BC BIDEN
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1/Today's Substack post is about Biden's chances of becoming a truly transformational president -- someone who will move U.S. economic policy onto a leftward track, as Reagan once moved it onto a rightward

 2/Political scientist Stephen Skowronek has a theory that says we're due for a "reconstructive" President who will define a new paradigm for the next few decades.

https://t.co/p1usloRmsD
3/Like most people, I thought Biden would be an incrementalist centrist who would get little done other than restoring competence and morality to the executive branch (and that alone would have been plenty of reason to vote for him!).
4/When I read Skowronek's theory, I read it as a prediction of a Bernie or Warren presidency.

I did not imagine that Biden could be a transformational president.

BUT, it's looking like he just might be one!
5/Check out @mehdirhasan's rundown of Biden's rapid blitz.

https://t.co/o6nqPL97S8
6/Or check out @drvolts' rundown of Biden's climate actions!

https://t.co/FrFhE1RLSp
7/Biden has done more executive actions in the first 3 weeks of his presidency than Obama and Trump combined at the equivalent mark. Here's a list.

https://t.co/UkqOTmu49E
8/His legislative agenda is breathtakingly bold. It's -- dare I say it? -- Rooseveltian.
9/Now, Biden might be stymied on the legislative front. Mitch McConnell might filibuster much of his agenda to death (though I'm remaining cautiously optimistic this will not happen).
10/But remember, this sort of happened to Ronald Reagan too!
11/Reagan's true transformational influence came from:

1. Executive actions and appointments that weakened unions and regulation, etc.

2. An enduring ideological shift, which led eventually to Clinton's welfare reform and deregulations.
12/In the same way, Biden might usher in a new age where economic progressivism -- in the form of government sending people cash -- is the norm, and leaders of BOTH parties compete to see who can do it better.

Maybe this is the first glimmer:

https://t.co/eOQEeeroo4
13/Maybe individual leaders' temperaments and preconceptions are less important than the necessities of the times in which they lead.

Maybe it's not Biden. Maybe it's COVID making America finally realize that Reaganism is inadequate to the challenges we face.
14/In other words, maybe Skowronek is right -- maybe it's simply TIME for a transformational President. Maybe Biden just happens to be the person that the Hand of Destiny tapped on the shoulder.

(end)

https://t.co/k5xqLQ88Xq
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More from Noah Smith 🐇

Noah Smith
Noah Smith
@Noahpinion
This thread demonstrates that a lot of academic writing that *looks* like utter nonsense is merely scholars dressing up a useful but mundane point with a ton of unnecessary jargon.


My theory is that the jargon creates an artificial barrier to entry. https://t.co/MqLyyppdHl

If one must spend years marinating one's brain in jargon to be perceived as an expert on a topic, it protects the status and earning power of people who study relatively easy topics.

In econ, a similar thing is accomplished by what recent Nobel prize winner Paul Romer calls "mathiness": https://t.co/DBCRRc8Mir

But mathiness and jargon are not quite the same...

Jargon usually doesn't force you to change the substance of your central point.

Mathiness often does. By forcing you to write your model in a way that's mathematically tractable (easy to work with), mathiness often impoverishes your understanding of how the world really works.

has written about this problem:
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Noah Smith
Noah Smith
@Noahpinion
Today's @bopinion post is a review of the excellent new book "The Gift of Global Talent: How Migration Shapes Business, Economy & Society", by

This is an excellent, short, highly readable, very important book. Every business executive and politician should have a copy.

Why are skilled immigrants so good, and so important?

Because they're the backbone of high-value industries where the U.S. has a dominant position.


If we don't bring skilled immigrants to the United States, high-value industries will migrate to other countries, and America will lose industrial dominance and be a poorer country.


Contrary to popular belief, skilled immigrants - including H-1b workers - RAISE wages for native-born skilled workers.

Why?

Because downward wage pressure from competition is more than canceled out by the upward wage pressure from CLUSTERING.
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Noah Smith
Noah Smith
@Noahpinion
Today's @bopinion post is about Nigeria. I expect its conclusions will not come as a surprise to most Nigerians, but it's good for Americans to be thinking about Nigeria and its problems.

Nigeria is very dependent on oil, for its government revenues and for its foreign exchange earnings.

When oil prices fall, Nigeria's people suffer.


And like many oil-rich countries, the government tries to cushion the blow by subsidizing fuel (this is more expensive than you might think, since Nigeria can't refine all of its own oil).

When oil prices rise again, this puts a strain on govt. budgets.


Meanwhile, fewer and fewer Nigerians have jobs, which could portend a rise in social instability.


To escape the doom spiral of the Resource Curse, Nigeria should look to a country that seems to have beaten the curse:
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Noah Smith
Noah Smith
@Noahpinion
Remember: Just because an idea is old doesn't mean it's good.

Knowing whether old ideas are more likely to be good requires understanding whether conditions have changed in important ways.

Horse archery was an amazing method of warfare for over a thousand years...then people invented guns, and suddenly this great idea that had stood the test of time became obsolete.

Then again, when underlying conditions don't change much, tried-and-true approaches are probably better.

"Learning the lessons of history" usually just means assuming ergodicity and stationarity in an informal time-series model...

(end)
SOCIETY
Noah Smith
Noah Smith
@Noahpinion
Krugman is, of course, right about this. BUT, note that universities can do a lot to revitalize declining and rural regions.


See this thing that @lymanstoneky wrote:

And see this thing that I wrote:

And see this book that @JamesFallows wrote:

And see this other thing that I wrote:
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Xiyue Wang
Xiyue Wang
@XiyueWang9
1. Ben Rhodes’s comment dismissing the concerns of former political prisoners and US hostages in Iran regarding Rob Malley’s potential appointment as Iran envoy is deeply unprofessional and offensive. As my own story illustrates, not everything is about partisan DC politics.


2. In 2016 I was a Princeton graduate student who excitedly supported the JCPOA and the new era of Iran-US diplomacy it was meant to usher. Such was my optimism that I actually went to Iran for dissertation research. That’s when my nightmare began.

3. I was arrested by Iranian security forces and held hostage in Evin prison-away from my wife and infant son-for more than 3 years. The regime knew I was innocent and told me so. It took me 40 months in Evin to comprehend what had happened to me.

4. As a political prisoner I’ve likely had more intensive contact with Iranian hardliners than most Iran watchers in the US, especially US govt officials like Mr. Rhodes and Malley. I believe the insights derived from that experience have a unique value.

5. I support strengthening the nuclear deal, but am convinced the JCPOA of 2015 is well-intended yet inadequate. Simply lifting pressure against Iran and allowing it to benefit from economic integration produced NO further incentive for the regime to change its behavior.
BIDEN
David Dayen
David Dayen
@ddayen
This is a very uninformed article that presumes the dumb way Trump initiated executive orders taints all executive action a president has the authority and mandate to

I can't believe this has to be spelled out:
Congress passes laws, presidents implement them. There are latent authorities in already passed laws that can be employed to give material benefits to people. That's literally the job description of the president in Article II.

Most of Trump's exec orders were BS but some did draw on already passed laws, like the farm funding through the Commodity Credit Corporation. That was billions of dollars that cannot be "rolled back."

It was untargeted and drawn upon disproportionately by rich farmers. But there are more equitable measures, with the authority granted by CONGRESS, which the president can implement.

So far Biden has not really taken this opportunity. There's been a blizzard of paper, most of it rolling back Trump EOs, and some emergency programs. A few of those emergency programs are going to give real benefits (eligibility changes on nutrition assistance for ex.)
BIDEN
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Parker Molloy
Parker Molloy
@ParkerMolloy
When Biden talked about unity, he was very specific about what he meant, and the insistence of right-wing tools like @Kredo0 to try to frame stuff like this as “betraying his own ‘unity agenda’” (what is that even a quote from?) shows how pointless it is to try to work with Rs.


Guys like @Kredo0 want to a.) put the onus of unifying the country entirely on Biden and Dems, b.) pretend that “unity” is the same as capitulation, while c.) not giving an inch on their end.

No. No, no, no. Nice try.

Really, get all the way the fuck out of here with that take. “Biden didn’t keep Trump’s POLITICAL APPOINTEES in their position, therefore Biden isn’t unifying the country.” Fuuuuuuck off with that bullshit.

When Biden said “unity,” he was talking about trying to help ALL Americans, not just the ones who voted for him. This, sadly, needed to be said after the Trump administration repeatedly tried to screw over people who didn’t support him.

Remember when the Trump administration INTENTIONALLY let the virus rage out of control (really should have been a bigger scandal, but 🤷🏻‍♀️) because it was mostly hitting states that voted for Dems?
BIDEN
Thomas Wood \U0001f30a
Thomas Wood 🌊
@twoodiac
The most important remaining nomination for Biden to announce is the most important one he will ever make: for Attorney General of the United States. 1/8

If Biden nominates Sally Yates, it will be a pretty clear signal that the D voices who believe that Trump and his enablers must be held accountable for a uniquely lawless presidency have carried the day. 2/8

Since I’m hoping Biden will nominate Yates, it is encouraging that Biden has waited so long to announce his selection for AG. (It is going to come now after the Electoral College formalizes Biden’s election on Monday.) 3/8

(Trump’s outrageous attempt to overturn the 2020 election--“overturn” being a term Trump actually used in a tweet--has probably made it more likely that Biden will take a hard line on all this. He certainly should.) 4/8

If Yates is nominated, the writing will be clearly on the wall for Trump, who in its wake would probably make a deal with Pence involving his resignation some time before inauguration day and a pardon for all his federal crimes. 5/8
BIDEN
Daniela Gabor
Daniela Gabor
@DanielaGabor
bankers against Biden's fiscal plan could really do with some proper fact-checking before sending their op-ed to the FT.

We all understand 'it's ideology, stupid!', but no excuse for lazy arguments.

apparently, the Gospel according to Morgan Stanley is that we havent had enough neoliberalism for the past 4 decades


if you click on BIS link, it tells you monetary policy, not higher deficits, are associated with wealth inequality.

Incidentally, unconventional monetary policy through which central banks basically rescued banks after they nearly destroyed the global financial system in 2008


speaking of government spending, who else but Morgan Stanley got $10 billion in equity investments from US Treasury in 2008?

I cant think of a more productivity-enhancing outlay for 10bn of public funds.


the OECD 'evidence' that 'four straight decades of growing government intervention in the economy have led to slowing productivity growth' is also, excuse my language, a lot of bullshit.
BIDEN

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It’s underremarked upon that stablecoins accomplish basically all of the original design goals for Bitcoin qua a transactional mechanism (instant free value transfer anywhere), but that nobody cares about this because nobody ever cared about that part of the pitch.

“Why do people care about stablecoins then?”

A mix of “they encourage dollar-denominated liquidity in the cryptocurrency ecosystem and discourage withdrawal of the same” and “they’re good for money laundering.”

“But they make value transfer between exchanges much faster!”

This was a solved problem in traditional finance, too, mostly through the extension of credit. (It doesn’t matter how long settlement takes if there is sufficient trust to enable credit.)

The Bitcoin ecosystem is *positively allergic* to credit, so you have to call it a coin for them to accept it. And after you call it a coin they ignore everything the world has learned about credit, like risk management.

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#3/thread on Angkor wat

Christianity and islam may be the largest religion of today’s world but Sanatan dharm has the largest religious monument in the world in the form of Angkor wat. It is situated in combodia and spread across over 400 acres / 1.6 km².


It was listed as a UNESCO World Heritage Site in 1992, which encouraged an international effort to save the complex.
It was originally built as a Hindu temple dedicated to the god Vishnu. In Khmer, the Cambodian language, Angkor means "city" and Wat means "temple grounds".


So Angkor Wat means "Temple City". Its original name was Vrah Vishnuloka or Parama Vishnuloka, meaning the sacred dwelling of Vishnu in Sanskrit.
But, it gradually turned into a Buddhist temple towards the end of the 12th century & is still used for worship today.


Angkor Wat was initially designed and constructed in the first half of the 12th century, during the reign of Suryavarman II, as the king’s state temple and capital city. It was built without the aid of any machinery, as there was no machinery available at that time.


Evidence for these dates comes in part from inscriptions, which are vague, but also from the architectural design and artistic style of the temple and its associated sculptures.

Another aspect is that the five central towers of Angkor Wat symbolize the peaks of Mount Meru,
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UN Watch
UN Watch
@UNWatch
The UN just voted to condemn Israel 9 times, and the rest of the world 0.

View the resolutions and voting results here:

The resolution titled "The occupied Syrian Golan," which condemns Israel for "repressive measures" against Syrian citizens in the Golan Heights, was adopted by a vote of 151 - 2 - 14.

Israel and the U.S. voted 'No' https://t.co/HoO7oz0dwr


The resolution titled "Israeli practices affecting the human rights of the Palestinian people..." was adopted by a vote of 153 - 6 - 9.

Australia, Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No' https://t.co/1Ntpi7Vqab


The resolution titled "Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and the occupied Syrian Golan" was adopted by a vote of 153 – 5 – 10.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/REumYgyRuF


The resolution titled "Applicability of the Geneva Convention... to the
Occupied Palestinian Territory..." was adopted by a vote of 154 - 5 - 8.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/xDAeS9K1kW
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Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
JWALAMUKHI TRIPURASUNDARI, UTHANAHALLI, MYSURU (KAR)
#bharatmandir

Jwalamukhi Tripursundari is believed to be the sister of Devi Chamundeshwari, the presiding deity of Mysuru
It is also that she represents the flaming mouth of Jalandhara, the demon whom Shiva crushed to death.


When Devi Chamundeswari was fighting Mahishasura, she observed that from every drop of blood that spilled out of Mahishasura, another demon was born. So she created Tripurasundari to ensure that no blood dripped from Mahishasura.


Tripura Sundari means beauty of the three worlds.
The murti was installed during Wodeyar rule. An utsava murti made of pancha loha is kept in the sanctum sanctorum.
Another shrine here is dedicated to Siddeshwara / Shiva surrounded by a beautiful wooden Mantapa.
@GunduHuDuGa
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Stephen Fasenfeld \U0001f600
Stephen Fasenfeld 😀...
@fasenfeld
1. “Who Are Ireland’s Members Of The World Economic Forum Implementing The Great Reset In 2021 ? 🧵1/28

🕵️🔎 Politicians, Musicians, Clergy, Bankers, Journalists, Human Rights, Artificial Intelligence, Sustainability, Corporations & Agriculture


2. In previous threads I have looked at 🇮🇪 key players in the Trilateral Commission as well as 🇮🇪 people who have attended the Bilderberger meetings. I also looked at the 🇮🇪 in the Young Global Leaders which is a site run by the WEF. You will see a lot of crossover between them.

3. The purpose of this thread is to compile all the Irish members into one thread for ease of access and reading rather than having to dive through the WEF site. This is by no means definitive and I will be adding more over time when they pop out of the woodwork.

4. Ireland’s WEF members are drawn from all walks of life but can be split into 2 separate areas. The WEF calls the first category “people” and the 2nd one “agenda contributors”. In total Ireland has a minimum of 61 members. Some of the names will be familiar and others will not

5. In this thread I’m just going to concentrate on the 21 people (there are probably a lot more). There are also 40 “agenda contributors” which I will cover in a separate thread. The agenda contributors are those who write articles or do research for the WEF site.
ECONOMY