BC ECONOMY
Saved by @ThomassRichards

Long rant: This @WSJ article bemoaning the decline of price theory is really worth highlighting. The economic theories and so called "laws of economics" that the WSJ consistently and religiously defends, are the source of their authority, power and privilege.

 So called economic "theories" like "you get paid exactly what you are worth" and "markets are perfectly efficient" and "when wages rise, jobs fall" and "raising taxes on the rich kills jobs and growth" and "increasing justice decreases economic efficiency" and...
"Government intervention in markets always creates more harm than good" and "any regulation that constrains corporations kills growth and productivity", etc etc are effectively a protection racket for the rich. It is a set of internally consistent and mathematized conjectures...
That are all demonstrably nonsense. But getting people to accept these "theories" as laws of nature and immutable, timeless truths is the most effective way our current economic elites have found to maintain and enhance the status of the powerful and persuade the weak and poor...
to shut the fuck up and accept their lot in life. Now, FINALLY, some economists- are actually beginning to look at the real world evidence to determine whether these propositions actually describe anything real here on planet earth. Let me save you some time. The answer is NO.
For perspective, so called economic theory predicts that there is effectively an inverse mechanical relationship between wages and jobs- as in, if you raise the min wage, the number of jobs must fall. The overwhelming consensus of economists 20 years ago was that this was true.
But here is the unforgivable thing. NO ONE checked until 1994!-when Alan Krueger and Andrew Card actually counted up the jobs and "discovered" there was no such relationship. The WSJ ran an editorial at the time characterizing these guys as "a bevy of camp-following whores" ..
for challenging this orthodoxy. I'm not kidding. Why? because if the neoclassical/neoliberal orthodoxy gets challenged, the whole social order that so benefits the people who read and publish the WSJ comes crashing down. Because if....
people are not paid what they are worth, but rather what they have the power to negotiate, then maybe low wages aren't fair, they are exploitation. And if, when wages rise, so do the number of jobs, then why wouldn't we raise wages- a lot!
The implications of the collapse of this neoliberal orthodoxy for the wealth of the wealthy run into the trillions of dollars-PER YEAR. So it is no surprise that the WSJ clings to these so called theories with religious, fanatical intensity.
The historian @harari_yuval points out that one of the iron laws of history is that the narratives that define the social order are always anchored by one of two claims: either "God says", or "It's a law of nature". The biggest lie of neoliberalism is that these orthodox claims..
are unchallengeable, immutable laws of nature. This is total nonsense. Economics is a choice. No laws of nature are violated if a society, through law, policy and norm, requires the powerful to treat the weak slightly better. Which is all raising the minimum wage really is.
This is NOT to say that all economic arrangements are equally value creating. Markets, if reasonable well managed by democracies, are the best social technology ever invented for increasing human prosperity and enabling human capability.
But the WSJ's version of markets is corrupt, exploitive and bankrupt. And the theoretical framework that underlies that version needs to be defeated and replaced by one that more accurately reflects what science actually says about...
human nature, the dynamics of human social systems like economies, what prosperity really is, and where it comes from. So when someone tells you, you just don't understand the "laws" of economics, you are almost certainly being scammed. End of rant.

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Thread: Introducing $JAX.v $JXMNF Jaxon Mining, who’s 100% owned 466 square km Hazelton property in the Skeena Arch will prove that this mineral-rich region rivals that of the Golden Triangle. Recent chip samples in multiple surface grabs show grades of up to 5300 g/t Ag


Amongst other achievements and experience, CEO John King Burns was the former founder and chairman of Northern Orion, which was then acquired by Yamana in a $1 billion transaction, so he knows how to hold on when you have something good. Was also former chairman of Dolly Varden

The Hazelton property hosts 4 main areas of interest: Netalzul (where most of the high grade silver has been recently identified), Red Springs, Blunt Mountain, and Max. Drilling had been originally planned for Red Springs, but I believe efforts have been diverted to Netalzul


Property is close proximity to all facilities and services: highway, railway, power, and mining services.


This is the first systematic exploration of the highly mineralized property. Sporadic historical artisanal workings from the early 1900’s are scattered around the property. There’s silver where there was silver, and in these cases, only the surface has been scratched (literally)
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Diminishing Marginal Returns

The productivity of our debt is collapsing and that is creating a major problem.

The problem is here now, and not in the future.

Here is why:

1)


Charted below is the increase in total debt and the increase in nominal GDP in the 8 quarters before each of the last six recessions.

In other words, how much did debt increase, and how much did GDP increase in the final two years of each economic expansion?

2)


As the chart shows, it is taking a larger amount of debt to increase GDP.

3)


Graphed another way, leading up to the 1980 recession it took about 1.94 dollars of debt to boost GDP by 1 dollar.

Leading up to the COVID recession saw debt increase nearly 6 dollars for each 1 dollar of GDP growth.

4)


Flipping the ratio shows the decline in the utility of debt.

We are only generating about 15-20 cents of growth for each dollar of debt.

This becomes a larger problem when we think about "growth rates" instead of nominal dollars.

5)
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Yaneer Bar-Yam
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The International Monetary Fund (IMF) is analyzing damage due to COVID and projecting further severe consequences if current policies persist. They state “despite involving short term economic costs, lockdowns may lead to faster economic recovery by containing the virus”

1/


Note: This report doesn’t do a dynamic analysis that makes things much clearer, but it does a thoughtful statistical analysis based upon increasingly available data.

https://t.co/5Xmt8y7lCL

A few more quotes:

2/


“The analysis also finds that lockdowns are powerful instruments to reduce infections, especially when they are introduced early in a country’s epidemic and when they are sufficiently stringent.”

3/


“lockdowns become progressively more effective in reducing COVID-19 cases when they become sufficiently stringent. Mild lockdowns appear instead ineffective at curbing infections.”

4/

“The results suggest that to achieve a given reduction in infections, policymakers may want to opt for stringent lockdowns over a shorter period rather than prolonged mild lockdowns...

5/
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True that all the people cherishing the support of IMF or WTO for farm reforms need to cool it down a bit, because that is a model we do not want to emulate to the t in India here.

But here are some issues that deserve to be better discussed by all:


1. People who say we are emulating the Western model of agriculture are way off with this assumption. The process of primitive accumulation, the alienation of their people from their land and the way these 'first-world' countries have pushed their people into Industrial sector +

+ was a merciless phase.
But the same assumption won't work for India, because we have always had a large workforce in agriculture, agri subsidies have always run high, protection has been the hallmark of agriculture and rural representation in the parliament has always been+

+ high. Still, it is our utter failure from the beginning that we have not been able to incentivize the movement of our people to other lucrative sectors.

2. This brings us to the another point of providing MSP on all the commodities and the demand side of the issue that we+

+ conveniently ignore. Here's the thing, Food prices in India have about 65-70% weight in calculating the Consumer Price Index and 25-30% of wholesale price index. These indices affect the general price level in the economy i.e. the inflation. If MSP is offered on all the+
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@Lol_0fficial @HoodieMorr @shoe0nhead Oh my goodness. Economic interests -absolutely- tie into this. You need to think about 1) that there are different factions involved & 2) people see economic interest more broadly than just govt spending. On the first point, evangelicals have been part of the Republican base B1/X

@HoodieMorr @shoe0nhead since the party became identical with movement conservatism, but movement conservatism only became significant as an ideology because of coalition building. Movement conservatism brought together the hawks, laissez faire economics, and cultural conservatives. B2/X

@HoodieMorr @shoe0nhead Evangelicals have always been the best organized element of the cultural conservative faction. Trump's coalition is a new one and it includes cultural conservatives, but that is the only element that is unchanged - and really even it is somewhat different.
B3/X

@HoodieMorr @shoe0nhead A minor difference is accepting Obergefell (which has made it possible for openly gay people to be highly visible members of the new coalition), but the main difference is that social conservatives no longer make a priority of the politician as an individual
B4/X

@HoodieMorr @shoe0nhead as opposed to focusing on politicians merely as conduits through which government is affected. The foreign policy contingent changed completely. The hawks are just gone from Trump's coalition. Instead there's a deep skepticism of interventionism, but without the desire B5/x
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He's STILL in charge of the Mueller investigation.

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He's STILL holding up the declassification of the #SpyGate documents & their release to the public.

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