tag:blogger.com,1999:blog-2546602206734889307.post6351652009447512435..comments2024-03-28T04:29:22.717+00:00Comments on mainly macro: Trump, Brexit and balanceMainly Macrohttp://www.blogger.com/profile/09984575852247982901noreply@blogger.comBlogger30125tag:blogger.com,1999:blog-2546602206734889307.post-55155001945049709062016-09-18T22:34:42.276+00:002016-09-18T22:34:42.276+00:00I agree that a prolonged weakness in wages aided B...I agree that a prolonged weakness in wages aided Brexit. And I hope the pick-up in wage growth in the US avoids Trump winning.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-16646535445538968232016-09-17T22:05:43.956+00:002016-09-17T22:05:43.956+00:00There are third party candidates that many might c...There are third party candidates that many might consider better than the two main party nominees. If we all voted third party we would get a third party candidate. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-568189972928751032016-09-16T06:21:17.602+00:002016-09-16T06:21:17.602+00:00It was a Brexit lie when Osborne said that interes...It was a Brexit lie when Osborne said that interest rates would rise if we voted for Brexit. Did you make a big effort to ensure that the public were made aware that that was a lie?stonehttps://www.blogger.com/profile/07670385074640188296noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-91376455892131313332016-09-15T00:32:40.380+00:002016-09-15T00:32:40.380+00:00Do you have an explanation for the increase in the...Do you have an explanation for the increase in the UK money supply? Is that because of Brexit or Trump or both? Graemehttps://www.blogger.com/profile/11007306140530173428noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-1342586865674909202016-09-14T13:42:05.838+00:002016-09-14T13:42:05.838+00:00Brexit was not won or lost on ANY of the arguments... Brexit was not won or lost on ANY of the arguments. It won via the common man, the man who has seen his wages, in real terms, destroyed over the last 7 years by 20%. That is the figure given to the Bank of England by Stephen Machin: https://www.ifs.org.uk/uploads/Presentations/Understanding%20the%20recession_230915/SMachin.pdf<br /><br /> and the workers know it. They know too, that those at the top have not only NOT suffered any loss, but have become richer and fatter off the QE handouts from the BoE and 0% bank loans. They have used these to inflate their own companies by buying back shares with borrowed money that cost them nothing.<br /> Well, OK, maybe the layman doesn't know that bit, but he sure sensed his opportunity to kick the establishment into a cocked hat, so he did.<br /><br />A Deplorable.https://www.blogger.com/profile/02526346058276295115noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-42325040380239186442016-09-14T13:05:53.481+00:002016-09-14T13:05:53.481+00:00On the other hand, there are also some experts'...On the other hand, there are also some experts' ideas that other experts have critiqued and refuted. Rather than view those refutations with contempt, the former set of experts simply ignore the latter's critique. Here are my candidates for experts' ideas -- old and new -- that voters ought not only to ignore but to positively view with contempt because their promulgators have demonstrated contempt for basic standards of scholarship:<br />Non-accelerating inflation rate of unemployment<br />IS-LM "Keynesianism"<br />System of natural liberty<br />Growth imperative<br />Net present value discounting<br />Kaldor-Hicks compensation<br />Efficiency/equity trade-off<br />Labor/leisure trade-off<br />Ceteris paribus<br />Equilibrium<br />Say's Law of Markets<br />Wages-fund doctrine<br />Sticky wages<br />Self-adjusting economic systems<br />Built-in mechanisms<br />Supply and demand<br />Pareto improvement<br />Microfoundations<br />Rational choice<br />Coase theorem<br />Efficient market hypothesis<br />Spontaneous generation<br />Phlogiston<br />PhrenologyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-18897568727819350822016-09-14T11:19:30.320+00:002016-09-14T11:19:30.320+00:00Congratulations on the award btw! Much merited. Congratulations on the award btw! Much merited. Paul Ewarthttps://www.blogger.com/profile/00057355765883155749noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-20470432007503471252016-09-13T21:31:47.978+00:002016-09-13T21:31:47.978+00:00In a trustworthiness contest between the two candi...In a trustworthiness contest between the two candidates, there is no contest. Clinton isn't perfect by any means, but compared to Trump she is the embodiment of truth. He is a staggeringly crooked man that has happily scammed Americans repeatedly over the years. That you can write 'Trump must be getting trust from the fact that although he lies incessantly...' without irony helps confirm S W-L's point.theamblerhttps://www.blogger.com/profile/01842086380447890404noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-28714446049912936532016-09-13T18:21:28.050+00:002016-09-13T18:21:28.050+00:00"The consensus views of experts like academic..."The consensus views of experts like academics should be above balance." Hmmm..., isn't this a little bit self-serving?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-8126253912489411252016-09-13T15:36:01.618+00:002016-09-13T15:36:01.618+00:00Where is the balance in the media of economists ad...Where is the balance in the media of economists advocating undemocratic 'helicopter money' that is bound to harm price stability and does not actually slove poverty?<br /><br />See:<br /><br />https://www.theguardian.com/business/2016/aug/03/cash-handouts-are-best-way-to-boost-growth-say-economists?0p19G=c<br /><br /><br />To maintain price stability government needs to be an effective buyer, a master of procurement and a tough negotiator for value, which through sheer size within its currency area forces everybody else to act the same if they want to stay solvent.<br /><br />Government should be both generous and sparing with its money. It should ensure there is enough money in circulation at all times, but it should only hand it over for the maximum amount of real goods and services it can negotiate.<br /><br />Understanding this, think what happens if you give everybody money for ‘nothing’. The value relationships in the economy shift and the value of the currency shifts towards ‘nothing’.Randomhttps://www.blogger.com/profile/04445772572707818311noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-85596483793499895562016-09-13T13:58:10.846+00:002016-09-13T13:58:10.846+00:00With the exception of publicly-funded news media, ...With the exception of publicly-funded news media, the mainstream US news outlets have decided their only obligation is to provide a conduit for candidates to disseminate their daily talking points or retorts. The mainstream organizations also seem to believe that neutral reporting means applying the same rhetorical framework to Q&As regardless of the content of candidate responses. There is no recognition of the need to impose the same quality control on both contenders.<br /><br />And just when one thinks it can't get any worse, it does. DJT opined in a broadcast interview that central bank policy rates are determined by the White House. The problems enumerated in this post are being openly if half-heartedly discussed in the US...perhaps a little more noise from Oxford professors of economics would tip the scales. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-73154654575460258602016-09-13T10:58:27.440+00:002016-09-13T10:58:27.440+00:00Frankly I think you are being very naive.
I belie...Frankly I think you are being very naive.<br /><br />I believe the FCC removed the obligation of impartiality in 1987 and to be frank I think this is a better system; everyone knows where Fox News and NBC stand.<br /><br />In the UK we still have the fairness doctrine but it is a faux impartiality. There is no such thing as impartiality in practice and to pretend otherwise is wrong. I actually prefer the US system which is why I watch the US media far more than that in the UK. Many years ago when I studied PPE at Oxford one of my tutors, an American, said that in the US everyone was standing up shouting whereas in the UK there was a desire to suppress conflict. He was right then and he's right now.<br /><br />Your assertions about bias in the US media are laughable. On CNN a few weeks ago two of the presenters admitted on air that "we've done all we can for Hillary" (I paraphrase but only slightly).<br /><br />The "deplorables" speech by Hillary was even more bizarre than reported by the MSM. She said afterwards that the other 50% were desperate for change. Desperate for change from what? The present situation - which is her. So, on the one hand she insults a large swathe of voters and follows this up by suggesting that she is an inappropriate candidate for change.<br /><br />In the UK the media do distort the truth; but it's not in the way you think. Robert Joneshttps://www.blogger.com/profile/03593742130088640939noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-53376289785517062922016-09-13T10:32:38.972+00:002016-09-13T10:32:38.972+00:00«the difference between the honesty numbers for Cl...«the difference between the honesty numbers for Clinton and Trump was obvious and it's not really the fault of the media»<br />«he is not hiding his conservative agenda whereas Clinton is trying to hide hers»<br /><br />It is partially fault of the media, especially that part of the "vast right-wing conspiracy", but also as you say of the politics: while both are obviously and sincerely pro-rich, Trump is pretty clearly and sincerely against globalist neoliberalism and against neoconnery. Clinton comes across as shifty as she obviously is for globalist neoliberalism and for neoconnery, but she is trying to sound being pro-worker too.<br />Blissexnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-43326300081250146772016-09-13T08:25:14.833+00:002016-09-13T08:25:14.833+00:00There's a piece of the jigsaw that I think is ...There's a piece of the jigsaw that I think is missing in your argument - obviously we have rules requiring the broadcast media to provide 'balance', and to some extent I guess some of our other media also do so, even though it is not officially required. In the USA, is there any rule or law that requires 'balance', false or otherwise, in reporting? Is there any truth in the story I've heard that broadcasting balance was abandoned in the USA during Reagan's time, and that politics in that country has become more polarised since that time? I apologise for raising questions rather than finding the answers, but I think there's something in this issue...Gavin Atkinnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-32582019548252802762016-09-12T22:03:50.742+00:002016-09-12T22:03:50.742+00:00Yes Trump absolutely has been hiding his agenda, h...Yes Trump absolutely has been hiding his agenda, he's stood on both sides of every argument you can imagine, sometimes flip flopping within an hour. He's cultivated such a sense of chaos that nobody has a chance of knowing what he stands for, whether by design or by incompetence. The former option is as dishonest as it gets, the latter in so less scary. Don't be one of those bernie supporters who becomes so bitter that they give credence to that reprehensible man trump.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-43050088699506205682016-09-12T21:04:38.989+00:002016-09-12T21:04:38.989+00:00I was in the US earlier this month and channel hop...I was in the US earlier this month and channel hopped in the hotel. I was struck by how biased many news channels were: Trump could do no wrong by Fox News, while Clinton was lauded on another channel (i forget its name). Almost made me forgive the BBC's Brexit coverage! <br /><br />That said, it would be a travesty if a bout of pneumonia put Trump in power.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-58928059244924208782016-09-12T20:56:55.627+00:002016-09-12T20:56:55.627+00:00Key words: "he lies incessantly". And ye...Key words: "he lies incessantly". And yet he's considered a credible candidate. Unbelievable!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-1372599440132409732016-09-12T19:48:16.551+00:002016-09-12T19:48:16.551+00:00Hush up -- as in "Hilary has pneumonia" ...Hush up -- as in "Hilary has pneumonia" being a page 1 story? What in the world is being "hushed up"? Anonymoushttps://www.blogger.com/profile/10940771556651532061noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-66762814647661908802016-09-12T19:08:00.463+00:002016-09-12T19:08:00.463+00:00British newspapers perform a public service by inf...British newspapers perform a public service by informing and educating their readers about the realities of the country and the world they live in. That is why the VAT on them is 0 %.<br />Well, the second sentence is true.... Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-48336564164906631922016-09-12T16:08:47.587+00:002016-09-12T16:08:47.587+00:00Farage couldn't even win a seat as MP given a ...Farage couldn't even win a seat as MP given a choice of any constituency in Britain, whereas when his campaign was backed by the press barons he could reach 52%.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-13128272776901015182016-09-12T15:46:49.667+00:002016-09-12T15:46:49.667+00:00"the non-tabloid press as a whole was not too..."the non-tabloid press as a whole was not too bad". Well perhaps, but there is big tendency for political values to determine empirical analysis. The Guardian, which I support as a member, has very little worthwhile daily coverage of the issues, unless by occasional guest experts, and Larry Elliott and Paul Mason seem entirely driven by values (which I share) to ignore facts. In view of their seniority and public profile this must have a bad influence on younger reporters on economics.Barry Murphyhttps://www.blogger.com/profile/06327771077016704202noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-8294880848823487362016-09-12T14:25:52.751+00:002016-09-12T14:25:52.751+00:00I should've added in my earlier comment anothe...I should've added in my earlier comment another example about Clinton's screwing people. Her supporters dismissed Sanders for not raising money for Democratic congressional candidates (although he did some, and obviously needed every penny he could get for his own campaign given the long odds). Clinton had the Hillary Victory Fund, which sidesteps campaign donation limits by splitting the money between her campaign, the Democratic National Committee, and a couple of dozen state Democratic parties. Now it turns out that money went into state party coffers for fifteen minutes before going back to the DNC, so Clinton and the DNC get 99% of the money in the end. More primary votes for Clinton collected using false pretences, same as lying that she wasn't under criminal investigation, etc.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-72682253987139241482016-09-12T14:14:27.860+00:002016-09-12T14:14:27.860+00:00COnservatives have been spreading vicious rumours ...COnservatives have been spreading vicious rumours about her health for some time. It doesn't mean anything is wrong. And we have laughable evidence about Trump's. I fear you're being distracted by this juicy TV footage from policy issues. Clinton has detailed policies (but no overall plan on health, unlike Sanders). They're just not enough to please or impress liberals apart from diehard Democrats, and she was already unpopular so has painted herself into a corner. If her policies were enough to convince the public the economy will fully recover, no one would care about her health and she would be trouncing Trump. He polls at 40-odd percent due to that policy doubt.<br /><br />As for the trustworthiness, it remains true that despite Trump's pathological lying, she lied about the email investigation itself to make sure she won the nomination, and her behaviour over the emails themselves was underhanded. She endangered classified material while a cabinet minister in order to hide conflicts of interest from the public. And if there was a close correlation between foundation donations and arms sales by a Republican secretary of state, we know what Democrats would say. They would not ask for eyewitness testimony that it was a bribe. Doesn't mean Trump should be president. Does mean Clinton is a turd.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-13563004418169325582016-09-12T13:23:22.954+00:002016-09-12T13:23:22.954+00:00A sinus infection(the origin) is a health issue. M...A sinus infection(the origin) is a health issue. More like a environmental issue. It is everywhere. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-63860199050116180782016-09-12T13:22:02.313+00:002016-09-12T13:22:02.313+00:00Except Trump is losing and imo, worse than the pol...Except Trump is losing and imo, worse than the polls show. <br />Trump lies who he works for. Guess who owns the bank of "Russia" and who Trumps owns 100's of millions of debt to?<br /><br />Your post reeks of being the host to the parasite. Weak minded posting. Anonymousnoreply@blogger.com