Readers won’t be surprised to find that the economists disagree; Larry Summers restates his secular stagnation thesis and John Taylor says his argument is “inconsistent with some important facts”; Taylor blames lax Fed policy before the crisis but Alan Blinder says any mistake was “small, forgivable under the circumstances and may not have done much harm”; Allan Meltzer blames the sluggish US recovery on the “mistaken policies and anti-business rhetoric of the administration”, even though the US has recovered much faster than the rest of the developed world, profits have been at all-time highs relative to GDP, stockmarkets have also hit record highs and in the first four years of the Obama administration, the top 1% of Americans made real income gains of 31% and the bottom 99% gains of just 1%. Short of the return of serfdom, conditions could hardly have been more favourable to the business elite.
Freedom is a burden. And wealth just creates more worries. Better to hand it over to one of the world’s great powers for safekeeping. Change is too risky.
You will surely never have to think again of it, or even see it, for a very long time. It will be as though it is not even there.
This past year she watched as Holder’s Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called “statements of facts,” which were conveniently devoid of anything like actual facts.
When interest rates are zero or even negative, everyone wants to buy more. Back in 1979-1980, you could buy a US government bond and earn 15%. Nobody wanted it. Right now, of course, what people don’t quite realize is interest rates are lower because the dollar is strong, but the average person who wants to educate their kids in 10-15 years is not actually investing in government bonds. It’s all being bought by people who are playing this big game. Sometimes we even give money to another country just so they end up buying our treasury bills. It is amazing that this gimmick keeps working. What I believe is that one day we will wake up and the system will dissipate just as fast as it has grown, maybe even faster.
This latest report represents 56 consecutive months of private-sector job growth, which Jason Furman, chairman of President Obama’s Council of Economic Advisers, characterized this week as “the longest streak in U.S. history.”
Yet, as Mr. Furman and other economic experts readily acknowledge, the experience of many Americans does not match the growing optimism about the job market and the overall economy recently expressed by several analysts.
According to new numbers published by WWF Scotland this week, wind turbines generated enough electricity in October to power 3,045,000 homes in the U.K. — more than enough for all the homes in Scotland. Referring to it as a “bumper month” for renewable energy, WWF Scotland’s director Lang Banks said in a statement that “while nuclear power plants were being forced to shut because of cracks, Scotland’s wind and sunshine were quietly and cleanly helping to keep the lights on in homes across the country.”
As the Hollande presidency stumbles past its half-way point, it is hard to overstate the depths of pessimism in the country.
For the eco-tax fiasco was not an unlucky one-off. It typifies perfectly the melange of incompetence, powerlessness, timidity and indecision to which the country’s government has fallen prey.
There’s a significant correlation between pesticide use and depression, that much is very clear, but not all pesticides. The two types that Kamel says reliably moved the needle on depression are organochlorine insecticides and fumigants, which increase the farmer’s risk of depression by a whopping 90% and 80%, respectively. The study lays out the seven specific pesticides, falling generally into one of those two categories, that demonstrated a categorically reliable correlation to increased risk of depression.
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