Tuesday, January 26, 2021

Tag: stupid

It’s the productivity, stupid!

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by Walter E. Block, International Man:

Editor’s Note: Walter Block is an Austrian economist, a libertarian thinker, and professor at Loyola University. He is the author of more than 600 articles in professional journals, two dozen books, and thousands of op-eds (including the New York Times, the Wall Street Journal, and numerous others). He is a long-time friend of Doug Casey and has known Murray Rothbard, Friedrich Hayek, and met Ludwig von Mises.

Today, Walter examines why productivity and employee wages go hand in hand and why financial journalists and politicians tend to get it wrong.

Hey, Google! Your censorship of people online is only making them MORE popular. It’s the Streisand effect, stupid!

from RT:

The increasingly heavy-handed restrictions used by the likes of Facebook and YouTube are backfiring. Their suppression of Dr Judy Mikovits’ ‘Plandemic’ film has simply made her books soar to No. 1 in the bestseller charts.

Attempts by the tech giants of Silicon Valley to stop the spread of ‘misinformation’ by pulling down a Covid-19 documentary are starting to make the planet’s botched attempts to contain coronavirus look successful.

“It’s the Economy, Stupid!”

by Jim Rickards, Daily Reckoning:

The trade war is taking a heavy toll on China. Chinese growth slowed to 6% in the third quarter, slower than expected and the slowest growth rate since 1992.

That 6% growth represents a sharp drop from the 6.8% growth China registered in the first quarter of 2018. China’s growth still exceeds developed economies by far, but it is notably weak relative to China’s past performance and relative to expectations.

China is the world’s second-largest economy (after the U.S.) and produces over 16% of global output. A 0.5% decline in Chinese output slows global growth by 0.08%, which is nontrivial considering that global growth is expected to be only 3% in 2019, according to the IMF.

It’s Still The British, Stupid!

by Harley Schlanger, LaRouche PAC:

With the British May government’s outburst of dubious chemical weapons charges and demands for war and confrontation with Russia, the leaders of the nations most important to future human progress, are having to make a choice.

The British demand a new Cold War, or worse, with not only Russia, but China. The nations we have long identified as the key to mankind’s greater future if they cooperate — the United States, China, Russia, and India — have been given the new paradigm for that cooperation in China’s Belt and Road Initiative, a potentially global program of great projects of new infrastructure.

When it comes to Davos, it’s inequality, stupid

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by Pepe Escobar, Asia Times:

This is what ‘the great and the good’ in the business world will not be discussing during the annual talk-fest at the Swiss luxury resort

has gone up on the annual World Economic Forum in the Swiss resort of Davos. Photo: Reuters / Denis Balibouse

For billions of people, the Groucho Marx rule applies when talking about Davos. This is the exclusive club, which meets in the luxury Swiss resort each year to discuss the global business environment.

Groucho, of course, has been immortalized along with the rest of the Marx Brothers in the zany Hollywood movies of the 1930s, such as A Night a the OperaA Day at the Races and Animal Crackers.

In one quick-fire response, he joked: “I sent the club a wire stating, ‘Please accept my resignation. I don’t want to belong to any club that will accept me as a member’.”

Well, to start off with those billions of people would not get past the bouncers, because the self-defined World Economic Forum is about exclusion. Yet even if, by divine design, they were handed free passes, what would be the point?

The austerity mantra holds sway over large swathes of Europe. The US remains mired in the fiscal cliff maelstrom and the Japanese are about to unleash an economic tsunami – devaluation of the yen at all costs.     

On the other hand, growth does apply to parts of the BRICS (Brazil, Russia, India, China and South Africa) group of emerging nations and selected members of Next 11.

Certainly, Indonesia, Mexico, the Philippines, Turkey, South Korea and Vietnam fall into this category in N-11, a BRICS-like organization.

So, what is the point of spending the GDP of a sub-Saharan country trekking to the Alps to Davos for a mere blabber fest, when basic membership plus access to private sessions at the summit cost a whopping US$245,000?

For instance, the slopes of Jackson Hole, where the annual central bank symposium is held in Wyoming, are way cooler. 

In comparison, Davos is essentially double-dip land. On one side, we have ‘Bad for Labor’, with millions in the West thrown into an unemployment hell or suffering from a wages freeze. On the other side, we have ‘Good for Capital’, with companies flush with cash.

Yet the result is uncertainty, all over again. Quite simply, more “robust” companies are just not investing. Why? Because there is no demand. That is the “price” of the austerity mantra, and there is no evidence that the business, financial and government suits in Davos will address the drama.

After all, since the 1990s, the summit has always been about hardcore globalization and its prime spin-off – the absolute marketization of everything in life. 

To get to the bottom of it, CEOs, bankers and techno-bureaucrats would have to engage in an in-depth discussion of hardcore neoliberalism.

To do that, they would have to bring in David Harvey, the distinguished professor of anthropology and geography at the Graduate Center of the City University of New York, where he has been teaching Karl Marx’s “Capital: Critique of Political Economy” for more than 40 years.

They would have to hold global banking to account. They would also have to consign austerity to the dustbin of history, and level the playing field between capital and labor. Of course, that will not happen.

Still, this year’s Davos theme is “Resilient Dynamism.” As a definition of the current woes of turbo-capitalism, a five-year-old in a favela, or slum, in Rio could come up with something more meaningful. 

But then, Davos is a one-trick pony. “Resilience” remains a euphemism for the ever-expanding markets and low pay for workers syndrome. In a nutshell, globalization driven by huge multinational corporations.

We should scrap “Resilience” as the name of their game is “Inequality.” Davos, of course, does not do “inequality.” 

In a study released by UC Berkeley, the wealth of the top 1% of Americans accrued by 11.6% in 2010, while for the other 99% it was a mere 0.2%. This is what is at the heart of hardcore neoliberalism and capitalist.  

Read More @ ATimes.com

When it comes to Davos, it’s inequality, stupid

0

by Pepe Escobar, Asia Times:

This is what ‘the great and the good’ in the business world will not be discussing during the annual talk-fest at the Swiss luxury resort

or billions of people, the Groucho Marx rule applies when talking about Davos. This is the exclusive club, which meets in the luxury Swiss resort each year to discuss the global business environment.

Groucho, of course, has been immortalized along with the rest of the Marx Brothers in the zany Hollywood movies of the 1930s, such as A Night a the OperaA Day at the Races and Animal Crackers.

In one quick-fire response, he joked: “I sent the club a wire stating, ‘Please accept my resignation. I don’t want to belong to any club that will accept me as a member’.”

Well, to start off with those billions of people would not get past the bouncers, because the self-defined World Economic Forum is about exclusion. Yet even if, by divine design, they were handed free passes, what would be the point?

The austerity mantra holds sway over large swathes of Europe. The US remains mired in the fiscal cliff maelstrom and the Japanese are about to unleash an economic tsunami – devaluation of the yen at all costs.     

On the other hand, growth does apply to parts of the BRICS (Brazil, Russia, India, China and South Africa) group of emerging nations and selected members of Next 11.

Certainly, Indonesia, Mexico, the Philippines, Turkey, South Korea and Vietnam fall into this category in N-11, a BRICS-like organization.

So, what is the point of spending the GDP of a sub-Saharan country trekking to the Alps to Davos for a mere blabber fest, when basic membership plus access to private sessions at the summit cost a whopping US$245,000?

For instance, the slopes of Jackson Hole, where the annual central bank symposium is held in Wyoming, are way cooler. 

In comparison, Davos is essentially double-dip land. On one side, we have ‘Bad for Labor’, with millions in the West thrown into an unemployment hell or suffering from a wages freeze. On the other side, we have ‘Good for Capital’, with companies flush with cash.

Yet the result is uncertainty, all over again. Quite simply, more “robust” companies are just not investing. Why? Because there is no demand. That is the “price” of the austerity mantra, and there is no evidence that the business, financial and government suits in Davos will address the drama.

After all, since the 1990s, the summit has always been about hardcore globalization and its prime spin-off – the absolute marketization of everything in life. 

To get to the bottom of it, CEOs, bankers and techno-bureaucrats would have to engage in an in-depth discussion of hardcore neoliberalism.

To do that, they would have to bring in David Harvey, the distinguished professor of anthropology and geography at the Graduate Center of the City University of New York, where he has been teaching Karl Marx’s “Capital: Critique of Political Economy” for more than 40 years.

They would have to hold global banking to account. They would also have to consign austerity to the dustbin of history, and level the playing field between capital and labor. Of course, that will not happen.

Still, this year’s Davos theme is “Resilient Dynamism.” As a definition of the current woes of turbo-capitalism, a five-year-old in a favela, or slum, in Rio could come up with something more meaningful. 

But then, Davos is a one-trick pony. “Resilience” remains a euphemism for the ever-expanding markets and low pay for workers syndrome. In a nutshell, globalization driven by huge multinational corporations.

We should scrap “Resilience” as the name of their game is “Inequality.” Davos, of course, does not do “inequality.” 

In a study released by UC Berkeley, the wealth of the top 1% of Americans accrued by 11.6% in 2010, while for the other 99% it was a mere 0.2%. This is what is at the heart of hardcore neoliberalism and capitalist.  

Davos should be discussing how a key segment of elites concocted the Wall Street-provoked financial crash. That was only ‘virtual’ business, but it was not ‘virtual’ national governments that had to intervene afterward to pick up the bill and bail out the banks.  

Read More @ ATimes.com