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This is a radio show with the formidable title, 'Post Keynesian Economics' that is a very interesting discussion amongst Randy Wray, Mike Hudson, and Bill Black of the University of Kansas City, a bright light of thought in the economics profession.
Find out why the dynamics of private sector are essential to understanding the economy. Plus, we’ll discuss government transparency and accountability. If you're just little rusty on your economic theory and policy, join us at the table for the perfect refresher course.
The moderator, Jabulani Leffall, does a remarkably good job keeping the discussion on track, and managing the flow of questions from callers in to the radio show. I was astonished at how informative and listern friendly it was.
It discusses many current issues in the economy without getting too preoccupied with the economic school of thought and models beauty contests that seem to occupy so much economic discussion, turning them into snoratoriums for non-specialists.
It is a little wonkish at the beginning, but it broadens out quickly to a practical discussion of real, current things. I credit the moderator for this, as well as the three professors who are known as 'economic mavericks,' e.g. not on the corporate financial payrolls, which is a problem with other economic departments as illustrated in the documentary Inside Job.
Economics Roundtable - Post Keynesian Economics
You don't see these three economists on the mainstream media very often, which is a shame. But they aren't representing any corporate interests, so that is probably why they are not so popular on the corporate controlled media.
I enjoyed listening to it over a cup of coffee. It was remarkably pertinent to the real world, which is refreshing amongst economic discussions amongst three professors of economics.
As you have probably read the effort to impose position limits on the markets was struck down by a court in Washington DC.
I continue to suspect that meaningful market reform in the near term is a fantasy, given the realities of the credibility trap and corruption that maintains a hold on the financial and political systems in the US and the UK.
There will be some watershed event first, if there is to be any serious reform. What that might be, I do not know. But I am certain that it is coming, and change is coming with it.
The thought that these manipulated speculative markets in the US are effectively setting the world prices for critical commodities like food and energy is almost incomprehensible, especially if you understand what is really going on. It makes the LIBOR scandal seem like an uncontrolled burp at a Sunday school picnic, and LIBOR was a conspiracy of the first order.
The abusive rigging of LIBOR was known and tolerated by the regulators and the governments of the US and the UK, and was therefore an outrageous breach of trust that exemplifies the corrosive power of the credibility trap on the integrity of the entire system. And as I said at the time, LIBOR is the tip of the iceberg.
Largely another nothing day as the markets hold their ground ahead of the bigger events of the latter part of the week.
I have posted an intraday comment on the symmetrical triangle pattern on the SP 500 which is certainly worth a look.
King World News has a couple of charts from The Sentiment Trader that shows that the commercial hedgers are rather net short the stock indices. I do not know that I find them particularly 'frightening' but they do seem to have a rather bearish bent to them. Timing is everything.
I do think that if Obama is elected in the US there will be selling pressure into year end as some rush to take profits in order to hedge any potential changes in the tax structure in 2013. I am not sure if advantageous buying will not come back in at some point, because there are many ways to take a profit for taxes without going net short or flat amongst the sophisticates.
But they could provoke the specs, which seems to be a favored game.
I am much more concerned about the madness in Europe and England, and the nutty ideas floating around the US than I am of these couple of charts. The stock market is a joke. But it is still overly important.
