Saturday, December 19, 2015
Bank of Japan More Innovative than US Fed
The Bank of Japan has begun a modest purchase of the stock of Japanese firms that expand the economy by investing in their factories or by raising workers’ pay. “The BOJ is doing what it can to support capital spending and investment in human resources” says the Bank’s governor. In contrast, the American central bank buys billions of dollars buying bonds owned by banks. U. S. “corporations have tapped the markets for trillions of dollars in recent years, yet they have plowed relatively little of the money into new operations.” American firms have been on a binge of buyouts and mergers further adding to oligopolies. The stock market and junk bond markets love this. “Business investment as a percentage of gross domestic product has remained below historical levels since the Great Recession. “ The government has not helped. “Public investment spending as a share of overall economic activity has fallen to lows not seen since the 1940’s. (NYT Dec. 18, 2015 p. B-8) This has pleased the Tea Party and other “know nothings.” But it has done nothing to fill road chuck holes and repair dangerous bridges. Meanwhile American passenger rail lines are the laughing stock of Europe and its high speed trains.
Monday, December 29, 2014
Does the World Get You Down?
This is my last blog. The
world is so fuXXed up that it is not possible to comment on all its
absurdities. Besides it is too
depressing. The only way to preserve
sanity is to look at it with rose colored glasses, so I shall devote myself to
things of beauty such as poetry and literature.
If
you have not seen my historical novel, “The Quest for Land and Fortune,” may I
urge you to go to Amazon and get a copy while they last. It is narrative non-fiction, the people are
all real, but what they said to each other and what sort of blogs they might
have written, is fiction, I was not there.
The
New York Times of December 28, 2014, had a section entitled the “Year in
Pictures. I list the cut-lines to illustrate
my point.
01/09/2014 Displaced people on ferry led fighting
between government forces and rebel in South Sudan.
02/24 Women took shelter from sniper fire in The
Ukraine.
02/19 Anti-government protestors burned barricades
in The Ukraine.
04/17 A protestor hurled a Molotov cocktail during
clashes with police, Caracas, Venezuela.
04/30 A lockdown drill to address the threat of
school shootings in a eighth-grade class, Belle Plaine, MN
03/12 A girl was wounded between riot police and
anti-government protestors, Istanbul.
05/05 Mourners attended funeral of Julia Izotova,
21, killed during clashes between Ukrainian troops and pro-Russian separatists.
05/11 Civil War set of a vast food crisis, among
the malnourished were a mother and her 5-month old. Malakal, South Sudan.
07/09 Mexican authorities deported miners on a
flight back to El Salvador.
07/24 Relatives look into a hospital operating room
at those injured in an Israeli air strike. Gaza Strip.
08/15 Palestinians prayed in the rubble of a
mosque. Gaza City.
07/01 A Jewish woman prayed during the funeral for
three Israeli teenagers who were killed in the West Bank.
07/02 Migrants traveling toward the US on a train
known as “The Beast” because of violent crime.Tenosique, Mexico
09/23 A marina owner on the boat dock in the
dried-up Huntington Lake CAL.
08/25 Michael Brown Sr. mourns as his son’s coffin
is lowered, St. Peters Cemetery, Normandy.
08/27 Yameen Ritaj, 16, left her abusive husband
during her pregnancy. Refugee camp, Jordan.
09/05 Medical workers took James Dorbor, 8, into a
Ebola treatment center. Liberia.
011/25 Police clash with pro-democracy
demonstrators, Hong Cong.
11/28 Senator Mitch McConnell re-elected from
Kentucky. (He has declared global warming a hoax spread by those who dislike
his state’s coal.)
10/18 Displaced persons camp where 140,000 have
been uprooted. Myanmar.
09/27 A cradle left behind by Kurdish refugees
along the Turkish-Syrian border.
11/28 Protest because Grand jury decided not to
indict Daren Wilson in the killing of Michael Brown, Delwood MO.
12/08 Protestors against police
brutality in the wake of Michael Brown, Berkeley.
12’16 Women mourn Mohammed Ali Khan, 15, one of 130
students killed during a Taliban attack on a school, Peshawar, Pakistan.
11/18 Ultra-Orthodox Jews listened to a eulogy for
a Rabbi Killed in a synagogue by Palestinian gunmen. Jerusalem.
12/06 A four-year-old known as Sweetie, one of
thousands, monitored for symptoms of Ebola. Sierra Leone
I add one event that does not photograph--the new Republican Congress has vowed to cancel Obama's Affordable Care Act. I suspect that much of the opposition is a continuing racist reaction to the Black President.
See what I mean. During the Vietnam War, depressed by the
daily body count, I stopped listening to network news. I never began again. Today, I canceled my subscription to the New
York Times.
Thanks for following my blog. If you want more, I recommend following Bill Moyers and Robert Reich.
Wednesday, December 3, 2014
Big Oil Spoils North Dakota
Big oil companies in North Dakota
said their impact on the environment would be minimal. They lied. The citizens of Tioga witnessed the largest
land oil spill in recent American history in September, 2013. Also in 2013, the locomotive of an oil train
derailed and exploded in a collision near Casselton. This year North Dakotans discovered illegally
dumped oil filter socks, a source of hazardous radiation. A landfill with waste
from oil fields is near the banks of the Missouri River. Some families experienced dirty drinking
water. “One company, in fact, sued three
activist landowners in 2011, seeking damages for trespassing after the men
tried to document what they believed was the cover-up of a saltwater spill.” Federal wildlife agents asked the oil
companies to cover their waste pits as migratory birds sometimes dived in. They were refused. Thirty percent of the natural gas produced in
the state was being treated as a byproduct and burned off, spoiling the air for
neighbors.
The
oil drillers are lightly regulated by the three-member North Dakota Industrial
Commission composed of the Governor, Attorney General, and the Agricultural
Commissioner. In their eagerness to gain
great wealth, the state largely let the oil companies police themselves. The oil companies made contributions to the
governor’s campaign in 2012, a total of $550,000 from oil-related executives.
A family signed a lease and saw
their first well drilled in 2008. Then
June, 2011, they were informed that Burlington Resources intended to create a
30,883 acre oil production unit that would override their lease agreement. Instead of receiving royalties for their land,
the revenues would be split by all owners in the mega-unit. The mega-unit would
include part of the Little Missouri State Park (three storage tank batteries
inside park boundaries). The family learned that their consent was not
required. Only 60 percent of the unit’s
owners were needed, and Burlington together with the Federal government land already
amounted to 60%. This freed Conoco
Phillips, successor to Burlington, from boundary lines that required 200-foot
set-backs from the borders of each production unit. The companies would not have to negotiate
easements or rights of way for pads, roads, and pipelines. Dec 20, 2013, the commission approved the
mega-unit. This amounts to private eminent
domain—taking of land by private companies for their own benefit.
Source: New
York Times, Nov. 23, 2014
Thursday, November 27, 2014
Thanksgiving
There are still some things to be thankful for--like not living in Buffalo NY. Apologies to buffaloes.
Monday, November 24, 2014
Identity
" In a world where 2 billion more people have entered the workforce since 1989, the insecurity of those suddenly forced to compete that much harder was always bound to grow. If you’re one of the beneficiaries of this massive upheaval, you’re fine. But for the millions who fear they are losing out, and who see their town or country changing around them, including through immigration, it’s natural to hold on tight to, and fiercely defend, an identity that feels safe and familiar." Jonathan Freedland writing in the Guardian UK. 21 Nov 2014
Cultural arguments are taking the place of what used to be bread and butter issues. The Republican party has exploited this very cleverly, while they turn the bread and butter toward the very rich. When will the 90 % figure it out? And, when will the Democrats figure out that identity politics is where it's at.
Sunday, November 16, 2014
Neo-liberals and the Office of Information and Regulatory Affairs (OIRA)
Cass Sunstein was appointed head of OIRA from 2009-2012 and led it to delay and eviscerate a host of environmental regulations. Pres. Reagan created the office ostensibly to improve decision making by insisting on benefit-cost analysis of all rules, but industry used it to escape and delay regulation. An example of its over-reaching and bizarre twists is to count lost pleasure from smoking as an off-set to health benefits of reduced smoking. Besides, early death saves health care costs over the smokers' lifetime they claim! All of this is justified by the neo-liberal championing of what they call liberty-enhancement. If some want to kill themselves, they should be free to do so. This is a neat trick that diverts blame from systemic corporate malfeasance to individuals.
This is documented in Robert Kuttner, "Obama's Obama" Harpers, December 2014." A must read by those interested in good government and avoidance of the siren song and paternalism of the neo-liberals. Obama does not come off well. Sunstein and Obama prove once again that smart and wise are not the same thing.
This is documented in Robert Kuttner, "Obama's Obama" Harpers, December 2014." A must read by those interested in good government and avoidance of the siren song and paternalism of the neo-liberals. Obama does not come off well. Sunstein and Obama prove once again that smart and wise are not the same thing.
Labels:
Free market,
Political Economy,
Political rhetoric
Virunga, Congo
Oil companies are circling Virunga National Park in the Congo, home to several endangered wildlife species such as mountain gorillas. The oil company thugs stoop to bribery and murder. The Government is silent saying they must support anything that will lift their people out of poverty. One could be more impressed if they were putting a large part of their royalties into a trust fund for all its citizens, such as Alaska did.
The Congo has been home to natural resource exploitation by the Belgians for generations and where are the jobs it was supposed to create? Any natural resource eventually runs out and the people who get rich are government officials and foreign companies.
Source: NYT 16 Nov 2014
The Congo has been home to natural resource exploitation by the Belgians for generations and where are the jobs it was supposed to create? Any natural resource eventually runs out and the people who get rich are government officials and foreign companies.
Source: NYT 16 Nov 2014
Subscribe to:
Posts (Atom)