BC ECONOMY
Saved by @Alex1Powell

I am bored by being patronised by those telling me ‘don’t you know Remain is dead?, closely followed by ‘Move on.’ I can tell you, I have. That’s why I want to Return. To Europe, for sure. But to something much more than that.

 I want to also Return to a positive politics. That’s the form rooted in compassion, care and genuine concern. But it’s also one that’s also learned that economics has moved on from what was taught by that subject in the 1980s, as has our understanding of the environment.
I want a politics that is not based in materialism. Or jingoism. Or nationalism. Or populism. Instead, I want a Return to the principles of mutual respect, tolerance, acceptance and co-existence, with each other and the rest of this world, human and otherwise.
I want a Return to a bias to the least well off. That’s because we all know the best off can already look after themselves. It’s those who have trouble doing so, for whatever the reason, that I want to be the priority in politics. I wonder, who wouldn’t, and why?
I want a Return to long term vision based on principles.
I want a Return to the belief that society matters.
I want a Return to the days when most believed they could live without the fear that misfortune might bring.
I want a Return to the belief that making matters. I define making widely. It’s not just the things we need. It’s also the services we need just as much. And the arts, learning and decent societies too. What is not ‘making’ is rentierism and dealing purely for the sake of profit.
I want a Return to the time when monopoly was rightly mistrusted, because it always exploits.
I want a Return to the time when professions had ethics.
I want a Return to a National Health Service.
But National Health also requires a National Wealth Service. That means a Return to the common wealth that delivers physical and financial security for those living in our society, guaranteeing homes, energy, communications and transport for all, plus safe savings.
I want a Return to the belief that all people’s opinions matter, and a voting system that reflects that, which now means an end to first past the post.
I want a Return to local decision making, but not in a tax system that can use this to reinforce regional inequality.
I want a Return to respect for time off.
I want a Return to the awareness that we might once have desired many of these things, but that we didn’t always find how to deliver them. So I want a Return to the endeavour to do so.
I want to return to the idea that what matters is much more than a pile of cash, whether measured as GDP, profit or notional wealth.
I want a Return to the idea that we are all in this together, too long forgotten by almost all of politics, with its focus on tribalism.
I want a Return, in other words, to the common good.
Is that too much to hope for?

More from Richard Murphy

Richard Murphy
Richard Murphy
@RichardJMurphy
Tax cuts are in the news as Tory party leadership candidates are talking about them as if tax was going out of fashion. It is very apparent that none of them know much about tax, so a thread to discuss some of the issues.

First, because all government spending is, as a matter of fact, funded by government money creation via the Bank of England, which was proved in the quantitative easing eras, the proper role of tax in the economy needs to be understood by these politicians.

That proper role of tax in the macroeconomy - which is what they’re going to be responsible for - is to reduce inflation. Tax cancels government money creation. It takes government-created money resulting from government spending out of circulation.

There is no direct relationship between money creation and inflation. But it’s clear that a government cannot spend without limit with newly created money and not create inflation as a result. So governments tax to reclaim the money that they spend.

This means that there are questions for ministers who want to cut taxes now.
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Richard Murphy
Richard Murphy
@RichardJMurphy
The crisis in the NHS is overwhelming this week. It has reminded me of conversations I had with my late father on how to manage within the state sector. I think they're worth sharing.

My father worked for the nationalised electricity industry from the late 1940s to late 1980s. He spent much of that time as a fairly senior engineer. He was committed to what he did. He believed electricity supply was a human right. And he sought to delver it.

He left the industry and retired when he realised that privatisation challenged what the believed in. The priority was no longer supply. It was, instead, profit. He had a clear example of the difference this made. It was about emergency management.

In his day the state electricity boards ensured that they had all the capacity they needed to manage emergencies to keep supply going as well as possible, come what may. It meant there was excess capacity. But it wasn't wasted - maintenance and training was done instead.

Privatisation saw that excess as waste, and it went. It was assumed contracts could buy in support when needed. My father believed that was dangerous - because when demand was strongest the most inexperienced people would be put to work on the job.
GOVERNMENT
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Richard Murphy
Richard Murphy
@RichardJMurphy
I keep hearing people complain that the ‘mainstream media’ does not understand economics and that we’re talked down to as if everything must be explained as if the economy is a household. In this thread I explain all you (and they) need to know. Economics in one thread then....

Very few people seem to understand how money is created. Mainly that’s because when they’re told it seems so simple that they can’t believe something that’s so important that we’re willing to pay a lot to get it is created so easily. This thread explains how money is created.

What this thread also explains is that if we understand money we can completely reimagine how the economy really works, which is the pathway to rebuilding from the mess we are in. Which makes this a pretty big deal. I make no apology for its length as a result.

Let’s start at the very beginning. A person goes into a bank and asks for a £1,000 loan. The bank checks them out, and agrees. And that is all that it takes to create new money. Money is just a promise to pay. That simple exchange of promises is all it takes to create it.

Most people think there must be something that backs up the value of money. Gold, most likely. But there isn’t. Money is just a promise to pay, and has been for almost 50 years now. Mutual promises to pay creates all the money we have.
ECONOMY
Richard Murphy
Richard Murphy
@RichardJMurphy
There is a growing and numbing realisation of just how bad Sunak's budget really was. Worse, he’s even now saying that there is nothing he can do about poverty. This is a long thread to explain why he’s failing and what we can do about it if we want to change our politics.

For those who don’t want to read a long Twitter thread there is a blog version here. https://t.co/AuTdAr1f1n if you want a summary of the whole thread it’s this: the neoliberal thinking that all our main political parties subscribe to is now bankrupt. We need something new now.

Sunak faced a challenge this week. A winning Chancellor has to decide how to secure the support their party needs to win elections. In that case there will always be winners and losers in a budget. So Sunak had to make decisions.

However, it’s fair to say that decisions are always constrained. No budget has, I suspect, ever delivered precisely the policies any Chancellor has really wanted. That’s because all politicians are fantasists and reality has to be addressed as well in any budget.

The overwhelming realities that Sunak needed to address yesterday were really not hard to spot. First, there was the real economic chaos created by shortages in the economy. These are the result of Covid, Brexit and now war, but which heavily pre-dated the last.
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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

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Bob Moran
Bob Moran
@bobscartoons
We're not doing any of this because a lot of people were going to catch a cold. We're not destroying our economies and societies because a tiny number of people felt tired for a few months after a cough. We aren't allowing babies and children to die because a new strain

of coronavirus is at large. We were told, in no uncertain terms, that this new virus CAUSES a brand new, deadly disease called Covid-19, the like of which we had never seen before. A disease so horrific that doctors were having emotional breakdowns after treating it. That is what

all of this is based on. The reasoning behind a global reaction which may well lead to the permanent destruction of all the things that make life a worthwhile experience.
In nine months of being immersed in this swamp of information, I have still not found an explanation of what

it is about Covid-19 that makes it so different from other respiratory illnesses.
I think the most important question is this:
What scientific or medical reasoning prevented the message to the public being something along these lines:

'There is a new strain of coronavirus spreading around the world. For the vast majority, it's asymptomatic. Most who have symptoms will experience a mild cold. A tiny number will suffer longer-term fatigue (as is the case with many other viruses). However, for the elderly,
ECONOMY
Ram Bhupatiraju
Ram Bhupatiraju
@RamBhupatiraju
Time for a Scorecard📊and thesis📑updates for purchases done in Feb/Mar 2020. Last review done in late April. How far things have come since then.😯

Not taking any drastic actions, other than few sells in fully valued, slower growth Co.'s.


Events since then
✔️Co's reporting two Qtrly reports
✔️Accelerating growth for few sectors
✔️Understandable problems for few others
✔️Crazy run-ups & valuations in the last 9 mo's, supported by biz growth in some cases, but mostly due to Monetary factors & Investor enthusiasm...

I usually buy for two scenarios

1⃣Leading Co's within strong secular trends, that also have strong Management Teams and solid Financials (Rev growth, Profitability or improving Margins/FCF prospects, no balance sheet risk...).

These are bought with the intention of holding for the long-term as long as the thesis is intact or getting better. Strongly intend to add along the way. Ex : $ROKU $PINS $TWLO $DOCU $W $NOW $WDAY $NVCR $MTCH in the above table.

2⃣More mature and stable Co.'s but with some growth left (no Financial risk), mainly bought for their current under-valuation, with the intent to sell when the Market or those stocks recover. Ex : $BIP $BUD $VTR $BR $BA in above table.
ECONOMY
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Larry Schweikart
Larry Schweikart
@LarrySchweikart
1) Well, also there is this:

For 400 years inflation has NOT been in a "mountain range" of up and down, but rather stair-stepped in giant increases, always associated with major transformations in economic arrangements.
ECONOMY
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
Michael Pettis
Michael Pettis
@michaelxpettis
1/16

It is a little frustrating to see the response many analysts had to the GDP growth data Chinese released today. These numbers aren’t especially good, and they certainly shouldn’t have been surprising. Back in April and May, when most

2/16

were projecting negative or barely positive GDP growth for China in 2020 (the OECD, for example, expected China’s GDP to contract by 3.7%), I insisted that GDP growth for 2020 would be positive, and probably between 2% and 3%.

Today, it was reported as 2.3%. How did...

3/16

I know? Because I knew that while most of the healthy sources of Chinese growth would contract (except for exports, which would expand given Beijing’s intense supply-side response to the impact of Covid-19), Beijing was going to respond to a significant...

4/16

worsening of the healthy parts of its economy by unleashing enough of the unhealthy, non-productive growth it has long tried to constrain – basically real estate and infrastructure investment – in order to achieve as much economic activity as it...

5/16

needed for domestic political ends.

And that’s exactly what happened. While GDP grew by 6.5% in the fourth quarter, even with substantial tailwinds its retail sales measure – a proxy for consumption – was only up 4.6%, and it was down 3.9% overall in 2020.
ECONOMY

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BRAHMA VAIVARTA PURAN: IMPORTANCE AND CHARACTERISTICS.

This Puran introduces us to way of Vedas. On the request of Narad Muni Bhagwan Saavarni had preached this Puran. It is a summary of Dharma, Arth, Moksha etc.


Listening to this Puran one gets automatically attached to Vishnu and Shiva and realize that there is no difference between them. Vyasji divided this book into four parts. It has eighteen thousand shlokas. This whole book is in the form of dialogue between Suutji and Maharishi's.

The first part Brahmkhand, consists of Shrishti description. Here Shri is known as Para Brahma and description of Gokul is also mentioned, It also narrates the argument between Brahma and Narad in which both were defeated, and then Narad went to Shiva to attain more gyan.

Shivji advised him to go to Bhagwan Saavarni for this. Narad goes to Saavarni ashram to seek Knowledge and is totally amazed by the sorroundings.

Next is Prakriti khand which consists of dialogue between Narad and Saavarni where they discuss the

Importance of Shri Krishna through various stories. Then there is the discussion of Prakriti and its various hues. Listening to this gets you wealth.
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Thread 🧵explaining #ROE & #ROCE and its use in #FundamentalAnalysis

(Must read for #FA learners)

🙏Like & RT to spread learning with all 🙏

Views Welcome 👉 @dmuthuk @Vivek_Investor @datta_arvind @caniravkaria @FI_InvestIndia @AdityaD_Shah

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1⃣

Return on Equity (#ROE) and Return on Capital Employed (#ROCE) are two important Financial Ratios used in #FundamentalAnalysis of Stocks.

#StockMarket #Investing

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Return on Equity (ROE) is the ratio of Net Income (Net Profit) of a company and it’s Total Equity (Shareholder's Equity).

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#ROE is a measure of how much net profit a company is making for every rupee invested by its shareholders in the company.

It can be said that higher the ROE, better it is for the equity shareholders. It tells shareholders about how effectively their money is being used.

4⃣

However, you should not trust high ROE blindly. Biggest drawbacks or weaknesses of ROE is that it completely ignores debt.

Hence for companies having high levels of debt, ROE will give a higher but misleading value & therefore we need to look at #ROCE along with #ROE.
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Andrew Chen
Andrew Chen
@andrewchen
👇Thread.

Published a new essay: The red flags and magic numbers that investors look for in your startup’s metrics – 80 slide deck included!


This was a deck that I created on my (longish) interview process with @a16z. It was a long path, starting with meeting folks at the firm 10 years ago. But the purpose of the deck was to explain how I would use my superpower in an investing context

Here's what I explain in the deck. As investors (whether angel or VC) we're often confronted with an up-and-to-the-right graph. Is it going to go up? Or down?


One solution to forecast these growth curves is the Growth Accounting Framework, where you add up New+Reactivated and subtract churned users. In each time period that gives you the difference in monthly actives.


The problem with this is that it's a lagging metric, not a leading one. We need to go one level deeper and look at the underlying loops that drive these numbers, to understand the quality.
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Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
BANNARI AMMAN, SATHYAMANGALAM (TN)
#bharatmandir #navratri2021

Bannari Amman Kshetram is dedicated to Mariamman, known as the goddess of Rain. This divine place is located at the foothill of Thimbam.

Bannari Amman is a form of Shakti. The murti is swayambhu (self-manifested).


Some 300 years ago, cowherds used to leave cattle here for grazing. One day, a cow was seen shedding her milk under a Vengai tree. Next day also, the cow did the same thing. Villagers removed the thickly grown grass and found a sand-hill and Swayambu Linga near it.
@GunduHuDuGa


It is believed that a deity protected traders from Kerala who travelled through this place to Mysore. Fascinated by the beautiful surroundings, she decided to stay here to protect devotees. A shrine was built and Bannari Mariamman is worshipped here since then.


Bannari Amman is the only shrine that faces the south direction. Instead of Vibhuti and Kumkuma, Bannari soil is given to the devotees. The Kundam festival (fire walk on heated charcoal) is most famous here.
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sriram
sriram
@SriramKannan77
'Treasure Gods' - Sangha Nidhi' and 'Padma Nidhi', Tirumala, Tirupati.

------------------------------------

These are the two guards guarding the Wealth and Treasure of Lord Sri Venkateswara.

They are representatives of two treasures of Kubera, the God of Wealth.


One guard who is holding shangam (conch) on both the hands is known as Shanka Nidhi ('nidhi' means wealth).

On the other side, the guard who is holding Lotus flowers on both the hands is known as Padma nidhi.

Shangu is from the ocean which includes all types of wealth like pearls and corals.

Why shagam in his hand? Because shangam only gives the sound of 'omkaram'.

'Padmam' is the symbol of water sources in land like river, lakes, tanks etc. which is very important for all living beings.

As per the tradition, these guards are installed at the third entrance of the temple.

One enters the holy shrine after saluting the first protection threshold - Sankha Nidhi and Padma Nidhi.
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