Today is Wednesday, so there are not many today. I have some comments on anyone other than the latest German statistics (not good) and the fact that the new German Finance Minister may not be a dangerous dumb. Announcement about the edX MMTed course (come back). Then the blind Willie Johnson served the anxiety of the Great Depression.
The German economy is in trouble
On Monday (December 6, 2021), the German Statistical Office (deStatis) released the latest industrial results data—— Manufacturing in October 2021: new orders fell 6.9% month-on-month – The title tells the story.
Foreign orders fell by 13.1%.
I think the staying faction in the UK will also blame this on Brexit!
Internal and non-euro area orders fell by a staggering 18.1% in one month.
As the country further plunges into a pandemic, this will challenge the new coalition government.
Will the new government agree?
Things seem to be serious already-the new ministers are beginning to issue statements outlining their methods.
Of particular concern is the Minister of Finance.
I saw a news report (December 7, 2021)– The incoming German Finance Minister sees the model of Greece’s reform measures -This should dispel anyone thinking that the EU is about to become deficit-friendly, and continue to relax the Stability and Growth Pact (SGP) and related rules for a longer period of time.
Obviously, the new German Finance Minister, the leader of the Liberal Democratic Party (FDP), is one of the members of the coalition that makes the new German government look quite ridiculous (for power rather than ideological unity) has declared that his role model is the Greek post GFC experience.
He claimed:
Germany must aspire to be as ambitious as Greece’s domestic policy…The future federal government will stick to the (road) of the past few years and therefore will represent stability…
in the past few years, [the Greek government] Has successfully put the Greek economy on a new path to success through very impressive reform measures
It’s really over.
Let me remind you.
The figure below shows the real GDP index of 100 for the September quarter of 2007 (the peak before the global financial crisis).
14 years later, the index is 73 points.
This means that the Greek economy is 27% smaller than before the global financial crisis.
No other country has experienced so much decline and suffering.
All of this was deliberately designed by highly paid and malicious officials in Brussels, Washington, and Frankfurt.
Any policy introduced by the “troika” (imposed on the people) is not worthy of being part of the blueprint of any country’s reform and civilization.
The unemployment rate in Greece is still higher than 13%, and the youth unemployment rate is 33.2%.
This is a failed state.
This really does not bode well for Germany or other European countries.
Twitter crazy
Speaking of Europe, I saw this tweet from IFF’s chief economist (headquartered in Washington) a few days ago, who worked for Goldman Sachs and the International Monetary Fund.
He seems to think he is an expert or something.
He believes that the “MMT crowd” will be attracted by this chart.
Basic MMT-19 member states do not have their own currencies and always face credit risk when issuing debts.
The market can affect bond yields only if the government (through its central bank) allows it.
Stupid chart.
Stupid activities that denigrate our work.
MMTed and edX MMT courses will return in early February 2022
We can now provide edX courses—— Modern Monetary Theory: 21st Century Economics – Reappeared at the beginning of 2022.
The tentative date for the start of the course is February 9, 2022.
Many people asked to resume the course, but they didn’t finish or even start the last time.
Once we have finalized the timetable, I will post more registration details in due course.
In other aspects– MMTed News, we have almost completed the production of a short course on currency sovereignty. We originally hoped to provide the course before the end of this year, but now it will be launched in early 2022.
This will be a one-week course (compared to the 4-week edX course) and we may provide it in March to follow up the edX course.
When I get to know them, I will provide more detailed information.
We continue to be very grateful to those who provided financial support for MMTed. Thank you very much for your contribution.
If others want to help so that we can get the materials faster, please email me.
Pressure drop return
After months of lockdowns and venue closures, Melbourne’s music industry is currently limping and resuming activities.
how long? Who can tell omicron to enter the picture.
But when the sun is shining, my band– Pressure drop – For the first time in months, it will be broadcast live this Saturday night (December 11, 2021).
We will return to one of our frequent places-Bar Next Door, 211A High St, Northcote VIC 3070.
The music will start around 20:00.
If you like reggae music and revolutionary dubbing, then we will be happy to meet you.
Entry to the bar is free.
Although through my mask, I can talk about MMT during the break!
This will also be our usual drummer Matt Berg’s first performance after the death, and we will pay tribute to him.
Music – Willie Johnson the Blind
This is what I have been listening to at work this morning.
This song – One’s soul – By – recorded Blind Willie Johnson – April 20, 1930 in Atlanta, Georgia, and released a single by Columbia Records.
I have an album-Texas Country Music Volume. 2 1927-1937 – Issued in 1968, I found it in a famous second-hand store – Batman Records – In Melbourne sometime in the 1970s.
Batman Records closed in 2003, very sad.
This album contains classic folk blues and many great tracks.
This song is because the Great Depression is destroying American life—of course among black people in rural areas.
This is the penultimate single recorded by Blind Willie Johnson before his early death.
Harmony was provided by his partner (wife) at the time-Willie B. Harris (Willie B. Harris).
This is an interesting contemporary biography about the blind Willie Johnson- One’s soul (December 2010).
Life is definitely not easy for him, but he has created some of the best folk blues so far.
His sliding guitar performance is among the best.
You can hear a wonderful compilation of all his works on this album-these works were more popular than those released by Bessie Smith at the time- The Complete Blind Willie Johnson.
Enough for today!
(c) Copyright 2021 William Mitchell. all rights reserved.
