Monday, July 6, 2015

De-Industrialisation, ‘New Speenhamland’ and Neo-Liberalism: Government Subsidies to Low Wage Employers

Efforts to reform social welfare programs in England operated on the assumption that lack of consistent work (as in periods of unemployment) and overly large families were the big drivers of poverty. But the majority of poor now are working poor, and as in the Speenhamland days, social welfare programs are helping to subsidize below-living-wage pay levels.Similar factors are in play for US employers like Wal-Mart and McDonalds.

Links 7/6/15

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Will the ECB Continue Its “Sherman’s March to the Sea” with the Greek Economy?

If the ECB does not give Greek banks more funds under the ELA today, the Greek economy is going to start to suffer lasting damage.

Nuland’s Nemesis: Will Greece Be Destroyed to Save Her From Russia, Like Ukraine?

Obama and Treasury Secretary Jack Lew have been far more quiet than you’d expect given their attentiveness to the needs of the investing classes and the threat that protracted wrangling with Greece might pose to that. Of course, they might believe that Draghi’s bazooka is more effective than Hank Paulson’s proved to be in the runup to the final phase of the financial crisis. But John Helmer indicates below that the Greek referendum has intensified the Administration’s interest in regime change in Greece. Also note that the anti-Greek government interests have connections to Hillary Clinton.

The Times’ Condescending Attitude Toward Bernie Sanders

We’ve been giving some attention to the Bernie Sanders campaign because it is serving the important function of moving what the media regards as acceptable political discourse to the left. And as a sign that Sanders is moving up in the world, the Grey Lady has published an oh-so-carefully dismissive profile

Links 7/5/15

KittenPole links

Why the Greek Government Rejects a Grexit

Why the Greek government and Greek citizens recognize that a Grexit is a terrible idea for them.

The Card System, Demystified, and Implications for Re-Introducing Drachma

A detailed explainer on how card systems work and what the impact of a drachma re-introduction would be for them.

Don Quijones: Wikileaks Exposes How TISA Will Gut Financial Regulations All Over the World

Describes the many ways that the Trade in Services Agreement would make it virtually impossible to implement and strengthen financial regulations.

Links 7/4/15

Why Don’t Americans Take More Vacations? Blame It on Independence Day

On Independence Day’s roots as an “Americanization” propaganda project to increase acceptance of immigrants who competed with native-born workers.

Old Economic Thinking is the Problem, Says BIS

The BIS shellacks Bernanke’s savings glut hypothesis and stresses that financial fragility is still a big risk.

2:00PM Water Cooler 7/3/15

Today’s Water Cooler: All Grexit all the time! Sanders fundraising, Clinton sycophants, labor force participation, social media and democracy

Links 7/3/15

Sacramento Bee Reports on CalPERS’ Fee Lapses

CalPERS is in even more hot water as the influential Sacramento Bee raises its eyebrows about CalPERS’ lack of attentiveness about fees.