tag:blogger.com,1999:blog-2546602206734889307.post7671915947643352331..comments2024-03-29T12:16:15.785+00:00Comments on mainly macro: If we treat plutocracy as democracy, democracy diesMainly Macrohttp://www.blogger.com/profile/09984575852247982901noreply@blogger.comBlogger33125tag:blogger.com,1999:blog-2546602206734889307.post-85627830198163424052019-03-15T09:45:13.470+00:002019-03-15T09:45:13.470+00:00Well written Mr. MarcoWell written Mr. MarcoRobert Smithhttps://www.clippingsolutions.com/noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-72138929157970848132018-06-01T01:17:17.996+00:002018-06-01T01:17:17.996+00:00The Bernie or Bust movement was started by the gro...The Bernie or Bust movement was started by the group Revolt Against Plutocracy. Memoir, manifesto, menace to the neo-liberal Democrats:<br /><br />http://bookstore.dorrancepublishing.com/bernie-or-bust/The Glenn Beck Reviewhttps://www.blogger.com/profile/04244243874358050643noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-30013557174077466672017-12-15T23:16:26.967+00:002017-12-15T23:16:26.967+00:00I think that some of your analysis of the US situa...I think that some of your analysis of the US situation is a bit off. Donald Trump was not the candidate of Fox News- early in the primary Fox made a concerted effort to oppose his candidacy. All of the American cable news channels gave Trump disproportionate early coverage, but this was because Trump was a ratings sensation: they were (irresponsibly) following their audiences, not imposing Trump on an indifferent nation. There was no media push for Trump in the US equivalent to the tabloid media push for Brexit in the UK. Almost every important Republican politician is on the record saying Trump is a kook or a huckster or worse. They have almost all rallied to him since because they are unprincipled opportunists. Still, *he* was imposed on *them* by the right-wing electorate, not the reverse. <br /><br />It is true in a broader sense that Fox News, Rush Limbaugh etc. helped stir up racist populism, and that Trump has taken advantage of this phenomenon. Still, Rupert Murdoch's political opinions are closer to the WSJ editorial page than to Breitbart. Fox supports Trump so shrilly in part because Trump's economic agenda has proven to be quite conventionally Republican, in part because the old people who watch Fox love Trump.<br /><br />Although Trump is often good at manipulating the "mainstream media" for his own ends, he is right to say that the media is overwhelmingly hostile to him. Most American media remains, by American standards, center-left. <br /><br />I see no reason to fear a "permanently Republican" United States. Trump lost the popular vote, his approval ratings are low and the Democrats are energized and confident. Perhaps they are over-confident, as they were last time. Still, there is at least an even chance that Trump will be voted out. (Plenty of damage will have been done, of course, and there's no reason to believe that post-Trump Republicans will be remotely "normal.") Reversing Brexit, on the other hand, seems almost impossible.<br />Robinsonhttps://www.blogger.com/profile/11323648053916500471noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-19966458499938217492017-12-11T18:27:38.204+00:002017-12-11T18:27:38.204+00:00The authority lies in the vote. It must be obeyed,...The authority lies in the vote. It must be obeyed, whatever. There must be no second referendum. Every mad idea that Brexiters have is justified by the vote. Authoritarian phrases like 'will of the people' are used to discredit anyone who applies any obstacle - including the rule of law - to implementing the vote. Sounds pretty authoritarian to me. Mainly Macrohttps://www.blogger.com/profile/09984575852247982901noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-31323338655527099922017-12-09T15:18:59.079+00:002017-12-09T15:18:59.079+00:00What an utter load of garbage.
From the off, the f...What an utter load of garbage.<br />From the off, the following hilarious line:<br />"<br />There are many similarities between Brexit and Trump. They are both authoritarian movements, where authority either lies with a single individual or a single vote"<br /><br />What the hell is that even supposed to mean? Trump is an "authoritarian movement" So is Brexit ?<br />Which individual is behind Brexit. It was 52% of the vote.<br /><br />After that first line, I was expecting nothing but one sided bullshit. A story to suit your views. You didn't disappoint. <br /><br />Maurits van Eijckhttps://www.blogger.com/profile/01611886354308113988noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-85279526357848162372017-12-08T13:08:45.137+00:002017-12-08T13:08:45.137+00:00Fascinating bit of writing, and I can't disagr...Fascinating bit of writing, and I can't disagree with most of it.<br /><br />There is one thing, though, I think you're right about the interests of the top 0.1% and the outcome of Trump/Brexit being in conflict (i.e. Arron Banks vs Lloyd Blankfein), but you're wrong about the reason.<br /><br />You say it's the power of individual press proprietors / their cronies that has enabled this divergence. My belief is it's actually that the forces which created outcomes like Trump and Brexit were built up by the moderate right in order to suppress the left, and win an economic argument they knew to be unpopular on its merits. They encouraged the press in their efforts to demonise EU immigrants, because it was a convenient stick to beat their opponents with, and thus attain power and cut taxes on wealth.<br /><br />Since these movements they'd fostered were composed - as they see it - of gullible idiots, it never occurred to them in a month of Sundays that they'd turn on their creators and destroy them too. But that is exactly what's happened, most graphically in the USA.<br /><br />(Sean Hannity's rapid trajectory from cynical rabble-rouser to terrified victim of his own rabble personifies the whole thing...)junglecitizennoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-59579719208554713522017-12-07T21:57:36.740+00:002017-12-07T21:57:36.740+00:00«ultra-hard-left-nirvana territory with 82% of the...«<i>ultra-hard-left-nirvana territory with 82% of the population living in affordable government built flats. They also have universal high quality health care and education.</i>»<br /><br />It is a bit different from most: all those things come from government spending financed with enormous taxes. But the taxes are semantically disguised by calling them "mandatory savings" in individual house/health/... accounts, to ensure that there is zero redistribution and zero pooling of risk among people of different incomes.<br />So it is at the same time a hard-left place because of the enormous taxes financing very high government spending, and a hard-right places because the extreme individualism and lack of risk pooling and downward redistribution.Blissexnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-34766416032992171082017-12-07T07:21:43.374+00:002017-12-07T07:21:43.374+00:00Trump can't be that stupid. He graduated with ...Trump can't be that stupid. He graduated with a master's degree in economics from the University of Pennsylvania. He must know his models. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-29403598323918091042017-12-06T10:53:06.621+00:002017-12-06T10:53:06.621+00:00Yours is the usual argument that standards of livi...Yours is the usual argument that standards of living have never been that high. Some commentators say that today's poors have it better than Rockefeller at the time. While this might be true on healthcare treatments, it is an hyperbole in all other respects.<br />The underlying point is that Randian heroes have pulled mankind to a better life, were successful and are justly rewarded. The conclusion is what are those peons complaining about?<br />People, despite an overall better life from a material standpoint, are uneasy because, not only of current unequality but mostly because of the lack of opportunity. Value investors have been obsessed about moats and the plutocracy has made sure to erect large barriers of entry to power (elections are decided by ad budgets; by giving to both sides, lobbyists make sure that issues that matters to the donors are at the heart of all parties programs), fame (high proportion of relatives of already famous stars among succcessful artists) and money (capital taxed much less than labor makes that an unfair fight). When people can't really dream, they get unhappy. This has to be channeled to maintain the status quo. Thus the consequences described by the author.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-33627569644730405072017-12-06T09:11:53.649+00:002017-12-06T09:11:53.649+00:00High housing costs are not a significant factor in...High housing costs are not a significant factor in Brexit, as the demographics which are hurt the most by them (private tenants and recent home-buyers) tended to vote Remain.<br /><br />Nor were they a significant factor in Trump's election victory, as the US states which have high house prices (Krugman's "Zoned Zone" were the coastal states which voted for Hillary Clinton.<br /><br />I'd say the geographic concentration of job opportunities was the biggest economic grievance behind Trump and Brexit, as it was blamed for breaking up families.George Cartyhttps://www.blogger.com/profile/12170378024031141482noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-64396187619539493602017-12-06T06:25:03.681+00:002017-12-06T06:25:03.681+00:00Not sure you have SWL's position quite right h...Not sure you have SWL's position quite right here. Unless you believe him to be an advocate of Thatcherite NeoLiberal economics. Do you really think so?<br />Fabiohttps://www.blogger.com/profile/02626804603479699414noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-2679393110001766142017-12-05T10:05:39.205+00:002017-12-05T10:05:39.205+00:00IIRC Fox News was originally sceptical of Trump, w...IIRC Fox News was originally sceptical of Trump, who was helped to win the Republican nomination more by right-wing talk radio, as well as by far-right websites such as Breitbart and InfoWars.George Cartyhttps://www.blogger.com/profile/12170378024031141482noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-8834485157086633632017-12-05T09:47:26.825+00:002017-12-05T09:47:26.825+00:00I was with the case you are advancing all the way ...I was with the case you are advancing all the way until your final paragraph. You seem to have convinced yourself that should Labour win the next election the Corbyn/McDonnell duumvirate will somehow be constrained from generating an omnishambles. The gap between their understanding of a functioning mixed economy and the policy implementation required and the flakiness of their commitment to parliamentary democracy render them unfit to govern. Good intentions are dangerous in government.<br /><br />The current government certainly needs to be replaced; it is totally incapable of governing in the public interest (and probably has no wish to do so). However, if it comes to it, I expect enough voters (many having recognised how they were duped regarding the EU) will look more closely at this duumvirate and decide, wisely, to pass.Paul Hunthttps://www.blogger.com/profile/03664260838338739661noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-79518260535501484382017-12-05T09:27:00.058+00:002017-12-05T09:27:00.058+00:00A well thought out post, but I think you need to t...A well thought out post, but I think you need to talk more about how the elite are largely responsible for these populist reactions. Economists played a contributing role. I blame the subject - there is not enough critical thinking and too much "we can show this using this or that model". While macroeconomists were messing around with fictitious NAIRUs and Taylor Rules, fundamental things were happening in capitalism which were were not being attempted to be really understood. It was only people with relatively strong philosophical, political economy historical backgrounds who could were in a position where things were going and to properly analyse it. Modern Macroeconomics post Samuelson is not, and can never be, an adequate study of capitalism. <br /><br />We have a lack of leadership right now. But I would say a big cause of that has been a lack of intellectual leadership.<br /><br />NK.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-22580581795400302892017-12-04T11:53:29.780+00:002017-12-04T11:53:29.780+00:00You mention Singapore as though it were some sort ...You mention Singapore as though it were some sort of deregulated neo-liberal wild west, but they have a housing system that verges towards ultra-hard-left-nirvana territory with 82% of the population living in affordable government built flats. They also have universal high quality health care and education.stonehttps://www.blogger.com/profile/07670385074640188296noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-76369704461944647882017-12-04T10:04:31.407+00:002017-12-04T10:04:31.407+00:00I agree totally with your scentiments. We live in ...I agree totally with your scentiments. We live in a time where people in power relentlessly serve their own agenda. The fact that their agenda will accentuate inequalities has no effect.<br />Paper headlines have alot of influence as almost all media outlets review the papers front pages with little in depth knowledge or time to debate the facts.<br />I feel politics in the UK is old, tired and selfserving. To me the UK feels to have driven itself down a dead end. I feel things will only improve when this generation of politicians have been replaced and the old left/right arguments have been erased.<br /><br />MPC<br />Mpchttps://www.blogger.com/profile/16392075307395207908noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-50461976011425332432017-12-04T08:47:34.736+00:002017-12-04T08:47:34.736+00:00thankyou for this - you've just summed all my ...thankyou for this - you've just summed all my concerns surrounding the current situation in the USA and UK in one essay. These issues, of propaganda, plutocracy, the power of the media and the true intent of Brexit, have been pretty obvious from the start - but not easy to round up so succinctly. Great work!tim bastablehttps://www.blogger.com/profile/02245036444353932928noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-5675351076859991382017-12-04T01:01:11.384+00:002017-12-04T01:01:11.384+00:00«This is not to discount some of the very real gri...«<i>This is not to discount some of the very real grievances that led to the Brexit vote, or the racism that led to the election of Trump.</i>»<br /><br />Well, the standard analysis is that:<br /><br />* Thatcherism has delivered plenty of safe and well paying jobs to the working and the middle classes.<br />* Thatcherite governments have been solicitous in funding training and education for the masses, leading to high productivity increases.<br />* When they are out of work or sick or old the working and middle classes can rely on the better social insurance, single payer healthcare, and good pensions that have been the result of decades of thatcherite policies.<br />* Thatcherism created an ample supply of housing and a wide distribution of jobs geographically, so that the middle and working classes have no problem finding convenient accommodation that costs less 3 times annual salary or rents for less then 30% of after tax earnings.<br />* Strong enforcement of worker rights via domestic laws and international treaties mean that immigration, outsourcing and offshoring have not impacted the living standards of working class and middle class voters.<br />* All regions of the UK and the USA have a buoyant economy, converging towards a similar level of living standards, again all thanks to thatcherism.<br /><br />Because of all the above, there are only some modest grievances from middle and working class voters, and therefore Brexit and trumpism can only have happened because of tribalism and racism, not as a protest for squeezed working and middle class living standards.<br /><br />Well, I don't agree with that, but I am amazed by the bizarre logic then followed by our blogger as to plutocracy, which to me seems like this:<br /><br />* Brexit and trumpism are not the result of the plutocracy inflicting decades of thatcherism on the working class and the middle class to squeeze them to become vastly more powerful and richer.<br /><br />* Rather Brexit and trumpism are the result of tribalist and racist propaganda by an overwhelmingly powerful press funded and directed by the plutocracy; the press must be overwhelmingly powerful to make people who have never had it so good vote for tribalism and racism.<br /><br />* Since there has been no squeeze of the living standards of workers to the benefit of the plutocracy, the plutocracy is not spreading tribalist and racist propaganda in order to blame the squeeze on someone else, but because ... because ... because ... because ...<br /><br />I agree that the plutocracy has been the root cause of Brexit and trumpism, but why ever would the plutocrats foster tribalism and racism if not for blaming others for the squeeze on living standards? How can the plutocratic press be so effective at making their readership vote for tribalism and racism, when the voters have not been squeezed by the plutocracy?<br /><br />I just don't get our blogger's argument here.<br /><br />To me the argument is that the elites have squeezed a large of the middle and working classes, leaving them without representation, as the only choice allowed was between far-right parties (Republicans, Conservatives) and centre-right parties (Democrats, New Labour), the "left behind" have figured this out and voted in protest for "not same old", without any press influencing them to do so, and the plutocracy have been trying to blame someone else for the squeeze via the press, which has been fairly ineffectual.Blissexnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-83963297681795268022017-12-03T23:28:31.815+00:002017-12-03T23:28:31.815+00:00I'm in complete agreement with this powerful p...I'm in complete agreement with this powerful post Simon. A radical optimistic vision from the left, as we saw at the last GE, is our best chance to defeat the dark reactionary forces you refer to. Keep up the good work... Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-61250916946359249322017-12-03T22:09:48.889+00:002017-12-03T22:09:48.889+00:00What causes do you identify as underlying Brexit? ...What causes do you identify as underlying Brexit? I find SW-L persuasive, but am open to alternative views Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-57531236971933636672017-12-03T19:15:12.595+00:002017-12-03T19:15:12.595+00:00And precisely what it is that you're trying to...And precisely what it is that you're trying to do right here? Using fancy English vocab and preaching to the masses that your version of "reality" is right? Had you been a TV channel, you'd have been sitting diametrically opposite to Fox News, equallity vile and hatred filled, though on the far "left".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-7022990735800385542017-12-03T18:01:23.473+00:002017-12-03T18:01:23.473+00:00Furthermore their readership is concentrated among...Furthermore their readership is concentrated among the age groups most likely to vote - and due to the centralising tendency of the media in the UK, they set the tone for all other coverage (including broadcast media).<br /><br />At the very least they pose a set of questions that 'all right minding columnists' and all 'thinking journalists' feel that they have to pose. This is most clearly seen in what the author has frequently described on this blog as media macro.chris stileshttps://www.blogger.com/profile/16220270505988683271noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-66060668439916568302017-12-03T10:42:20.849+00:002017-12-03T10:42:20.849+00:00Interesting and stimulating article as ever. Howev...Interesting and stimulating article as ever. However, a small note- it focusses on "old media" of tv and press and doesn't mention the social media news impact. It is interesting the number of places where you can buy a newspaper in many towns is diminishing rapidly as people get their news from a wide variety of on-line sources. This move will diminish the power of the old press barons- but open the door to new "barbarians at the gate" who are an even greater threat to liberal democracy.<br />Caballohttps://www.blogger.com/profile/04801436850890878451noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-67055370215206581922017-12-03T10:40:17.795+00:002017-12-03T10:40:17.795+00:00"There are very few truly competitive markets..."There are very few truly competitive markets in the UK or US economies . . . "<br /><br />Quite right.<br /><br />R.A.Werner explains why?<br /><br />"There is no empirical evidence whatsoever that demand equals supply in any market and that, indeed, markets work in the way this story narrates.<br />We know this by simply paying attention to the details of the narrative presented. The innocuous assumptions briefly mentioned at the outset are in fact necessary joint conditions in order for the result of equilibrium to be obtained. There are at least eight of these result-critical necessary assumptions: . . . <br />But how likely are these assumptions that are needed for equilibrium to pertain? We know that none of them hold. . . . <br /><br />In other words, neoclassical economics has demonstrated to us that the circumstances required for equilibrium to occur in any market are so unlikely that we can be sure there is no equilibrium anywhere. Thus we know that markets are rationed, and rationed markets are determined by quantities, not prices.”<br />https://professorwerner.org/shifting-from-central-planning-to-a-decentralised-economy-do-we-need-central-banks/Postkeyhttps://www.blogger.com/profile/11747509012748106827noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-62863916585284804162017-12-03T10:31:38.532+00:002017-12-03T10:31:38.532+00:00" . . . but the causes of Brexit in the UK i..." . . . but the causes of Brexit in the UK is not as simple as the press."<br /><br />Quite right. It appears to be V.V.Putin?<br />Postkeyhttps://www.blogger.com/profile/11747509012748106827noreply@blogger.com