Sunday, October 31, 2021

Week-end Wrap – Political Economy – October 31, 2021

 Week-end Wrap – Political Economy – October 31, 2021

by Tony Wikrent


[Twitter, via Naked Capitalism Water Cooler 10-27-21]


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‘Every Turn in This Case Has Been Another Brick Wall, and Behind It Is Chevron’ 

[FAIR, via Naked Capitalism 10-29-2021]


Strategic Political Economy

Putin’s Valdai Speech: RUSSIAN FEDERATION SITREP

Patrick Armstrong, October 28, 2021 [via Naked Capitalism Water Cooler 10-28-21]

I would say that the principal theme – but read it yourself, it’s an important speech (I’m almost tempted to say valedictory) – is that the West is going down. Russia, thanks to its historical experience, has lived the experience from start to finish – twice. As Putin pointed out there was plenty of “human engineering” in the early Soviet days; the USSR failed at imposing its system. Russians know that exceptionalism doesn’t work; not because they’re wiser but because they’ve lived the failure. “These examples from our history allow us to say that revolutions are not a way to settle a crisis but a way to aggravate it. No revolution was worth the damage it did to the human potential.” 


Russia’s ‘Greens’ Revolution

Gilbert Doctorow, October 28, 2021 [via Patrick Armstrong]

In the question and answer session that followed President Putin’s speech to the annual Valdai Discussion Club meeting in Sochi last week, Vladimir Vladimirovich said he was thankful to the European Union for imposing sanctions on Russia in 2014, because Russia’s counter-sanctions, banning food imports from the EU, resulted in an enormous boost to its agricultural industry. Russian farming coped magnificently with the challenge. Putin mentioned the $25 billion in agricultural exports that Russia booked in the last year and he went on to thank Russia’s workers in the sector who made this possible.

These remarks would suggest to both laymen and experts in the West the emergence of Russia as the world’s number one exporter of wheat and its leading position as global exporter of other grains. 

Sunday, October 24, 2021

Week-end Wrap – Political Economy – October 24, 2021

 Week-end Wrap – Political Economy – October 24, 2021

by Tony Wikrent



Strategic Political Economy

Brazilian senators recommend Bolsonaro be charged with crimes against humanity over pandemic 

[CNN, via Naked Capitalism 10-22-2021]


Brazilian Leader’s Pandemic Handling Draws Explosive Allegation: Homicide 

[New York Times, via Naked Capitalism 10-20-2021]


Why China’s Lead on EVs Has Been a Long Time Coming

[Bloomberg, via Mike Norman Economics 10-19-2021]

When it comes to green manufacturing, China is now a clean-energy powerhouse. Its market dominance from solar panels to electric vehicles took long-term planning and a level of financial investment only state-controlled banking systems can deliver. By 2030, China will have an outsized influence on this strategic industry, and it’s poised to seize a fair share of the jobs and wealth creation that come with it.


“Far-right Christians think they’re living in a Bible story, and that you are as well” [Flux, via Naked Capitalism Water Cooler 10-22-21]

“SHEFFIELD: And I think also that you could say that many moderate or liberal Christians, they’re not aware that this alternative tradition has developed, and really grown as big as it is. And they’re also not aware that that tradition is coming for them. And that it has a power that is very compelling to a lot of people because it’s totalizing. It’s a worldview that encompasses politics, that encompasses religion, that encompasses schooling, that encompasses family. It literally can run your life for you. It can make the decisions. It can make your identity. You can finally be a part of something bigger than yourself. DOUGLAS: They may also lack understanding about what this is because a lot of it is as a kind of craziness that’s outside of their specific church or cultural traditions, but some of it is shame. I think for lots of progressive and thoughtful and intellectual [01:00:00] Christians, to engage with fundamentalist theology and politics is to experience shame. Because it’s not like yours. It’s simplistic and binary and into this sort of Manichean binary of good and evil. It’s not as sophisticated as your own religious tradition. So I think that can oftentimes mean for the moderates and liberal/progressive Christians, there’s an experience of shame. And an attempt to, I think sometimes on the other hand argue that they’re not really Christian at all. Those people are not really Christian, they’re Christian nationalists, who aren’t really in the proper Christian tradition, like we’re practicing it. But that’s a different conversation.”


Sunday, October 17, 2021

Week-end Wrap – Political Economy – October 17, 2021

 Week-end Wrap – Political Economy – October 17, 2021


Strategic Political Economy

“You lost. Stop acting like you won”

[White Hot Harlots (lyman alpha blob), via Naked Capitalism Water Cooler 10-14-21]

“The abortion issue has been lost. I cannot fathom any plausible near or medium-term scenario in which the actually existing American left mounts a successful counteroffensive to the Texas bill. Poor women in red states and rural areas effectively do not have access to reproductive healthcare any longer. If they ever regain this right, it will be decades from now. This represents an immense and damning failure of all of America’s liberal institutions. In spite of access to abortion being generally popular–including upwards of 77% of adults wanting Roe to remain more or less in place–the Democratic party, their media apparatuses, and their NGO allies have absolutely shit the bed. They have lost. They have failed. Instead of taking a step back and examining their own tactical and moral failures, instead of owning up to their undeniable cowardice and naivety, instead of realizing that their messaging is at best confusing and at worse supremely alienating, instead of realizing that the other side doesn’t regard this as kayfabe but as a real issue they want to win… the Dems have done nothing. They’ve doubled down on failed strategies. They’ve retreated into their caverns of recrimination and mockery, wallowing in the comfort of blamelessness even as they presently control the executive branch and both houses of congress.”

The actual history of how abortion became a major issue in USA points to the role entrenched wealth manipulated politics by lavishly funding and directing movement conservatism. The “common wisdom” today is that the anti-choice forces were spurred into action when Roe v. Wade was decided. But as a number of scholars have noted, elements of what would later become the religious right actually supported Roe v. Wade at first. Writing in Politico May 27, 2014, Randall Balmer of Dartmouth College notes:

"In 1968, for instance, a symposium sponsored by the Christian Medical Society and Christianity Today, the flagship magazine of evangelicalism, refused to characterize abortion as sinful, citing “individual health, family welfare, and social responsibility” as justifications for ending a pregnancy. In 1971, delegates to the Southern Baptist Convention in St. Louis, Missouri, passed a resolution encouraging “Southern Baptists to work for legislation that will allow the possibility of abortion under such conditions as rape, incest, clear evidence of severe fetal deformity, and carefully ascertained evidence of the likelihood of damage to the emotional, mental, and physical health of the mother.” The convention, hardly a redoubt of liberal values, reaffirmed that position in 1974, one year after Roe, and again in 1976…. Baptists, in particular, applauded the decision as an appropriate articulation of the division between church and state, between personal morality and state regulation of individual behavior. “Religious liberty, human equality and justice are advanced by the Supreme Court abortion decision,” wrote W. Barry Garrett of Baptist Press."


So, what happened? Balmer explains:

"….it wasn’t until 1979—a full six years after Roe—that evangelical leaders, at the behest of conservative activist Paul Weyrich, seized on abortion not for moral reasons, but as a rallying-cry to deny President Jimmy Carter a second term. Why? Because the anti-abortion crusade was more palatable than the religious right’s real motive: protecting segregated schools….
"Weyrich saw that he had the beginnings of a conservative political movement, which is why, several years into President Jimmy Carter’s term, he and other leaders of the nascent religious right blamed the Democratic president for the IRS actions against segregated schools—even though the policy was mandated by Nixon, and Bob Jones University had lost its tax exemption a year and a day before Carter was inaugurated as president. Falwell, Weyrich and others were undeterred by the niceties of facts. In their determination to elect a conservative, they would do anything to deny a Democrat, even a fellow evangelical like Carter, another term in the White House.
"But Falwell and Weyrich, having tapped into the ire of evangelical leaders, were also savvy enough to recognize that organizing grassroots evangelicals to defend racial discrimination would be a challenge. It had worked to rally the leaders, but they needed a different issue if they wanted to mobilize evangelical voters on a large scale.

Also see, for example, How AT&T fuels right-wing extremists , under The Dark Side below.


There Is Shadow Inflation Taking Place All Around Us

[Upshot, via The Big Picture 10-13-2021]

Some companies haven’t been raising prices. Instead, they’ve been cutting back customer services and conveniences, but how should that be measured?

Sunday, October 10, 2021

Week-end Wrap – Political Economy – October 10, 2021

 Week-end Wrap – Political Economy – October 10, 2021

by Tony Wikrent

Google Is About To Turn On Two-Factor Authentication By Default For Millions of Users 

[The Verge, via Naked Capitalism 10-6-2021]


Strategic Political Economy 

China’s Central Bank Governor Vows More Fintech Crackdown

[Bloomberg News, via Mike Norman Economics 10-8-2021] 
Sounds like a plan, especially now with the implosion of RE speculation. The bottom line seems to be controlling systemic risk. Second is addressing sources of economic rent extraction, monopoly in particular. It appears they have thought this through and it is not a knee-jerk reaction.

“Economic war crimes.” 

Marshall Auerback and Patrick Lawrence [The Scrum, via Naked Capitalism 10-5-2021]

Kneecapping China seems the best Biden can do…. 

There are fundamental social values and philosophies reflected in these different economic models. Understood properly, all economic institutions and structures—tax regimes, stock markets, regulatory environments, labor laws, and so on—reflect the values of the societies in which they exist. This is a problem for the U.S. in our time. We find that free markets and a weak state sector put Americans at a critical disadvantage next to models such as China’s. The problem is compounded because our religious devotion to supposedly free markets prevents us from even recognizing our circumstance.

We cannot compete, in short—we with our radical individualism, our free-for-all economy, and our countless social and economic casualties. And now we come to Gina Raimondo’s home truth: Because we cannot compete, we will do our best to cripple the nation against which we cannot compete.


Economic Armageddon: The COVID Collapsed Economy

“Many cities and states have spent no American Rescue Plan funds: report”

[The Hill, via Naked Capitalism Water Cooler 10-5-21]

“As of this summer, a majority of large cities and states had yet to use any of the funding they received as part of the Biden administration’s American Rescue Plan, according to The Associated Press. More specifically, no initial spending was reported by over half of the states and two-thirds of the 90 largest cities, the AP said. After reviewing spending reports required by the law, the AP found that states had spent 2.5 percent of the funds they initially received, and large cities spent 8.5 percent of the money.”

Sunday, October 3, 2021

Week-end Wrap – Political Economy – October 3, 2021

 Week-end Wrap – Political Economy – October 3, 2021

by Tony Wikrent


Strategic Political Economy

Iran Cements Alliance With China, Russia In Clear Message To Washington

[oilprice.com, September 28, 2021, via Mike Norman Economics]

Iran’s approval last week for full membership to the Shanghai Cooperation Organization (SCO) is the surest sign yet that any U.S. efforts to keep it, or Iraq, or many key Shia Crescent Middle East states out of the China-Russia-Iran sphere of influence may now be entirely futile. The SCO is the world’s biggest regional organization both in terms of geographic scope and of population, covering 60 percent of the Eurasian continent (by far the biggest single landmass on Earth), 40 percent of the world’s population, and more than 20 percent of global GDP. Iran’s acceptance into the group’s full membership grouping, in which it held ‘observer status’ only for over 15 years, means, in effect: that the seismic, multi-generational Iran-China deal is set for full roll-out, with Russia firmly alongside both playing its role; and, that any new ‘nuclear deal’ done with Iran by the new U.S. administration will not be worth the paper it is written on.

[Twitter, via Naked Capitalism 9-26-2021]

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Modern party leaders are actively seeking to avoid the fate of the USSR. However, many outside observers assume PRC leaders view political liberalization as the primary cause of the collapse of the Soviet Union.

When Xi came to power in 2012/2013, he initiated his “anti-corruption drive” to resolve three primary constraints:

- Reduce corruption

- Soften the power-base of entrenched interests

- Uproot the most acute sources of factionalism

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In hindsight, the past eight years of Xi’s reign as a continuous effort to mitigate the long-term impact of state capture and factionalism. The fact that we’re eight years in and these problems still exist likely means these are permanent features of the system. 8/

Concerning US-China relations, China is drawing lessons from the post-2008 US in the same way it draws lessons from the collapse of the Soviet Union. 18/

Many in China believe the US is deeply constrained (even incapacitated) by a combination of its private sector, entrenched state interests, and populist ultra-nationalism. 19/

"Institutional advantage" reflects a belief that the Chinese system can self-correct internally and adapt to externalities in ways the US simply cannot. 22/

China believes either sides’ ability to shed the weight of entrenched interests and conduct deep self-correction in real-time is what will define US-China relations in the 21st century. 23/