Still on holidays
My blog is still on holiday until Wednesday, December 30, 2020. All the best from my local beach (Bar Beach today). I have started to read the EU-UK agreement. Not very enlightening I can tell you. Music to follow …
On Holidays …
My blog is on holiday until Wednesday, December 30, 2020 as I attend to other writing commitments. I am also doing a lot of calculations to see whether the current proposed US stimulus bill that the lameduck president is holding up as a last gasp exercise in power is sufficient given the output gap. This relates to comments that a Biden advisor made last week eschewing any notion of a $US2,000 cash payment to all Americans (including dependent children) on the grounds that it would overheat the economy. He has been systematically vilified by progressives but I haven’t seen any systematic analysis to see whether this statements hold up. Until Wednesday, all the best from my lockdown hub. But for today, some music to help us work better.
Neoliberal myopia strikes again
It is Wednesday, so just a few snippets and some music. My main comment today is on the report released yesterday (December 15, 2020) by the national body Infrastructure Australia. The report – Infrastructure beyond COVID-19: A national study on the impacts of the pandemic on Australia – once again demonstrates the way in which mainstream macroeconomics, which has restricted government investment in essential instrastructure over the last three decades or so, has created poor outcomes and has failed to prepare the nation for the future. This sort of myopia just repeats itself across all nations. Hopefully, the fiscal response to the pandemic, even though in many countries it has been inadequate, is demonstrating that the mainstream approach is deeply flawed and provides no guidance for the way policy should be conducted into the future.
Credit rating downgrades for Australian states – next
It is Wednesday and so just a few snippets before we get funky. Yes, jazz-funky. That should do it. In the last week, a credit ratings agency downgraded the rating of the state of Victoria to AA from AAA claiming that the the state was in fiscal trouble. They also downgraded the credit rating for the NSW government credit from AAA to AA+. You might wonder how the hell these corrupt and irrelevant organisations managed to survive the GFC, given the sectors complicity with the financial frauds and overreach that drove the world to near financial ruin? Well they survive because people still believe in the fictions that lie behind the whole concept of government debt ratings. Should anyone be worried about these changes in Victoria and NSW? Not at all. The announcements were just noise and tell us, in part, how far we have to go in expunging these fictions from our understandings.
Travelling all day so blog is on holiday except for some beach music
Today I am travelling most of the day – yes, its back – and so, given I did the National Accounts yesterday, when I usually don’t write much for the blog, I am calling today Wednesday and a holiday. I really don’t have time to write much at all today, which is the real reason. So in my travel mode I am listening to Neil Young today from 1974. That is it.
Podcast – What is modern monetary theory and could it fix Australia’s problems?
It is Wednesday and just some odds and ends today, including a fabulous tapestry that has just been framed for me. In addition, there is a podcast and some great music. A typical Wednesday that is. And tomorrow, I am catching a plane for the first time in nearly 6 months as the internal borders…
RIP Michael Perelman – October 1, 1939 to September 21, 2020
Its Wednesday and a light blog writing day. Today, I reflect on the recent death of one of the great economists who was a good friend and taught me a lot about things. I thought I would offer a few words about his life especially our interaction. And today is a special day in Australia – Armistice Day. And, there is another working paper available if you like reading pre-published academic material. It will come out soon in an academic volume.
A video, papers to be read and a song
It’s Wednesday and so only some snippets today. First, a video of a seminar I participated at the other day where we talk about the future of Europe (and the World). Second, some working papers that might be of interest. And finally a music segment. I felt like posting the 1980s song from The Vapors – Turning Japanese – after the Reserve Bank of Australia announced yesterday they were now modelling their monetary policy interventions of the excellent template that has been pioneered by the Bank of Japan. You know get the government to buy all of its debt – then pay itself back – then remit the payments as ‘dividends’ back to itself. Right pocket meet Left pocket. I will analysis the big shift in the RBA’s position tomorrow. And when you listen to the RBA Governor this morning trying to tell Australians that black is white when we all know it is black and they have let the cat out of the bag, you will realise why the whole hysterical show they are putting on is important. But that is tomorrow. And I hated the song anyway.
Politics in a Podcast – fiscal statements and the pandemic future
It’s Wednesday and just a few things today while I attend to other things (writing, meetings, etc). I will have an interesting announcement to make in a few weeks (around then) about a project I am working on that I hope have wide interest. Today, we have a podcast I recorded a few weeks ago with the Politics in the Pub, Newcastle group – now, in this coronavirus era being rebadged and reformatted as Politics in a Podcast. And then we celebrate a great musician who died last week but left some memorable songs for us to take into the future.
Video – An economy that guarantees health and wellbeing for all
Today, on my blog-light day, I have a video of a recent event where I spoke (with other speakers being John Quiggin and Noel Pearson). The event was in conjunction with the Public Health Association of Australia’s annual conference and we are discussing the interface between health and the economy and the right to work and income security. It was an interesting and very civilised discussion. And when you are through watching that, we also have a ‘provocation’ to consider and then some jazz. All the interests of advancing humanity!