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Emeritus Prof Christopher May
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Retired Professor of Political Economy (Lancaster University, UK - retired 2021) (also #ProfDJ across the Lune Valley) Contributor: North West Bylines #NoBridge

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Ha ha, yes I once wondered if there was something academics could do.... but then I thought, maybe not....

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I'm sure there are quite a few people who think due process for #Trump is a waste of time & disappearing him into a secure facility on an island would be the best way of lancing that boil on American politics....

The all-conquering #realityTV format; competitors do tasks each week, one wins (happy face), one leaves the show (sad face);

from the new wedding planning show, to the established #pottery throw-down, from the now (I think cancelled) dog grooming to the frankly weird #makeup series; from the long established Aprentice, to any number of #baking & #cooking shows.... and the great woodworking one.

my only Q. is: is there *any* professional (or amateur) activity the format cannot be applied to?

The UK remains a failing economy for the #poor

NIESR research suggest the bottom 10th of earners would need a £4k pay rise to return them to their #wage levels before #covid.

And, 1.6m low-income households (with incomes of £15,000 or less) spend an average of £3,200 a year paying back debts at interest rates averaging 76%.

We may not be in a technical #recession yet, but for the low waged & economically vulnerable, this country is hell...

but a #Tory Govt. of rich boys couldn't care less

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yup, also the earlier East Coasting is a nice listen too... enjoy the comparison

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sounds like a great afternoon.... but don't forget The Black Saint & the Sinner Lady... which has it own particular appeal....

As Suzanne Valadon has a new exhibition in #Paris at Pompidoe-Metz, this gives me a chance to post her wonderful (implied) critique of the reclining nude.

Valadon's Venus looks like she's had a long day, is enjoying a cigarette and is not going to get her kit off for you, sunshine.

Valadon had modelled for #artists & was all too aware of the dynamic between #painter & subject... all of which can be inferred from the work itself... such a great painting.

#arthistory

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Yes the survey Q.s are always a key issue of course & you're likely right not to be reading too much into the detail, but the general thrust seems to capture something about how the UK is changing (in parts)

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Oh yes, the NPM was a cancer that spread throughout the #university sector & while now modified still ripples through the dire staff/management relations behind the long running disputes that have disrupted the sector

Replying to Avatar Epistatacadam

nostr:npub1g0tuf634rz4suczwj7kgnecr6cyt0eu9xmp3sp0fku68mqehq4msp3tvm4 clearly not an educational institution then. The mark of a good university is that it accommodates multiple views so that debate can improve thinking for all. Hence the importance of free speech for all at university including the staff. But no one has the right to shoot for in a crowded space.

The misunderstanding at the Philadelphia court House is a classic example, there was a fire but the order was not for the troops holding the protesters from there court House....!

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Ha ha, don't get me started on how #universities are actually remarkable conservative institutions.....

Meanwhile in #Italy:

A #windfall tax of 40% is being imposed on #banks #interestrate spread (the net profit on returns by virtue of the difference between rates to lenders & borrowers)....

Having looked at the extra level of profits made in the first half of this year, the one-off tax will be used to cut taxes & help #mortgage holders.

Despite loud demands in the UK for something similar, the #Tories are unlikely to turn against their chum in #financialservices, at least not yet!

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Start with University #economics departments in my view... I taught a heterodox #economics course before I retired, in a politics Dept. & the economics department banned their students from taking it... they're not really open to the alternatives & so their students frequently are not introduced to the alternatives to the mainstream discipline!

Frances Ryan on Britons' meanness to the #poor;

'When millions of people are struggling to afford food & gas, it can feel frivolous to argue for the right to hobbies or socialising. But all of this speaks to fundamental questions. What does it mean to have a good life? Is a modern economy working if large swathes of the population can’t afford occasional leisure? And what does it say about us if we don’t want that for each other?'

Compassion & empathy are ebbing away!

https://www.theguardian.com/commentisfree/2023/aug/08/britain-poor-people-leisure-victorian-workhouse

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The argument is that banks create credit by first of all generating loans (to people who have the ability to pay) creating a performing asset on the balance sheet, while also recognising the loan as a liability (that the bank has to pay out), thereby zeroing out the balance sheet existence of the credit, essentially creating credit out of thin air... there's quite a bit of work on how this is achieved - See Keen's work & others.

More on the loss of #seaice in the #Antarctic: if the area of sea ice lost this year was a country it would be the 10th largest country in the world!

In March 2022, the most extreme 'heatwave' ever recorded anywhere in the world took place over the ice dome of East Antarctica where temperatures hit 38.5C above the seasonal normal.

As Martin Siegert, glaciology professor at University of Exeter put it: 'If London experienced an anomaly like that, the temperature would be close to 60C'!

ht/FT

Around 17% of the UK's population have used deferred #credit and/or #BuyNowPayLater facilities in the last 12 months.

We know that #BNPL firms are targeting the venerable (including those on #NHS waiting lists), and there is a growing issue of the penalty payments & aggressive recovery strategies used by providers.

But having committed to 'act swiftly' in Feb 2021, #JeremyHunt & the #Treasury still have yet to propose any regulatory action(s) or try to get them into law.

Why might that be?

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Well, one reason is the profit spread between savings rates & lending rates & another is actually (as Steve Keen & others have pointed out for years) actually #banks don't really need deposits, they create credit by other means than the model of fractional banking would presume