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
Politico – Barnier the Brexiteer? French candidate gets tough with EU on campaign trail
Yes, the EU political elite are Union zealots until there is more money to be made by being EU-skeptics. Read here
Climate Crisis
Brett Christophers: Capitalism Can’t Solve Climate Change
Amidst the gathering gloom about climate change and continuing growth in global greenhouse-gas emissions, the one bright spot appears to be clean energy development. 2023 saw another, much-trumpeted record for renewables installations worldwide, with an […]
EU politics
Samuel Charap: An Unwinnable War
As the long-awaited counteroffensive begins, here’s a piece in Foreign Policy which spells out the reality: Ukraine can’t win this war, and there will either be a negotiated settlement sooner or – after much more […]
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