Tag: Doomsday scenarios

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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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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 […]

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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 […]

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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, […]

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Plastics in Oceans Will Triple By 2040, Absent Immediate Drastic Action

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. The Pew Charitable Trust and  Systemiq Ltd., a sustainability consulting firm, have released a new study reporting that plastics in the world’s oceans could triple by 2040. Nearly 13 million metic tons of […]

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The War Nerd: Amateurs Talk Cancel, Pros Talk Silence

By Gary Brecher. Republished from the Radio War Nerd subscriber newsletter. Subscribe to Radio War Nerd for podcasts, newsletters and more! What, you thought you were safe? You’d get through the big “Cancel Culture” war without me popping off? No such luck. Public morality should be pretty simple. When an oppressed group gets enough power to make its oppressors behave, they will […]

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More on Deaths of Despair: New Study Links Early Job Loss to Higher Rates of Overdose Deaths and Suicides

A new study published in the Journal of Epidemiology and Public Health (hat tip reader ma) gives more granular insight into the triggers of so-called deaths of despair, as in the AIDS-level rise of deaths of the middle aged with high-school-only educations. We’ve embedded the study at the end of this post; the data supplement […]

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Indian Farmers Are Staring at Suicide as Modi Government Looks the Other Way

Yves here. Suicide is not normally a topic in polite company. But the desperate conditions facing Indian farmers, even ones with good-sized plots and high-value crops, means a rise in suicide rates. And as this post make clear, it’s mainly due to debt. The same forces are crushing US farmers, who often sell off parts […]

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Are American Colleges and Universities the Next Covid Casualties?

Yves here. This is an important post on how American higher education got in the mess it is in and what might happen next. It provides a long historical view of how colleges and universities saw government funding decline and the directions they went in to try to find new money sources. This piece is […]

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How Mitch McConnell’s Hostility to the Unemployment Supplement Puts Ordinary Americans’ Welfare at Risk

Yves here. The evidence is strong that the $600 a week unemployment supplement was critical to keep spending from collapsing and allowing some workers to stay current on their obligations, most importantly housing costs. It got money into citizen’s hands faster than the $1200/adult supplement (I have yet to receive mine) and targeted people in […]

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Random Testing in Indiana Shows COVID-19 is 6 Times Deadlier Than Flu, and 2.8% of the State Has Been Infected

Yves here. It’s frustrating to see how often medical experts have to debunk fact-free assertions that Covid-19 is no big deal and health officials are overreacting. The more accurate view is that there are many people who have not seen much in the way of hospitalizations and deaths in their personal networks. That in turn […]

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As Covid-19 Patients Skew Younger, Tracing Task Seems All But Impossible

Yves here. More bad news as far as getting Covid-19 under control in the US is concerned. By Anna Almendrala, Kaiser Health News, Correspondent, who previously worked at HuffPost and has also written for The Guardian, The Daily Beast, Medium, Sojourners and appeared on NBC and Univision. Originally published at Kaiser Health News Younger people […]

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Covid-19 Economic Realities Sinking in as Denialism Wanes, Desperation Rises

Perhaps it was last week’s continuation of bad unemployment figures combined with the recognition that PPP employment-maintenance requires were rolling off and more layoffs are likely. Maybe it was Delta saying it was cancelling half the flights it had planned to add in August. Maybe it’s the severity of the coronavirus surges. Who knows what […]

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While EU Leaders Squabble, The Elephant in the Room Remains Unnoticed

Yves here. Coronavirus is testing all of our formal and informal systems, and too many are being found wanting. One is the EU. Even though EU nations as a whole did a vastly better job of getting on top of coronavirus than the US and UK, despite Italy being an early train wreck, the EU […]

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Introducing *An Economic Program for American Democracy*

Yves here. We’re pleased to be presenting a post from a new site, RGK, which stands for “Reviving Growth Keynesianism”. It’s mission, as its proprietor Nicholas Johnson, explains, is to “republish and circulate old-school, left-Keynesian ideas.” One of its inaugural offerings is reissuing a 1938 Harvard-Tufts manifesto, An Economic Program for American Democracy. The post […]

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The European Union’s Fateful Choices for Recovery – An Italian Perspective

Yves here. This article gives a very helpful, high level summary of what European, and particularly Italian, economists have learned since the 2008 crisis yet have not put sufficiently into practice. While they have found out that austerity, particularly in recessionary/depressionary times, makes debt to GDP ratios worse, they have only partly recanted their old […]

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Coronavirus Shows the Dangers of Letting Market Forces Govern Health and Social Care

By Marianna Fotaki, Network Fellow, Edmond J Safra Center for Ethics, Harvard University and Professor of Business Ethics, Warwick Business School, University of Warwick and  Kate Kenny, Professor in Business and Society, National University of Ireland Galway. Originally published at The Conversation. In March, 10,000 NHS staff signed a letter to UK prime minister Boris Johnson demanding […]

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COVID-19 Mistakes to Avoid: Don’t Conflate Contact Tracing with Contact Tracing By App

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. One depressing aspect of the COVID-19 pandemic is to see two of the usual suspects – Big Tech and Big Pharma – trying to distort what we hear, learn, and understand about […]

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Save the Tiger, Shift to other Big Cats: Illegal Wildlife Trafficking and the Rise in Zoonotic Diseases

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. The worldwide shortage of tiger parts has not been good for other endangered big cats, as illegal wildlife traffickers have shifted to substitute body parts from jaguars, clouded and snow leopards, and […]

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Financialization: Tackling the Other Virus

By Jomo Kwame Sundaram, a former economics professor, who was United Nations Assistant Secretary-General for Economic Development, and received the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought and Michael Lim Mah Hui. Originally published at the Inter Press Service The 1971 Bretton Woods (BW) system collapse opened the way for financial globalization and […]

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Wolf Richter: The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas

Jerri-Lynn here. For more detail on the carnage in the oil and gas sector, see also the NY Times front page story I linked to today, Fracking Firms Fail, Rewarding Executives and Raising Climate Fears.  We’ve been tracking this bust in crossposts, and have featured the excellent series at DesmogBlog on fracking’s follies. The day […]

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