pk
is no gulliver from the american academy
now among the folks up on laputa
he lacks gulliver's innocence
he's full of his own ingenuity
he's more like twain's yankee
at the court of arthur
only he has gone forward in time not backward
this court is way advanced beyond his world
the high and mighty of todays society
live in the first draft of our future
is no gulliver from the american academy
now among the folks up on laputa
he lacks gulliver's innocence
he's full of his own ingenuity
he's more like twain's yankee
at the court of arthur
only he has gone forward in time not backward
this court is way advanced beyond his world
the high and mighty of todays society
live in the first draft of our future
he asks
they don't
they love slack
market slack
in particular credit and job market slack
contrived "high slack "
justified by chitter about transformational pressure
at least these days after 80 years of
"on and off " keynes kalecki (KK) guided macro policy
today with the obvious superiority of the KK methods
proven umpteen times over the years
is a cover story
a plain and ultimately simple
cover story
for many of those heads out there
advocating monetary tightness and fiscal prudence
they know better but can't make the real arguments in public that have convinced themselves to lay off
the tax and transfer effective demand injector
their reasons are outlined in this (oddly shakey )cloumn by barry Eichengreen
http://www.voxeu.org/index.php?q=node/6694
facing the present global imbalances
"At their February 2011 meeting in Paris, G20 finance ministers agreed to a set of three types of indicators on which the sustainability of national economic policies would be assessed:
1 public debts and deficits,
2 private savings and debts,
3 current-account balances"
note the first two national market slack makers or preservers
are ways to hold down general demand
and this is to hold down its very proper sub set
import demand
this is aimed at the northern economy nations now on snail speed
message:
"keep this snail speed up
no use of the credit system to inject spendable new funds into these national systems either by way of gubmint or directly to households and firms
reason:
the structural imbalances between north and south hemi
have yet to be effectively and sustainably liquidated "
and three is of course the raison d'etre
the bop imbalances
barry in fuzz mode
"The G20, rightly, has continued to make global imbalances and their correction...a focus of its deliberations"
a focus ???
more like prime directive !!!!
and that means continued stag in the advanced north
and boom in the faster developing parts of the south
we fail to see clearly the multi national corporate perspective here
because our dominant media is overwhelming fed by the MNC corporate flackers
out here waiting to analyize this and that for them
and its not just purblind gyro gear loose abstracticators
caught up in their BOPW models
they are more often well rewarded MNC stooges
and shameless patent frauds
coming forth from the academy and the think tanks
specifically to provide the misdirection the cover story the alibi etc etc
most econo-pundits that have reached pk's level
have over the years carefully weighed their words
cut a critical path between critique and me tooing
moving to one side or other of the broad middle ground (when its there when narrows are not imposed as in the early kold war )
stay "statistically " within the vague bounds
avoid consistent blasting away
interlard attack modes with obvious pulled punching
( i think of pk on commodity spec )
pick only so many crucial fights
stay "on average " where it feels possible to stay
read the cues and make the asjustments
could pk by now not even conciously notice this steering mechanism in his head
probably
disguises rationalizations get pretty convincing
especially for a terrier that barks a lot like pk
and yet has continued to "rise"
hey who oughta blame them
at least among us that have never been tempted
they want to jet set and spot light
be at the big table
and ever hovering near is the marginalization
if pk even up there on top with his nyt column
and tv spots
wants to play the real gadfly 24/7 365
be a bill vickrey or abba lerner
he better get ready for a return to obscurity
and he's admited la dolche vita is damn hard to wave off
after a couple sips of the bubbly
-----
and yet i hope
he has certainly reached the outer limits a few times
punching thru to prpheteering country to become
the Isaiah of times square and nassua hall ??
might yet happen
i think of chalmers johnson often
though he hardly reached so high
does the bubbly get to be ho hum up there ??
or does the pull into ever greater "private kicks "
divert ???