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The Depression Thread
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Titus



Joined: 19 May 2012

PostPosted: Mon Oct 21, 2013 7:58 am    Post subject: Reply with quote

QE to infinity (ie "no tapering).

Two different economists make similar observations:

http://www.nakedcapitalism.com/2013/10/martin-wolf-on-the-contained-depression.html
Quote:
‘The financial sector in the modern western world does not lend for business – business lending is almost insignificant. Its principle job is to leverage up property assets – mostly household but also commercial property – and in the process generate, when you think about it, a massive rise in real prices of this stuff, and massive increases in household debt.’


http://english.caixin.com/2013-10-14/100591569.html
Quote:
Germany and Japan have handled the internal stress from globalization better.

Their companies tend to prolong the employment of existing workers, and do not slash or hire according to short-term business conditions. This culture has the advantage of not leaving workers unemployed for a long time, which tends to degrade their working skills. Their governments provide direct incentives for prolonging employment. The German government offered subsidies for keeping workers employed during the last downturn. The Japanese government is offering a fiscal incentive to businesses that increase wages. The corporate cultures in these countries are clearly different from Anglo-Saxon countries like the United States, Britain and Australia. This is why, despite similar costs, Germany and Japan have kept a large manufacturing sector, while Anglo-Saxon economies have lost out.

Another difference is in keeping the cost of living down. Globalization has made compensation global. However, the cost of living, dominated by housing, health care and education, is still locally driven. Germany and Japan have done quite well in keeping the living costs down. While their corporate culture keeps down income inequality, government policies keep down living costs through policies against property speculation, for providing quality and government-subsidized health care and education. Anglo-Saxon countries do the opposite. While they lose out in manufacturing, their policies have encouraged financialization of their economies for temporary gains in economic prosperity. Financialization leads to inflation of non-tradable goods and services like housing, education and health care. While their workers lose out in global competition, they face escalating living costs. The social impact from the squeeze is obvious.


Globalization does not necessarily mean the death of a middle class. It is not impossible to retain high wages and low living costs. These topics are not at all on the radar in our nations. Nobody talks about wages and living costs.

The result? Average wages in the USA have decreased by 8% since the financial crisis.
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Titus



Joined: 19 May 2012

PostPosted: Tue Oct 22, 2013 11:37 am    Post subject: Reply with quote

WSJ on Cowen:

http://isteve.blogspot.com/2013/10/nyt-skill-gap-among-1-year-olds-adds-to.html
http://stream.wsj.com/story/latest-headlines/SS-2-63399/SS-2-343190/
Quote:
To sum up, Mr. Cowen believes that America is dividing itself in two. At the top will be 10% to 15% of high achievers, the “Tiger Mother” kids if you like, whose self-motivation and mastery of technology will allow them to roar away into the future. Then there will be everyone else, slouching into an underfunded future of lower economic expectations, shantytowns and an endless diet of beans. I’m not kidding about the beans.

Poor Americans, writes Mr. Cowen, will have to “reshape their tastes” and live more like Mexicans. “Don’t scoff at the beans,” he says. “With an income above the national average, I receive more pleasure from the beans, which I cook with freshly ground cumin and rehydrated, pureed chilies. Good tacos and quesadillas and tamales are cheap too, and that is one reason why they are eaten so frequently in low-income countries.”


Learn to enjoy beans says the tenured libertarian. There's nothing that can be done. Imagine a Ferragamo stamping on a human face — forever.
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Titus



Joined: 19 May 2012

PostPosted: Wed Nov 27, 2013 1:34 pm    Post subject: Reply with quote

http://www.unz.com/mwhitney/blowing-bubbles-with-paul-krugman/
Quote:
Blowing Bubbles With Paul Krugman


Long article. Low wages, not interest rates, are the cause of the major problems. It is worth a full read.
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Kuros



Joined: 27 Apr 2004

PostPosted: Sun Dec 29, 2013 4:07 pm    Post subject: Reply with quote

Wage Slavery

40% of American workers made less than $20,000 last year. 50% of American workers made less than $30,000 last year.
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Titus



Joined: 19 May 2012

PostPosted: Mon Dec 30, 2013 6:25 am    Post subject: Reply with quote

That's quite sad. The American government is an open conspiracy against her own population.

Of that 20 or 30k, various oligopolies have already apportioned chunks of the wage to themselves.

Michael Hudson desrcibes here:

http://michael-hudson.com/2013/12/trade-advantage-replaced-by-rent-extraction/
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Titus



Joined: 19 May 2012

PostPosted: Mon Feb 03, 2014 1:12 pm    Post subject: Reply with quote

The housing market is a casino, again.

http://www.theburningplatform.com/2014/02/02/warped-distorted-manipulated-flipped-housing-market/
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Titus



Joined: 19 May 2012

PostPosted: Sun Apr 06, 2014 4:34 pm    Post subject: Reply with quote

Titus wrote:
I googled Hungary and Orban:

Hungary's Orban defies foreign criticism over laws

Hungary's Orban stages assault against democracy

Hungarian premier Orban rejects constitutional criticism

Hungary's new constitution: Time to sanction Orb�n?

Constitution changes no threat to democracy, says Hungary PM

Hungarian Leader Takes Right-wing Defiance to Brussels

Viktor Orb�n's Hungarian power grab

Viktor Orban's Dismantling of Hungarian Democracy

etc.

The issue is that Hungary won't allow foreign banks to have majority control over Hungarian banks. That's #1.

Secondary to this, is that the new constitution lowers the retirement age for judges. This is an attempt to clear the judiciary of the communist and socialist appointed judges. Solid idea.

Thirdly, the judges are now only allowed to rule on "procedural grounds", meaning they can't legislate from the bench (subvert the deliberative process). Legislating from the bench is the preferred method of leftists (who are servants of internationalist usury, if they know it or not) to "move the country forward" etc. See Canada for this. A law is passed, the judge upends it and the media refers to the new law created by the judge as "the law". etc.

The next big bug up the oligarchy ass is the media law. Yes, Hungary is going after international banks and the media.

http://www.hrw.org/news/2012/07/02/hungary-failings-media-warrant-eu-action
Quote:
Ongoing problems with Hungary�s media laws include a politicized appointments process for the Media Council, the main media regulator, evidenced by the direct appointment of its president by the prime minister and the nine-year tenure of its members, which can only be ended by a supermajority of parliament. Further concerns include the requirement for �balanced� reporting, which in practice has a chilling effect on investigative journalism and leads to self-censorship.


It's no problem if the appointments are politicized. That's how it works all over Europe. The difference here is that Hungary has a right wing government, and the only potential opposition to the ruling party is an actual fascist political party, so it's clear that all future appointments will be right wing. The goal is international control over the media and not sanctity of process.


Orbán to form a rock solid government checked in power only by the farrrr right Jobbik.

http://www.theguardian.com/world/2014/apr/06/hungary-election-viktor-orban-fidesz-party-jobbik
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Titus



Joined: 19 May 2012

PostPosted: Fri Jul 04, 2014 7:19 pm    Post subject: Reply with quote

Kuros wrote:
Since she has recognized her error and admitted it, I believe it might prove beneficial that she was wrong. The elite could use more humility in the ranks. Geithner, Summers, and Obama together regarded themselves all too highly.


The she above is Yellen.

http://www.armstrongmywire.com/front_controller.php/news/read/category/Business/article/the_associated_press-yellen_sees_little_threat_to_financial_stability-ap

Quote:
In her remarks at a conference sponsored by the International Monetary Fund, Yellen disputed criticism that the Fed had contributed to the 2008 crisis by keeping rates too low earlier in the decade.


FFS she doesn't understand how interest rates facilitated a credit bubble.
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