Apparently, the Left/Right Paradigm is dead. This narrative keeps coming back. In the 1980s, when governments, coopted by corporate lobby groups, went on a privatisation spree, which transferred billions of dollars worth of public assets into the hands of private wealth holders, and enriched lawyers, management consultants etc into the bargain, we were told that we are all capitalists now because our pension funds bought the assets. Joke. Anyway, I keep reading and being told that there is no longer any meaningful distinction between Left and Right, with both falling into the hands of totalitarian discourse. Even so-called progressives advocate that the traditional Left should partner up with the traditional Right (and far Right) to keep ‘centrists’ out of power or to stop governments taking basic actions to protect public health. It is the ultimate victory for the neoliberals to have persuaded the Left that they have more in common with the Right than ever before. This is another example of how duped the Left has become.
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.
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.
With yesterday’s detail CPI analysis, I am transferring the news/music blog post that normally appears on a Wednesday to today. This morning, I read the newly published report from the UK-based – Institute for Public Policy Research – Health and prosperity: Introducing the Commission on Health and Prosperity (released April 27, 2022) – which provides a sobering (to say the least) evidence base for how the pandemic has impacted on Britain’s health system and labour market. As more evidence comes out from the experience of the last 2.4 years, I wonder when those who demanded nations learn to live with the virus – by basically denying its existence – will reflect on the folly of their laissez-faire positions.
The Tweets have started already demanding an interest rate rise in May at the next RBA Board meeting. Bankers, media commentators who just are conduits for the bankers – all with vested interests. Today’s data release from the Australian Bureau of Statistics – Consumer Price Index, Australia (April 27, 2022) – has fuelled their mania. Inflation in the March-quarter 2022 rose to 2.1 per cent (5.1 per cent for the 12 months) on the back of rising automotive fuel costs (uncompetitive cartel and deliberate government petrol tax policies), global supply chain disruptions (pandemic) and material shortages (supply chain and bushfires). As long as these influences are present, inflation will remain at elevated levels. But with wage pressures absent, it is hard to make a case that the rising inflation is now entrenched. Certainly, the long-term expectations measures would not suggest that. I cannot see why the RBA will hike rates in May. More evidence of wage pressures would be needed one suspects.
Emmanuel Macron won the second-round of the Presidential election in France at the weekend (April 24, 2022), as expected. He easily beat the right-wing candidate Marine Le Pen – scoring 58.54 per cent of the vote compared to 41.46 per cent for Le Pen. Some might say that Le Pen was closer this time, having improved on the 66.1 versus 33.9 per cent from the 2017 run-off. That is true and the spatial concentration of the 2022 vote intensified with Le Pen improving her vote in the East, North, and South as well as the overseas territories. One of the notable features this year was the 28.01 per cent absentee vote (some 13.6 million registered voters), which represented more voters than actually cast their support for Le Pen (13.3 million). There is a lot of speculation about what the vote means in European terms and in Left-Right terms. I noted some commentators from the Left urging the voters with progressive inclinations to vote for Le Pen because she represented the best deal for workers. My view is that would have been a disastrous strategy for the Left to follow. That is what this blog post is about.
Today is a public holiday (ANZAC Day) where we remember the efforts of our past generations who fought in wars. I am not very enamoured by the hype that surrounds these days – commercialisation reigns and the black/white nature of the narrative (we were good they were evil) obscures the reality of war and the political machinations that typically accompany it. In Australia’s case our involvement in several wars has been the product of unnecessary colonial master-servant type arrangements (us being the servant) and/or ridiculous alliances with the war mongering US. But the soldiers certainly did it tough and I have sympathy with that – and personal association with my grandparents and parents. But, on a pragmatic basis, my blog is taking the day off so I can use the time to finish some work that has impending deadlines. We can listen to jazz today and wonder about whether humans will ever learn that war like is being prosecuted in Ukraine at present is never a reasonable way to conduct our affairs and mediate our disagreements.
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.
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.