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.
Uncategorized
Ulrike Guérot: Now the EU needs to hand power to its citizens. Here’s why
Do we need a “United States of Europe”? Not according to Ulrike Guérot. She calls for replacing the current un-democratic neo-liberal EU with a common European democracy. Read here
Economics
Frances Coppola – Inflation, interest rates and the fall of Lehman
It’s fashionable to argue that the Federal Reserve could have prevented the 2008 financial crisis and Great Recession. But is this true? Read Article HERE
National Politics
Quakers in Britain: Quakers condemn police raid on Westminster Meeting House
The panic of the authoritarian liberal political class is escalating rapidly. Read Here
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