The AfD and its ilk is a sideshow in the neoliberal takeover

The weekend before last I was in Germany (and Bavaria) at the same time as the – Bavarian state election. The results for the SPD (Social Democratic Party) were disastrous losing 20 seats (down from 42) and gaining only 9.7 per cent of the vote (down from 20.6 per cent). The Greens came second, winning 20 extra seats (to 38) and 17.5 per cent of the vote (8.6 per cent last election), while the neo-fascist AfD party, which did not contest the last election, came in fourth, gaining 22 seats (10.2 per cent of the vote). There is a growing fear that the AfD and its counterparts across Europe will grow further and push Europe back into its dark fascist days. One would not conclude that from the Bavarian voting patterns. Further, to construct what is going on in Europe as a right-wing counter to a ‘social democratised’ Europe, which is a common narrative among the Europhile Left is seriously missing the point. The social democratisation of Europe has been in retreat for decades under the onslaught of a very sophisticated campaign from the elites on the Right and often it has been the traditional Left political parties that have pushed the neoliberal agenda more vigorously than the conservatives. The AfD is a sideshow in this deeper take over of our democracies by capital. Root and branch change is needed not a few ‘reforms’ around the edges to make the Eurozone less of a disaster for workers than it currently is.
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    Posted in Demise of the Left, Eurozone, Framing and Language, Politics, Reclaim the State | 21 Comments

    Database integration

    For those who take a feed from my blog – you will note some ‘new’ posts that seem to date back to 2004 and 2005. I am currently integrating (slowly) my initial blog (which was in a different database) into the current database. It will take some time. You can ignore the posts.

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      Posted in Admin | 1 Comment

      The Weekend Quiz – October 20-21, 2018 – answers and discussion

      Here are the answers with discussion for this Weekend’s Quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of Modern Monetary Theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error.
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        Posted in Saturday quiz | 5 Comments

        The Weekend Quiz – October 20-21, 2018

        Welcome to The Weekend Quiz. This week’s quiz is the 500th edition. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained.
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          Posted in Saturday quiz | 6 Comments

          Australian labour market weaker – no employment growth and participation down

          Today, the Australian Bureau of Statistics released the latest data – Labour Force, Australia, September 2018 – which show that the Australian labour market has weakened, with employment growth virtually zero. Compounding that weakness was a sharp decline in the participation rate (0.3 points). Taken together, unemployment and the unemployment rate fell but this is a sign of weakness not improvement. The decline in unemployment is because workers gave up looking for jobs in a weak labour market. Monthly hours worked remained on a flat trend. Overall, my assessment is that the Australian labour market remains in a fairly weak state and, is still a considerable distance from full employment. There is clear room for some serious policy expansion at present.
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            Posted in Labour Force | 11 Comments

            A summary of my meeting with John McDonnell in London

            It is Wednesday and I am reverting to my plan to keep my blog posts short on this day to give me more time for other things. Today, I will briefly outline what happened last Thursday when I met with Shadow British Chancellor John McDonnell in London. As I noted yesterday, I was not going to comment publicly on this meeting. I have a lot of meetings and interactions with people in ‘high’ office which remain private due to the topics discussed etc. But given that John McDonnell told an audience in London later that evening that he had met with me and that I thought the proposed fiscal rule that Labour has adopted was “fine”, I thought it only reasonable that I disclose what happened at that meeting. I did not think the rule was fine and I urged them to scrap it and stop using neoliberal constructs.
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              Posted in Britain, Fiscal Statements, Politics, UK Economy | 63 Comments

              IMF continues to tread the ridiculous path

              I am back in Australia now and I don’t have to stand on my head to write (a reference to the hassles of trying to maintain some order while travelling to different destinations on an almost daily basis). Last week, the IMF released its so-called – Fiscal Monitor October 2018 – and the mainstream financial press had a ‘picnic’ claiming all sorts of disaster scenarios would follow from the sort of financial situations revealed in the publication. At the time of the publication I was in London and the British press went crazy after the IMF publication – predicting that taxes would have to rise and fiscal surpluses would have to be maintained and increased to bring the government’s balance sheet back into balance. Yes, apparently the British government, which issues its own currency, has ‘shareholders’ who care about its Profit and Loss statement and the flow implications of the latter for the Balance Sheet of the Government. Anyone who knows anything quickly realises this is a ruse. There is no meaningful application of the ‘finances’ pertaining to a private corporation to the ‘finances’ of a currency-issuing government. A currency-issuing government’s ‘balance sheet’ provides no help in our understanding of what spending capacities such a government has.
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                Posted in Britain, Fiscal Statements, IMF, UK Economy | 15 Comments

                Sleep and reading – Australia bound

                Today’s blog post is about sleep and reading. I am travelling from London to Sydney today via Hong Kong so I will not write anything more than a few lines. I will be back in writing mode on Tuesday I should think. For the next 24 hours I have a lot of reading to do. I also provide some advice for those who pack running shoes when travelling.
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                  Posted in Admin, Music, Sport | 5 Comments

                  The Weekend Quiz – October 13-14, 2018 – answers and discussion

                  Here are the answers with discussion for this Weekend’s Quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of modern monetary theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error.
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                    Posted in Saturday quiz | 6 Comments

                    The Weekend Quiz – October 13-14, 2018

                    Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained.
                    Read the rest of this entry »

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                      Posted in Saturday quiz | 14 Comments