This Republican mayor has an incredibly simple idea to help the homeless. And it seems to be working.

This Republican mayor has an incredibly simple idea to help the homeless. And it seems to be working.

Republican Mayor Richard Berry was driving around Albuquerque last year when he saw a man on a street corner holding a sign that read: “Want a Job. Anything Helps.”

Throughout his administration, as part of a push to connect the homeless population to services, Berry had taken to driving through the city to talk to panhandlers about their lives. His city’s poorest residents told him they didn’t want to be on the streets begging for money, but they didn’t know where else to go.

Seeing that sign gave Berry an idea. Instead of asking them, many of whom feel dispirited, to go out looking for work, the city could bring the work to them.

Next month will be the first anniversary of Albuquerque’s There’s a Better Way program, which hires panhandlers for day jobs beautifying the city. In partnership with a local nonprofit that serves the homeless population, a van is dispatched around the city to pick up panhandlers who are interested in working. The job pays $9 an hour, which is above minimum wage, and provides a lunch. At the end of the shift, the participants are offered overnight shelter as needed……

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ANTI-EU CRACKDOWN: MEP demands dictatorial BAN on countries opting out of EU rules

ANTI-EU CRACKDOWN: MEP demands dictatorial BAN on countries opting out of EU rules

In a controversial intervention former Belgian prime minister and eurocrat Guy Verhofstadt called for EU leaders to ban countries from being able to opt out of unpopular measures like the Schengen zone and the Euro.

Bizarrely the MEP, who leads the main liberal party in the European Parliament, believes that the rise of euroscepticisim across the continent is actually a sign that people want more diktats from Brussels….

Minu meelest võiks Keskerakonnalt ja Reformierakonnalt küsida, et kuidas nad suhtuvad enda fraktsiooni juhti Europarlamendis. Kui negatiivselt, siis kas nad on midagi selleks teinud, et uus ja parem juht valida ALDE fraktsioonile? Või on see täiesti mõttetu teema, sest ei ALDE juhist ega meie saadikutest seal ei sõltu midagi? Milline on nende seisukoht? Mina olen näinud sellist pilti Europarlamendist, kus Guy Verhofstadt klähvib liikmesriigi esindajaga, et miks te rohkem Euroopal otsustada ei taha lasta ning saalis on vaikivad muiged. Mis klubi see on seal selline, kel valijatega side puudub ja kes sisuliselt midagi ei tee?

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Marx toetas vaba kaubavahetust

On the Question of Free Trade

….But, in general, the protective system of our day is conservative, while the free trade system is destructive. It breaks up old nationalities and pushes the antagonism of the proletariat and the bourgeoisie to the extreme point. In a word, the free trade system hastens the social revolution. It is in this revolutionary sense alone, gentlemen, that I vote in favor of free trade.

 

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Keynes, Lerner and the Question of Public Debt

Keynes, Lerner and the Question of Public Debt

[Interviewer:] It’s interesting. Alvin Hansen has a totally different memory of an encounter of Keynes and Lerner; Hansen remembers Abba saying at one point, ‘Why don’t you forget all this stuff like deficit finance and everything, and just print money?’ After he looked around and saw that no reporters were there, Keynes said, ‘It’s the art of statesmanship to tell lies, but they must be plausible lies.’ (CL: 202)

 

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EL-i meelsusest

EL-s valitseb praegu niisugune meeleolu, et reeglite rikkumise eest ei taheta karistada ja püütakse EL-i sundust vältida. Seda sellepärast, et EL-i vastased meeleolud ei kasvaks ja euroskeptilised parteid poliitikas ei võidaks.

government fiscal balanceMaastrichti kriteeriumid pole väärt paberit, millele nad kirjutatud on. Nii ütlevad paljud, sest reegleid rikkunud riigid jäid karistuseta.

Siin on üks artikkel eurofiililt ja globaliseerumise pooldajalt:

Three Paths to European Disintegration

Autor peab reeglite eiramist ohtlikuks ja võimalikult lagunemisele viivaks, kuid arvab, et EL peaks vähem tegema ja rohkem präänikut pakkuma.

Worse, the Commission has turned a blind eye to Hungary’s illiberal prime minister, Viktor Orbán, despite his government’s repeated flouting of EU requirements concerning the rule of law and democratic norms. The governments of Hungary and other countries also refuse to comply with the EU’s program to relocate refugees across the Union, which in any case has scarcely been implemented; Orbán is holding a referendum in October to bolster his position.

Ja Ungari ei ole euroskeptiline riik nagu Prantsusmaa näiteks on (Ida Euroopa riikide seas vast peaks Ungari lugema euroskeptiliseks ikka).

Even when populist parties don’t win, establishment politicians still make concessions to their supporters. For example, Alain Juppé, the presidential frontrunner for the Republicans in France, muses about limiting labor mobility in the EU, as does his main rival, former President Nicolas Sarkozy.

To counter these forces of disintegration, the EU must do less and do it better. Economically, plans for new institutions can wait; the eurozone should focus instead on policies to raise living standards for all. These should include looser fiscal constraints; more investment; an end to beggar-thy-neighbor wage cuts; and lower taxes on labor.

Ma küll ei usu, et selline liit kesta saaks eriti kaua, kus reegleid ja kokkuleppeid suvaliselt täita võib. Samas tundub enamus EL-i pooldajatest olevat seda meelt, et praegu ei ole aeg reeglites näpuga järje ajamiseks. Ehk püütakse halva mängu juures head nägu teha ja loodetakse, et homne toob paremat. Seda, et fundamentaalselt midagi valesti oleks, ei tunnistata. Võib olla ka ei taheta tunnistada, sest väga raske oleks praegu midagi fundamentaalselt muuta selles osas. Bill Mitchell on kõige tabavamalt öelnud selle kohta: Groupthink and Denial on a Grand Scale

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ECB QE on läbi kukkunud

ECB võlakirjade ostuprogramm ei ole inflatsiooniootusi tõstnud:

inflation expectations euro 5y5yTavaliselt peavool räägibki, et keskpanga monetaarpoliitikaga juhitakse inflatsiooniootusi ja läbi selle inflatsiooni, kui neilt küsida, et kuidas täpselt peaks kvantitatiivne lõdvendamine inflatsiooni kiirendama. Selle järgi võiks öelda, et ECB programm on läbi kukkunud.

 

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The strange death of liberal politics

by John Gray

The strange death of liberal politics

The world is changing in ways the British left cannot comprehend.

As it is being used today, “populism” is a term of abuse applied by establishment thinkers to people whose lives they have not troubled to understand. A revolt of the masses is under way, but it is one in which those who have shaped policies over the past twenty years are more remote from reality than the ordinary men and women at whom they like to sneer. The interaction of a dysfunctional single currency and destructive austerity policies with the financial crisis has left most of Europe economically stagnant and parts of it blighted with unemployment on a scale unknown since the Thirties.

 

Free movement of labour between countries with vastly different wage levels, working conditions and welfare benefits is a systemic threat to the job opportunities and living standards of Labour’s core supporters. Labour cannot admit this, because that would mean the EU is structured to make social democracy impossible. This used to be understood, not only on Labour’s Bennite left but also by Keynesian centrists such as Peter Shore and, more recently, Austin Mitchell. Today the fact goes almost unnoticed, except by those who have to suffer the consequences.

Võib olla oleks John Gray pidanud kirjutama “neoliberal politics”? Mulle endale tundus juba mõnda aega tagasi, et neoliberaalse poliitika lõhkumisega ei saa hakkama liberaalid laiemalt ja vasakliberaalid kitsamalt. Seda teevad konservatiivid. Vabakaubandusest loobumine ja inimeste vabast liikumisest (mõeldud on siin töötamist, kus tänu rahvusvahelistele lepetele pole rahvusriigi parlamendil sõnaõigust selles osas) loobumine saavad olla ju konservatiivsed ideed. Ma küll ei usu, et tänased liberaalid EL-i kontekstis sellele alla kirjutaksid. John Gray näeb seda problemaatilisena töökohtadele ja elustandardile. Ta on üks vähestest, kes sellest räägib. Peavoolu poliitikute jaoks pole mingit küsimust või probleemi üldse ja tema arvates saavad selle vastu olla ksenofoobid või muidu napakad.

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Britain’s decision to vote to leave the European Union was the…

Right decision: 46%

Wrong decision: 42%

(via YouGov)

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Way to go Donald

Donald Trump Proposes to Double Hillary Clinton’s Spending on Infrastructure

Donald J. Trump took a step to Hillary Clinton’s left on Tuesday, saying that he would like to spend at least twice as much as his Democratic opponent has proposed to invest in new infrastructure as part of his plan to stimulate the United States’ economy.

The idea takes a page out of the progressive playbook and is another indication that the Republican presidential nominee is prepared to break with the fiscal conservatism that his party has evangelized over the past eight years……

Trump Says He’ll Spend More Than $500 Billion on Infrastructure

Donald Trump on Tuesday proposed a plan to rebuild U.S. infrastructure that costs “at least double” the amount that Hillary Clinton has floated, in what would amount to a massive new government program.

Asked on Fox Business Network how much he’d spend, the Republican presidential nominee said, “Well, I would say at least double her numbers, and you’re going to really need more than that. We have bridges that are falling down. I don’t know if you’ve seen the warning charts, but we have many, many bridges that are in danger of falling.”…

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Trump kavatseb defitsiitselt kulutada

The New York Times

Clinton? Trump? Either Way, Count on Deficit Spending to Rise

…Mr. Trump himself said in a telephone interview last week that he believed more borrowing and spending would help lift economic growth, a departure from traditional Republican economics.
“It’s called priming the pump,” Mr. Trump said. “Sometimes you have to do that a little bit to get things going. We have no choice — otherwise, we are going to die on the vine.”

He added: “The economy would be crushed under Hillary. But no matter who it is, the debt is going up.”….

Trump on majanduses kaugel traditsioonilistest vabariiklaste dogmadest ja tahab defitsiitselt kulutada.

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IN DEFENCE OF BORDERS

by Spiked

IN DEFENCE OF BORDERS

The Hungarian government has scheduled a referendum for October on the following question: ‘Do you want the European Union to have the authority to mandate the relocation of non-Hungarian citizens to Hungary?’

Unsurprisingly, many Western observers are content to see this referendum as yet more proof of prime minister Viktor Orbán’s xenophobia, and the Hungarian people’s inability to be civilised members of the ‘European family’. It’s an easy position to take, but it’s underwritten by arguably the last acceptable form of racism among the liberal-left: the denigration of Eastern Europeans. Indeed, it is this all-too-palpable anti-eastern sentiment on the part of the EU’s leaders that drives many Hungarians to support Orbán.

Still, the referendum addresses a question of crucial importance: where does the sovereignty of the Hungarian nation end and that of the EU begin?…

…There are many aspects of national life that the EU does not believe are in its jurisdiction. So if it does not think it should set the level of unemployment benefit for Hungarian citizens, then why should it be able to decide who can claim that benefit by relocating people within Hungary?

Despite the urgency of the question of borders, it is something we seldom talk about on the so-called left. Yet border controls, if constructed humanely, are not contrary to the rights of refugees. They guarantee people’s safety and their entitlement to the support of the welfare state. The Hungarian government may have built a fence in a matter of weeks, and it may now be calling a referendum on the issue of Hungarian sovereignty, but its interest in borders is opportunistic. It spent years cutting border-control costs, and has little real interest in human rights or good governance.

Borders are moral. They are the basis of the welfare state and representative democracy. Denying some people entry should not be based on security grounds; it should be based on the democratic will of the people, and their right to make decisions about how many people the nation allows entry to. In order to counter the poisonous idea that every person born outside Europe is a potential terrorist,  we need to be able to face up to a truth: the human right for a person to live wherever they wish is non-existent.

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If You Disagree With This Harvard Economist You May Be Stupid And A Racist

by ZeroHedge

If You Disagree With This Harvard Economist You May Be Stupid And A Racist

Shocked by the inexplicable realization that Americans are stubbornly unwilling to bow down and blindly accept the political and economic views of the educated elites in this country, Harvard Professor Gregory Mankiwrecently took to the New York Times to pen an op-ed where he concluded that the only possible reason for the lack of conformity to his point of view is the stupidity and racism of the electorate…..

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Employer of Last Resort: a Completely American Solution to Unemployment

by DAVID L. GLOTZER

Employer of Last Resort: a Completely American Solution to Unemployment

….In December of 2014, well before his decision to run for President, Bernie Sanders appointed Stephanie Kelton to be the Chief Economist for the Democrats on the Senate Budget Committee. Dr. Kelton is a Research scholar at the Levy Economics Institute of Bard College, the founder and Editor in Chief of one of the world’s most prescient economics blogs New Economic Perspectives and an Associate Professor at the University of Kansas City Missouri. She is also one of the leading proponents of a federally funded ELR.

As one of the world’s most prominent experts in the field of Modern Monetary Theory (MMT) she is fully aware of the policy options available to a sovereign country which issues its own free floating currency. That is a country like the United States which issues money in its own unit of account- the Dollar- and does not tie the value of the currency to any commodities like gold or to foreign currencies through a peg (like the Chinese do with the Renminbi).

Dr. Kelton was also among a select few to predict the Eurozone financial crisis and to explain why the currency zone has been impotent in its ability to adequately deal with the ongoing economic crisis. She predicted that Quantitative Easing would not cause general price inflation and would be inadequate to get the U.S. economy back to full employment, the meaninglessness of the downgrade of U.S. treasuries by S&P, and that deficits caused by the 2008 financial crisis would not cause a rise in the interest rates of U.S. Federal debt.

The United States Federal Government as the sovereign and only issuer of the dollar is, like all nations, subject to fiscal policy constraints, just not the one that makes most politicians scream bloody Mary for the sake of their grandchildren. Financing is not an obstruction to enacting policy, in fact, money is created every time the Federal Government spends above the amount it taxes from the public.

The Federal Debt and Deficit are accounting entities with the Federal debt being equal to the net financial savings of the non-government sectors and the debt or surplus being equal to the net change in those savings.

Instead real resources such as labor, capital, natural resources, along with technology, imagination, and the laws of thermodynamics place constraints on the amount of money that can or should be created in order to move resources in order accomplish the public purpose, whatever that may be……

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Trump ähvardab WTO-st lahkumisega

Muidugi resoneerib selline jutt töölisklassi hulgas, et kui õhukonditsioneeride tootja sulgeb oma tootmise USA-s, viib selle Mehhikosse ja tuleb konditsioneere müüma USA turule, siis tuleb teda maksustada. Kui tõele otsa vaadata, siis õhukonditsioneeride tootja ei viinud oma tootmist Mehhikosse põhjustel, et ta armastab mehhiklasi või sealset kultuuri. Kui (neo)liberaalidel on moraalseid argumente, mis õigustaksid seda, siis oleksime neid juba kuulnud. Ma ei näe küll, et Trump rassist oleks sellepärast, et niisugusele asjale tähelepanu juhib.

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Välismaistele veokijuhtidele peab Prantsusmaal maksma ligi kümme eurot tunnis

Ma loodan, et sa mõistad mind. Kapitali, tööjõu ning kaupade ja teenuste vaba liikumine on oma olemuselt neoliberaalne idee, mis ei jäta mingit võimalust liikmesriikide valitsustele enda inimesi globaalse neoliberalismi leviku eest kaitsta. Kuidas oleks Poola autojuhid töötamas Prantsusmaal 3 eurot tunnis? Mul on üks isiklik tuttav veautojuht rahvusvahelistel vedudel, kes teenib kopikaid.

Välismaistele veokijuhtidele peab Prantsusmaal maksma ligi kümme eurot tunnis

…Lisaks miinimumpalga nõudele ootab välismaiseid vedajaid ka hulk formaalsusi, sealhulgas peavad ettevõtted määrama endale Prantsusmaal kohaliku esindaja, kui nad soovivad riigis kaupu vedada. Uued reeglid kehtivad kõigile vedajaile, kelle veod algavad või lõpevad Prantsusmaal.

Selleks, et juhid saaksid tõestada, et neile makstakse miinimumpalka, peavad nad omama lähetustõendit. Kahes eksemplaris lähetustõendi peab täitma iga juhi kohta, kes ületab Prantsusmaa piiri ning kes on seotud kabotaažiga (veoteenused ühe lepinguosalise territooriumil vedaja poolt, kes ei ole selles riigis registreeritud – toim). Nõudest on vabastatud on ainult transiitveod.

«Üks lähetustõendi eksemplar peab autojuhil alati kaasas olema. Teine eksemplar (füüsiline või digitaalne) peab olema hoiul Prantsusmaa volitatud esindajal ja ettevõttes, kes on autojuhi palganud. Lisaks peab juhil kaasas olema koopia oma töölepingust ning tõend töötasu maksmise kohta,» selgitas pressiteates logistika- ja veoteenuste pakkuja DKV Euro Service. Firma sõnul aitavad nad oma klientidel täita vajalikud dokumendid ning määravad volitatud esindaja.

Kuigi vedajad peavad uute nõuetega kindlasti arvestama, ei ole Euroopa Komisjon Prantsuse seadusega leppinud. 16. juunil algatas komisjon Prantsusmaa vastu menetluse, sest seadus olevat vastuolus kaupade ja teenuste vaba liikumise ehk Euroopa Liidu (EL) põhiväärtustega, vahendas Reuters.

Prantslaste regulatsiooni on kriitiliselt suhtunud ka Ida-Euroopa riigid, sest nende transpordifirmad ei suuda Prantsusmaaga palkade osas konkureerida, mistõttu nähakse viimase tegevuses õigustamata tõkete püstitamist transpordiäris…

Praegune set up Euroopas toetab võidujooksu põhja. Massiliselt on loodud vahendusfirmasid, mis tegelevad odava tööjõu rentimisega Ida-Euroopast rikastesse riikidesse. Paljud neist on paberil näiteks täiesti tavalised ehitus- või koristusfirmad, kuid nende tegevuse sisu on odava tööjõu rent.

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Poliitikud Euroopas

Loen siin uuesti seda Rahvuslusejärgse Euroopa moodustamise manifest

…See ongi tänase kriisi põhiolemus: ühisraha on vastuolus jätkuva rahvusriikide eksisteerimisega nende tänases vormis. Järelikult, peame kas looma Euroopa föderaalriigi ja rahvuslusejärgne Euroopa sünnibki, või jätkame vanamoodi ja ühisraha kaob olematusse….

Ma olen sellega nõus ja ei maksa arvata, et poliitikud Euroopas lollid oleksid ning tõsimeeli arvaksid, et kriis on põhjustatud üle enda võimete elamisest. Mitte sinnapoolegi:

Kuid see kõik ei jõua lähedalegi, miks euro on uppumas nii sügavates vetes. Ameerika Ühendriikidel on eelarvedefitsiit, mis on veidi kõrgem kui euroriikidel, kuid sel pole vähimatki mõju dollari väärtusele. Jaapani võlg on kõrgeim maailmas, siiski ei kahtle keegi jeeni tugevuses. Enamgi veel, jaapanlased tasuvad täna kõige madalamat intressi, ehkki neil on maailma kõrgeim avaliku sektori puudujääk. Kuidas seda seletada? Vastus on, et nii dollari kui jeeni taga seisab üks soliidne võim, üks valitsus ja üks administratsioon. Mitte keegi ei kahtle USA või Jaapani valitsuse võimes genereerida vajalikku sissetulekut ning maksta intressi.

Seega ei usuta Euroopa poliitilises ladvikus, et kriis, majandusstagnatsioon ja massiline tööpuudus Euroopas oleks põhjustatud mingisuguse üle enda võimete elamise poolt või midagi jätkusuutmatut oleks eurofinantsides. Pigem tuleb järeldada, et see on nende arvates väike hind maksta võrreldes sellega, kui suured on nende unistused ja mis nende arvates kaalul on. Üle enda võimete elamisesse usuvad mõned väikesed kalad ajakirjanduses ja ka kohalikus poliitikas. Föderalistid kardavad globaliseerumise mõju rahvusriikidega Euroopale selles mõttes, et nende arvates koloniseeritakse siis Euroopa majanduslikult ning meie väärtused või nn “euroopalikud väärtused” kaovad siis. Rahvuslik iseseisvus on nende arvates illusioon naiivikutele. Seega pole see juhuslik, et rahvuslikust demokraatiast teerulliga üle armastatakse sõita Euroopas. Ilus ei ole sellest lihtsalt avalikult rääkida.

Sest mõtteviis, et vaid rahvusriik suudab tänases maailmas valvata kodanike ning ettevõtete majanduslikke ja rahanduslikke huve, on puhas rumalus. Umbes kahekümne aasta pärast ei mõjuta maailma asju mitte ükski Euroopa riik. Rikkaimate riikide klubi G8 hakkab koosnema USAst, Hiinast, Indiast, Jaapanist, Brasiiliast, Venemaast, Mehhikost ja Indoneesiast. Mitte ükski Euroopa riik, isegi mitte Saksamaa, ei kuulu enam G8sse. Kuid täna on ühendatud Euroopa kõige võimsam ja jõukam kontinent maailmas ning võiks seda olla ka tulevikus. Isegi Ameerikast jõukam, võimsam, kui uued impeeriumid kokku.

Guy Verhofstadt on ALDE fraktsiooni liider. Oleks raske seletada seda, et meie eurosaadikud teda ei toeta. Nad oleksid võinud siis oma rahulolematust kuidagi väljendada selles suhtes. Tegelikult tunduvad nad kõik toetavat seda ideed. Mõned võtavad seda tõenäoliselt lihtsalt paratamatusena, see ei muudaks midagi ja meil pole mingit võimalust ilma Euroopata. Küll aga ma eriti ei kahtle, et enamus on põhimõtteliselt Verhofstadt’iga nõus(ALDE). Ei mingit diskussiooni sellest kodus? See näitab kui mõttetud Kongresside Palee delegaadid nad tegelikult on ja kui kaugel nad kodupublikust on.

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Whenever Moody’s Fitch or S&P downgrade the credit of a sovereign currency issuing nation I buy their bonds and currencies and make money.

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“We will be witnesses to EU’s disintegration”

“We will be witnesses to EU’s disintegration”

– I am convinced that we will be eyewitnesses to the disintegration of the EU as a political creation. What will follow is THE liberation of countries from this alliance, for which a project existed in the U.S. as far back as in 1950, with the goal of controlling Europe. Today, the EU is like a monster on behalf of which nameless bureaucrats are deciding on all aspects of our lives, from one minute to the next. Charles de Gaulle had a far better concept – nation-states cooperating, negotiating on common issues, but remaining sovereign in every aspect. Italy is a ripe candidate to leave the EU, as is Hungary, and soon maybe even France if Le Pen gets greater support. Then everything will unravel very quickly. The reaction against Brussels has just begun. Euro the currency is a complete failure. The economy in Europe is being destroyed on behalf of several major international banks, some of which are on Wall Street. It is up to citizens of Europe to decide what their future will be.

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Professor Steve Keen explains why austerity economics is naive

In an exclusive interview with Every Investor, Professor Steve Keen from Kingston University has warned that politicians who promote austerity economics are naïve.

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Ajad on muutumas

Tavaliselt, kui ma olen rääkinud IMF-i, EKP ja Komisjoni anarhiast, tegevusetusest ja reaalsuse eitamisest kellelegi, siis ta vaatab mind umbes sellise näoga, et aga neil on tohutu ajutrust, et kuidas saaks olla, et nad kõik eksivad.

Telegraph Finance

By Ambrose Evans-Pritchard

IMF admits disastrous love affair with the euro, apologises for the immolation of Greece

…..“Many documents were prepared outside the regular established channels; written documentation on some sensitive matters could not be located. The IEO in some instances has not been able to determine who made certain decisions or what information was available, nor has it been able to assess the relative roles of management and staff,” it said.

The report said the whole approach to the eurozone was characterised by “groupthink” and intellectual capture. They had no fall-back plans on how to tackle a systemic crisis in the eurozone – or how to deal with the politics of a multinational currency union – because they had ruled out any possibility that it could happen.

“Before the launch of the euro, the IMF’s public statements tended to emphasize the advantages of the common currency, “ it said. Some staff members warned that the design of the euro was fundamentally flawed but they were overruled.

“After a heated internal debate, the view supportive of what was perceived to be Europe’s political project ultimately prevailed,” it said.

This pro-EMU bias continued to corrupt their thinking for years. “The IMF remained upbeat about the soundness of the European banking system and the quality of banking supervision in euro area countries until after the start of the global financial crisis in mid-2007. This lapse was largely due to the IMF’s readiness to take the reassurances of national and euro area authorities at face value,” it said…..

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Koo tõestab, et ta on peavoolu monetarist

Mäletad küll veel Richard Koo’d. ajas mõistlikku juttu omal ajal Hiina ja Jaapani defitsiitide kohta, kuid demonstreeris hiljem, et ta on nut case. Nüüd Zero Hedge on avaldanud tema juttu:

Richard Koo: If Helicopter Money Succeeds, It Will Lead To 1,500% Inflation

Eventually the private sector will complete its balance sheet repairs and resume borrowing. When that happens, inflation can quickly spiral out of control unless the central bank drains the liquidity it pumped into the market under quantitative easing or helicopter money. For example, excess reserves created by the Fed currently amount to some 15 times the level of statutory reserves.  

 

That implies that if businesses and households were to resume borrowing in earnest, the US money supply could balloon to 15 times its current size, sending inflation as high as 1,500%. The corresponding ratios are 28 times for Japan and Switzerland, five times for the eurozone, and 11 times for the UK.

 

Once private-sector demand for loans recovers in these countries, confidence in the dollar, euro, and yen will plummet unless the Fed reduces excess reserves to one-fifteenth of their current level, the ECB to one-fifth, and the Bank of Japan to one-twenty-eighth.

Ükski postkeinsist ja MMT-lane ei ole nõus Koo’ga. Reservide kogus kujutab endast null riski inflatsioonile. See ei tähenda, et inflatsiooni risk oleks null, aga kommertspankade nõutud reservide kogusest suurem reservide kogus kujutab endast null riski inflatsioonile. Zero, nada.

Koo pidi kuidagi kobatama omal ajal, sellepärast temast palju räägitigi.

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  1. During the crisis the Fed loaned billions to private banks at about zero percent.

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Brexit: EU considers migration ‘emergency brake’ for UK for up to seven years

this is great britain

Brexit: EU considers migration ‘emergency brake’ for UK for up to seven years

Plans to allow the United Kingdom an exemption from EU rules on freedom of movement for up to seven years while retaining access to the single market are being considered in European capitals as part of a potential deal on Brexit.

Senior British and EU sources have confirmed that despite strong initial resistance from French president François Hollande in talks with prime minister Theresa May last week, the idea of an emergency brake on the free movement of people that would go far further than the one David Cameron negotiated before the Brexit referendum is being examined.

If such an agreement were struck, and a strict time limit imposed, diplomats believe it could go a long way towards addressing concerns of the British people over immigration from EU states, while allowing the UK full trade access to the European market…..

Et niisugune asi minu meelest pole rahvusriigi huvides, et piirid on lahti ja mingisugused välismaised sündmused näiteks võivad tõsiseid probleeme põhjustada sinu slotsiaalhoolekandesüsteemis, tööturul vms.  Kindlasti oleks võimalik asju niiviisi korraldada ka edukalt, et inimesed liikmesriikides saavad vabalt töötada mistahes liikmesriigis, aga praeguse EL-i institutsionaalse korralduse juures tundub see olevat problemaatiline. Tegelikult ei jäta kapitali ja inimeste vaba liikumine praeguse korralduse juures liikmesriikide valitsustele praktikas mitte mingit võimalust oma inimesi kaitsta globaalse neoliberalismi eest. Vali keda tahad, tulemus on sama. Inimesed Suurbritannias väljendasid rahulolematust selles osas, kui Brexiti poolt hääletasid.

Praegu on suured muutused toimumas poliitikas terves maailmas ja kui senisel kursil jätkata, siis luuakse kord, mille muutmise võimalus inimestel täiesti puudub. TTIP näiteks on Obama agendas olnud ja Clinton pooldab seda sajaga. See on oma olemuselt väga sarnane EL-i ideele, kus tehnokraadid järgivad reegleid. “Kas seda saab teha? Ei, me oleme alla kirjutanud sellele leppele. Aga toda? Ei seda keelab see punkt tolles leppes.”.  EL-i demokraatia defitsiit ei ole minu meelest juhuslik. Neoliberaalid arvavad, et nad on moraalselt superioorsed.

Isegi Counterpunch on üles ärganud viimaks:

Political Correctness: Handle with Care

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How the ECB is Officially Above the Law

Naked Capitalism

How the ECB is Officially Above the Law

….The ECB and all of its affiliated national central banks are, by law, above the law of national jurisdictions and answerable only to the European Court of Justice, provided they are fulfilling the functions and responsibilities assigned to them by EU law. This is particularly true in relation to bailouts of Europe’s financial institutions, an issue that is once again on the front pages, as the financial sector of Italy readies itself for a bailout of potentially biblical proportions.

No European institution is as immune from national law as the Luxembourg-based European Stability Mechanism (ESM), which was founded on September 27, 2012, as a permanent facility within the ECB to provide bailouts to countries that are in distress. It currently has an authorized capital limit of €700 billion, though that can be expanded at any time by the board of governors, and individual Eurozone member states are “irrevocably and unconditionally” required to cough up the funds……

 

 

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Groupthink and Denial on a Grand Scale

 

bill mitchell1 bill mitchell2

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