Fascinating to track with hudson institute how many european countries have given up with the official advice of mr trump on building g5 and are letting carriers just do it with whomever offers the best deal washington dc technology's biggest leap -breaking 14 nov - many nations and continents are racing into 2020s with probably the biggest innovation crisis ever du8e to greed of governments spectrum auctions at $G #G- failure to let the peoples use 5g video would 5G exist without china -discussion welcome chris.macrae@yahoo.co.uk

Wednesday, March 25, 2020

see www.normanmacrae.net to download for free how and why The Economist first asked in 1972 whether we would be wise enough to design a globalisation not trapped by the zero-sum game of pare currencies
by 1984 our team at The Economist were asking whether we parnets and educators of millennials would track effective health services as core to why we invest in leaps in technology

current reporting in
suggest europe hasnt begun to learn that its nastions futures will not be sustained by money ments antics but last mile community health service

when you compare national health services- the uk may be underfunded but nurses are still loved in communities

spain is very peculiar- depending where you qualify annually as top 2000 medics you are assigned your health speciality- community health is not in the top rankings- this elitism and silos of health may yet turn out to be the greatest weakness

all of italy france and spain seem to me to be mixtures of 2 types or economy
idyllic ruralism
global cities where properties are now owned by international banking and by other countries richest

I dont think that idyllic ruralism of retirement has distributed health care systems of the sort the virus need to sustain idyllic rural as the place for retirees- i hope i have misunderstood and wish italy, france and spain my favorite places to relax as a holidaymaker a comeback

I dont thing the eu out of berlin and brussels gets the deepest challenge italy france spain and countries with idyllic rural now face but hope to be proven wrong.It is absolutely clear that 12 years of austerity after subprime made false savings by under-investing in local health - and by not increasingly adding the missing curriculum of peer to peer adolescent health to every nation's schools- see our summary of global missing curricula at www.economistjapan.com

back to the view out of britain where the other big story is the peoples prince charles has become corona positive ...https://www.thisismoney.co.uk/money/markets/article-8135759/Was-really-surprising-sterling-plummeted-low-week.html

The pound has plummeted to its lowest level against the dollar since the mid-80s: Why has it fallen so far when the whole world is suffering?

  • The pound tumbled to $1.15 last week, its lowest level since February 1985
  • Before the virus crisis, the pound had lost some appeal as a reserve currency 
  • U.S. Treasury markets are quite popular because of their more robust liquidity  
The pound tumbled to $1.15 last week, its lowest level since 1985, and below the point it tumbled to in the wake of the Brexit vote.
But, unlike Brexit, the coronavirus crisis is a problem affecting the whole world, so why has sterling fallen so hard against the dollar?
Sterling remains a major global currency and UK government bonds are still considered a safe haven, but in times of crisis people rush to what they judge to be the safest places. And for financiers that is usually not the pound, but the American dollar and US Treasury bonds. 
We look back at the last time the pound traded this low against the dollar and why it has tumbled so hard in the coronavirus sell-off.
The pound tumbled to $1.15 on Wednesday, its lowest level since 1985
The pound tumbled to $1.15 on Wednesday, its lowest level since 1985
When the late Paul Volcker took over the U.S. Federal Reserve in 1979, the American economy was suffering an uncommon malady known as 'stagflation' – a mix of high unemployment and inflation.
To defeat this, the Fed raised interest rates to as high as 21.5 per cent at one point. The measure instigated a massive recession that made the austere Volcker a boogeyman for many. Protesting farmers drove around the Fed building in tractors to vent their anger.
Despite the substantial economic cost, the 'Volcker shock' helped to curb price rises. But it had another significant side effect. Investors rushed to purchase U.S. government bonds, thereby causing the dollar to appreciate sharply, making exports uncompetitive.
By February 1985, sterling was trading at a record low $1.05, and the U.S. trade deficit had almost quintupled to $122billion between 1980 and 1985. 
The dollar only began to devalue following agreements at a meeting of finance ministers at New York's Plaza Hotel that September.
Volcker's extraordinary actions were a watershed moment in American financial history. Monetary policy went from the control of politicians to the technocrats, and the financial system started its journey to becoming the behemoth it is today.
An even more kaleidoscopic-shaking situation is rocking today's financial markets. The coronavirus has caused extreme economic as well as social harm in the last few months.
Paul Volcker (right) raised interest rates to as high as 21.5 per cent at one point after he took charge of the U.S. Federal Reserve to help defeat the USA's high inflation levels at the time
Paul Volcker (right) raised interest rates to as high as 21.5 per cent at one point after he took charge of the U.S. Federal Reserve to help defeat the USA's high inflation levels at the time
What financiers are currently doing in response to Covid-19 is making the Volcker Shock look placid by comparison.
But the reaction of the currencies in both instances was quite similar. The pound tumbled to $1.15 last week, its lowest level since those heady days of 1985.
In many ways, this was expected. In times of crisis, people rush to the familiar and the safe. And for financiers that is usually not the pound, but the American dollar.
As Markets.com's Neil Wilson wrote on Wednesday: 'In a crisis like this King Dollar reigns supreme.'
U.S. Treasury markets are popular because of their greater relative depth and more robust liquidity. U.S. Treasuries are the deepest and most liquid assets in the world. 
So remarks Ned Rumpeltin, European Head of Currency Strategy at T.D. Securities: 'Given the circumstances, the U.K. looks like a rather risky proposition right now, so sterling has suffered accordingly.
'Within this, we also think that this highly tense environment has made it difficult for international markets to gain access to U.S. funding for various dollar-denominated exposures. That has fueled this dash for cash that we think has resulted in GBP's weakness.'
Even before the virus crisis, sterling lost some of its appeal as a reserve currency due to the uncertainty over Brexit. 
The referendum in 2016 started a long period of political and economic uncertainty that has left investors nervous Britain will leave with weaker trading links with its largest trading partner.
Now that the coronavirus has relegated negotiations over the future UK-EU trading relationship to the background that uncertainty has been heightened again.
Viraj Patel, an FX and Global Macro Strategist at sotware firm Arkera, calls Brexit and Covid-19 the 'two de-globalisation shocks' to hit the pound in the last four years
Viraj Patel, an FX and Global Macro Strategist at sotware firm Arkera, calls Brexit and Covid-19 the 'two de-globalisation shocks' to hit the pound in the last four years 
Viraj Patel, FX and global macro strategist at Arkera, calls Brexit and Covid-19 the 'two de-globalisation shocks' to hit the pound in the last four years.
'Equally,' he adds, 'bank balance sheet funds moving out of the U.K. banking sector in recent years - as a result of Brexit trade uncertainties - makes the pound slightly more vulnerable this time around.
Sterling has also had to contend with a much more long-term problem that is rarely talked about nowadays. For decades, Britain has run large trade deficits with the rest of the world.
Our economy relies heavily on foreign direct investment to keep the pound relatively stable, so when the taps run low, the pound's value has to contract to make up for the lost capital.
Chancellor says Coronavirus is both economic and health emergency

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Will helicopter money be the antidote to the virus crisis? 

Britain has been told to stay at home, pubs have been ordered to shut and you’re not even allowed to go to the gym instead.
The coronavirus crisis has turned the consumer economy upside down. Businesses and workers risk going bust on an almost unprecedented level, unless a rescue plan that works can be cooked up.
Cutting interest rates and quantitative easing was the medicine in the financial crisis, but that’s not working this time round, so is it time to start up the helicopter and drop some money?
Helicopter money, people's QE and a universal basic income are three of the highly unusual measures suggested, but is that wise? Simon Lambert and Georgie Frost go through the financial looking glass on this podcast. 
Press play above or listen (and please subscribe if you like the podcast) at Apple PodcastsAcastSpotify and Audioboom or visit our This is Money Podcast page.  
Chancellor Rishi Sunak's £330billion bailout package did little to stop the pound sliding. Many investors are asking him to go much further in arresting this decline
Chancellor Rishi Sunak's £330billion bailout package did little to stop the pound sliding. Many investors are asking him to go much further in arresting this decline
Could this not be good for exports? In theory yes, remarks ING's Christopher Turner. However, he warns that spending is being hurt everywhere, 'so the benefits might not be as large as expected.'
If private spending is down everywhere, then governments need to take the mantle and 'do whatever it takes' as so many are asking. However, the U.K.'s colossal stimulus measures have been relatively tame by comparison to other countries.
In a briefing note co-written by Ned Rumpeltin and other senior T.D. Securities executives, they stated: 'Compared to other major countries in the region, it seems the F.X. market judged that the U.K. is behind the curve in terms of its contagion control efforts. Until that conclusion changes, we think sterling still faces downside risks.'
Chancellor Rishi Sunak needs to pull as many financial bunnies out of the hat as he can if he is to calm the markets. It is a tall order, but if £330billion did not do the trick, then hundreds of billions more may be necessary.
He really is going to have to do 'whatever it takes' if the pound is to avoid experiencing a major run. 
Sterling was already up against it before this virus wreaked its havoc across the globe. Caution and half-measures will not stop that.

Thursday, March 19, 2020

one of the reasons why we advise every student of the sdg generation to download our free guided tour to the 260th year of learning with adam smith and james watt is it helps you start with a map of how disunited so called unions of nation are- by which we mean what is that one nations people put first in trade even if its no longer green , healthy or in other ways exponentially sustainable

scots have keep a diary places whose commanders in chief claim we are now united since the early 1700s

thats when banhers failed nation of scotland and was taken over by london as soon was norther ireland in the grrenwash brand name of all times - the united kingdom

in effect scotland was one of london's first colonies
by the early 1800 london's chief accountants werre telling lairds who owned the land in sctkand to thin the people because you can quarerly make more from sheep than growing people- by 1843- svots had become a majority diasporae nation - ie we had sailed the seven seas bring entrepreneurail imigrants to every hemisphere- we have had religious missionaries in the st francis mode whose female networks buit community health like roman nuns and whose male advocates loved natural diversity- thats a cool passion to have if you want to sustain the planet- it may e why david attenborough is about the only english language broadcaer with any trust at the bbc - but future of bbc is a different story

by 1843 smithsian alumn james wilson decided on a hoax- he would become a member of parliament to sack the majority of mps npw representing big vested interest not the peoples- to help him stage viral good news stories around london high societ james staed up a newsltter called the economist in 1843

as you can see james wilson was an exactly opposite true mediator than all of those who twitter with trump; james never quite got ahead of the common sense innovations he aimed to map

his intervention in agriculture sought to end monoply minimum price for corn- while nice for big english landowners- up to a quarter of all irish people were starving because ther crop the potato had failed- by burning coin rather than letting the irish buy it london ensured over a hubdred fify years of trouble between the irish and the uk paticularly norther irish

what is remarkable - in the mid 19th c with all this chaos going on in the islands north west of europe england was still empiring over mostvof asia thanks to its bg navy conroling most of the south asia coastline

by 1858 victoria had decided that james vision of commonwealth instead of slave-run colonies would be her legacy- she chatered a bank for james, sent him sailin to calcutta to redesign indian economy to include its people- there james died of diarrhea less than one year on mission- the british empirecontinued to trap most asins in poverty until world war 2 with the particularly dismal twist that by 1860 in ruling over trade in hong kong- the brits demanded the chinese mainland accept opium as a curency- the chinese sai no thanks to english capitalism- sociall distaned their fifth of humanity for over 100 years

what goes around come around - china's initial friendship with russia after world war 2 which may have been more for safety given the lack of balance of trust all acrss the iced up roof of eurasia was seen to be starrving up to a fifth of the chiese of the 1960s- from 1970-2016 the world can learn from the grratest human development story of all- how thechinesemodified both ryral smithian capitalim and japanese engineering capitalism to develop in under 50 years a  portion ofcontinent far larhe and far more opulous and naturallyvresourced than usa - a region that had taken americans all of adam smiths 260 years to build

so what the world needed at communityblevel in 2016 was the youth of chinaand usa sharingvideas as essential co-leaders of the sdg generation - what it got was 100 people in congreess all tryingto emulate mr trump -and of course when communities acroos usa needed the first 5g application to be a virus tester they got no such thing- this means that the world actually can only posible be sustaind by asian innovations now- lets hope that when countries reopen sme borders japan korea and china do so first - they have all the data needed to model the war on the virus for theselves and for the rest of the disunied nations that we the diaporas and national os this world call mother earth

Tuesday, February 18, 2020

my rough recollection, apart from being in same class year as my sister in cambridge, mark has worked near top of london royal society for 30 years as well as caring about corporate governance legislation-a problem london has always wrestled with since east india corporation invented slavery -of course being diaspora scot i still dont think londoners really value adam smith moral sentiments world trade the way he mapped- lets settle that at cop26 glasgow nov once we know whether dark clouds hanging over washington dc have evaporated- like many club networks people may not agree but i see royal society as only place london great and good discuss the future openly with peoples including students across all colleges- it certainly has interesting evening talk series published Events | Royal Society

is that part of your secret mark? by the way mark did you ever connect sarah butler sloss - daughter of lord sainsbury -the only family on the economist board who fully understood the first 150 years of research at the economist - host of prince charles microsolar laureates/-also i went to school with david attenborough's son- know who in bbc studios responsible for marketing sdg impacts of attenboroughs 60 years of nature broadcasting- davids brother richard now parted directed movie gandhi and used to help coordinate londons oldest gandhi society which is rooted in gandhis last roundtable in london at quakers friends house - the only affordable meeting hall capable of hosting 1000 plus people open spaces- my neighbor harrison in maryland is origin of 1000 people hackathons in days when people's human networking not mobile texts had to do the linkingin

economistyouth.com - of all the under the radar movements the new global university of sdgs interests me- it has least 4 visible epicentres orbiting each other  looking for next epicentre to multiply sdg generation with

in vienna
in new york state
out of south asia around the 50 years of work of http://www.fazleabed.com  
out of arizona craig barrrett of intel's former ceo's retirement project

my understanding is next big review of that in vienna early april but i only have pieces of info-does anyone know who runs duke of edinburgh award scheme- i did some pro bono work for their windsor branch around 1995 but expect 25 years ago contacts long gone-the good thing is since prince charles attended tokyo olympics in 1964 both heads of empire i have seen their responsibilities to the two thirds of humans ie asians the same way even if politicians havent

its a pity gandhi and montessori didnt flourish through 1950s india bottom up- grandad sir kenneth kemp was mumbai's other bar of london barrister between 1925-47 - sir kens last job to write up legalese adopted by london for india's independence - what a messy communications world 1947 was - wish it was less messy in dc and brexited london and virused asia today-

 but apparently not??
best chris +1 240 316 8157

Wednesday, February 5, 2020

the immoral mr barnier - and other misleading cases of supreme bureaucracy

i love adam smith as a source of oxford union debate - eg this story of why slavery was hard for the barnier kind of  bureaucrat to end -related references
81ways.com 1461.world valuetrue.com economistrefugee.com

of course i cant parse this argument without positioning in withing the overacrhing framework of moral sentiments

so what has the likes of mr barnier got to do with it
around 2102 i flew into convergeces paris - a summit where community banking was uspposed to debate barnier on austerity- instead of being a real keynote speaker hundreds of delegates ad the right to expect he ead out a 5 mo=inute speech- said sorry i must fly back to bruseels now

that this person is still in the middle of ediating trad ebtween eg britain and eu must be causing jean monet to role in his grave as well as my afther nprman macrae the only jouranlist atmessina and the supporter of the 2 original ideas- mix up iron and settl ,arest fo fvrance and germany so much that never go to war again- free sall entreprsiues to entreprenurially trade across european borders valuing the frenc orign of the e-word which i dare Say had sought adam smiths principles for designig how healrhy societies generate syriong economies across generatins not vice versa

mr banier is of course a victim of the false austerity models usd by the eu whose top preferred to slave -actually destroy sustainability of youth - than to admit to elders that diue to subprime their pensions were worthless in 2008 unless they robbed youth - if you wanty a judge of that read pope paul's testimony to starsbourg of a union whose supre,be beings have designed  system that priortises the needs of haggard infertile grandmothers -

alas - istead f 2020 bein the year we do marvellous things with 5g as we humanise robits- the barniers of this world will take up all of media time and pied piper this subcontient if not the while world into orbots outh of which great will never see the chnace to have happy children

Persistent Inefficiency: Adam Smith’s Theory of Slavery and Its Abolition in Western Europe

31 Pages Posted: 27 Jul 2015 Last revised: 9 Dec 2016

Barry R. Weingast

Stanford University, Department of Political Science
Date Written: December 8, 2016


Adam Smith made two positive claims about slavery in the context of developing economies. First, Smith argued that slavery was in general highly inefficient. By his account, the net product under freedom is 12 times larger than under slavery. Second, he observes that, despite its inefficiencies, slavery persists in most of the world. Taken together, these claims create a fundamental puzzle: Why do elites – owning slaves and holding political control – fail to make themselves better off by freeing their slaves?
Smith gives two very different answers to this puzzle. The first is psychological. Smith asserts that people have a fundamental desire to dominate others, and slavery provided that opportunity for slaveholding elites. The first explanation is the most commonly advanced in the literature. Yet no where else does Smith use the assumption of domination. This explanation therefore seems ad hoc.
I favor instead Smith’s second explanation, which fits well with the recent literature on the political-economics of development. This argument, far less known in the Smith literature, involves commitment problems. Freeing the slaves would deprive slaveholders of their property. How would they be compensated? In principle, a long-term compensation scheme could solve this problem. But in the undeveloped societies Smith discusses, such as feudal Europe, long-term contracts were difficult – perhaps impossible – to enforce. Indeed, I show that both parties to the long-term compensation scheme had incentives to dishonor it. In the presence of commitment problems, masters could not be assured they would, in fact, be better off freeing their slaves. Slaveholders therefore rationally avoided emancipation despite its inefficiency. Smith, the so-called father of economics, provides here a political and legal argument for the failure of a more efficient system of labor markets to emerge