Monday, August 3, 2015

Some news why not

Stuff for reading:

New Deal Demoncrat - weekly indicators. For some reason he says they all sucked this week. Yet housing yoy looks great, money supply is great, initial claims and tax withholding are okay, and intermodal is okay. NDD, quit piddling your panties you fucking sissy.

Calculated Risk - hotels post best week ever. Minor indicator shows that the US is still doing fine.

Paul Krugman - inflation paranoia as a tribal marker. Once again, Kruggers shows that he's a better econ prof than most because he's actually read some stuff in a real empirical discipline, sociology:
It seems increasingly clear to me that what we’re looking at here has nothing to do with intellectual discourse as we normally understand it. It is, instead, about tribal identities: there’s a certain kind of person who rails against policies that debase the dollar, and that kind of person admires others who do the same no matter how wrong their predictions and disastrous their financial advice. As I said in a brief note on Ron Paul, it’s a form of Madoff-style affinity fraud, even if the perpetrator of the scam believes his own derp.


Why all the respect for what would ordinarily be considered a record of repeated bad judgment coupled with a lamentable unwillingness to learn from experience? The answer, surely, is that within the conservative tribe issuing dire warnings against inflation is considered virtuous whether or not they are right; it’s a way of showing that you’re their kind of guy, that you belong to the tribe.
And yet certain bloggers don't get that they're aligning themselves with the John Birchers and David Duke when they foam at the mouth about the neocon canard of the day.

Worthwhile Canadian Initiative - this is how fiscal transfers work. Pay attention, Germany: let Canada show you how to build a currency union out of rich and poor provinces! And nobody in our country gets pissed off at giving free money to the poor people out east - except maybe for the Albertans, who always have been hateful assholes. And now that oil has crashed, they won't whine cos they expect they'll get handouts as the Alberta economy collapses.

The Economist - why do Mexicans love Morrissey so much? Seriously, why? Does his gay schtick translate into Mexican machismo?


  1. I had a similar thought to Krugman's a while back but it wasn't a tribal marker, it was more like a religious tenet. It's a poorly constructed faith where one has to believe in various devils who never actually show up. But adherents must keep claiming these bogeymen are about to wreck everything any day now.

    The reality of low inflation or no doom or whatever isn't relevant--like any good believer, one just keeps professing the faith in trust that Jesus will show up and save the banking system, or whatever. I'm pretty sure the current right-wing Jesus would bless all the plutocrats and murder the poor, actually, but I digress.

    Back in the late 70's I worked in a bookstore and Hal Lindsay had a whole series of best-sellers about how the end was upon us that flew off the shelves like hotcakes, yet here we still are. And here he still is, still at it and raking in the dough. "The decade of the 1980s could very well be the last decade of history as we know it." Yes he said that a long time ago. And the same idiots keep buying his books and giving to his church. Doomer bumpkinism and bullshit will always be with us, and there will always be someone making a profit on it too.

    1. When people see their traditional, conservative way of life under threat of extinction by new scary forces out of their control, they respond by constructing an apocalyptic narrative which (1) reinforces solidarity within the threatened group and (2) reassures the group that they're special, God is on their side, and they're only under threat because Evil hates them personally.

      It's chimp-like behaviour, it's so stupid and childish, and it's also dangerous to human lives when it runs out of control. And that's why I have no respect for bloggers who repeat this bullshit without cluing in to what they're really doing. At least doomer shysters are telling a good story, and fundie & white power nutjobs are standing by their beliefs.