House Democrats reveal secret plan to force vote on debt limit hike. It's not exactly a secret plan if you come around telling the press but regardless am glad house democrats are using their power to prevent us from defaulting #debtceiling#economicshttps://breaking.iavian.net/article/335657
Do they get the irony that lowering the credit rating will increase the interest due and therefore increase the national debt? So will the reduced revenue from the disastrous consequences for economic activity.
What people need to understand is if we default on our debt our economy will be shattered worse than the 2009 financial crisis and potentially worse than the great depression in the 1930s. People need to pay attention and demand that our elected officials especially the Republicans stop playing games and pass a clean bill that will raise the debt ceiling then negotiate on other things later. What Kevin McCarthy and the Republicans are doing is threatening to shut down our entire economy out of spite in a desperate attempt to take back power after a disappointing midterm results. #economics#republicansaretheproblem#debtceiling
We only have 1 month to prevent a default and the catastrophe is much closer than people realize. If we default say goodbye to everything we have done in terms of economics it will all be erased in a matter of weeks potentially even days. #debtceiling#economics
The failure of #FirstRepublic is just the latest case where bank executives had every incentive to value short-term profits instead of risk management.
After SVB failed, the Fed promised a review and a public report on what went wrong. They released that report Friday, and it said SVB messed up but also put a surprising amount of blame on the Fed.
It sounds like these failures are mostly things the Fed can fix without Congress.
That doesn't excuse Congress' manufacturing of financial crises, especially the debt limit.
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"Too many companies are getting into politics," said Senator Ted Cruz. "I'd rather have Disney focus on Mickey Mouse and not be lobbying the legislature... There's no doubt $DIS has a right to [sue
Governor DeSantis], but they also have to face the consequences."
'Are some prices more equal than others? Evaluating store-based price differentiation..
We gather pricing data of 824 flights from 15 stores (incl. desktop sites, mobile apps, and mobile sites) over a 38-day period. Our experiment shows that price differences occur frequently.' By @hjonker et al https://www.open.ou.nl/hjo/papers/madweb23.pdf #economics#discrimination#tech#ai
How easy is it to get printers that support banknote-style security features?
If you give everyone with something to sell one of those + a server to serve as a Chaumian eCash mint you could get @cjd's (and I think Thomas Greco Jr's as well IIRC/AFAICS) "decentralised fiat" idea.
Every one could issue notes backed by what they're selling and trade them. #economics#decentralization#EconomicsForRebels (never seen that last hashtag before but it seems apropos)
The IRS has said the agency will not hire any armed auditors with $80 billion in new funding, but will instead hire "criminal investigators," per Reuters.
China may have to bail out one of its poorest provinces - And more provinces may follow. “China's local governments are struggling with trillions of dollars of debt, after three years of strict pandemic controls and a real estate crash drained their coffers. Some cities have already slashed medical benefits to seniors, sparking protests, and other vital services are at risk.” Global economic planners need to factor the possibility of a massive #China default into their global outlook predictions. If the USA slips into recession, as widely predicted, and then China defaults the risk of global contagion and international recession increases exponentially. https://www.cnn.com/2023/04/27/economy/china-guizhou-province-debt-crisis-bailout-intl-hnk/index.html#economics#finance#globaltrade#commerce#ChineseDebt#ChineseDefault
The eco-revolution that we need can't simply be to replace petro-capitalism with exploitative cobalt and lithium mining beneath a green-washed economy.
We need to rethink how we're going to produce energy production and store it safely and humanely throughout the entire energy economy, including at the very bottom of the supply chain.
For those having trouble keeping up with their credit card bills (more common now that many people's pandemic government assistance savings has been used up), unexpected interest charges from the vanished credit card "grace period" can be a surprising gotcha:
here's @RichardJMurphy deconstructing the #BBC's 'story' on the national debt figures (which appeared on the BBC website this morning) - this is an excellent demonstration of the point @sjwrenlewis (& Murphy) have been making for some time;
the BBC's #economics coverage is misinformed & is guided by the normalisation of #austerty as a policy!
Its not a simplification to communicate to readers, its a skewed politicised narrative to serve specific political interest!
Twas ever thus and even, "even", the Guardian, our "Liberal" organ of record does the same in its news coverage.
A left wing media consensus is a mirage created by a truth inversion on the horizon.
It took Larry Elliott to point out that this surge in inflation is not a natural event like weather but a series of choices people have made - they hurt us to enrich themselves. They're pirates - It's greed.