The Muses Leaving Their Father Apollo to Go out and Light the World — Gustave Moreau


Oriana — Frederick Sandys


Two Reclining Figures — Egon Schiele


Stalling or escaping?

Michael Roberts Blog

As I reported in a recent post, global economic growth has been slowing from its already below-average level.  US economic growth has dropped away in the first half of 2016, along with weak growth in Japan and Europe, slowing growth in China, impending recession in post-Brexit vote Britain and continued recessions in Brazil and Russia, with South Africa and Turkey about to join them.  Indeed, the US is growing at its weakest rate since 2010.  Worse, everything unrelated to consumer spending is suffering an outright contraction for the first time since the recession ended in 2009, according to Deutsche Bank.

US consumer

US business investment is dying.  Expenditures on new equipment fell 3.5% in the second quarter and is down nearly 2% over the last year. Spending on structures was down 7.9% in the quarter and 7% over the past year.  Labour productivity is stalling.  Even home purchases are falling, with…

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August Morning — Kazuo Nakamura


Building a Progressive International – op-ed Project Syndicate

Yanis Varoufakis

Screen Shot 2016-01-28 at 16.54.28ATHENS – Politics in the advanced economies of the West is in the throes of a political shakeup unseen since the 1930s. The Great Deflation now gripping both sides of the Atlantic is reviving political forces that had lain dormant since the end of World War II. Passion is returning to politics, but not in the manner many of us had hoped it would.

The right has become animated by an anti-establishment fervor that was, until recently, the preserve of the left. In the United States, Donald Trump, the Republican presidential nominee, is taking Hillary Clinton, his Democratic opponent, to task – quite credibly – for her close ties to Wall Street, eagerness to invade foreign lands, and readiness to embrace free-trade agreements that have undermined millions of workers’ living standards. In the United Kingdom, Brexit has cast ardent Thatcherites in the role of enthusiastic defenders of the National Health…

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IMF: Confessing to the sin in order to repeat it

Yanis Varoufakis

Screen Shot 2016-07-31 at 13.53.56.pngYou have read about the most recent IMF confession over its immolation of Greece. The question is: Does it signal a change in policies? Do not hold your breath! Recent history is pointing to a repetition of the crime-against-logic first committed in 2012 – an IMF tactic of confessing to the sin in order to repeat it with impunity!

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