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.
Geopolitics
Joseph Daher – The framework agreement Lebanon-Israel, a capitulation to multiple threats
On 26 June, the Lebanese government and Israel published a ‘framework agreement’, which threatens to reform the Lebanese state into a security sub-contractor of Tel Aviv. In ‘International Viewpoint’. Read the article HERE.
Climate Crisis
Genevieve Guenther: We Need To Talk About The Carbon Footprints Of The Rich
Dramatically unequal consumption lies at the heart of the climate crisis. Read Here
Media
Craig Murray – Twitter Ban
I appear to have been banned from Twitter. For over a week I have not been able to log in to my account. When I enter the password it takes me automatically to the Help […]
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