Obama, Geithner and the Missing Six Trillion Dollars. Timothy Geithner, President Barack Obama’s first Treasury Secretary and chief architect of many of the various and sundry bank bailouts and associated programs carried out during Mr.
Obama’s first term in office, recently wrote a book telling his side of ‘the story.’ To be clear, I haven’t read the book and have no intention of doing so. Life is short and the relevant side of the story, the economic consequences of Mr. Geithner’s policies, is the one of interest here. The prevailing storyline in the banker’s ghettoes of New York and London is of an indispensable and functioning financial system saved and a second Great Depression averted through Mr. Graph (1): Contrary to the view on Wall Street and within the Western economic establishment restoration of Wall Street has not ‘fixed’ the economy. Graph (2): Mortgage debt rose with house prices until late 2006. Your Friendly Neighborhood Drug Dealer. F*ck the Poor: An Experiment in Compassion. The State, the Deep State, and the Wall Street Overworld.
Jaron Lanier: The Internet destroyed the middle class. Jaron Lanier is a computer science pioneer who has grown gradually disenchanted with the online world since his early days popularizing the idea of virtual reality.
“Lanier is often described as ‘visionary,’ ” Jennifer Kahn wrote in a 2011 New Yorker profile, “a word that manages to convey both a capacity for mercurial insight and a lack of practical job skills.” Raised mostly in Texas and New Mexico by bohemian parents who’d escaped anti-Semitic violence in Europe, he’s been a young disciple of Richard Feynman, an employee at Atari, a scholar at Columbia, a visiting artist at New York University, and a columnist for Discover magazine. He’s also a longtime composer and musician, and a collector of antique and archaic instruments, many of them Asian.
His book continues his war on digital utopianism and his assertion of humanist and individualistic values in a hive-mind world. This week sees the publication of “Who Owns the Future? You talk early in “Who Owns the Future?” The Rise of Anti-Capitalism. Photo WE are beginning to witness a paradox at the heart of capitalism, one that has propelled it to greatness but is now threatening its future: The inherent dynamism of competitive markets is bringing costs so far down that many goods and services are becoming nearly free, abundant, and no longer subject to market forces.
While economists have always welcomed a reduction in marginal cost, they never anticipated the possibility of a technological revolution that might bring those costs to near zero. The first inkling of the paradox came in 1999 when Napster, the music service, developed a network enabling millions of people to share music without paying the producers and artists, wreaking havoc on the music industry. Stop Currency Manipulation and Create Millions of Jobs: With Gains across States and Congressional Districts.
Six years after the start of the Great Recession nearly 8 million jobs are still needed to return to prerecession labor market health (EPI 2013).
Job creation should still be goal number one. Yet prospects for any fiscal policy action to boost jobs have disappeared under the weight of congressional dysfunction, and the Federal Reserve has begun to wind down monetary stimulus (Wall Street Journal 2013). But besides fiscal and monetary policy, there is a third tool of macroeconomic stabilization that could provide a huge boost to economic activity and job growth: realigning exchange rates to lower the U.S. trade deficit. The Math That Predicted the Revolutions Sweeping the Globe Right Now. It's happening in Ukraine, Venezuela, Thailand, Bosnia, Syria, and beyond.
Revolutions, unrest, and riots are sweeping the globe. The near-simultaneous eruption of violent protest can seem random and chaotic; inevitable symptoms of an unstable world. But there's at least one common thread between the disparate nations, cultures, and people in conflict, one element that has demonstrably proven to make these uprisings more likely: high global food prices. Just over a year ago, complex systems theorists at the New England Complex Systems Institute warned us that if food prices continued to climb, so too would the likelihood that there would be riots across the globe. Sure enough, we're seeing them now. The Economics of Star Trek — Editor's Picks. I promise this is about Star Trek.
Sort of. Bear with me a moment. I’ve been reading a lot about robots lately. When I read about robots, and the future, I can’t help but think about it in economic terms. James Surowiecki: The End of Brand Loyalty. Twelve months ago, Lululemon Athletica was one of the hottest brands in the world.
Sales of its high-priced yoga gear were exploding; the company was expanding into new markets; experts were in awe of its “cultlike following.” As one observer put it, “They’re more than apparel. They’re a life style.” But then customers started complaining about pilling fabrics, bleeding dyes, and, most memorably, yoga pants so thin that they effectively became transparent when you bent over. Peak shopping and the decline of traditional retail. By David M.
As Inequality Worsens, Millionaires Are Pulling Up the Drawbridge Behind Them. The sub-prime crisis was predictable, and we're making the same mistakes again. Why the multimillion dollar retirement is not for the middle class. At their most self-indulgent, the theological scholars of the Renaissance were mocked for abandoning the debate over moral decisions to bicker about how many angels could dance on the head of a pin.
The scholars of personal finance seem on track for a similar level of disconnection from reality. Capitalism vs. Democracy. Thomas Piketty’s new book, “Capital in the Twenty-First Century,” described by one French newspaper as a “a political and theoretical bulldozer,” defies left and right orthodoxy by arguing that worsening inequality is an inevitable outcome of free market capitalism.
Piketty, a professor at the Paris School of Economics, does not stop there. He contends that capitalism’s inherent dynamic propels powerful forces that threaten democratic societies. Capitalism vs. Democracy. A Prosperous China vs An Imperial US. As we have known at least since Thucydides military power flows from economic power.
That is also true of “soft” power, scientific discovery and technological achievement and capacity. (This week USA Today carries a story on the rapid growth of new and original patents in China., alarming the Pentagon.) Growth in China’s economic power therefore closes the door on US global hegemony. Recent Study Shows That Wine Ratings Hurt Consumers. A recent study by the American Association of Wine Economics shows how Wine Ratings hurt consumers. In the study, they analyzed 44,808 wines from the Wine Spectator review database and found that wine ratings cause market price variation and consumer confusion.
Not cool. Traditional economics has shown that an increased ratio of educated consumers leads to market stabilization. However, in the wine market, an increase of reviews (education?) Causes price fluctuation across the entire line of wines from a producer. The mystery of China’s fading inflation, explained - Quartz. Despite massive gushes of credit pumped into the system each month, Chinese consumer price inflation (CPI) hit a seven-month low in Dec. 2013. In a typical economy, this would make no sense. Ebbing inflation, alongside slowing GDP growth, are not what you see when monetary policy is loose. But China isn’t a typical economy. Where economists disagree is on what a slowing inflation rate does say about China’s money supply.
Slate’s Matthew Yglesias argued that something “people are missing about the China slowdown is that monetary policy keeps getting tighter.” Excellent Lecture on Our Indefinite Growth Based Economic System: Problems and Solutions with David Harvey. Financial astrology: can the stars affect stocks? Silicon Chasm. Massive Fire Started By Angry Workers Destroys Factory That Supplied To Gap, Wal-Mart In Bangladesh.
Bitcoin Explained: FAQ For Newcomers. The Bitcoin Bubble, or Is It? Two Charts, Historical Price Movement, and the Conspiracy. The Looting of America. Switzerland To Vote On Radically Limiting CEOs' Pay Nationwide. The Biggest Scam In The History Of Mankind (Debt Ceiling Truth) The Man Who Lives Without Money. Rather than savage cuts, Switzerland considers “Star Trek” economics. U.S. Shutdown May Be Driving Traffic To 'Sugar Daddy' Sites : All Tech Considered. In Recognition of Endless Wars and Those Who Profit From Them: The Savage Sword of Conan.
Capitalism and US Oil Geo-Politics. There is a long-standing tension between political, cultural and economic explanations of national policies and international relations. Hippies and libertarians have become unlikely allies in a war against solar power - Quartz. Abolish Tipping: It’s bad for servers, customers, and restaurants. Illustration by Mark Alan Stamaty. Restaurant tip pools: How even co-ops can run into trouble with labor law.
Tipless restaurants: The Linkery’s owner explains why abolishing tipping made service better. Win a Lottery Jackpot? Not Much Chance of That. What comes after capitalism? John Oliver Takes Fox to the Woodshed for Attacks on Minimum Wage Workers. Doubling McDonald's Salaries Would Cause Your Big Mac To Cost Just 68¢ More: Study. Taming mother nature, one flight at a time. Selling sex solves problems for prostitutes. Across Europe, austerity policies have caused stagnation and despair. Wealthy Capitalist Says Minimum Wage should be $15 Hour. Made In Post-China™ Gangsta Government. Underground Sweatshop City Uncovered In Moscow. Is the welfare state dying out? Sushi Yasuda Eliminates Tipping As New York Japanese Restaurant Raises Worker Pay.
Capitalism and Economic Imperialism. Swedish transport deregulation leads to price hikes. Under Empire, All Life is IMPERILED: Capitalism’s COLONIZATION of the Life-World. Everything Is Rigged, Continued: EU Raids Oil Companies in Price-Fixing Probe. Psychopathy, Politics and The New World Order. Cruise tourists spend less. The Democratization of Banking: Why Is Socialism Doing So Darn Well in Deep-Red North Dakota? Elizabeth Warren Asks: Why Isn't The Minimum Wage $22/Hour?
A Town Without Poverty?: Canada's only experiment in guaranteed income finally gets reckoning. Facing Mass Layoffs, Taliban Protest US Sequester. Detroit Sinks With Belle Isle. Big Mac Prices Show Where Europe's Economic Reforms Are Working: Study. Paul Ryan Asked for Tax Math, Offers Gibberish. What might a world without work look like? Japan Steps Out.
Equity crowdfunding waits on the SEC. In Ireland, Carbon Taxes Pay Off. A Federal Reserve That Is Focused on the Value of Clarity. Can a Test Tell If You're a Good Entrepreneur? - American Giant hoodie: This is the greatest sweatshirt known to man. The Self-Driving Economy - By Daniel Altman. The False Promise Of Kickstarter. Want Less Inequality? Tax It. To Reduce Inequality, Tax Wealth, Not Income. Marijuana Dispensing Company’s Stock Is Way Too High. Is Our Future Going to Be Keeping Rich People Happy in a Servant Economy? How to invest in legalized marijuana.
Colorado and Washington pot prices: What are the economics of partial marijuana legalization? Ask Gini: How to Measure Inequality. Danger Ahead: The Oligarchs Don't Understand That Economic Collapse Happens When They Get All the Money. New Elite game, Elite: Dangerous, comes to Kickstarter. Netflix's Poison Pill Has a Shareholder-Friendly Flavor. Evolver on YouTube. Mitt’s Frankenstorm economics. A Tax Plan That Economists Love (And Politicians Hate) : Planet Money.
“I Went To The Cayman Islands To Investigate Mitt Romney’s Tax Havens” The Self-Destruction of the 1 Percent. FairTax. Questions on The 1315 Project Chart. Triumph of the Wrong? How oil prices will permanently cap economic growth: Jeff Rubin. Jim Rogers: "We're All Going To Pay A Horrible Price For This…" Next Silicon Valley: Local governments spend way too much effort encouraging tech startups.
Institute for the Study of Globalization and Covert Politics - About - Joel van der Reijden. Who Will Create More Jobs: Romney or Obama? The Great American Tax Debate Misses the Point. Analysis: Tax Cuts Don't Lead to Economic Growth, a New 65-Year Study Finds. Creating A Form Of Sacred Economics. Cleaning Up the Economy. Schumpeter: Bargain bosses.