Coal Mine Canary Story Hour

Anyone know where Riley got the stat for rent extraction as a proportion of GDP? Interested if there are comparisons for Ireland (an economy that is also highly financialised)

at the risk of repeating something that is a center tenet of the pod cast, people tend to forget that "capitalism" and "the economy" is just one out of several mechanisms of resource distribution, and it's very frustrating to see that on the one hand we've put all the resources into money sloshing flim flam and middleman service jobs, and on the other hand, we've put zero resources in the infrastructure of resource production and transportation, and that now it's starting to cause problem. And the reaction to it according to economic orthodoxy is, "we've put too many resources into just, stuff in general. we have to dispatch fewer resources across the board"

Inventing the "make everything suck less except the machine that sucks you off" lever.

well this one was fucking depressing

https://www.thetruthaboutcars.com/2011/05/what-about-the-malaise-era-more-specifically-what-about-this-1979-ford-granada/ I re-read this one from time to time to get a feel for how the boomers saw their own stagflation crisis from a pretty specific angle. But some stuff stuff has echoes. Carter just going on national TV to tell everyone that look. You guys just have too much stuff. You're gonna have to chill out a bit. And then pulled Paul Volcker from the depths of hell to put interests at 10 and set off the recession that finally pulled the plug on industrial unions.

Desperately hoping that second Melbourne show happens

SCP-049 plague doctors immediately sprang to mind.

Does anyone have the UK % of GDP that is rent extraction mentioned on the pod?

Wait they’re talking about Redding, California right? Once you get that far north in this state shit gets weeeeeird.

My condolences on your loss, Milo.

Out of spite, all of the tickets to the Melbourne show were purchased by A SINGLE AUSTRALIAN MAN.

Also, there is no Nobel Prize in Engineering, because an Engineer slept with Nobel's wife.

On the Philips Curve, just to add the reason for pretty much the whole of economics from Thatcher forward was Keynesians refusing to give up on the Phillips Curve which set the stage for the Monetarists to tell us all that the solution to Stagflation, a thing the curve tells us doesn't exist, was literally to allow central banks to cause unemployment by being independent of political oversight, giving us all the intellectual background for the worst excesses of Thatcherism. This one piece of napkin math nonsense is central to so much unnecessary misery.

For anyone not working along Growth in a Time of Debt (the paper Riley is referencing) was disproven very easily by a grad student. The error in their coding was so obvious and blatant his advisor kept telling him he was doing something wrong for the full semester before realizing he was right. Reinhardt and Rogoff have admitted the error, however say it doesn’t disprove their ultimate findings. In actuality it disproves the whole paper top to bottom. The connection of debt driving depression of growth totally disappears. I feel safe in saying they knew what they were doing. Part of the review of the paper read: "coding errors, selective exclusion of available data, and unconventional weighting of summary statistics lead to serious errors that inaccurately represent the relationship between public debt and GDP growth among 20 advanced economies in the post-war period.”

I got a vr set cheap off a colleague last week and have come to the conclusion that what I've actually bought is a button to press that gives me motion sickness on demand. So don't see the metaverse taking off, unless Zuckerberg is planning to loss lead with free anti-nausea tablets.