Trump’s obsession with Canadian milk

We know by now that Donald Trump’s bonnet has a very large number of bees. Several of his unshakeable beliefs relate to economics and all of them are highly dubious. One is that budget deficits are bad (unless they are caused by tax cuts for the wealthy) and another is that any trade deficit with any country is bad. He also seems to think that there is close relationship between the two. He also seems to believe that if any country has a trade surplus with the US, it must be because they are indulging in unfair trade practices such as currency manipulation, or providing subsidies for their domestic manufacturers and producers so that they can undercut the prices of US producers, or they are imposing tariffs to make US goods more expensive.
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Taking advantage of young people’s passions

The world of professional sports takes great advantage of young people’s desire to be part of its glamor. The most egregious example is the way that so many colleges make so much money off student athletes while the students themselves never see any of it and often get a rotten education as well. The latest US Supreme Court decision striking down the bans on betting on sports is going to open the floodgates for a lot more money and plenty of groups are going to want a slice of that action and the only people who will be shut out are the student athletes. The problem is that there are many young people who love sports so much or hope to someday be part of the tiny minority who make it in the professional leagues that there is no shortage of people who can be exploited.
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Universal basic income

The idea of providing everyone with a guaranteed universal basic income (UBI) is something that is being increasingly discussed. One reason is that as automation increases, the need for human beings may decrease or their jobs may shift to ones that are low-skilled and thus pay less. Finland is one country that is trying out the idea of a universal basic income, with a pilot program that gives $587 a month tax-free to 2,000 residents, regardless of their job status or wealth with “the only caveat is that recipients had to have been receiving an income subsidy from the state.”
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John Oliver tries to explains cryptocurrencies

Bitcoin has been much in the news recently, along with new words like ‘cryptocurrency’ and ‘blockchains’. When bitcoin first appeared some years ago, I was intrigued by the idea of a currency that was not issued by any government and tried to learn what it was about and even downloaded the software that supposedly enabled people to ‘mine’ the currency. I soon lost interest and gave up because I lacked the motivation. I am not really driven by the desire for money and the process seemed to be so complicated and boring that it did not have any intellectual appeal for me either
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Only the stock market matters for the oligarchy

I was listening to a news report this morning on a special election for congress in southwest Pennsylvania to be held on March 13 to replace a Republican congressman Tim Murphy who had been forced to resign in disgrace due to (what else?) a sex scandal. The district is heavily Republican but the party is nervous that that the current turmoil in the White House might put that seat in danger and they are pulling out all the stops. The Republican candidate was giving a speech and his main pitch was how well the stock market was doing since Trump was elected. That, for him, meant that everything was just peachy in the country, whatever else might be going on.
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Neoliberalism explained

I frequently use the label ‘neoliberal’ to describe a certain political stance that is common among Democrats. I use it in a pejorative way and on occasion commenters have said that the term itself is meaningless and is used as a gratuitous slur. Via reader Jeff Hess, I learned about this long essay titled Neoliberalism: the idea that swallowed the world by Stephen Metcalfe that explains in detail what the neoliberalism economic philosophy is and who its creator Friedrich Hayek was. Metcalfe says that those who say that it is a meaningless label that used mainly to attack so-called ‘centrists’ are wrong. He says that neoliberalism represents a particular economic and political view that has proven to be seriously damaging and that is why those who are described as neoliberals are the ones who most angrily shy away from the label.
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Google is evil

UPDATE: Email exchanges between Slaughter and Lynn have been released.

Google long ago effectively abandoned its original motto of “Don’t be evil” that was part of its code of conduct. They still paid lip service to it for a while but then quietly abandoned even that pretense in 2015. It has become as dangerous a monopoly as Facebook, Amazon, and the old-style mega-corporations like ExxonMobil. While it likes to portray itself as a mere platform for the free exchange of ideas, in reality it is a marketing behemoth.
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How much taxes individuals and corporations pay

The US business and political class are fond of bemoaning what they say are the high rates of corporate taxes in the US and how it makes the US uncompetitive compared to their European counterparts. Of course, this is just a game played by transnational elites to try and get governments to compete with each other in lowering tax rates. If the US rates do dip below the European ones, then the business elites in Europe will complain how they are now disadvantaged and need to have their taxes lowered, and so on.
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Inherit the wealth

One of the biggest myths that has had a negative effect on American politics is that the US is a society with a lot of economic and social mobility and that simply by dint of hard work and other worthy qualities one can achieve success and become wealthy. It should not be surprising, then, that a full one-third of Americans think that they will be rich some day. More than half in the age group 18-29 think so, with the percentage declining with age as people begin to realize that time is running out on achieving that dream
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The immunity of the rich bankers

Elizabeth Warren continues to doggedly pursue the wealthy banksters who got off scot-free after pretty much destroying the lives of so many people and threatening to wreck the global economy. She has asked the director of the FBI and its inspector general to explain why there was no action taken against the 14 individuals specifically criminally referred to them by the Financial Crisis Inquiry Commission (FCIC) that was set up to examine the causes of the financial meltdown.
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