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Text of the page (random words):
y report the 12 month change the price level for the month relative to the price level 12 months before for example the percent change from a year ago inflation rate for the high point june 2022 included all the price increases since june 2021 this makes the inflation number much higher than it is on the first graph the second graph shows the inflation data in this more newsworthy form graph 2 price increase from a year ago this graph shows the same source data but it figures 12 month increases rather than 1 month increases notice that june 2022 is a high point on both graphs but inflation is almost 9 percent on the second graph and not much more than 1 percent on the first one is newsworthy and one is not next a prediction on the first graph from june to july 2022 inflation drops all the way to zero but on the second graph inflation is still high in july that s because the second graph figures 12 months not just one for the june 2022 number they take june 2021 as a starting point and then count all the increases from july 2021 to june 2022 then for the next month the july 2021 number is used as a new starting point this time it doesn t count as an increase the july 2022 number drops the july 2021 increase counts the other 11 increases used the month before and adds in the july 2022 increase this is like why people don t like math i guess anyway the last data point shown on both graphs is for march 2023 march of 2022 is the starting point and april 2022 is the first of a dozen monthly numbers used to figure the march 2023 number on the second graph that s the process it s kind of an incremental shift one month at a time the high point on the first graph was the june 2022 increase for june 2023 that increase no longer counts when they figure from year ago inflation instead it serves as the starting point for the calculation the last time the june 2022 increase the big one figures into the inflation rate is for may 2023 as of june 2023 all of the increasing inflation from 2020 to june 2022 will be out of the calculation the first monthly increase that comes into the june 2023 from year ago number is the july 2022 number the zero inflation shown on graph 1 and the inflation we got in the months after july 2022 was about as low as the inflation we had for the first ten years shown on graph 1 so my prediction is that the inflation for july 2023 and after will be back to normal or close to it it will hardly be newsworthy anymore that doesn t mean prices will come back down of course but at least we won t have to listen to them talk about it on the news at april 21 2023 1 comment email this blogthis share to x share to facebook share to pinterest thursday april 20 2023 debt and inequality in the paper from servant to master the financial sector and the financial crisis by michael lim mah hui we read among the reasons for this increasing income and wealth inequality are the effects of technology on the job market favouring skill based professions over blue collar work globalisation that saw the outsourcing of work overseas the erosion of union power particularly after the reagan era stagnation of minimum wage the lag of wage rates behind productivity increases the astronomical rise in the compensation of chief executives and the structure of tax relief and incidence policies that is a weighty list of reasons for the rise of inequality and valuable if we have in mind to reduce inequality but i had to quit reading when i got to that paragraph so i could write i have to say i ve had a lucky streak lately coming across several authors who think as i think john hotson john mcmurtry william hixson lawrence e mitchell and michael lim mah hui and these are guys that know what they re talking about not mere hobbyists like me i respect what they say and i want to read more and where i disagree with them it is no doubt because i m the amateur and they are pros but it looks to me like michael lim left something important off his list of the reasons for inequality debt maybe it is there on the next page but people tell me debt doesn t cause inequality inequality causes debt they think i have it backwards i think they have it backwards debt by means of the interest payments is a device or a mechanism that moves income into the financial sector some of that money probably most of it never comes out again or not for years and years unless it comes out as a loan in other words money only comes out of finance if it is going to be returned to finance with interest money only comes out of finance to bring more money into finance what goes into finance stays in finance people say inequality is the cause of debt but inequality is not a mechanism it is a measure of monetary imbalance it is an indicator we can use to see that there is indeed a problem but an indicator is not always a cause very often it is a result the interest on debt on the other hand moves money out of the pockets of working people and out of the transaction accounts of productive nonfinancial businesses and into the steely cold vaults of the financial sector the payment of interest is a cause of inequality and it moves significant amounts of money into finance every year mechanisms that move income are central to the problem of growing inequality debt is such a mechanism i must also emphasize that paying interest reduces the disposable income available for spending this reduces aggregate demand reduces employment and reduces economic growth the short version a growing debt not only contributes to inequality by shifting monetary balances but also by slowing economic growth and income growth which because of inequality hurts the rich much less than it hurts the rest of us at april 20 2023 no comments email this blogthis share to x share to facebook share to pinterest wednesday april 19 2023 financialism leads to mitchell and mitchell to lim i noted yesterday the pdf financialism a very brief history by lawrence e mitchell the abstract at ssrn says this essay describes various financial economic and legal developments in the united states from 1952 until 2007 and argues that they suggest a transformation of the american economic system from capitalism to one i term financialism mitchell puts the beginning of the process at 1952 this is the earliest date i have ever seen offered for the start of the financialization that turned capitalism into financialism i happen to think we could go with an earlier date but not based on fred s post wwii data graph 1 corporate finance as a share of gdp clearly however financialization did not wait for the reagan era to begin mitchell writes page 7 that dr michael lim mah hui attributes a significant proportion of the rise in what i call financialism to the dramatic increase in american debt between 1960 and 2007 lim uses a later start date than mitchell but i don t care because he attributes the problem or much of it to excessive debt he does and it seems mitchell does and so do i heart and soul in dr lim s paper from servant to master the financial sector and the financial crisis which mitchell references we read between 1960 and 2007 financial sector debt rose an astounding 490 times while household debt rose 64 times non financial corporate debt 53 times and government debt 24 times evidence of imbalance nuff said the irony in those numbers is that government debt the one america focuses on exclusively shows the smallest increase of them all nuff said at april 19 2023 no comments email this blogthis share to x share to facebook share to pinterest labels debt ceiling 2023 tuesday april 18 2023 financialism well it finally occurred to me that financialization is the process which turns capitalism into something that can only be called financialism so i looked that up jackpot at ssrn a download page for financialism a very brief history by ezra wasserman mitchell of the shanghai university of political science and law the paper is dated august 9 2010 and the download page contains an abstract the downloaded pdf has the same title but the author is lawrence e mitchell and there is no abstract i can see that lawrence e might be lawrence ezra the same person but i don t know that and i don t want to attribute the paper to the wrong guy anyway the 15 page paper grabbed my attention it is about half footnotes by the way a note at the bottom of the first page says an earlier version of this essay was presented as a lecture at creighton university law school and published at 43 creighton l rev 323 2010 the same search turned up the 12 page pdf financialism a lecture delivered at creighton university school of law by lawrence e mitchell theodore rinehart professor of law at george washington university this paper is dated september 25 2009 this version has no footnotes both versions of the paper end with the sentence we must destroy financialism for the sake of capitalism i m in at april 18 2023 no comments email this blogthis share to x share to facebook share to pinterest thursday april 13 2023 william hixson s a matter of interest in my post yesterday footnote 3 in the mcmurtry quote references the william hixson book noted in the title of this post at amazon a matter of interest reexamining money debt and real economic growth by william f hixson publication date august 30 1991 for 111 75 the blurb is a good one hixson describes how the largely laissez faire economy prior to 1929 was so structured to make a crisis of illiquidity and overindebtedness inevitable and how the mixed economy that has prevailed since world war ii is structured to result in a similar crisis and the reviews are good there s a flattering one from kenneth boulding and this attributed to choice this businessman turned author focuses on the performance of the us economy since ww i vis a vis the size and growth of the money supply the expansion of private and public debt and the interest burden that debt generates the soaring ratio of interest to total income is said to be the single most significant economic indicator in recent decades depressions like that of 1929 32 arise because the economy in order to grow becomes increasingly indebted illiquid and interest burdened indeed 1987 was more illiquid than 1929 though no panic had yet developed in the absence of public disillusionment that must eventually emerge hixson departs from mainstream economics in many surprising ways e g his belief that moderation of money growth and high interest rates promotes inflation and his approach to counting interest only as cost and not income wow i also focus on the size and growth of the money supply the expansion of private and public debt and the interest burden that debt generates i too think that the soaring ratio of interest to total income is the single most significant economic problem in recent decades and i like hixson hold that depressions like that of 1929 32 and close calls like 2008 2010 arise because the economy becomes increasingly indebted and interest burdened talk about suppression of non mainstream economics hixson doesn t even have a wikipedia page at april 13 2023 3 comments email this blogthis share to x share to facebook share to pinterest wednesday april 12 2023 the darkening outline of an ever more serious world disorder from john mcmurtry 1997 at bsahely com from 1950 to the present for example net revenues from lending money in the u s have multiplied by almost 300 fold this is more than 10 times the rise of g n p over the same period and nearly 25 times the rise in the total farm income of the the world s greatest food producing economy 3 elsewhere interest demands on national economies have been even more extreme in their exponential rise between just 1980 and 1994 real interest demands on less developed countries multiplied by 16 fold from their 1975 79 average 4 if we reflect on these figures we see the darkening outline of an ever more serious world disorder turning money into more money for money lenders has invisibly become the ruling imperative of the planet drawing ever more revenues from productive use for human beings into the decoupled money sequence of usury the lethal mutation in the money sequence of value occurs when money demand is no longer a phase within the circuit of the production of society s goods but is exclusively committed at every stage of its growth only to the multiplication of itself instead of any productive function in the metabolism of money through the medium of use value to more money there is only the metabolism of money to more money without any conversion to use value in the circuit i didn t check his numbers but they do show the problem and let me point out that mcmurtry predicted an ever more serious world disorder in 1997 eleven years before the financial crisis that festers to this day wikipedia says of mcmurtry in the cancer stage of capitalism 1999 he claims a propensity of human societies to assume the social order in which they live as good however life destructive they may be focusing on financial capitalism as displaying the hallmark characteristics of a cancer invasion at the social level of life organization he conceives the civil commons as a social immune system at april 12 2023 4 comments email this blogthis share to x share to facebook share to pinterest sunday april 9 2023 on the need for economic growth i usually just say that economic growth means the increase of gdp and then point out that gdp is a measure of income so people who say we don t need economic growth are saying that they don t want to increase their income but perhaps that is not the best argument in favor of economic growth benjamin friedman makes an impressively relevant argument in the moral consequences of economic growth from page 4 the value of a rising standard of living lies not just in the concrete improvements it brings to how individuals live but in how it shapes the social political and ultimately the moral character of a people economic growth meaning a rising standard of living for the clear majority of citizens more often than not fosters greater opportunity tolerance of diversity social mobility commitment to fairness and dedication to democracy ever since the enlightenment western thinking has regarded each of these tendencies positively and in explicitly moral terms even societies that have already made great advances in these very dimensions for example most of today s western democracies are more likely to make still further progress when their living standards rise but when living standards stagnate or decline most societies make little if any progress toward any of these goals and in all too many instances they plainly retrogress the book is from 2005 well before the trump retrogression at april 09 2023 3 comments email this blogthis share to x share to facebook share to pinterest friday april 7 2023 blogging for money in florida from vanity fair 7 march 2023 weighing in on a proposed florida bill that would require blog...
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