BC ECONOMY
Saved by @jay_millerjay

I’m beginning to think that the left has been too obsessed with GDP as a broken economic metric governing the global shitshow, when inflation is more insidious. Deflation may be a more radical demand than degrowth. Burst bubbles. Deflate the price of fossil fuel infrastructure.

 It’s amazing just how much political economy is still determined by the threat of stagflation. This has created a weird metonymy in which as long as you’re fight inflation (preserving the interests of (older) savers) you’re also fighting stagnation (supporting (younger) earners).
To some extent the residual fear of deflationary spirals lies behind this, waiting in the wings for any suggestion that stagnation must be fought with deflation. This is entirely understandable, as uncontrolled deflation hits the poorest hardest.
The assumption that conjoins these fears into an engine of unbridled economic stagnation is that there’s a unitary market effectively mediating between the markets in different sectors, be this unity micro-economic or macro-economic in flavour. But this just isn’t how it works.
There is so much more logistic friction in the price system than the popular story of just in time production suggests, not least in the concrete details of differentiated trade between economic actors from local businesses to nation states.
The conditions that enable relative stability of prices between sectors are *extremely* political, and far more complicated than Hayek’s vision of the price system suggests. These conditions constitute the parameters of the tacit social contract underpinning liberal democracies.
Outside of niche markets in consumer goods, prices are incredibly sticky, and the reason they’re sticky is that the stability of power depends on their stickiness. Libertarians are fond of this as a critique of state intervention, but you don’t need a state to exert power.
The price system is not just smooth supply-demand negotiation, but power broking between finance, industrial cartels, and other interest groups, only partially mediated by states and state blocks. Anti-trust is a joke. The market is built from bonds of anti-competitive trust.
It’s not so much that prices are sticky as that purchasing power is sticky, the more you’ve got the easier it is to maintain it and the less you’ve got the harder it is to grow. It’s shifts in concrete industrial relations between sectors that have the potential to destroy power.
This is where the real lie of ‘disruptive’ investment comes to the fore. Such innovations are far likelier to disrupt labour power than anything else in an era where the institutions articulating this power are degraded or tame.
Moreover, the consolidation of purchasing power synergises with broken investment systems that divert resources away from genuinely disruptive technologies and into safe competition over consumer goods. Jet packs conflict with high street based business models
This isn’t to say that change doesn’t happen, just that its effects are felt in ways peculiar to the pace at which they take place. Micro-economically we’re good at relative value estimation in the short term (local), but bad at absolute value in the long term (global).
Consumers are boiled like frogs by slow but steady differential price inflation, and captains of industry push each other off cliffs like lemmings unable to see the industrial future rising up to greet them. New titans rise slow enough for common sense to mask it until too late.
Everyone is complicit in changing the industrial base as little as possible to preserve the current set of scams encoded in the relative purchasing power within and between political blocks, geographic and otherwise. The main risks taken are the precisely the wrong ones.
The grand cognitive potential of humanity and its technological prostheses is harnessed by the stubborn incompetence of the global market system and turned to tasks that waste it in egregiously efficient, rather than gloriously excessive ways.
It might just be time to reconfigure and reroute this potential around the complex knots of power and ignorance still holding together the last liberal compromise in political economy. To trade slow burn immoderation for destructive creation. There’s destruction aplenty already.
So I say to my fellow millennials, and the zoomers who are often confused for us, reach for your avocados and your smartphones: our work is not yet done. we’ve whole industries to destroy. 🖖
P.S. The fact my smartphone predictive text corrects ‘immiseration’ to ‘immoderation’ is the most bleakly poetic representative fact I’ve seen in quite some time.

More from pete wolfendale

pete wolfendale
pete wolfendale
@deontologistics
So, here’s a way of reframing this question: which societies enabled coexistence and collaboration between people with divergent social styles, rather than imposing a dominant social style? Such social pluralism is very important indeed.


I suspect that the vast majority of the answers to the original question will fall foul of the tendency to project ideal social arrangements that reflect our own style of social understanding and engagement, and that this will lead them to talk past one another.

Consider the perspective of someone far away from you on in the neurological map, who doesn’t overlap with your socially calibrated genetic resources for social intelligence: the social heaven of an autist introvert may be the social hell of a bipolar extrovert, and vice versa.

I’ve had many good conversations about this with people in different parts of the map who overlap with me in different ways (h/t @tjohnlinward, @dynamic_proxy, @maradydd, @mojozozoe, @UnclePhobic) whose personal heavens I would like to visit, but maybe not live in full time.

We get to see glimpses of these heavens not merely in the past, but in the present, and abstract their geometries, both in spatial/architectural terms (https://t.co/aTcRgtJOVJ) and in temporal/dynamic terms (). The physical/computational platforms around us configure our agency.
SOCIETY
pete wolfendale
pete wolfendale
@deontologistics
@paulkreinerhere @schulzb589 I accept that I haven't given a proof of this impossibility, but I believe the concerns I've laid out could probably be formalised in a way that would lead to one, though it'd involve something like a combinatoric diagonalisation similar to Russell's paradox.

@schulzb589 To state my issue in a more philosophical way, I think the desire to combinatorially totalise mathematical syntax is an effect of something like a transcendental illusion, what I sometimes call the Mythos of Logos.

@schulzb589 It's the Leibnizian desire to obviate creative dialogical interaction (dialectical reason) by providing a deductive system (monological reason) that would allow us to simply 'shut up and calculate'; the desire to obviate the pragmatic autonomy of discovery by automating it.

@schulzb589 It doesn't matter how many times this desire is betrayed by its own formal tools: Russell, Godel, Turing, Chaitin, etc.; it doesn't matter that these betrayals are what drive the externalisation of thought by producing new tools to automate computation. It always comes back.

@schulzb589 The desire to brute force reality, be it mathematical or empirical, is always lying in wait, whispering seemingly 'reasonable' lies about what is and isn't rationally possible. This is as close as I come to endorsing Heidegger and Adorno's worries about technoscience.
FOR LATER READ
Advertisement
pete wolfendale
pete wolfendale
@deontologistics
I think one way of looking at the economic pathologies of our society, without using words like 'capitalism' and 'rentiership', is to talk about inequities in the distribution of risk. Some have more taste for risk than others, sure, but risk is not distributed on this basis.

In the UK, so much of our political troubles come from the growth in the landlord class, who if nothing else, wield disproportionate power relative to their social worth: at one and the same time claim to be martyrs to the risk of investment, and demand these risks be minimised.

Of course, it's possible to make claims like this: e.g., nurses have every right to claim that they shoulder not merely more risk than most, but far more risk than is strictly necessary. The pandemic has made this brutally obvious to anyone who has been paying attention.

However one chooses to tally up compensation for this social role, be it financial, social, or some other privilege, it's pretty obvious that every last 'essential worker' is shouldering more societal risk than most non-essential workers compensated far better than they.

The way this trade off gets (implicitly) articulated as 'pay vs. purpose' is one of the enduring insights of @davidgraeber's Bullshit Jobs. Yet there are many essential workers who don't even get the illusion of purpose in compensation for personal risk (e.g., warehouse staff).
ECONOMY
pete wolfendale
pete wolfendale
@deontologistics
My morning thought. I think what's most incompatible about the way I think and the journal article format as a means of capturing and validating thought is that I have a completely different sense of the relation between tentativeness, rigor, and informatic compression.

The characteristic Pete thought is: wait a minute, this whole area is dominated by an assumption that no one seems to be questioning, and I've got two options to express that: i) outline the logic of the issue in a quick and compressed way, ii) write a small book with references.

The discipline seems to want something in between these poles every single time, and this makes me extremely anxious because I feel (with good reason) like any partially referential engagement with the issue will get instantly torpedoed by anyone outside its referential remit.

To repeat something I've said before: I'm actually quite good at being *concise*, I just find it very hard to be *brief*, because most of the thoughts I have don't permit brevity. Consider what your (referential) reactions are to this brief piece:

One of the main genres of publication I've actually excelled in over the years is dictionary articles, which I take a lot of joy in writing, and include some of the pieces of which I'm most proud. Consider this one on the crux of Meillassoux's project:
FOR LATER READ
pete wolfendale
pete wolfendale
@deontologistics
This is what happens when you train neural networks largely on tone and its stylistic relics. They pick up formal features of arguments (not so much fallacies as tics) that have almost nothing to do with semantic content (focus on connotation over implication).


This is a secular problem in the discipline. It's got nothing to do with the Analytic/Continental split in the anglophone world. They've both got the same ramifying signal/noise problem, it's just that the styles (tics and connotations) are different in each pedagogical context.

And this is before we start talking about tone policing and topic policing, which are both rife and essentially make the peer review journal system completely unfit for purpose, populated as it is by a random sampling of pedants selecting for syntactic noise over semantic signal.

We've allowed a system of self-reinforcing and ratcheting filters to evolve that effectively *fuzzes* our contribution to the growth of human knowledge (https://t.co/VmW15pGt7J), because it selects for properties only loosely related to those we claim to want. Let that sink in.

This is literally the opposite of what a filter is supposed to do: extract signal from noise, syntactic compression that preserves semantic content. Instead we are awash in syntactic artifacts optimised for minimal criticisable content and maximal pedantic posturing.
FOR LATER READ

More from Economy

Richard Murphy
Richard Murphy
@RichardJMurphy
As some will have noted, there were a lot of reports yesterday on the fact that £50 billion of banks notes are missing in the UK economy. This got me thinking. And as a result I have to suggest that finding that £50 billion of cash would not be hard. Here’s how to do it.

As the Public Accounts Committee of the House of Commons has noted, around £50 billion of banknotes in issue have no explained use. In other words, they do not appear to be used for regular cash transactions. What their alternative use might be is not known.

Some could be in the possession of tourists, who have not bothered to exchange them on leaving the country. But the amounts involved would be small.

A bigger sum might be cash savings under the proverbial mattress. This is entirely plausible. It is possible that some of this will be related to benefit fraud: the amount of savings a person has can have a significant impact on their ability to claim a number of benefits.

There is no doubt that a significant part of this money Is used within the shadow economy. That can cover activity where tax is evaded, of course. But it also includes drug dealing and many forms of human trafficking and abuse.
ECONOMY
Zuhair Abbasi
Zuhair Abbasi
@zuhair_abbasi
This oil crisis inquiry report once public is going to irk quite a few. Although, this will point towards incompetence of authorities, you can't take the credit away from the PM.

OGRA Ordinance was promulgated in 2002. The rules were not made till 2016. 14 Years of running on SROs, having no legal value. #OilinquiryReport

All oil import decisions are based on data provided by a non-statutory body i.e. OCAC. There is no mechanism in place for the government authorities to verify the authenticity of data provided by a representative body of all OMCs.

90% of the OMCs did not maintain requisite 20 day stocks during Jan-Jun 2020. DG Oil remained mum. In cases of some OMCs the stock suddenly jumped from 0 in may to over 100 days in June. Classic case of hoarding.

The authorities failed to lift sufficient stock from refineries in Feb and Marc, and then ban on imports came, a ta time when oil prices were dwindling. All in the name of Keeping the refineries safe from glut. End result: eventual shortage in Jun and potential saving loss
ECONOMY
Advertisement
Tinashe M
Tinashe M
@baba_nyenyedzi
1/ 2017 vs 2020 Economics

Whatever the many reasons for the coup. The aftermath has been an economic disaster. This is instructive, since Mugabe was a monumental failure in Economics.

I wish to stick to economic facts &figures. I restrict myself exclusively to GOZ & RBZ stats

2/
To be fair to Mnangagwa, as President he is fed a lot of misinformation & politically convenient gibberish by those closest to him & security clusters bent on personal enrichment than national well being.

I say this, because some of the issues are too simple to understand.

3/
Mnangagwa can never commit harakiri ( Japanese suicide by cutting one’s belly) if facts & figures were honestly presented to him. Yet we saw Mugabe commit harakiri. He died a sad death while his lieutenants are now in power. Where the lieutenants honest to Mugabe...

4/
Chinamasa was Mugabe’s finance Minister. Was he frank & honest? If so why would he benefit from Mugabe’s ouster? The same is true of Mugabe’s bureaucracy. Most benefitted from the coup. So we ask if they were honest with him during his reign?

ED suffers the same problem

5/
On Wallstreet, CEO’s are not protected from their critics & independent research. Often they rely entirely on this research & seek it out in developing their strategy.

Once, Patterson Timba kicked out an analyst from his investor briefing. Forgetting strategy is in critique
ECONOMY
Rohan Grey
Rohan Grey
@rohangrey
🚨🚨🚨 ANNOUNCEMENT 🚨🚨🚨

@AyannaPressley Unveils Historic Federal Job Guarantee

The resolution draws on historical Civil Rights leaders like Coretta Scott King & economists like Sadie Alexander, & is supported by a wide coalition including @policylink, @NatlJobsForAll, @thepublicmoney, @SEIU, @sunrisemvmt, @CPDAction, @ACREcampaigns, @ourmoneyus, @NelpNews

“It’s time to establish a legal right to a job for all people in America. For years, we have legislated hate, harm & injustice ... It’s long past time to pursue bold, intentional policies that affirm equity & recognize the dignity & humanity of all people.”

"A federal job guarantee is an important investment in the American people, our communities, & an equitable economy that works for all. It affirms the right to meaningful, dignified work & a living wage."

"I’m proud to build upon & honor the legacy & work of generations of Black women Civil Rights leaders by introducing this historic resolution.”
ECONOMY
Abhishek | \u0905\u092d\u093f\u0937\u0947\u0915 \U0001f4d1\U0001f4dd\U0001f1ee\U0001f1f3\U0001f30a
Abhishek | अभिषेक 📑📝🇮🇳...
@ABHIca92
Key Highlights from the Union Budget 2021, as presented by the Hon’ble Finance Minister.

Direct Taxes -
• Vivad Se Viswas Scheme Last Date of filing extended to 28th February 2021.
• Citizens of age 75 years and above who have only Pension and Interest income – Need not file👇

Income Tax Returns
• Re-opening of Assessment to reduced to 3 years from 6 years. Only where evidence of concealment of income of Rs. 50 lakhs or more – re-opening can be made up to 10 years & only with the approval of Pr.CCIT.
👇

• Reducing Litigation for small taxpayers – Constitution of Faceless Dispute Resolution Panel for people with Total Income up to Rs.50 lakh and disputed income of Rs.10 lakh
• Income Tax Appellate Tribunal to become Faceless – Only electronic communication will be done
👇

• Relaxation to NRIs – Rules to remove hardship of Double Taxation
• Tax Audit Limit to be increased to Rs.10 crores from Rs.5 crores for those having less than 5% cash transactions
• Dividend Tax- Dividend will be exempt from TDS. Advance tax liability on dividend income
👇

will arise only after the declaration or payment of the dividend. For Foreign Investors – a lower treaty rate benefit will be given.
• Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March 2022.
👇
ECONOMY

You May Also Like

The Astro Sapien\u2728
The Astro Sapien✨
@TheAstroSapienn
Here is my Thread on 'Ketu (South Node) Through Nakshatras' The 27 Constellations 🙏❣.

Do check your “Past life Mastery” which KETU Represents🤞🏻.


1. Ketu in Ashwini Nakshatra:

Here native is Great at Financial Planning, Face reading, understanding other’s mind and intention, Driving Fast they don’t like but they are wayyy smooth over driving Fast. This is also great position which can make native Great Surgeon,

Neurologist, Psychologist.
These natives are Selfless and Sacrifice self for others. They gets Fame and Success but they just don’t care.

2. Ketu in Bharani Nakshatra:

They are good at Flirting, Attracting opposite sex, studing ancient subjects. They are also Great at Creativity and Artistic activities. The are lazy but they are really open minded who handles situations really well.

In Past life they have handles many things which is now helping them to make things easier in this life. They are great Leaders too.

They are really good at Hard work and Smart work both. And yes just as Ashwini they don’t much care about Fame and Success!
ALL
Richard James
Richard James
@RJSHutton
I think a plausible explanation is that whatever Corbyn says or does, his critics will denounce - no matter how much hypocrisy it necessitates.


Corbyn opposes the exploitation of foreign sweatshop-workers - Labour MPs complain he's like Nigel

He speaks up in defence of migrants - Labour MPs whinge that he's not listening to the public's very real concerns about immigration:

He's wrong to prioritise Labour Party members over the public:

He's wrong to prioritise the public over Labour Party
POLITICS
Advertisement
Anu Satheesh
Anu Satheesh
@AnuSatheesh5
Krishna and the False Vasudeva
#story

Paundraka Vasudeva was a King mentioned in Bhagavatha Purana. He was friend of Jarasandha, the king of Magadha. He believed that he is Vasudeva Krishna.
Once Paundraka Vasudeva received a letter from Shishupala, stating that he wanted


protection from Krishna, because it was Rukmini's wedding and Shishupala thought Krishna would take away Rukmini.

Paundraka Vasudeva agreed and went to Vidarbha, the Kingdom of Shishupala, but failed to provide protection as Krishna took Rukmini away. Paundraka Vasudeva was


feeling sad. His Minister's cheered him.
They said that Paundraka Vasudeva was the real Vasudeva and Krishna is a cheater. Everyone started to believe this and soon Paundraka Vasudeva soon started to taunt Krishna by saying that Krishna was a cheater.
Paundraka Vasudeva then


challenged Krishna to a war and Krishna said that he would give Paundraka his Chakra and Gadha. Paundraka suspected some foul play and went to King of Kashi for his protection. In battlefield, Krishna came in front of Paundraka, and said that he would throw his Chakra and Gadha


to him. But, Krishna's throw was perfect that the Gadha hurled him to the Ground and the Chakra killed him.
Krishna soon killed king of Kashi with an arrow and his head went flying to Kashi.
Thus Victorious Krishna was recieved by people of Dwaraka.
Hare Krishna 🙏🕉🙏
ALL
Loren Brichter
Loren Brichter
@lorenb
So it turns out that Google Chrome was making everything on my computer slow *even when it wasn’t running*, because it installs something called Keystone which is basically malware.

I made a website because this shouldn’t

Wired first reported on how bad Keystone was 11 years ago when they put it into Google Earth (they seem to put it in all their popular

The fact that Keystone hides itself in Activity Monitor is bizarre. (The only sign of it was excessive CPU usage of WindowServer which is a system process).

I don’t know if Google was doing something nefarious with Keystone, or a third party figured out how to (which Wired warned about). But either way, I’m not inclined to give Google-the-organization the benefit of the doubt (despite the many good people who work on Chrome)...

...since it's been a decade+ and this still hasn't been "fixed".

There is no reason for auto-update software to need to do what Chrome/Keystone was doing. It also has a long history of crashing Macs.
TECH
antifa.drone
antifa.drone
@antifa_drone
Fake chats claiming to be from the Irish African community are being disseminated by the far right in order to suggest that violence is imminent from #BLM supporters. This is straight out of the QAnon and Proud Boys playbook. Spread the word. Protest safely. #georgenkencho


There is co-ordination across the far right in Ireland now to stir both left and right in the hopes of creating a race war. Think critically! Fascists see the tragic killing of #georgenkencho, the grief of his community and pending investigation as a flashpoint for action.


Across Telegram, Twitter and Facebook disinformation is being peddled on the back of these tragic events. From false photographs to the tactics ofwhite supremacy, the far right is clumsily trying to drive hate against minority groups and figureheads.


Declan Ganley’s Burkean group and the incel wing of National Party (Gearóid Murphy, Mick O’Keeffe & Co.) as well as all the usuals are concerted in their efforts to demonstrate their white supremacist cred. The quiet parts are today being said out loud.


The best thing you can do is challenge disinformation and report posts where engagement isn’t appropriate. Many of these are blatantly racist posts designed to drive recruitment to NP and other Nationalist groups. By all means protest but stay safe.
TRADING