Regular readers will know that I hate the term NAIRU – or Non-Accelerating-Inflation-Rate-of-Unemployment – which is a concoction invented by mainstream economists to maintain unemployment at elevated levels (to keep the working class in its place) and give cover to central banks to run monetary policies that redistribute income from poor to rich. If you search through my archives you will find many posts about this abomination. I am guessing with all the supply disruptions at present as a result of the illegal invasion of Iran, central bankers will start claiming interest rates will have to rise to curb the inflation. They will dress these claims up in some economic sophistry and the official speak will talk about NAIRUs and excessive demand pressures. Yet, in reality, there is no such justification. The rate rises will not get ships moving through the Strait of Hormuz more quickly, just as they did not get factories back to work during the early COVID period. Here is some analysis to support my point.
Climate Crisis
Bill Mitchell: Natural climate solutions – code for financialisation of nature and profits for capital
McKinsey and The World Economic Forum – What can go wrong (for the 1%)? Read here
Geopolitics
Zep Kalb – Who benefits from sanctions?
On “How Sanctions Work: Iran and the Impact of Economic Warfare” by Narges Bajoghli, Vali Nasr, Djavad Salehi-Isfahani, and Ali Vaez. In ‘Phenomenal World’. Read the article HERE.
Climate Crisis
Transport & Environment: Europe’s luxury cruise ships emit as much toxic sulphur as 1bn cars
Research shows harmful gases from vessels quadruple that of cars as campaigner says people are ‘choking on toxic air’ Read HERE
Be the first to comment