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Last week, Prime Minister Modi gave an hour long speech denouncing ‘pessimists’ who refused to see the bright side of demonetisation and other transformations that his government’s able management had visited upon the economy.
The policy of guaranteeing every citizen a universal basic income is gaining support around the world, as automation increasingly makes jobs obsolete. But can it be funded without raising taxes or triggering hyperinflation? In a panel I was on at the NexusEarth cryptocurrency conference in Aspen September 21-23rd, most participants said no. This is my […]
This article was first published by RussiaFeed
This article was first published by RussiaFeed
Rosstat – Russia’s Central Statistics Board – has released figures for inflation at the end of July, which show the fall in inflation in Russia breaking all forecasts.
Prices in Russia grew only 0.1% in July. In the last week of July prices actually fell. The result is that the annual rate of inflation at the end of July fell to 3.9% from 4.4% at the end of June, when inflation briefly rose because of seasonal factors.
This article first appeared on Russia Feed.
Further confirmation that the Russian economy is now in a condition of steady growth came from the latest survey by IHS Markit, which showed manufacturing PMI (Purchasing Managers’ Index) in July rising to a six month high of 52.7.
To those unfamiliar with the concept of PMI here is how IHS Markit explains it
As a result of the growth of the modern welfare state, America and the other major Western countries of the world have become, in the words of Nobel Prize-winning economist, James Buchanan (1919-2013), perpetual democracies in deficit, funded in total or in good part by, now, trillions of dollars created by government monetary monopolies – the central banks.
Japan has found a way to write off nearly half its national debt without creating inflation. We could do that too. Let’s face it. There is no way the US government is ever going to pay back a $20 trillion federal debt. The taxpayers will just continue to pay interest on it, year after year. […]
The banks themselves create money, usually at a rate of at least 9 to 1 - for every one dollar deposited, the banks can create an additional $9. There is a massive expansion of the money supply. [...]
