More Asia news: Japan's Prime Minister Shinzo Abe has ordered Cabinet ministers to prepare an extra spending package (likely over �3T), including cash handouts for the poorest pensioners, to boost the country's stalling recovery. The measures reflect a new focus for Abenomics, which has been criticized for benefiting mostly big businesses instead of the average citizen. Japanese data for October was also released today. The jobless rate fell to a 20-year low of 3.1%, but household spending sank 2.4% and average incomes dropped 0.9%.
Twilight of New Keynesianism
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MachineGhost
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Twilight of New Keynesianism
I thought I'd start a thread where news about the futility of current New Keynesianism economic theory could be collected. To start off:
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
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MachineGhost
- Executive Member
- Posts: 10054
- Joined: Sat Nov 12, 2011 9:31 am
Re: Twilight of New Keynesianism
Not sure if this is involved in propping up the stock market, but wouldn't be surprised.
Separately, Japan's $1.1T Government Pension Investment Fund - the world’s largest pension fund - has posted its worst quarterly loss since 2008 after this summer's global stock rout wiped $64B off the asset manager's investments. The loss is GPIF's first since doubling its allocation to stocks and reducing debt last October, and highlights the risk of sharp short-term losses that come with the fund's more aggressive investment style.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!