Compression

~~~

Wolfgang Munchau stirring-things-up again in the FT
Central bank independence is losing its lustre

I agree with Otmar Issing, a former chief economist of the ECB, that the independence of a central bank is politically justifiable only when the central bank targets a single policy variable — price stability in the case of the ECB. The presence of two goals implies that trade-offs have to be made, which is a fundamentally political task.

Central bank independence requires more than just a broad agreement on the goal itself. What is also required is a degree of agreement as to what price stability, for example, actually means. This is a particularly contentious issue in the eurozone, where Germany has never accepted the ECB’s target of an annual headline inflation of “close to but below 2 per cent”.

An inflation target of around 2 per cent is nowadays widely accepted among central bankers. But in the decades preceding the golden age of global central bank independence economists quarrelled about trade-offs between unemployment and inflation. Since then, the profession converged on a new set of beliefs. A low but firmly positive rate of inflation is these days considered consistent with maximum employment. This consensus was famously described by Olivier Blanchard, a French economist, as a divine coincidence. But confidence in these economic models is as weak as the support for independent central banks. They could sink together.

On a Mystic OTP note:
I wonder about `International-Swap-Lines`.
They are undoubtedly ball-bouncingly important, but what would politicians make of them~?!

~~~

Sarah Occonor at the FT (I hope she is a lesbian … as there is surely no young-man out-there good-enough for her~!)

~~~

US coal-mining jobs.
The horse bolted over 50 years-ago.

~~~

OECD was sure that UK workers would get more of a pay-rise last-time-round … but, were wrong again.

~~~

Graudian UK
Outside coastal cities an ‘other America’ has different values and challenges
Beyond the bubbles of the big cities and elite college campuses is an America that values community over careers, and has faced a downward trajectory for decades

~~~

Ah well … it was a nice idea

~~~

The `nice-idea` was to trap everyone in a constricting web of debt.

~~~

Reading

~~~

TheNewYorker
SPOILED ROTTEN
Why do kids rule the roost?

The cycle in American households seems mostly to run in the opposite direction. So little is expected of kids that even adolescents may not know how to operate the many labor-saving devices their homes are filled with. Their incompetence begets exasperation, which results in still less being asked of them (which leaves them more time for video games). Referring to the Los Angeles families, Ochs and Izquierdo wrote, “Many parents remarked that it takes more effort to get children to collaborate than to do the tasks themselves.”

They were not born to be `the snowflake generation` … they were (are being) … created.

~~~

Not so important, but interesting to note –

RW

“I placed too much faith in underpowered studies:” Nobel Prize winner admits mistakes

Remarkably, Kahneman took the time to post a detailed response to the blog, writing:

~~~

Shredded

The Ian Fraser long-read on HBOS.

The £1 billion HBOS Reading fraud, my part in exposing it, and what it tells us about the state of British banking

Note: This is a fully revised, updated and extended version of ‘Mafioso bankers and my part in their downfall‘ published in the Sunday Herald on 5 February 2017

~~~

Grantham

Grantham: ‘Twas capitalism that killed capitalism

with charts ‘n everyfing …

~~~

The top can borrow and get well ahead.

The middle can borrow and maybe stay ahead.

The poor can borrow and still be fucked.

~~~

~~~

Then … and now

~~~

Let America do ’em.

~~~

AEON
How Europe became so rich
In a time of great powers and empires, just one region of the world experienced extraordinary economic growth. How?

~~~

Are the banks of Spain, Portugal and Italy just `more patriotic` than the others~?

~~~

Colour chart bottom-left –

~~~

~~~

Ticking

~~~

NextCity
Jobs for Homeless Program Gets Applause, So What’s Next?

~~~

Grist
The West’s coal giant is closing way ahead of schedule

~~~

Worth a few minutes of study (and thinks)

~~~

Resorting to this is desperate shit

~~~

We should be very clear now … what QE is all about.
Does anyone know~?

~~~

~~~

Just words …

~~~

If everyone sold their equity holdings (shares/stocks) at the last price as-of Friday –

~~~

TampBayTimes
Right and left neighbors meet in the middle on solar

We traveled very different paths. Jerry served as Lake Wales’ fire chief when three 2004 hurricanes devastated our community within a 46-day period. With local power out for up to 20 days in parts of town and a severe gasoline shortage, his lasting takeaway was the need for self-sufficiency. He replaced a generator with a solar and battery array sufficient to run a portion of his home on an emergency basis.

Rudy, an engineer by training and a lifelong environmentalist, chose to power his remote home in Maine in the 1990s with an early standalone wind and solar system, and went on to fully power a later home with a system tied to the electric grid.

In our shared view, going solar benefits yourself, your neighbors, your country and your planet.

~~~

CNBC
Bill Gates: Job-stealing robots should pay income taxes

I wonder if he has any ideas how-da-fuck something-like-that could possibly be implemented~!?

~~~

Texas StarTelegram
Abandoned Texas oil wells seen as ‘ticking time bombs’ of contamination

Yeah … like sure … they’ll have a whip-round and clean-it-all-up … no worries~!?

~~~

Couldn’t happen on a Gold-Standard –

~~~

~~~

~~~

~~~