FERGUSON'S EXPLANATION 2006 GUARDIAN FOR WHAT I HAD DESCRIBED REALLY IS CONVERGENCE

"Anti-monetarists point out that the relationship between monetary growth and inflation has simply broken down. Inflation is low nearly everywhere. The latest figure for the annual growth in American core consumer prices is just 2.3 per cent, down from 3.8 per cent in May. Yet the annual growth rate of M3, which diehard monetarists have continued to track unofficially, is just under 10 per cent. Last year, according to the IMF, M2 increased by nearly 13 per cent in the UK. In some emerging markets the figure was higher. Russia's money supply grew 25 per cent.

Yet simply because consumer price inflation has remained low, money has not become irrelevant. On the contrary: it is the key to understanding the world economy today. For there is nothing in Friedman's work that states that monetary expansion is always and everywhere a consumer price phenomenon.

In our time, unlike in the 1970s, oil price pressures have been countered by the entry of low-cost Asian labour into the global workforce. Not only are the things Asians make cheap and getting cheaper, competition from Asia also means that Western labour has lost the bargaining power it had 30 years ago. Stuff is cheap. Wages are pretty flat.

As a result, monetary expansion in our time does not translate into significantly higher prices in shopping malls. We don't expect it to. Rather, it translates into significantly higher prices for capital assets, particularly real estate and equities. The people who find it easiest to borrow money these days are hedge funds and private equity firms. Through leveraged buy outs, the latter can easily acquire companies and, by improving their cashflow, boost their valuations. These guys then buy houses in Chelsea with the millions they make." NF 2006, apparently...

Even a blind squirrel, Ferguson, can occasionally find a nut!

"Thursday, August 19, 2010

INFLATION AND DEFLATION BOTH ECONOMIST RED HERRINGS

I should point out, 

that, when you are gradually, inch by monthly inch, slowly, annually, becoming a third world economy, trading down, down, to cheaper and cheaper produced goods, to the bottom; 

reducing prices, down, down, to cheaper and cheaper priced goods, 

to the bottom, you tend, 

almost by inertia, 

to steer a path, because you have to, 

between little blips of inflation, or deflation, 

sort of looking for a daily, weekly, monthly, yearly, perpetual 'soft landing',

at the 'greatest good for the greatest numbers' airfield (let's not call it an airport).

That is what the US 'economy' if one can speak about such a thing, has been doing.

That is why we haven't had much 'overt' inflation, because we have been buying, and producing offshore more cheaply, goods made offshore. 

That also is why we haven't had deflation, because their offshore costs were less, for a little while, and printing fiat money to buy them, so long as the money is accepted, wards off symptoms of deflation.

Keeping prices, and wages, gradually 'trickling down' (a different idiom: UNPROSPERITY TRICKLING DOWN) more or less together, 

WHERE'S THE BEEF?

Krugman has put his finger on it, domestic jobs, that is the 'sticky wicket' in the whole sordid process, inasmuch as more and more work, of whatever kind, goes offshore, there remain fewer jobs, of any kind, to fund purchase of those cheaper offshore goods. 

The other aspect of the situation, re currencies, aside from inflation/deflation, is that these producing countries have begun to realize that US currency is really backed by nothing anymore, no productivity, no specie, nothing. 

One takes it, as a medium of exchange, largely hoping to prop up temporarily (self interest) the stultifera navis, and/or to get something of real value from third parties (the old eurodollar situation now globalized). 

The Bretton Woods system, flawed from the outset, gold standard even abandoned by US in '71-72(?), a prescription for market sloth, and manipulations of all kinds. 

It is not that complicated, really."

This describes what Leonhardt talks about today, and which I already noted:

Tuesday, April 24, 2018

LEONHARDT EXPLAINS WHY VOTERS GAVE UP ON PARTIES STAGNATION OF LIVING STANDARDS BINGO

It is not merely stagnation of living standards. 

It is convergence of living standards.

LEONHARDT EXPLAINS WHY VOTERS GAVE UP ON PARTIES STAGNATION OF LIVING STANDARDS BINGO

Sunday, April 22, 2018

THE END OF THE AGE OF THE DEMOCRATIC REVOLUTION

Ye shall know them by their fruits. 

Do men gather grapes of thorns, or figs of thistles? 

Matthew 7:16

THIS POST THEY LIKE AT THE MOMENT GLOBALIZATION BUBBLES READY TO POP BY CONFIDENCE FAIRY

Thursday, December 2, 2010

RE TOO BIG VENN DIAGRAM GLOBALIZATION HOLIDAY CARTOON

Mise en scene for a Globalist Holiday Cartoon.

Remember the venn diagrams from geometry?

Well, we are showing a picture enveloped with enormous 'Venn' bubbles, cross-intersecting each other. The Caption above:

Holiday Bulbous Globalist Gala

"Soap Gets In Your Eyes"

The one below, "Lebensraum Needed"

INTERMISSION COMIC RELIEF

Terms search: pygmy fun

RETARDED MOVEMENTS AND CRISES IN HISTORY MY FAVORITE LIST FIRST MOVEMENT

The most retarded, and my personal favorite, was the Reformation. 

That is the pinnacle of cultural retardation.

A wealth of other backwardnesses followed from this font et origine.

Let's call it a sort of spiral of unravelling, call it history unravelling.... not a cyclical thing, a S & H thing, at all.

It coincided with a revolution in print technology. See Paul Starr, The Creation of the Media

A huge technological advance facilitating a colossal retardation step, for the West!

"Just over the mental horizon of most economic historians..................." J C D Clark

FERGUSON CH 34 MILNER SOMEHOW RESURRECTED FROM CH 32 A HERO OF WWI

How did it happen?

This is really a lot more complicated than you think, or than he makes it all seem.

He claims not to want to talk about war guilt, but we sense, viscerally, where he stands on that...the height of hypocrisy, if one takes a close look at the history.

J C D CLARK

"Just over the mental horizon of most economic historians."

CIVIL LIBERTARIAN AT PLAY

https://www.youtube.com/watch?v=iJ4T9CQA0UM&list=PLEDC892CD6D9651B0

https://www.youtube.com/watch?v=v5Lmkm5EF5E

https://www.youtube.com/watch?v=L55dKrjxcCY&t=3s

https://www.youtube.com/watch?v=WXtpNm_a4Us&t=38s

FREE TRADE FREE CAPITAL MOVEMENT OPEN BORDERS EQUALITY OF HIGHER ANIMALS AND ALL HUMANS

That has long been the world dreamed of by the Age of the Democratic Revolution.

YES, FRAGILE

Thursday, August 21, 2014

RE JACKSON HOLE BANKERS ECONOMISTS

Echoing David Brooks' remark, some time ago: 

"More globalization, please."

If all markets are fragile, they must need only some more globalization to return to stable market equilibrium.

CLASSIC JARON

Tuesday, May 28, 2013

RE BBC JARON LANIER SYMBOLIC ANALYST DREAM WORLD WHO OWNS THE ECONOMY

Re: Sell Your Date To Save The Economy And Your Future

Here is Jaron in the laissez faire, technical expert, symbolic analyst's, dream land:

"If the biggest computers had to pay for information, they wouldn't cease to exist.

Instead big computers would have to earn their way by providing new kinds of value. Spying and manipulating would no longer be business plans, because the raw materials would no longer be free. 

In fact, the owners of the biggest computers would do fine in a world of monetised information, because that would be a world with a growing economy."

Unfortunately, this is all bull.

It has been ' monetized '.  It is ' monetized ' in a way.

A monetized web, furthermore, sadly, in spite of what you have been taught, has very little to do with 

a ' growing economy ' (Whose economy? Not my economy...), 

which is also, sadly, a doubtful concept, at this late stage... 

(Where does ' the economy ' grow most? 

Answer: China, coincidentally,  a great internet hacker, thief and warrior; 

just as an aside to Jaron's theses.)

Take, for example, individual bloggers, or individual or small business sellers' websites, with ads attached as part of an internet access package.

The obvious reality is that these small individual sites, supported by and beholden to the big servers and corporations backing them, have seen how little they are paid for the hits the big boys promote; and how uninterested in their blogs, or sites themselves, most internet surfers are.

Slightly subsidizing an enormous mass of small sellers (but big consumers) in order to really promote big sellers' products to those same small sellers but big consumers. A very successful model, but not for the small wannabe sellers.

Here are a few so called ' siren servers ' no doubt,  Jaron's term, from my site:

Entry	Pageviews
http://www.vampirestat.com	169
http://www.vampirestat.com/www/blogspot.com	45
http://www.vampirestat.com/	24
http://flf-course.com?a_aid=517d0f042c205	14
http://flf-course.com/?a_aid=51893d1ad4b02	12
http://topblogstories.com/	10
http://www.adsensewatchdog.com	6
http://www.linkedin.com/redir/redirect?url=http%3A%2F%2Fflf-course%2Ecom%3Fa_aid%3D517d0f042c205&urlhash=e75j	3
http://topblogstories.com/14489&c=1	2
http://www.google.com/search

Never, in the field of human conflict, has so much been given away to so many, by so few, for so little, so quickly. 

RE DESPERATE MEASURES FOR CASH STRAPPED OR DISASTER PRONE STATES

Many Americans want to deconstruct the federal government, and also wind down state governments too.

Sort of get back to the original position, state of nature, a guy on a buffalo, things like that. Terms search: guy on a buffalo.

https://www.youtube.com/watch?v=v5Lmkm5EF5E

Before they do all of that, they have to attack their corporation charters, state by state, too!

Why?

Disassemble global corporatism, otherwise it will be corporate vigilantism, with state and federal governments gone by democratic anarchism...

These are just some observations for the democratic anarchists in the audience.

Sunday, July 29, 2012

IN THIS COUNTRY INDIVIDUAL STATES CHARTER CORPORATIONS

Were it to become of use, say to extort concessions from MNCs, individual states in which they are incorporated would be the likeliest place to look for political leverage.

This leverage might be discovered and exploited somewhere at some time by "cash strapped states".

If I were a cash strapped state, I would extort the heck out of those MNCS incorporated in my state, or else, by state legislation, terminate the corporate charter. 

A first step might be to legally prevent corporations from transferring their corporate charter to another state. Prevent corporate forum shopping. Delaware was always a big corporate charter draw.

I believe that large corporations need generally to be unwound, especially the largest ones with global reach.

They no longer serve the general welfare here, to say the least.

Another scenario: cash strapped states go out of business as political entities, devolve back into "free cities" and ungoverned frontier areas; and corporations cease to be legal persons at that point. 

Any person can at that point simply seize erstwhile corporate assets, wherever he or she finds them, McDonald's Stores, Walmart stores, gas stations, looted and then put to some other use, of whatever kind whatever, say slum housing maybe. 

Roving populist gang headquarters!

TERMS SEARCH PLAYING THREE SIDES

AUDIENCE TODAY

Entry	Pageviews
United States	37
United Arab Emirates	21
Russia	17
Portugal	10
Poland	7
France	3
Canada	1
Germany	1
Spain	1
Philippines	1

NOTHING LEONHARDT SAYS ABOUT DEMOCRATIC PROGRESSIVE DOMESTIC POLICIES MAKES ANY ECONOMIC SENSE

given its inconsistent and contrary globalist foreign policy cutting any legs out from under government spending on the domestic work force or infrastructure.

Progressive globalization will not help average or low income Americans. That has become by now a proven fact.

It has gone hand in hand with Conservative globalization, cut taxes on the wealthy, supply side, etc, which was supposed to do the same thing, raise all boats here, etc.

It is called The Establishment.

THE END OF THE AGE OF THE DEMOCRATIC REVOLUTION

Ye shall know them by their fruits. 

Do men gather grapes of thorns, or figs of thistles? 

Matthew 7:16

FERGUSON'S CH 32 HARDLY WORTH READING

The Rhodes Trust and Milner Group are treated as failed jokes really.

It seems he may be merely an insider trying to conceal the significance of and his connections to groups which still seem very much alive. How else to account for his cavalier and superficial account?

After all, take a look at his alma mater....

His book on Kissinger won the CFR 2016 Ross book award....

RE FERGUSON TAIPING THE CHINESE MUST GO CHAPTERS GREAT STUFF THE LINCOLN FALLACY

While all Northern whites were bent on getting rid of only four million negro slaves, by attacking and conquering Southern white Americans, they all almost let 20 million Chinese immigrant coolies tumble in through California, at just about that time, from the Taiping Wars, Wars which we had started with our Christian missionary egalitarianism! Parallels Ferguson points out to great effect.

Lincoln's Immigration Act, 1864, the first and only major law in American history to encourage immigration....

There seems to have been no significant pressure for governmental encouragement of immigration until President Lincoln, in his Annual Message to Congress on December 8, 1863, called for government assistance. “I again submit to your consideration the expediency of establishing a system for the encouragement of immigration. All though this source of national wealth and strength is again flowing with greater freedom than for several years before the insurrection occurred, there is still a great deficiency of laborers in every field of industry, especially in agriculture, and in our mines, as well as of iron and coal as of the precious metals. While the demand for labor is thus increased here, tens of thousands of persons, destitute of remunerative occupation, are thronging our foreign consulates and offering to emigrate to the United States if essential, but very cheap assistance, can be afforded them. It is very easy to see that under the sharp discipline of Civil War, the nation is beginning a new life. This noble effort demands the aid and out to receive the attention of the Government.”

That part of the President’s message referring to immigration prompted Congress into action. Little more than a week after Lincoln’s message a bill to encourage and protect foreign immigrants and to make more effective the Homestead Act, which had become law on May 20, 1862, was presented in the Senate. Two weeks later Lincoln’s words on immigration were referred to a special committee of five on immigration, chaired by Elihu B. Washburne of Illinois. From there a bill to establish a formal Bureau of Immigration was introduced shortly after the New Year.

Lincoln’s law was then moved forward by Senator John Sherman of Ohio, chairman of the Committee on Agriculture. The committee shared Lincoln’s belief that the encouragement of immigration was of the highest importance and in their report stated that “labor has special wants in every department of industry; vacancies caused by recruiting calls for a large increase in foreign immigration to make up the deficiency at home. Furthermore, the South, after the war is over, will present a wide field for voluntary white labor and it must look to the immigrant for its supply.”

After the act was implemented,

'Numerous queries were received especially from the former slave states asking permission to import Chinese laborers. In all of these instances the Bureau rejected the requests and pointed out that it considered the importation of Chinese laborers a violation of the California “Act to Protect Free White Labor Against Competition with Chinese Coolie Labor, And to Discourage the Immigration of the Chinese into the State of California,” or commonly known as the “Anti-Coolie Act of 1862” which had attracted increasing support in the nation’s capital.'

One of many tragic upshots of all this is that Lincoln's Immigration law was intended to bring in a lot of white only people to replace the freed negroes who were supposed to have been transported elsewhere by Lincoln in the first place. 

If replacement labor, though not coolie labor, were imported, as Lincoln explicitly intended his law to do, then these freed negroes would of course have been rendered economically superfluous (this after all had also been part of his campaign promise), though Lincoln had no real workable plan to transport negroes at any time.

He put in place an act in 1864 to federally fund import of white only labor, amid freeing four million negroes whom he had no plan to transport, had no plan to fund removal, and for whom he was trying, and succeeding, in eliminating their economic raison d'etre.

How much Lincoln Fallacy hypocrisy are you prepared to take?

Is this almost enough, or not?

If not, I can give you some more!

RECAP THE CHINA PRICE IMMIGRATION CONVERGENCE ECONOMIC EXPERTISE

Monday, November 14, 2011

RE ALABAMA ORIGINALLY THIS PLACE WAS A REFUGE AND A SEARCH FOR WEALTH BY FOREIGN POWERS NOW THE CHINA WAGE

Eventually, it came to be considered a land of opportunity, still very much one by use of slave labor for a long time.

Finally, a sense of opportunity grew, during and after slavery, for those who lived here or came here as refugees.

Now there is little difference, 

in the long run, 

from leaving borders open for the poor billions of the world, especially the hundreds of poor millions in Mexico and further south, to come here, 

than from buying and importing cheap goods from poorer countries, 

rather than those made by citizens of this country.

Either way, eventually, you get to the China Price, 

and thus, the China wage.

See also recent nyt articles on disillusioned white collar guest worker summer students.

What did you expect? 

Saturday, August 17, 2013

RE BBC EGYPT DEMOCRACY CHINA MEDIA QUOTE

"The West is an irresponsible teacher, but Egyptian society should have its own judgment and the political capacity to itself resolve the country's internal sharp conflicts of interest. Unfortunately, it has none of this. It is naive and rash like a child... Egyptians must calm down and think," comments the Global Times.

"The Arab Spring in Egypt has turned rapidly into an absurd farce and unprecedented tragedy, and this is indeed historical inevitability... China itself has had a similar experience, but its price was much higher. This was the Republic of China established in 1912," Song Luzheng writes in the Social Outlook commentary website.

"The painful lesson of Egypt is indeed a very valuable asset for China. It has made us aware once again of the price of going astray. If in the 1990s, Russia paid a high price in pointing out the direction for China's path, the Arab Spring in the Middle East has come at the right time for those more forgetful Chinese in the 21st Century," he concludes.

Saturday, March 3, 2018

RE DK CURRENT POST 80 YEARS WHO DISDAINS EXPERTISE?

"..."Trump Proclaims Tariffs on Steel and Aluminum and Stocks Sag in Reply."  Once again we have a President who prides himself on being an economic innovator, but one who, unlike FDR, disdains expertise and relies completely on his own instincts.  Those stories illustrate a big difference in our political situation.  6 years into his presidency, FDR had definitely got the nation onto a new path, and although the economy was once again in a severe recession, he and the Congress were grappling with it together..." DK

 

So much one might say about this passage.

Reagan was an economic innovator...

Nixon was an economic innovator...

Clinton was an economic innovator...

And so on.

 

FDR was an economic innovator, but he had an enormous political mandate.

 

He did not conspicuously benefit the lower class much, as he has been touted to have done, but rather the middle class.

 

He was a great stimulus to free trade, which has ultimately proven catastrophic since 1932 for us.  In fact, that was in part how he sold his liberal domestic programs.

 

He blamed Smoot Hawley for the Great Depression which he claimed, wrongly, to have been getting us out of.

 

More importantly, no good economist, especially someone like Kindleberger, even of that time, thought that Smoot Hawley caused the Great Depression, but they have almost all, later, nevertheless, paid lip service to this ridiculous account.

 

So when Professor Kaiser now contrasts FDR to Trump, as someone who disdains expertise, just be aware...FDR knew very well that there was very capable expertise on this issue which he was frankly ignoring. 

 

Here is FDR's speech, 1932 , Sioux City Iowa:

 

WHERE ARE THESE PEOPLE INDIA AFRICA ASIA MALAYSIA

Tuesday, January 28, 2014

RE BOZO ROMER ONOMICS SOME CALL IT REASON OR HOOVER ENLIGHTENMENT

"reason: In terms of real per capita income, Americans today are seven times richer than they were in 1900. How did that happen?

Paul Romer: Many things contributed, but the essential one is technological change. What I mean by that is the discovery of better ways to do things. In most coffee shops these days, you'll find that the small, medium, and large coffee cups all use the same size lid now, whereas even five years ago they used to have different size lids for the different cups. That small change in the geometry of the cups means that somebody can save a little time in setting up the coffee shop, preparing the cups, getting your coffee, and getting out. Millions of little discoveries like that, combined with some very big discoveries, like the electric motor and antibiotics, have made the quality of life for people today dramatically higher than it was 100 years ago."

CLASSIC RANT SOMEONE SAW

Saturday, June 15, 2013

SIREN SERVERS WILL BE CALLING ULYSSES SNOWDEN HOME

Term search Jaron.

I am not a great friend of free and open markets, free trade, free knowledge (such as Wikipedia, and other things discussed here recently), or free and open borders, generally, for most people. 

I favor the nation state, rather than the globalist party of Davos state;  am neither an adherent of the socialists, such as Faux, likewise critics of Davos, but who are not nationalists.

I am not a friend of Snowden, or his ilk, for those reasons, and others.

I am not a special friend of Hong Kong, for example.

I don't particularly like Singapore.

The list goes on and on.

I am not thrilled by Indonesia.