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Index September 2012

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2012-09-01: Brazil’s public workers end strike;
2012-09-02: Poverty: The new growth industry in America;
2012-09-03: Spain’s bad bank to take over toxic loans;
2012-09-04: What Is This Money Thing Anyway?
2012-09-05: Debt Cancellation in Mesopotamia and Egypt from 3000 to 1000 BC;
2012-09-06: Union membership in the US and Canada 1920 – 2009;
2012-09-07: The Myth That Japan Is Broke;
2012-09-08: A Referendum on Europe;
2012-09-09: Calling the China-Russia split by its right name;
2012-09-10: Approving depreciation;
2012-09-11: “We” Don’t Owe $16 Trillion; and You Don’t Owe $50,000;
2012-09-12: Prizes as mechanism to fund innovation: We all lose;
2012-09-13: Regulatory measures to reduce systemic risk are proving to be ineffective, possibly counterproductive;
2012-09-14: Trickle-Down Redux: Myths About Job Creation and the Private Sector;
2012-09-15: KLAUS SCHULZE and LISA GERRARD – LIQUID COINCIDENCE;
2012-09-16: The Real Choice;
2012-09-17: Moody’s shows it has political agenda for U.S. fiscal policy;
2012-09-18: 10 Shocking Quotes About What QE3 Is Going To Do To America;
2012-09-19: Central Banks Versus the People;
2012-09-20: Plan to Avoid More Bailouts: EU Considers Splitting Up Major Banks;
2012-09-21: Labor: The Job Crisis, the Unemployable, and the Fiscal Cliff;
2012-09-22: BIG OLDIES with Andre Rieu;
2012-09-23: All Guinea Pigs: Severe toxic effects of a GMO and of the major herbicide of the world;
2012-09-23: Die kontrollierte Bevölkerungsreduzierung;
2012-09-24: The Drugs Don’t Work;
2012-09-25: Salman Rushdie on Life Under a Fatwa – Part 1;
2012-09-26: Quantitative Easing — A Toxic Stimulant;
2012-09-27: The fallacy of exogenous money – Jens Weidmann edition;
2012-09-28: On Manichean Worldviews and Effecting Change;
2012-09-29: Global systemic crisis – October 2012;
2012-09-30: Pitching how to make more money as the value of the dollar fails.

Pitching how to make more money as the value of the dollar fails

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Published on Intrepid Report, by Jerry Mazza, Sept. 28, 2012;

Recently, one of a series of pitchmen trying to sell their financial products to me proposed Exchange Traded Funds (ETFs) that will make more dollars the more the US dollar goes down in value.

As to the reasons dollars are devaluating, like most economists, Mr. Pitchman neglected to mention the Dracula-like drain on our resources of the U.S. Armed Forces, DOD and Pentagon.  Continue Reading…

Global systemic crisis – October 2012

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The global economy sucked into a black hole and world geopolitics heated to white-hot: The seven key factors of an unprecedented double shock – Published on GlobalEurope Anticipation Bulletin GEAB N°67, September 16, 2012.

As LEAP/E2020 anticipated since the end of 2011, the end of summer 2012 marks the beginning of the revival for Euroland with the emergence of a positive dynamic fed by two lasting phenomena: first, the progressive operational installation of the instruments bitterly discussed and decided upon during the last 18 months and, secondly, the visionary spark brought by the political changes of the last six months which have put Euroland’s medium to long term future back in the middle of the decision-making process.   Continue Reading…

On Manichean Worldviews and Effecting Change

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Published on naked capitalism, by blog owner, SEPTEMBER 27, 2012.

… I’ll discuss an obvious destructive tactic and a more insidious type. Barry and his readers highlighted one I’ve seen in spades of late, which is “tu quoque” or “you too”. The narrow version is “both sides do it,” usually with the added zinger “and where are you in calling out the other side?”. First, this is simple bad faith argumentation. Parents don’t tolerate “everyone does it” from their children, and it is even less acceptable for supposed adults to try that line. Second, almost without exception, we (or the person mentioned in the post) actually have gone after the opposition on whatever the issue in question is. And since this is a blog, not a PhD dissertation. I do not provide footnotes on what I’ve said that might be tangentially relevant to a post. The Web and this blog have search functions. I recommend that readers using them before making accusations.  Continue Reading…

The fallacy of exogenous money – Jens Weidmann edition

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Published on RWER Blog, by Merijn Knibbe, September 25, 2012.

Jens Weidmann, boss of the Bundesbank, held a speech about money. The subject was highly interesting: money and inflation in Goethe’s ‘Faust’. The speech was interesting too – but for the wrong reasons. What’s the matter?

Economic statisticians basically use three different definitions of money:  Continue Reading…

Quantitative Easing — A Toxic Stimulant

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Published on Worker’s Action, by Mark Vorpahl, Sept. 20, 2012.

If foxes are put in charge of rebuilding a chicken coop, it is a given that the chicken’s new quarters will be less than secure. In terms of rebuilding the economy, with the predatory interests of Wall Street dictating the “solutions” proposed by both the Republicans and Democrats, it is a given that their plans will leave workers vulnerable so that big business’s profit-driven appetite can gorge itself … // Continue Reading…

Salman Rushdie on Life Under a Fatwa – Part 1

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I Insist on the Right to Freedom of Expression – Published on Spiegel Online International, a Spiegel-Interview, Sept. 22, 2012 (Photo-Gallery).

For over a decade, author Salman Rushdie had to live in hiding from Muslim extremists intent on assassinating him in accordance with an Iranian fatwa. SPIEGEL spoke with Rushdie about the trying experience and why he has now chosen to write about it in his new memoir … //

… SPIEGEL: Did you know that you would eventually write about it? Or was it a form of self-therapy?

  • Rushdie: I wrote so that I would be able to remember. The events were so powerful, and everything happened so quickly, that I knew that I wouldn’t be able to remember what had happened. In those extremely lonely, isolated days, writing was sometimes the only thing I had left.   Continue Reading…

The Drugs Don’t Work

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How the Medical-Industrial Complex Systematically Suppresses Negative Studies – Published on naked capitalism (first on The Guardian), by Yves Smith, September 23, 2012.

We’ve written a lot about the scientism of mainstream economics, both here and in ECONNED, and how these trappings have let the discipline continue to have a special seat at the policy table despite ample evidence of its failure. As bad as this is, it pales in comparison to the overt corruption of science at work in the drug arena. Although this issue comes to light from time to time, often in the context of litigation, the lay public is largely ignorant of how systematic and pervasive the efforts are to undermine good research practice in order to foist more, expensive, and sometimes dangerous drugs onto patients.   Continue Reading…

Die kontrollierte Bevölkerungsreduzierung

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(Meine Zwischenbemerkung: hier wirkt das leider immer noch geltende, harte Gesetz der natürlichen Selektion … konnte nicht selber denken und entscheiden, war zu dumm zum Ueberleben)!

Video über den Codex Alimentarius, 58.59 min, Uploaded by (war on disinformation / joggler66),
am 21. November 2011 … (noch Beschreibung lesen) …  from World Institute of Natural Health Sciences WINHS (2844 Therapists, 57 Schools), Learn.

All Guinea Pigs: Severe toxic effects of a GMO and of the major herbicide of the world

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Published on CRIIGEN, (also as PDF, September 2012).

For the first time, the health impact of a GMO and a widely used pesticide have been comprehensively assessed * in a long term animal feeding trial of greater duration and with more detailed analyses than any previous studies, by environmental and food agencies, governments, industries or researchers institutes.   Continue Reading…

BIG OLDIES with Andre Rieu

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short videos:

Labor: The Job Crisis, the Unemployable, and the Fiscal Cliff

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Published on Worker’s Action, by Shamus Cooke, Sept. 17, 2012.

With the November elections right around the corner, the millions of unemployed and under-employed have little reason to care. Aside from some sparse rhetoric, neither Democrats nor Republicans have offered a solution to job creation. Most politicians seem purposefully myopic about the jobs crisis, as if a healthy dose of denial might get them through the electoral season unscathed.  Continue Reading…

Plan to Avoid More Bailouts: EU Considers Splitting Up Major Banks

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Published on Spiegel Online International, by Martin Hesse and Christoph Pauly, September 17, 2012 (Photo-Gallery) – (Translated from the German by Christopher Sultan).

EU Commissioner Michel Barnier has asked experts to examine the possibility of splitting up major European banks to avoid future bailouts at taxpayers’ expense. But even less radical intervention in the banking sector could have drastic consequences for the industry, and its powerful lobby is resisting any such change … // Continue Reading…

Central Banks Versus the People

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Published on Macro Business.com.au, by Delusional Economics in Economics, September 18, 2012. (See also G. Edward Griffin’s videos on HBB’s Blog, and 10 Shocking Quotes About What QE3 Is Going To Do To America).

As you are surely aware by now, the US Federal Reserve has announced a new round of quantitative easing which like the ECB’s outright monetary transactions (OMT) is a new program of large scale asset purchases by a central bank. I thought I’d spend a bit of time today talking about these programs because once again I have noticed some large misconceptions in the media about what these operations are, and more importantly, what the likely outcome of them is.  Continue Reading…

10 Shocking Quotes About What QE3 Is Going To Do To America

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Published on Activist Post, by Michael Snyder, September 15, 2012.

Ready or not, QE3 is here, and the long-term effects of this reckless money printing by the Federal Reserve are going to be absolutely nightmarish. The Federal Reserve is hoping that buying $40 billion worth of mortgage-backed securities per month will spur more lending and more economic activity. But that didn’t happen with either QE1 or QE2. Both times the banks just sat on most of the extra money.  Continue Reading…

Moody’s shows it has political agenda for U.S. fiscal policy

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Published on Real-World Economics Review Blog (first on The Guardian), by Mark Weisbrot, Sept. 16, 2012.

Moody’s threat Wednesday to downgrade the U.S. government’s credit rating says a whole lot more about the credit rating agency than it does about the U.S. debt situation. It is really a way of telling the world that Moody’s is making a political statement, rather than an assessment of risk for investors who want actual information about U.S. Treasury securities. This is really an embarrassment for Moody’s – since they are supposed to be evaluating risk — although most of the media didn’t seem to notice.  Continue Reading…

The Real Choice

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A Response to Wandra Ashley-Williams – Published on ZNet, by Paul Street, September 12, 2012.

… It Became Clear That Our Political System Failed:

More than merely a “blunt lesson about power,”[11] the Obama administration has been a veritable seminar in who actually governs the country beneath and beyond staggered, mass-marketed and candidate-centered election spectacles and on the futility of seeking progressive change through the dominant electoral and major party modes.  The real rulers, the Obama experience taught, were the rich and powerful Few, those whom Occupy Wall Street so famously designated as “the 1%” last year around this time. That’s no small part of how and why Occupy happened when it did, as the Nobel Prize-winning economist Joseph Stiglitz notes:  Continue Reading…

Klaus Schulze and Lisa Gerrard – LIQUID COINCIDENCE

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uploaded on YouTube by DeNomadInfinite, February – March 2012:

part 1, 22.10 min, part 2, 31.02 min, part 3, 25.54 min, part 4, 18.27 min, part 5, 18.55 min, part 6, 21.01 min, part 7, 13.40 min.

(softly balancing the soul)

Trickle-Down Redux: Myths About Job Creation and the Private Sector

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Published on Counterpunch, by MARK VORPAHL, Sept. 12, 2012.

The issue of unemployment and underemployment loomed above the hype of both the Republican and Democratic Party conventions with the cold stare of a harsh judge. Many promises and dubious claims were made from the respective party podiums, but no real solutions were put forward.   Continue Reading…

Regulatory measures to reduce systemic risk are proving to be ineffective, possibly counterproductive

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What a Surprise – Published on naked capitalism, by Yves Smith, September 12, 2012.

In an perverse case of synchronicity, one headline last night touted regulatory efforts to address systemic risk as another highlighted bank efforts to increase it. And the ongoing efforts of banks to expand risk creation is no accident. As Andrew Haldane of the Bank of England has pointed out, the payoffs to bank employees are like an option: they have capped downside (annual paydays and no clawbacks) and considerable upside.  Continue Reading…

Prizes as mechanism to fund innovation: We all lose

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Published on RWER Blog, by Dean Baker, Sept. 8, 2012.

There has been increased interest in prize funds as a way to finance innovation in recent years, especially in the pharmaceutical industry. While a prize fund is preferable to the current patent system, which is also a type of prize system, it is far from an optimal way to finance research.   Continue Reading…

“We” Don’t Owe $16 Trillion; and You Don’t Owe $50,000

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Published on CORRENTE, by letsgetitdone (Joe Firestone, Managing Director and CEO of KMCI), Sept. 5, 2012.

Just saw John Sununu, one of Republicans favorite Bushie junk yard attack dogs all up in arms about the debt subject to the limit (the so-called national debt) reaching $16 Trillion dollars, and going on to tell people that every man, woman, and child in the United States now owes $50,000 to pay that debt off. Now, I’m here to tell you that all that is bull shit.   Continue Reading…

Approving depreciation

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The pound is heading south and for the first time in years the Central Bank is not cushioning the fall – Published on Al-Ahram weekly online, by Nesma Nowar (Additional reporting: Sherine Abdel-Razek), 6 – 12 September 2012.

At the start of the week, the dollar was sold at LE6.1, the lowest in seven years. The recent decline continues a trend that stripped the local currency of 5.5 per cent of its value since the toppling of ousted president Hosni Mubarak’s regime in January 2012. Continue Reading…

Calling the China-Russia split by its right name

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Published on Voltairenet.org, by Melkulangara K. Bhadrakumar, SEPTEMBER 4, 2012.

As China and Vietnam lurch increasingly towards crisis, Beijing is not amused at the Kremlin’s refusal to reciprocate over the United States’ “pivot” in the Asia-Pacific, especially since returns from its diplomatic support for Moscow’s embattled ally in Damascus are expected. The symbolism of Russia hosting the Vietnamese president and the Japanese foreign minister in quick succession in July was not lost on China either. Detecting a chill descending on Sino-Russian relations, Ambassador Bhadrakumar throws light on the situation … // Continue Reading…

A Referendum on Europe

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It’s Time to Ask the People What They Think – Published on Spiegel Online International, by by Dirk Kurbjuweit, Sept. 6, 2012 (Photo GalleryTranslated from the German by Paul Cohen).

  • The Germany democratic system has suffered as a result of the euro crisis, but it has also made fighting the crisis harder. Now it’s time to hold a referendum on European integration. Only then will Berlin have the democratic legitimacy it needs to take effective action.   Continue Reading…

The Myth That Japan Is Broke

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The World’s Largest Debtor Is Now the World’s Largest Creditor – Published on Global Research.ca, by Dr. Ellen Brown, September 05, 2012.

Japan’s massive government debt conceals massive benefits for the Japanese people, with lessons for the U.S. debt crisis.

In an April 2012 article in Forbes titled “If Japan Is Broke, How Is It Bailing Out Europe?”, Eamonn Fingleton pointed out the Japanese government was by far the largest single non-eurozone contributor to the latest Euro rescue effort.   Continue Reading…

Union membership in the US and Canada 1920 – 2009

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Lessons from Canada: with 2 graphics – Published on Real-World Economics Review Blog, by John Schmitt, September 5, 2012.

My CEPR colleague, Kris Warner, has a new paper on what we can learn about labor law here in the United States from the experience of our neighbors in Canada. The whole paper is worth a read, but I particularly like two of the graphs.

The first shows that Canada and the United States were on a very similar unionization path from about 1920 through the 1960s. At that point, unionization rates in the two countries diverged sharply … // Continue Reading…

Debt Cancellation in Mesopotamia and Egypt from 3000 to 1000 BC

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Published on Global Research.ca, by Eric Toussaint, September 04, 2012.

We must pierce the smoke-screen of creditors and re-establish the historical truth. Repeated and generalised debt cancellation has occurred throughout history … //

… The limits of debt cancellation:

  • In Mesopotamia, during the Bronze Age, debt-slaves were freed, unlike other types of slave such as those seized at war.
  • Nevertheless, this debt cancellation must not be presented as if it were a form of social emancipation. It was merely a way of restoring the pre-existing social order, which was rife with forms of oppression. Continue Reading…

What Is This Money Thing Anyway?

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Published on Macrobusiness,  Sept. 1, 2012.

One of the consequences of economics pretending to be a science, when it is not, is the tendency to attempt to explain financial behaviour from its base constituent parts, rather as a physicist might build up a picture of a compound from its molecules. This repeatedly results in observations that are either banal or based on circular arguments. And once those observations are generalised, taken beyond their thought experiment circularity, they become consistently misleading.   Continue Reading…

Spain’s ‘bad bank’ to take over toxic loans

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Bank created by government to handle tens of billions of euros in defaulted loans and unsaleable property – Published on AlJazeera, Sept. 1, 2012.

Spain has overhauled its banks for the fifth time in three years on Friday to secure up to 100bn euros ($125bn) in European aid for lenders crushed by bad loans from an extended property market crash … //

… At least four Spanish banks, all of which have already been taken over by the government, are set to receive aid money under the rescue measures.   Continue Reading…

Poverty: The new growth industry in America

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Published on Real-World Economic Review Blog RWER, by Dean Baker, August 31, 2012.

Recent trends in poverty rates should have the country furious at its leaders. When we get the data for 2011 next month, we are likely to see yet another uptick in poverty rates, reversing almost 50 years of economic progress. The percentage of people in extreme poverty, with incomes less than half of the poverty level, is likely to again hit an all-time high since the data has been collected.   Continue Reading…

Brazil’s public workers end strike

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Published on WSWS, by Bill Van Auken, August 31, 2012.

The majority of Brazil’s federal unions have called off a nearly four-month strike that pitted as many as 400,000 workers against the Workers Party (Partido dos Trabalhadores–PT) government of President Dilma Rousseff.   Continue Reading…