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.
EU politics
Yanis Varoufakis and James K. Galbraith: Why Europe Needs a New Deal, Not Breakup
“The EU is facing a crisis of legitimacy – but retreating to the nation-state will only benefit the far right.” The authors set out a plethora of programmes to save the EU. Read here
Climate Crisis
Clean Energy Wire: Germany commits to ‘blue hydrogen’ in updated national strategy
First “green” natural gas, now blue hydrogen. Germany’s Greens make the unthinkable possible Read HERE
Corruption
Radosveta Vassileva – Europe’s Blind Spot: The Movement Against Corruption in Bulgaria
The people of Bulgaria have been on the streets protesting against endemic government corruption since July. Meanwhile, leading European politicians continue to pretend that everything is fine. We spoke to legal scholar and activist Radosveta […]
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