Wolf Richter: One Part Of Japan’s Abenomics Salvation Is Already A Fail
Japan’s attack in the Currency War was supposed to make it more competitive in international trade – but that, it failed to do. In fact, the opposite occurred.
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More Obama Administration Secrecy: Rep. Grayson Can’t Discuss Classified Trans-Pacific Partnership Draft
OK, you remaining Obama fans: tell me why we should trust the biggest baiter and switcher in the history of the Presidency, particularly when he insists on unprecedented levels of secrecy? Because he has nice teeth and cute kids?
Read more...Wolf Richter: Germany Grapples (Again) With The Choice Between Its Constitution And The Euro
Yves here. The consensus view among experts, despite considerable public opposition in Germany, is that the German Constitutional Court will not upend the Eurozone bailout mechanisms by ruling in favor of challenges to their legality. This confirms the policy issue that Dani Rodrik flagged in 2007: you can’t have national sovereignity, democracy, and deep integration of markets at the same time. You can have at most two of the three. Sadly, Europe looks ready to settle on only one on that list.
Read more...Lynn Parramore: Obama Nominates America’s Biggest Walmart Cheerleader as His Chief Economic Adviser
Apparently, the most important criterion for getting an important post in the Obama Administration is telling Big Lies, better yet with data. Jason Furman claims Walmart is a “progressive success story.”
Read more...China to Build Panama Canal Bypass Through Nicaragua
Yves here. Reader From Mexico often chides readers in comments who like try to depict Argentina and other Latin American states as failures, when the ones who have distanced themselves from American/neoliberal policies have made solid social and economic progress.
This piece highlights a tangible indicator of the wane of US influence in the Americas.
Read more...IMF Rethinks Sovereign Defaults, Again
By Delusional Economics, who is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness
Read more...Your Humble Blogger Appears on RT’s Truthseeker
We discuss how outsourcing and offshoring are more about transferring income from low-level workers to middle and senior level managers than cost savings.
Read more...Chile’s Recent Lead Negotiator on Trans-Pacific Partnership Warns It Could Be a “Threat to Our Countries”
An important article in the Latin American press peculiarly has not gotten the attention it deserves. Or perhaps not so peculiarly, given the Obama administration’s intention to keep the Trans-Pacific Partnership negotiations as far out of the public eye as possible.
Read more...Are Germans Poorer than Other Europeans?
Yves here There’s been a great deal of consternation over a report that found that the median Spanish and Italian households are more than three times as wealthy as the median German household. This report says that these differences aren’t what they seem to be.
Read more...Russia’s Plan For The BRICS To Dismantle The Dollar System
The status of the US dollar as the world reserve currency gives the US tremendous advantages. Among them: it allows the Fed to export inflation, while the Federal Government can run a huge deficit with impunity. But now an angry Russia has had enough!
Read more...Japanese Movement Against TPP Growing
By Lambert Strether of Corrente.
This Real News Network video on resistance to the Trans-Pacific Partnership in Japan (one of our military protectorates) explains some implications of TPP for health care policy, but also gives a glimpse of how our post-national global elites would like the nature of the State to change. Of course, the TPP negotiations are secret, which cannot but give the impression that TPP’s advantages are not likely to be readily apparent to the citizens who putatively give sovereign states their legitimacy. So, although US discussions have focused mainly on content and intellectual property issues, it would seem that the powers that be have bigger fish to fry.
Read more...Secret “Free Trade” Negotiations Will Gut Regulations, Further Enrich Multinationals and Big Financial Firms
It’s a sign of the times that a reputable economist, Dean Baker, can use the word “corruption” in the headline of an article describing two major trade deals under negotiation and no one bats an eye.
Read more...Bundesbank Looks to Undermine Italy
By Delusional Economics, who is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from http://www.macrobusiness.com.au/2013/02/europe-waits-for-italy/“>MacroBusiness.
Another chapter in the Italy political story comes to a close as a government is formed, for how long who knows, but a familiar figure appears to be playing puppet master…
Read more...The Inflation Dog Didn’t Bark, But What About the Others?
By Eric Yeldan, Professor of Economics and Dean at the Faculty of Economics and Administrative Sciences Yasar University. Cross posted from Triple Crisis
The IMF released the April edition of its World Economic Outlook (WEO). One of the key analytical chapters (Chapter 3) of the Report is titled “The Dog that Didn’t Bark: Has Inflation Been Muzzled, or Was It Just Sleeping?” Its main argument (or rather sort of a mystery that needs to be resolved, in the words of its authors) is that over the course of the previous crisis episodes we used to witness severe increases in unemployment along with a simultaneous fall in inflation. Yet, during the current great recession there has been very little movement in inflation, while unemployment rates soared almost everywhere; —hence the metaphor: inflation (the dog…) does not respond (… bark). And the alleged mystery is but why?
The WEO suggests two candidates for explaining the mystery. Perhaps instead of looking for dogs, they should stop ignoring the elephant in the room.
Read more...What Drives US North Korea Policy?
This Real News Network interview with Peter Lee, an Asia Times Online columnist who has been covering China for 30 year, is a welcome antidote to some of the superficial, stereotype-laden coverage of North Korea, not just what its posturing means for the US but other major players in East Asia.
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