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Tag Archives: Doomsday scenarios

Patrick Cockburn: War and Pandemic Journalism

Yves here. One of my mother’s friends had polio and was lucky enough to get a form of water therapy that enabled her to walk with only a brace on one ankle. Her age, and the fact that there were no polio victims among the older siblings of children I knew led me to regard polio, and of course other epidemic/pandemic level diseases, as things we learned about, but happened only to people who were remote: much older, institutionalized, or at worst, in the unfortunate position still to be at...

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Stimulus Talks on Verge of Failure as Both Sides Trade Blame

We said a few days ago that even given the best case scenario of a stimulus deal by weekend, any compromise was certain to result in too little spending to do remotely enough good. And on top of that, with even that vote not happening until next week, any new unemployment supplement payments would not hit recipients’ wallets until the end of August. The state of play is much worse. The Senate has been sent home, an admission that a deal is somewhere between remote and not happening. Mitch...

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Why Taiwan Is at the Heart of a Geopolitical Struggle to Produce Cutting-Edge Computer Chips

Yves here. Marshall gives a helpful, high level overview of the stat of competition in the chip biz and why Taiwan is a key player, as well as how Taiwan’s prominent position feeds into US/China economic and geopolitical jousting. Marshall Auerback is a market analyst and commentator. Produced by Economy for All, a project of the Independent Media Institute The media likes to dabble in war game fantasies between the 21st-century great powers China and the U.S., but it’s a distraction from the...

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Peter Kuznick: Why Did Americans Accept Barbaric Slaughter of Japanese Civilians?

Yves here. I am glad that Paul Jay decided to cover the 75th anniversary of the bombing of Hiroshima and Nagasaki. This was a horrific episode that gets less attention as time passes. It’s too often glossed over that Japan was already prostrated due to firebombings of Japanese cities and that Japan had been suing for peace for months. One important account of the normalization of mass killings of civilians in World War II comes in the excellent but grim book Humanity: A Moral History of the...

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Mass Gatherings Contributed to Early COVID-19 Mortality: Evidence from US Sports

Yves here. This analysis of Covid-19 transmission is clever as well as important, since the findings are dramatic. And of course, the exceptional US is the source of the data. By Alexander Ahammer, Assistant Professor, Johannes Kepler University Linz, Martin Halla, Professor of Economics, University of Linz and Mario Lackner, Assistant Professor, University of Linz. Originally published at VoxEU Social distancing is important to slow the community spread of COVID-19. This column studies the...

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Why International Financial Regulation Still Falls Short

Yves here. Just so you know, this is the William White who along with Claudio Borio, when both were at the BIS, started issuing warnings in 2003 to central bankers about housing bubbles in many national markets. They later formalized it in a paper. They were pooh-poohed, particularly by Alan Greenspan, for the lack of theoretical foundations for their findings. This while he was institutionalizing the Greenspan put. And you wonder why we have trouble coming up with sensible financial...

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Washington Going Full Andrew Mellon as Stimulus Talks Drag, Inadequate Support Guaranteed

Herbert Hoover’s Treasury Secretary Andrew Mellon1 at least had an excuse: he was a staunch believer in a disastrously bad idea. The Republican and Democratic party leaders who are failing to prevent the US economy from continuing to careen down a steep hill via dithering with inadequate stimulus schemes, won’t be able to excuse themselves as misguided ideologues. They are too small minded for that. They are simply clientelists, captured by elite factions that lack the imagination to see that...

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Call for ‘Emergency Charity Stimulus’ as Billionaire Wealth Soars and US Nonprofits Sink

Yves here. Charity reform in the US is clearly overdue, particularly since self-promotion entities that pay for family weddings like the Clinton Foundation qualify as charities. But in the US, we have also come to expect charities to fund services and resources that should be provided by governments, from museums (whose entry fees now make them destinations solely for the well-off), public zoos ($25 each for people 13 and older to visit the Bronx Zoo), and higher education. And more...

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The Consequences of Inequality Can Be Fatal

Yves here. So many of health costs of inequality are obvious, yet most people seem trained to look past them. And Congress fiddles about a new stimulus package, with the odds of getting it back on track soon not looking very good, while Americans have rent and mortgage payments looming. By Richard D. Wolff, professor of economics emeritus at the University of Massachusetts, Amherst, and a visiting professor in the Graduate Program in International Affairs of the New School University, in New...

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Rough Ride for Airlines – Full Recovery Moved to 2024: IATA

Yves here. As readers no doubt recognize, when official forecasts are this dire, the odds are non-trivial that reality will be markedly worse. And what do airlines do with all those airplanes in the meantime? Also note how fat this tail is proving to be compared to historical examples of “ZOMG Bad!” By Wolf Richter, editor at Wolf Street. Originally published at Wolf Street Globally and industry-wide, a measure of business for airlines, “revenue passenger-kilometers” (RPKs), in June was still...

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