spike in customers not receiving RMA emails.  No code on the RMA site has changed at all, we haven't updated the production server.  I'm showing about a 97% success rate on emails being sent from the server logs.
Any ideas on what I should look at to determine the cause?

A: An MX record should be a fully qualified domain name, not an IP address. Most clients will send to an IP address, but some won't. It's a simple fix, why take the risk? Just make sure you have a corresponding A record.

redpajama_set_name: RedPajamaStackExchange


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The pen excellent quality and feels good to use.
Lovely pen in a nice gift box and the engraving was done very quickly.
Good quality pen, engraving also of a high standard.
Great item. Engraving made it special.
Bought for my nephew's 30th birthday. Looked lovely and trendy in the box.
Pen was purchased as a gift for my brother who likes pens... he has received it now and says it was a lovely pen.
Exactly N what I was looking for. Nicely packaged.
Bought as a birthday present for my son,the engraving looked very smart on it.
Great service, great value. Would happily buy from again.
I am happy with my purchase, as this is a present for my Husband. I will consider Pen Heaven in the future.
I bought this pen from my little boy to my dad for his father's day. I had a little message engraved on the pen, and my dad got very emotional when he received it ! Who thought someone could become emotional over a pen !
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Excellent pen - looks great with engraving. It's a no brainer, go for it!
I bought this as a gift to my father on his 70th birthday. Lovely pen enhanced by the engraving - excellent price too!
Service and pen very good.To improve Pen Heaven should offer a choice of ink colour i.e.black or blue, and fine ,medium or thick in ink flow.
I bought it as a gift for a friend and he really loved it.
it was personalised with his name and he found it very meaningful.
was bought for a gift,excellent value for money.really impressed with this web site,have used before and will definatly use again.
I brought this pen engraved for my uncle for christmas as he uses pens a lot at work. When i saw it on here i thought it will be ok for him but when it came and i saw it for real, it looks brilliant and i think he will really like it. The delivery came fast and they followed the instrustions that where left (if no one was in) with no problem at all. Will be using this site again in the future if i dont run out of people to give for.
I ordered this for a friend for Christmas, it was so lovely, I have ordered one for myself and 2 others as gifts. They are excellent value for money and the engraving is beautiful.
I brought this pen as a present for my boyfriend who works as a hotel manager, the engraving is of a very high standard and the pen looks lovely and very proffesional, I can't to give it to him for christmas. thanks very much!
I was very happy with the service I had, I got emails to inform me when the item had been sent and then once it arrived. I was very happy with the pen and the boxing it came in.
Fab pen, looked lovely engraved for dads Christmas present. Really lovely packaging too and quick delivery. Would definitely recommend!
This is a gorgeous pen - quite heavy and feels really good quality. I had it engraved and it looks really classy.
Fast, efficient service and the gift has gone down VERY well! Love it! Will def use you guys again. THANKS!
Bought this pen as a birthday gift for a female friend. The pen looked attractive and was nicely boxed. Delivery was as promised.
I bought this as a Christmas present for my boyfriend and he loved it. My only disappointment was that the box the pen came in was a bit battered and could not give as a present in that condition. Still, I would definitely recommend this service and it is good value for money.
I was unsure which pen and design to order. The staff helped me make my decision, to which I was was well impressed with. My partner loves it and says it write well too.
Very solid, nice colour, quality engraving. I got it for a gift and the person loves it! Also, it is very hard to find a nice engravable click pen anywhere most of them are twist pens.
I bought this as a present, colour and engraving were great and very prompt delivery. Also customer service were extremely helpful sending me a mock up of my engraving beforehand as I could not decide. I was so pleased I have just bought another one in a rich blue for another present and it looks super.
I bought this as a present for a colleague and he was really impressed with it. Really good value for money, lovely to write with and the postal delivery was excellent as well.
Pens where just what was required for four students graduating. They were all thrilled to bits with them.
Lovely pens bought as gifts, easy ordering and prompt delivery. Recommended.


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This weeks "digital view" report focuses on corporate TV-channels through a case story of the third largest Danish Bank – Jyske Bank – media-endavours. The jyskebank.tv channel shows up a success in terms of communication with existing customers building loyality through merit-based activities. In terms of competing established media and attracting new customers, however, jyskebank.tv falls short of the mark.


The name is pretty self explanatory but having the parts partially assembled makes it fast, easy to use and a little less intimidating the first time! If you are local to me I have a few pumps to rent at a very reasonable rate otherwise, to find the closest Medela rental station call 1-800-TELL YOU. If you know you will be renting later for work or whatever reason this would be a good kit to buy prenatally so you will have the parts to manually pump if you get a little uncomfortable the first few days.


text:
Q: Using SMO to get create script for table defaults I'm trying to create a database scripter tool for a local database I'm using.
I've been able to generate create scripts for the tables, primary keys, indexes, and foreign keys, but I can't find any way to generate create scripts for the table defaults.
For indexes, it's as easy as
foreach (Index index in table.Indexes)
{
    ScriptingOptions drop = new ScriptingOptions();
    drop.ScriptDrops = true;
    drop.IncludeIfNotExists = true;

    foreach (string dropstring in index.Script(drop))
    {
        createScript.Append(dropstring);
    }

    ScriptingOptions create = new ScriptingOptions();
    create.IncludeIfNotExists = true;

    foreach (string createstring in index.Script(create))
    {
        createScript.Append(createstring);
    }
}

But the Table object doesn't have a Defaults property.  Is there some other way to generate scripts for the table defaults?

A: Try using Scripter object with DriAll option set:
Server server = new Server(@".\SQLEXPRESS");
Database db = server.Databases["AdventureWorks"];
List<Urn> list = new List<Urn>();
DataTable dataTable = db.EnumObjects(DatabaseObjectTypes.Table);
foreach (DataRow row in dataTable.Rows)
{
   list.Add(new Urn((string)row["Urn"]));
}
Scripter scripter = new Scripter();
scripter.Server = server;
scripter.Options.IncludeHeaders = true;
scripter.Options.SchemaQualify = true;
scripter.Options.SchemaQualifyForeignKeysReferences = true;
scripter.Options.NoCollation = true;
scripter.Options.DriAllConstraints = true;
scripter.Options.DriAll = true;
scripter.Options.DriAllKeys = true;
scripter.Options.DriIndexes = true;
scripter.Options.ClusteredIndexes = true;
scripter.Options.NonClusteredIndexes = true;
scripter.Options.ToFileOnly = true;
scripter.Options.FileName = @"C:\tables.sql";
scripter.Script(list.ToArray());

A: While I haven't used SMO, I looked up MSDN and here is what I found.
Table has a Columns property (column collection), which should have reference to each column.  Each Column will have a DefaultConstraint property.
Is this what you are looking for?

A: Addition to the Pavel's answer.
I needed to get the script for a invidual table only. 1. I wanted to pass the table schema name and table name as parameter and generate script. 2. assign the script to a variable rather than writing to file.
code for a individual table:
/*get a particular table script only*/
Table myTable = db.Tables["TableName", "SchemaName"];
scripter.Script(new Urn[] { myTable.Urn});

Write script to a variable:
StringCollection sc = scripter.Script(new Urn[] { myTable.Urn });
foreach (string script in sc)
{
    sb.AppendLine();
    sb.AppendLine("--create table");
    sb.Append(script + ";");
}

I hope it will help future readers.


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You don't have hours to spend in line at ULN, and if you're late, your layover flight isn't going to wait. At Blacklane PASS, we, are conscious of how inconvenient the slow moving lines can be and we're waiting to help. Our team will welcome you upon landing, assist with re-checking luggage if needed, speed you through security and customs, and guarantee that you board on time for your connection flight. Stop wasting time at ULN with our connection services.
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Published at Sunday, April 21st, 2019 - 8:31 AM. 700 Wiring Diagram. By Billy L. Stokes.
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