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FOCUS: This Makes Zero Sense!
WAIT! WHAT?!
The big reason why Britaina€™ s Conservative Party is in trouble right now is precisely economic
idiocya€”that Brexita€™ s effect on GDP was dire, and that the GDP was, in fact, owned by the
heckler in Newcastle:
Sebastian Payne: To woo voters, Rishi Sunak must fix the UKa€™ s a€~palpable economya€™: a€~The
Tories may be desperate to boost the economic data, but everyday signs of improvement will be more
important: High streets are filled with boarded-up shops, public services are verging on collapse
and therea€™ s a spiralling wave of
strikes: It was one of the most famous soundbites of the Brexit campaign. In a debate on the
economic impact of leaving the EU, a heckler in Newcastle shouted at a university professor,
a€oeThata€™ s your bloody GDP, not oursaCD. As Rishi Sunak will soon discover, many Britons still
feel the samea€!. What they care about is what you
might call the a€oepalpable economya€D a€” the one that really touches people, as opposed to the
data-driven one. Sunak needs to focus on the general state and mood of Britain: does the country
feel more prosperous than it did at its lowest economic ebb (ie: right now), are the high streets
improving, are job opportunities plentiful? And are
public services working well? Were there to be an election in the next six months, the answers to
all these questions would be negativea€!
There are second-order arguments about the distribution of that GDP, and there is a
dog-in-the-manger aspect to the Conservative Partya€™ s base not wanting to see anyone they do not
regard as deserving prosper. But the ditinction between the a€oepalpablea€n and the
a€cedata-drivena€D economy simply does not exist. Add up all the instances of the palpable
economy and you get the data-driven one:
Share
Very Briefly Noted:
• Iryna Voichuk: a€ceToday is the first day of winter and I want you to watch this video of
Christmas #Mariupol as it was a year ago, when the city and its residents didna€™ t yet know what
awaited them in 2 monthsaCI
• China Charts: LONG VIEW: Energy, Chips, War-Making Capacity, and Taiwana€!
• Gillian Tett: https://www.ft.com/content/68cbf8a2-051d-4123-a0a9-dbal4d5dea6d New York is
staring at a dangerously divided future... esembles not just the face of America but an extreme
microcosm of its challenges. Its economy may be growing and its entrepreneurial spirits soaring,
but its economic and social divides seem likely to worsen
• Marques Brownlee: a€oel have some thoughts. the VR headsets are cominga€!
• Eric Levitz: Why Railroads Refuse to Give Their Workers Paid Leavea€D: a€~Why do these rail
barons hate paid leave so much?a€! The answea€! precision-scheduled railroadinga€!. Already
understaffed and underperforming, the railroads cannot allow unanticipated absences to become
significantly more prevalent without either pulling back from
P.S.R. or suffering even more frequent disruptions and customer complaintsa€!
• Ian Allison: Divisions in Sam Bankman-Frieda€™ s Crypto Empire Blur on His Trading Titan
Alamedaa€™ s Balance Sheeta€! (2022-11 -02)
• James Block: Is Alameda Research Insolvent?: a€~The hedge fund's finances appear to rest on the
same scheme that destroyed Celsius Network. Will it work out any differently for Sam
Bankman-Fried?a€! (2022-11-04)
• Joe Nye: War Over Taiwan?: a€~For five decades, both China and the US benefited from the time
they had bought on the question of the islanda€™ s status. To prevent what is currently a managed
competition from spiraling out of control, the United States should take careful but clear steps to
strengthen its longstanding policy of a€oedouble
deterrencea€da€!.
• Greg Sargent: a€~So richly deserved: Now that Musk suspended Ye for sharing a swastika, Musk is
getting slaughtered by his fans, who are finally realizing his "free speech absolutism" was always
the scam we told you it would bea€!
Share Brad DeLong's Grasping Reality
AJs:
Robert Skidelsky: Friedrich Hayek: a great political thinker rather than a great economist: a€~His
theorising was abstract, but his purpose was practical: to make the case for a liberal economic
order which would be proof against the political and economic wickedness and madness through which
he lived: the two world wars, the Great Depression and the rise and
fall of fascism and communism.... The theoretical case for entrusting to the free market exclusive
direction of the flow of societya€™ s goods and services depended heavily on demonstrating its
god-like capacity for rapid adjustment to changing conditions, and it is here that the Austrian
School fell short Hayeka€™ s main popular appeal was to the anti-Roosevelt
right in the USA. He never considered that Roosevelta€™ s New Deal might have been an antidote to
serfdom rather than a prelude to it. Institution-building took place against the background of
Hayeka€™ s relocation from the LSE to Chicago University, where an American businessman guaranteed
his salary, his messy divorce from Helena Fritsch, his marriage to
his first love a€~Lenerla€™ Bitterlich and his break with his English patron Lionel Robbins...
Anup Roy & Ruchi Bhatia: Global Economy Must Start Bracing for Low Inflation, Rajan Says: a€~a€oeWe
should be prepared to potentially go back to low inflation regime,a€D he said Fridaya€!. a€oeWe
need to examine what constrained us, Rajan said. a€oeWe need to assess if we didna€™t recognise
inflation building or we were actually waiting for our
instruments to play out, wanting to preserve them for the next time.a€D Therefore, it is important
for central banks today to pursue policies that provide for changes in inflation dynamics over
time, he said, adding that headwinds, including de-globalisation, slow growth in China and K-shaped
recovery in emerging economies can hurt growtha€!
Jonathan Weil: Rising Tether Loans Add Risk to Stablecoin, Crypto World: a€~Tether reports hadna€™
t disclosed that loans it issues are denominated and payable in the token: The company behind the
tether stablecoin has increasingly been lending its own coins to customers rather than selling them
for hard currency upfront. The shift adds to risks that the
company may not have enough liquid assets to pay redemptions in a crisis. Tether Holdings Ltd. says
it lends only to eligible customers and requires that borrowers post lots of a€ceextremely
liquida€D collateral, which could be sold for dollars if borrowers defaulta€!
James Livingston: The Contested Fed: a€~The US Federal Reserve is a monument to the idea that the
market, if left on its own, will destroy everything in its path, including itself. Three recent
books suggest that the Fed has the capacity to function as a device of indicative planning,
coordinating economic activities to fulfill democratically determined social
purposes: Ben S. Bernanke, 21st Century Monetary Policy: The Federal Reserve from the Great
Inflation to COVID-19a€!. Edward Chancellor, The Price of Time: The Real Story of Interesta€!. Lev
Menand, The Fed Unbound: Central Banking in a Time of CrisisaC!
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