BC ECONOMY
Saved by @Jacobtldr

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+
+ commodities, the prices of all the food products will be obnoxiously high.
The developed nations are able to offer that MSP because the per capita incomes in those countries are high, and people spend less proportion of rising incomes on food. But, for a country like India +
+ where the per capita income is comparatively so low, those inflated food prices again hurt the poorest of us all including the farmers who purchase food outside the ration shops.

(Source: Prof Ashutosh Varshney's Democracy, Development and the country side)
3. Based on the second point, it is imperative that we look for income generation alternatives for our people from the market and that's where these reforms come in. Contract farming, direct procurement by the private sector, building private investment in warehousing and +
+ storage are great ways of looking for these alternative income generating methods.
We will reach the MSP for all stage too, but at the moment that is not a fire we should be playing with. That is for when we are a country with increased per capita incomes and+
+ less populace indulged in the agri sector.
The point about which sector will absorb such a large workforce, well this thread is a part of that answer. Labour reforms have generated higher employment and a more vibrant labour market before.
Thread
https://t.co/ESNy33sAYm

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신념의사나이...
@Belposto_korea
Little history of QFS

Let’s put all this Woo Woo stuff aside and find out what the QFS has been doing over the last two years or so. It has been very busy.

Those involved in using this computer have learned how to “connect” into the archaic Central Bank computer(s) system. Through the SWIFT transfer protocol used by the Central Banks (CB),/2

the QFS has obtained account information from every Tier 1 bank account in every bank in the world that is linked to the SWIFT transfer system./3

It has also obtained info for 2nd tier and 3rd tier banks that don’t have their own SWIFT transfer codes and use Tier 1 banks to service their customer’s transfer requests. Tier 2 &3 banks have accounts in Tier 1 banks that are used to transfer money./4

With this information, the QFS was integrated into the SWIFT transfer system and programmed it to where each transfer is channeled through the QFS to record transfer data. The data is then inserted back into the SWIFT system to complete the transfer to the intended bank account.5
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Kirsti Miller
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@KirstiMiller30
Aboriginal and Torres Strait Islander Peoples in Australia, suffer grossly disproportionate rates of disadvantage against all measures of socio-economic status.
1-


State, territory & federal governments have introduced programs, & continue to seek to identify further methods, for redressing this disadvantage.
2-

A plethora of government programs have proven to be inadequate when considered against the requirement to raise Indigenous People to a position of equality in Australian society.
3-

The final report card for the 2008-2020 Closing-The-Gap-Program found the program only partially met 2 of the 7 outcome. 12 years on Aboriginal People still have a life expectancy a full decade less than white

Sadly there is little understanding within Australian society of the requirement to and legitimacy of adopting special measures.
5-
ECONOMY
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Paul Goldsmith-Pinkham
Paul Goldsmith-Pinkham
@paulgp
My friend @itsafronomics wanted to know the breakdown of student debt by income, so I pulled data from the SCF.

Student debt is more concentrated amongst high earners, but disproportionately amongst Black borrowers. The plot below plots the average within Income Quartiles.
1/n


But those are the averages. What's the share that's above 10k? (This is the Biden current cutoff for debt forgiveness, so a useful benchmark).

For comparison, 20% of white Americans have student debt, and 31% of Black Americans.


Let's contrast that with say, above 20k. I was surprised at how high the share remains.


When we get to 50k of student debt, or more, we see it's only about 5% of the US, and around 8% of Black Americans. Strikingly, it's a huge share of high income Black Americans (this is a known fact in the education literature, I believe).


So what does this look like put together? Overall, we see a higher share of Americans with debt above 10k, and 20k. We would cover a decent amount with 10k, but miss Black Americans especially.
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Noahtogolpe \U0001f407
Noahtogolpe 🐇
@Noahpinion
1/OK, let's take a little break from Coup Twitter, and think about an economic issue:

How can we build up the wealth of the middle class?

2/The typical American has surprisingly little wealth compared to the typical resident of many other developed countries.

This is a fact that is not widely known or appreciated.


3/Now, some people argue that stuff like Social Security or social insurance programs should be included in wealth. But I chose to focus on private wealth because I think having assets you can sell whenever you want is important to


4/For many decades after World War 2, middle-class wealth in America was on a smooth upward trajectory.

Then the housing crash came, and all that changed. Suddenly the rich were still doing well but everyone else was seeing the end of their American Dream.


5/Why the divergence?

Because the American middle class has its wealth in houses -- specifically, in the houses they live in.

It's the rich who own stocks.
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Chad Pergram
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@ChadPergram
1) Get used to the following term: “budget reconciliation.”

This is the special parliamentary process President Biden and Congressional Democrats plan to use to advance the next coronavirus relief package. It will likely take a few weeks just to move such a COVID-19 measure.

2) But an understanding of the process may shed light on the policy – and the political realities of Capitol Hill.

President Biden and Democrats in Congress have long memories about how Republicans responded to big legislative initiatives in 2009.

3) The country reeled after the financial crisis. But many Republicans made a pact to reject a stimulus package to help boost the economy. Later that year and in early 2010, Republicans also voted nearly in lockstep against Obamacare.

4) Right or wrong, Democrats felt they waited for Republicans to help out. But were met with blockades and political opposition at every turn. Democrats are wary that they can count on GOP support this year. They still feel the sting of 12 years ago.

5) And that’s why Democrats may go it mostly alone on their next COVID-19 relief measure.

That’s where budget reconciliation kicks in.

Republicans are already complaining that Democrats aren’t working with them on the next COVID bill.
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