The World Economics Thread

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Re: The World Economics Thread

Unread postby WeiWenDi » Sun Apr 28, 2013 2:26 pm



And it was a PhD student what done it! As I've heard it said often since the story broke, that's pretty much the equivalent of a high-school basketball team benchwarmer dunking on LeBron James.

Also, the Hong Kong dockworkers' strike against Hutchinson Whampoa and Li Kasheng is now into its fourth week. They're striking for a pay rise (which none of the dockworkers has had in 15 years), and improved working conditions including bathroom breaks for their 12-hour-plus shifts. Donations to the Hong Kong Confederation of Trade Unions (the 職工會) can be made here.

Full support to our working brothers and sisters in the Fragrant Harbour!
Some more blood, Chekov. The needle won't hurt, Chekov. Take off your shirt, Chekov. Roll over, Chekov. Breathe deeply, Chekov. Blood sample, Chekov! Marrow sample, Chekov! Skin sample, Chekov! If I live long enough... I'm going to run out of samples.
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Re: The World Economics Thread

Unread postby Zhai Rong » Mon Apr 29, 2013 12:39 am

This article provides a good explanation of the impact of the issues with Reinhart-Rogoff - essentially that while embarassing, they don't change the results by an awful lot. The problem was that politicians jumped on the findings of a non-peer reviewed paper to justify an austerity at all costs approach that was contrary to what even the paper's authors advised. In their response to criticisms of their paper, Reinhart and Rogoff wrote that "Austerity seldom works without structural reforms - for example, changes in taxes, regulations and labor market policies - and if poorly designed, can disproportionately hit the poor and middle class." That sounds a like a pretty apt description of Europe to me.
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Re: The World Economics Thread

Unread postby WeiWenDi » Mon Apr 29, 2013 3:21 am

Yup. This article also provides a decent summation of the intellectual ground surrounding the RR debate, and also points out some larger problems in the overall picture. It's simply that Tom Herndon's work in catching these errors was quite ballsy (academically speaking) and practically unprecedented, which is in itself amazing.
Some more blood, Chekov. The needle won't hurt, Chekov. Take off your shirt, Chekov. Roll over, Chekov. Breathe deeply, Chekov. Blood sample, Chekov! Marrow sample, Chekov! Skin sample, Chekov! If I live long enough... I'm going to run out of samples.
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Re: The World Economics Thread

Unread postby Zhai Rong » Thu Jun 13, 2013 1:41 am

What do you folks think of the (supposedly temporary) closing of the Greek public broadcaster ERT as part of the Greek austerity measures?
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Re: The World Economics Thread

Unread postby Dong Zhou » Thu Jun 13, 2013 9:51 am

Zhai Rong wrote:What do you folks think of the (supposedly temporary) closing of the Greek public broadcaster ERT as part of the Greek austerity measures?


Symbolic of the wider issue, like the health problems caused by Greece's economic collapse and I think will be a huge blow to the pride. Imagine if PBS or BBC had to be halted? Given the Eu/Euro's part in this, we probably should take health-care and pay for it as a continent till Greece is back on it's feet.
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Re: The World Economics Thread

Unread postby Zhai Rong » Fri Jun 14, 2013 8:27 am

I'm of two minds about this.

On the positive side, Greece does sound like it's got a highly inefficient public sector rife with nepotism. Cutting a broadcaster also doesn't guarantee cost blowouts downstream in the manner that cuts to health and other services does. The simultaneous cut in the ERT levy might also help retail a little bit, even if it's only a small amount per household per year. On the other hand, a massive loss of jobs like this can hardly be good for consumer confidence (if it's not already at rock bottom). I also wonder if, like our public broadcaster, it's responsible for getting information out when there are emergencies like bushfires. With some regions now cut off from all radio and TV, things could turn nasty if Greece has a hot summer.

I agree that it would be fair for the stronger Eurozone economies to support the welfare and health systems of the basketcase economies. After all, their exports are benefiting from the latter holding down the price of the Euro. Much harder to implement though.
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Re: The World Economics Thread

Unread postby Dong Zhou » Mon Jul 08, 2013 8:20 am

Congrats to Roberto Azevedo who goes from Ambassador to head of the WTO.
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Re: The World Economics Thread

Unread postby Dong Zhou » Fri Jan 23, 2015 5:10 pm

European Central Bank seems to have finally got permission to launch mass scale quantitative easing, going up to a 1 trillion as I understand it, paying 60 billion a month till Sep 2016. May be too late though and as I understand it, Greece will not see a single penny of it. I bet the Greeks will go into their general election delighted at that snub...
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Re: The World Economics Thread

Unread postby Dong Zhou » Sat Jan 24, 2015 10:16 am

From what I gather, the Dutch and the Germans are apoplectic about this and a legal challenge may be underway
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Re: The World Economics Thread

Unread postby WeiWenDi » Fri Jan 30, 2015 2:18 pm

A hearty congratulations to Syriza and Anel on the new coalition government, and all the very best of luck to Prime Minister Aléxis Tsípras! Solidarity, brother!

With Syriza at the helm, I eagerly look forward to Greece throwing all sorts of monkey wrenches into the EU's austerity regime, cosying up to neo-Nazis, anti-Russia power projections and shortsighted duplicitous corporate welfare schemes in the name of 'free trade'.

Also, while we're on the topic - kill the TPP.



As I said on Facebook, the fast track to hell is here paved with bipartisanship:

- Corporate regulatory capture? Check.
- Undercutting union power? Check.
- Anti-China fearmongering? Check.
- Massive abuse potential for IP law? Check.
- Built-in loopholes around environmental regulations? Check.
- Global licence for ISPs to censor the Internet for profit? Check.

Well-paid American jobs? Safe workplaces? Clean air? Clean water? Cheap prescription pharmaceuticals? Stable banks? Net neutrality? Online privacy? Kiss 'em all goodbye if TPP goes through, because Big Oil, Big Tobacco, Big Ag, Big Pharma, Big Telecom and Wall Street are all in on this sweet deal, and we sure the hell aren't.

Rob Reich is right about this one. This deal needs to die an ignominious death.
Some more blood, Chekov. The needle won't hurt, Chekov. Take off your shirt, Chekov. Roll over, Chekov. Breathe deeply, Chekov. Blood sample, Chekov! Marrow sample, Chekov! Skin sample, Chekov! If I live long enough... I'm going to run out of samples.
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