Friday, April 24, 2015
Lambert here: Here, as generally, “the revolving door” seems a barely adequate metaphor for the pervasiveness of corruption involved; after all, the doors constantly revolve in a house of ill-fame, and it’s the nature of the house itself, not the wear and tear on the hinges of its doors, that is at issue.
These books merely confirm our worst fears. Today, acquisition and preservation of power is all. The self-interest of politicians and their associated apparatchiks dominates.
Eric Schneiderman is looking into the mess at Cooper Union. Let’s hope the outcome is a return to Cooper’s vision of free tuition.
I don’t see a time in the future when American consumers will start spending again at a rate near that required for economic recovery.
Today’s Water Cooler: Clinton heads to Iowa in van, Rubio to announce, free-range kids nabbed by cops (again), water in California, Bhutan
The financial media has attributed considerable importance to the fact that many of America’s close allies, including the UK, Australia, and Israel, have joined China’s new infrastructure bank against the clearly-stated desires of the US. While these moves seem to signal America’s declining influence, it does not necessarily follow that the infrastructure bank is destined to become a major international institution any time soon.
Michael Pettis deflates some of the hype surrounding this initiative, arguing that it is less significant from a geopolitical and practical perspective than virtually all commentators assume. China is simply not about to become the issuer of the reserve currency any time soon, and that limits how much financial clout it will have.
The orthodox German view of the Eurozone crisis gets shellacked at an important INET panel.
Concerns about deflation – falling prices of goods and services – are rooted in the view that it is very costly. This column tests the historical link between output growth and deflation in a sample covering 140 years for up to 38 economies. The evidence suggests that this link is weak and derives largely from the Great Depression. The authors find a stronger link between output growth and asset price deflations, particularly during postwar property price deflations. There is no evidence that high debt has so far raised the cost of goods and services price deflations, in so-called debt deflations. The most damaging interaction appears to be between property price deflations and private debt.
Hillary Clinton’s “Getting Started” video, and some questions to ask her on her listening tour in Iowa.
The Slave Power, or Confederacy, was defeated, but the ideas of its thought leaders persist to this day.
RJ Eskow: The 5 Worst Things About the Techno-Libertarians Solidifying Their Grasp on Our Economy and Culture
Some of the Valley’s billionaires are using their publicly-assisted wealth to back far-right politics under a “libertarian” label.
Posted by Lambert Strether at 6:55 am |