Bonnie Faulkner of Pacifica Radio’s Guns and Butter show broadcast the presentation by Stephanie Kelton and Michael Hudson on “There IS An Alternative To European Austerity: Modern Money Theory” . presented at the Italian MMT Summit last month. You can listen to the recording here, or read key parts of the transcript below.
Read more...Corporations are not working for the 99 percent. But this wasn’t always the case. In a special five-part series, William Lazonick, professor at UMass, president of the Academic-Industry Research Network, and a leading expert on the business corporation, along with journalist Ken Jacobson and AlterNet’s Lynn Parramore, will examine the foundations, history and purpose of the corporation to answer this vital question: How can the public take control of the business corporation and make it work for the real economy?
Read more...By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness.
So it appears, at least in the short term, that the ECB’s LTRO effect is starting to wear off as markets finally catch up on the story of the underlying economy’s of periphery Europe:
Read more...At 2 p.m on Thursday, the final day of the annually required wage negotiations that were going nowhere, Bruno Ferrec, the man in charge of the nine Fnac stores in Paris, and his HR Director were “retained” by 120 of his employees at a conference room at the Hotel Ibis in Paris. “For now, we do not know when we will let him go,” said the representative of the CGT, one of the unions involved in the negotiations. And the police did nothing.
Read more...There is an important study in the Archives for Internal Medicine last month, which escalates an ongoing row as to whether patient satisfaction is in any way correlated with positive medical outcomes. The answer is yes, and the correlation is negative.
This finding is of critical importance, not just in understanding why American medicine is a hopeless, costly mess, but also as a window into how easy it is for buyers of complex services to be hoodwinked by their servicer provider, whether via the provider being incorrectly confident about his ability to do a good job or having nefarious intent.
Read more...The US nominee to lead the World Bank, Jim Yong Kim, has come under attack for editing a book called “Dying for Growth.” It apparently performs the cardinal sins of questioning whether a relentless pursuit of growth produces necessarily produces good outcomes and taking issue with neoliberalism. From the Financial Times:
Read more...An old saying is that contracts are only as good as the parties that enter into them. And the evidence is growing that when there is a meaningful power disparity between two parties to an agreement, the odds are high that the bigger player will elect to behave badly. This blog is rife with examples: pervasive contractual and regulatory violations in securitizations and foreclosures, banks exploiting not just ordinary consumers with “tricks and traps” but even billionaire clients; debt collection abuses; routine raiding of employee pensions while CEO pay and perquisites remain sacrosanct; and, of course, the pilfering of customer accounts at MF Global.
And conditions on the ground are even worse. Hoisted from comments:
Read more...Yves here. Mark Ames’ post discusses the institutionalization of a regressive policy, that of trying to eke more corporate growth out of extracting more and more out of workers rather than sharing the benefits of productivity gains with them.
Read more...Wow, the AARP must be taking lessons from the Democratic Party, that you can afford sell out your putative base if you do the bidding of really big moneyed interests.
Read more...Yves here. This post echoes some of the messages of Nassim Nicholas Taleb’s article The Fourth Quadrant and our piece Management’s Great Addiction
By David Apgar, the co-founder of GoalScreen LLC, which has a free cell phone app in testing at www.goalscreen.com that helps you test what you think drives results in your job, fitness program, love life, investments, and upcoming sports events in order to determine which assumptions are helping you succeed and which ones are undermining you
Jeff Sachs has always been the most outspoken advocate of development aid so it would be out of character if he were not outspoken about becoming the head of the World Bank. But there has always been a lingering concern about his projects and his approach to development. And it sheds a lot of light on where development, economics, and politics are heading even if it’s the wrong concern.
Read more...Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from New Economic Perspectives.
While the Occupy Wall Street (OWS) movement set its sights on occupying a financial center, Germany has accomplished the vastly more impressive feat of occupying an entire nation – Greece. Germany has experience at occupying Greece having done so during World War II. The art of occupying another nation is to recruit a local puppet to do the dirty work required to repress the citizens. Germany used several puppets, most notoriously the murderous Ioannis Rallis, to (nominally) rule Greece and terrify the Greek people during World War II. (After Germany’s defeat, Rallis was executed for his treason.)
This time around, Germany has been far more successful in recruiting and using a puppet to (nominally) rule Greece and terrify the Greek people before the German occupation.
Read more...By Philip Pilkington, a writer and journalist based in Dublin, Ireland. You can follow him on Twitter at @pilkingtonphil
Read more...The hedonistic conception of man is that of a lightning calculator of pleasures and pains who oscillates like a homogeneous globule of desire of happiness under the impulse of stimuli that shift him about the area, but leave him intact. He is an isolated definitive human datum, in stable equilibrium except for the buffets of the impinging forces that displace him in one direction or another.
– Thorstein Veblen
By Philip Pilkington, a writer and journalist based in Dublin, Ireland. You can follow him on Twitter at @pilkingtonphil
Perhaps the most obvious indicator that the US has become a society of debtors is the ever-expanding market for student loans.
Read more...This is a bit O/T for this blog, except I hate the body scanners, since they are security theater and looting all rolled into one. The few times I’ve had to deal with them, I’ve made the gate agents pat me down.
Jonathan Corbett, who filed a suit against the TSA, has just released this video to annoy them further and with any luck, get the ineffective, intrusive scanners shut down.
Read more...There is so much crookedeness among our elites that it’s hard to know, absent more systematic study, whether Harvard is playing a leading role in this decline.
However, the glaring gap between Harvard president Drew Faust’s talk on ethics and her recent actions has stuck with me and I’ve concluded it merits discussion.
Read more...