- Links 12/21/13 - 12/21/2013 - Lambert Strether
- Obama Exempts “If You Like It You Can Keep It” Cancelees from the Individual Mandate - 12/21/2013 - Lambert Strether
- Vincent Huang: On the Nature of Money - 12/21/2013 - Lambert Strether
- Links 12/20/13 - 12/20/2013 - Yves Smith
- The Fed’s Taper and Market Fealty - 12/20/2013 - Yves Smith
Saturday, December 21, 2013
Topics: Guest Post
Posted by Lambert Strether at 6:55 am |
By Lambert Strether of Corrente
And we go to Happyville, instead of to Pain City. –Thomas Pynchon, Gravity’s Rainbow
In a six-part series on “ObamaCare’s relentless creation of second-class citizens,” I showed how people seeking health care through ObamaCare’s exchanges get randomly varying access to care because of age, geography (state and county), income, employment status, banking status, internet access, existing insurance status, language, demographics, and by CMS marketing category (1, 2, 3, 4, 5, and 6. In addition, people “on the bubble” for income eligibility are incentivized to corrupt the system by gaming it.)
Topics: Guest Post
Posted by Lambert Strether at 6:04 am |
Lambert here: This should be fun!
By Vincent Huang*, a graduate student in the Economics Department at UMKC. Originally published at New Economic Perspectives.
The discrepancy between the orthodox (primarily neoclassical) and the heterodox (Post Keynesian, Chartalism, MMT, etc.) schools of thought rests fundamentally in their different perception in the way the capitalist economy functions. Such discrepancy can be described in the contrast between C – M – C’ and M – C – M’.
Topics: Guest Post
Posted by Lambert Strether at 1:22 am |
The Fed’s announcing the taper was supposed to be an earth-shaking event. But that actually sorta happened last summer when Bernanke first used the “t” word and interest and mortgage rates made an impressive upward march in a short period of time.
From my considerable remove, what was noteworthy about the Fed’s announcement yesterday is how terrified it seems to be of creating an upset.
Reader dSquib flagged a “bizarre” article by Mike Konczal in the New Republic titled, “Corporatism” is the Latest Hysterical Right-Wing Accusation: The secret history of a smear.” dSquib seemed quite perplexed that anyone would deem calling Obama a corporatist, which as we’ll demonstrate is patently true, a smear.
In my view the real purpose of the Volcker Rule is to prevent another Citigroup bailout and therefore the measure of its effectiveness is whether the rule would accomplish this.
A look at some predictions for Europe in 2014.
The uninsured, which along with those with existing conditions, would seem to be the clearest beneficiaries of Obamacare, and were thus assumed by many to favor it. But a new poll shows that on the whole far more distrustful that the Administration likely expected.
Nothing like being able to use something in the headlines to hide your real behavior. And even better if you can get a banking stalwart columnist to run PR for you.
Tapering Talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets
Yves here. This post is important because even though the Fed is focused on the impact of QE (and hence the taper) on the domestic economy, it’s been getting enough of a hard time from central bankers of leading emerging markets economies that it least has to feign concern credibly.
The Eichengreen/Gupta paper summarized in this post concludes that, quelle surprise, the countries most vulnerable to changes in Fed policy (which really means hot money in and outflows) are those with the biggest financial markets relative to GDP. Curiously, Eichengreen and Gupta fail to note that this means the orthodox advice to developing economies, that financial “deepening” is a Good Thing and therefore should be supported by government policy, in fact reduces financial stability and makes them even more vulnerable to the moods of fickle foreign investors.
An interview with Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College, on the Renegade Economists radio/podcast
Yves here. In some ways, I hate to be having such a run of Paul Krugman posts, but his stand on the TransPacific Partnership and his continued defense of dubious economic ideas that were long ago disproven, like loanable funds, in combination with his prominence, means the attention is well warranted.