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Items tagged with: economy

Quote of note:

"While the hospitals are on full alert, the majority of us are confined to quarters. We are deliberately inducing one of the most severe recessions ever seen. In so doing we are driving another nail into the coffin of one of the great platitudes of the late 20th century: it’s the economy stupid."

Via Coronavirus has shattered the myth that the economy must come first

#COVID19 #coronavirus #pandemic #economy #politics
 

The coronavirus crisis shows we need an entirely new economic system


Paul Mason in the New Statesman

“We will do whatever it takes,” says the Chancellor. Unfortunately, Rishi Sunak does not have what it's going to take – or at least, not yet. Because the Covid-19 crisis is going to collapse #growth – both here and across the globe – in an entirely different way from anything we’ve experienced.

And what Sunak is going to need is an anti-capitalist imagination. In response to this crisis the #government has to do nothing less than take command of the #economy. But it doesn’t know how to. It’s not just a question of lacking education and experience in crisis management; it’s a question of ideology.

Let's summarise the measures taken by the Treasury and the Bank of England so far. In the Budget (11 March), Sunak pledged £12bn to tackle the “temporary disruption” of the virus, mainly using cuts to business rates, cash grants to small firms and a £2bn scheme to provide better access to sick pay. At the same time, the Bank slashed interest rates to 0.25 per cent (from 0.75 per cent) and authorised commercial #banks to use £190bn of money they had been forced to hold as reserves for lending to businesses.

On 17 March, after two weeks of dither and delay, the Treasury went much further. It will underwrite £330bn of soft loans to large companies, a move designed to take pressure off the banking system, which in turn will offer billions in soft loans to small companies.

But there was no move to increase sick pay, nothing to help people who can’t pay the rent, and nothing significant for the tens of thousands of workers in pubs, restaurants and the entertainment industry who are being laid off. Sunak hinted at more major “fiscal action” to keep people in work, adding that he didn’t want to try to invent something new, because we need to use the existing mechanisms to move swiftly.

And that’s the problem. The existing mechanisms won’t work because this is not a normal crisis. Sunak, like chancellor Alistair Darling in 2008, keeps saying “the economy will bounce back” because it’s fundamentally sound. And that’s how most people think of the shocks we’ve experienced in our lifetime. To the ordinary person it appears as if there is a “real economy” of supermarkets, coffee bars, hospitals and universities – and above that a barely tangible financial economy dedicated to handling risks and generating large rewards for the rich, which occasionally goes wrong.

...

Like it or not, we are going to end up with a heavily state-backed economy, with the government directing the private sector and ensuring everyone has enough to live on: the sooner we accept that, and a generation of neoliberal-trained politicians learns how to perform this role, the better.

full story

#capitalism
 
Quote of note:

"Faced with a global health emergency and the common interest in maintaining economic stability, one can only hope that the technocratic imagination trumps the evident temptation on both sides to politicize the crisis."

Via Is the Coronavirus Crash Worse Than the 2008 Financial Crisis?

#COVID19 #coronavirus #pandemic #economy
Is the Coronavirus Crash Worse Than the 2008 Financial Crisis?
 
18% of U.S. workers have lost jobs or hours since coronavirus hit, poll finds

"As fallout from the coronavirus pandemic hits the economy, it’s slamming the American workforce: Some 18% of adults reported that they had been laid off or that their work hours had been cut, a new poll found."

"The proportion affected grew for lower-income households, with 25% of those making less than $50,000 a year reporting that they had been let go or had their hours reduced, according to a survey by NPR, PBS NewsHour and Marist of 835 working adults in the contiguous United States."

#COVID19 #coronavirus #pandemic #economy #recession
 
At least the Republicans haven't completely destroyed all of the protections put in place after the 2008 financial meltdown... but the fallout will come nonetheless. Quote of note:

"Bankruptcy bankers, meantime, expect the bigger carnage to come later, after the impact has been fully absorbed."

Via Big banks have cash to help some industries in short-term crisis, but for others the pain may come later

#finance #economy #COVID19 #coronavirus #pandemic #FAIL
 
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Message from trumpian expert!


Feel sorry for those who listened to him!

(He deleted the tweet last week)!

#Economy #StockMarket #Trump
 
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Message from trumpian expert!


Feel sorry for those who listened to him!

(He deleted the tweet last week)!

#Economy #StockMarket #Trump
 
America is self-destructing.

Midwest farmers face a crisis. Hundreds are dying by suicide.

"Farmers are among the most likely to die by suicide, compared with other occupations, according to a January study by the Centers for Disease Control and Prevention. The study also found that suicide rates overall had increased by 40% in less than two decades."

"The problem has plagued agricultural communities across the nation, but perhaps nowhere more so than the Midwest, where extreme weather and falling prices have bludgeoned dairy and crop producers in recent years."

#economy #farming #agriculture #labor #suicide #trade #ClimateCrisis
 
Sequoia Capital Warns Startups of Coronavirus ‘Black Swan’ Event

"Sequoia Capital, one of the world’s leading venture capital firms and a periodic soothsayer for the industry, sent an email to its entrepreneurs Thursday warning that the coronavirus could usher in a prolonged global economic slowdown and fundamentally alter the business environment."

"The editorial, titled 'Coronavirus: The Black Swan of 2020', said companies should consider cutting costs, revising sales forecasts and conserving cash. Sequoia Capital also acknowledged that many of its companies have already reported growth rates dropping sharply between December and February. It said several are now at risk of missing their first-quarter targets."

#StartUps #VentureCapital #economy #COVID19 #coronavirus #pandemic
 
#feminism #economy
What we've learned about Elizabeth Warren's feminism: She's no "moderate"
Warren doesn't silo "women's issues" — feminism is a seamless aspect of her progressive economic worldview
 
#feminism #economy
What we've learned about Elizabeth Warren's feminism: She's no "moderate"
Warren doesn't silo "women's issues" — feminism is a seamless aspect of her progressive economic worldview
 
#feminism #economy
What we've learned about Elizabeth Warren's feminism: She's no "moderate"
Warren doesn't silo "women's issues" — feminism is a seamless aspect of her progressive economic worldview
 
Quote of note (and epic smackdown):

"They’re not my numbers – these are from the Bureau of Economic Analysis."

Via CNN anchor corners Trump trade advisor as he rattles off several lies about the economy

#Trump #GOP #corruption #lies #economy #election2020
CNN anchor corners Trump trade advisor as he rattles off several lies about the economy
 
#economy

(https://www.forbes.com/sites/chuckjones/2020/02/17/obamas-2009-recovery-act-kicked-off-over-10-years-of-economic-growth/#480e89e768b7)
 
#economy

(https://www.forbes.com/sites/chuckjones/2020/02/17/obamas-2009-recovery-act-kicked-off-over-10-years-of-economic-growth/#480e89e768b7)
 
Quote of note:

"The GOP will once again lecture us on how unsustainable their tax cuts were, so therefore the poors must suffer. Look for proposals to cut the safety net, you know, 'for the good of the country'."

Via The Miracle of the Trump Economy: $1.3T Deficit in 2020

#Trump #GOP #economy #gaslighting #debt #deficit #election2020
 
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Vanguard refuses to sign up to climate crisis commitment


US asset manager that built up fossil fuel portfolio fails to join rivals in engaging with climate

https://www.theguardian.com/environment/2020/jan/13/vanguard-refuses-to-sign-up-to-climate-crisis-commitment #environment #climateemergency #climatecrisis #economy #investments
 
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Is America great again?


Remember had to buy antibiotics for my (back then) girl friend, they asked. $75 for the type I knew costed about $7 in Sweden without insurance!

This is just sick and criminal. Still don't understand that there hasn't been no low cost medical company selling products not covered by pharmaceutical patents?

#politics #healthcare #economy #fraud #UniversalHealthcare
 
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Is America great again?


Remember had to buy antibiotics for my (back then) girl friend, they asked. $75 for the type I knew costed about $7 in Sweden without insurance!

This is just sick and criminal. Still don't understand that there hasn't been no low cost medical company selling products not covered by pharmaceutical patents?

#politics #healthcare #economy #fraud #UniversalHealthcare
 
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Funds worth $50 trillion failing to meet climate goals: Analysis


“If the finance sector is making broad statements about being in line with the Paris agreements, that would suggest their portfolios should aim for that alignment,” he told Agence France-Presse.

“It’s clear that they do not.”

https://www.straitstimes.com/world/europe/funds-worth-50-trillion-failing-to-meet-climate-goals-analysis # investmentfunds #finance #economy #climatecrisis #climateemergency #environment #pollution
 
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Funds worth $50 trillion failing to meet climate goals: Analysis


“If the finance sector is making broad statements about being in line with the Paris agreements, that would suggest their portfolios should aim for that alignment,” he told Agence France-Presse.

“It’s clear that they do not.”

https://www.straitstimes.com/world/europe/funds-worth-50-trillion-failing-to-meet-climate-goals-analysis # investmentfunds #finance #economy #climatecrisis #climateemergency #environment #pollution
 

On the Emperor's Lack of Clothes

or, The Real Class War - American Affairs Journal


https://americanaffairsjournal.org/2019/11/the-real-class-war/

I'm not going to attempt to even pick out highlights from this. It covers too much. Just go and read it.

I'll just note this closing comment:
What is remarkable about today’s oligarchy is not its ruthlessness but its pettiness and purposelessness. An all-consuming megalomania might at least produce some great art as a side-effect. But this collec­tion of mediocrities cannot even do that. Their political activities—whether pushing for a slightly lower tax rate or throwing money at a self-serving brand of faux progressivism—are too small-minded to be anything other than embarrassing. This class has no idea what to do with its wealth, much less the power that results from it. It can only withdraw and extract, socially and economically, while the political justifications for its existence melt away.
#politics #economy #elitism
The Real Class War
 

On the Emperor's Lack of Clothes

or, The Real Class War - American Affairs Journal


https://americanaffairsjournal.org/2019/11/the-real-class-war/

I'm not going to attempt to even pick out highlights from this. It covers too much. Just go and read it.

I'll just note this closing comment:
What is remarkable about today’s oligarchy is not its ruthlessness but its pettiness and purposelessness. An all-consuming megalomania might at least produce some great art as a side-effect. But this collec­tion of mediocrities cannot even do that. Their political activities—whether pushing for a slightly lower tax rate or throwing money at a self-serving brand of faux progressivism—are too small-minded to be anything other than embarrassing. This class has no idea what to do with its wealth, much less the power that results from it. It can only withdraw and extract, socially and economically, while the political justifications for its existence melt away.
#politics #economy #elitism
The Real Class War
 

Uber And Lyft Don't Have A Right To Exist


#politics #society #economy

The "gig economy" is just about freeriding and finding legal loopholes. Kill it.
 
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