Truss: Asia Pacific Countries 'Where the Big Markets Are'

BBC: International trade secretary Liz Truss says Asia Pacific countries "will provide big markets" in the future for British products.

The UK is applying to join a free trade area made up of 11 Asia and Pacific nations, under its post-Brexit plans. » | BBC | Sunday, January 31, 2021

Dumb is as dumb does! – Mark

THE GUARDIAN: Ease of trading is key measure of success, say cross-channel businesses, not lack of lorry traffic

It was billed as a deal that would secure tariff-free access to the EU, that “sunlit uplands” would follow initial disruption to trade.

But one month since the Brexit trade deal came into force, businesses are warning that the “teething problems” Boris Johnson described in a visit to Scotland last week are in fact symptomatic of endemic disruption that will force many businesses to restructure and will mean the end of some British businesses altogether.

“The last month has been like Dante’s fifth circle of hell” for importers and exporters unable to move supplies because of new red tape, said Ben Fletcher, the policy director of Make UK, which represents manufacturers across the UK.

One internationally renowned car manufacturer had “1,000 cars sitting in their car park partially built because they could not get the parts in time,” said Fletcher. “They said this has never happened ever before.” » | Lisa O’Carroll, Brexit correspondent | Sunday, January 31, 2021

Brexit is for fossils and fools! – Mark

Redditors Proved That the Stock Market Is a Joke and Wealth Is Imaginary

The stock market drama that unfolded this week thanks to a massive group of Redditors proved that not only is the stock market a casino, but that most of the wealth of some of the biggest groups in America is also a complete myth. And while regulations will be coming quickly, it will only put future events like what happened this week on temporary delay. Farron Cousins explains what happened.

Mehdi Hasan Gets a Personal Khan Academy Lesson on the GameStop Stock Squeeze | The Mehdi Hasan Show

Khan Academy founder Sal Khan joins Mehdi Hasan to explain how GameStop became the center of the latest Wall Street scandal.

The Mehdi Hasan Show: Insightful reporting and probing interviews that examine the day's events and provide a deeper level of context for the politics of our interconnected society. Watch The Mehdi Hasan Show on The Choice channel on Peacock TV, weeknights, 7 p.m. ET. Subscribe to the channel for more interviews.

GameStop: Anger as Trading in GameStop Shares Is Restricted

THE BBC: Amateur investors are responding with outrage after trading platforms curbed buying of shares in the US games firm GameStop and other companies.

The moves by Robinhood and Interactive Brokers follow days of frenzied trading that led to massive gains for some stocks.

Shares in GameStop dived by as much as 55% after the restrictions.

It is the latest twist in a battle that has pitted amateur investors against Wall Street giants.

Major hedge funds had bet billions of dollars that GameStop's shares would fall.

But they have faced major losses after amateurs, swapping tips on social media sites such as Reddit, drove up the share price by more than 700% in a week.

Other firms, such as AMC Entertainment, Koss Corp and BlackBerry, also saw sharp gains. They were embraced by day traders after hedge funds bet against them. » | Thursday, Januray 28, 2021

WallStreetBets Founder on GameStop: There Is No Precedent for This

Jaime Rogozinski, founder of the WallStreetBets trading forum on Reddit, says people are "placing bets on a market in a way that they are actually affecting the odds of the outcome." He speaks with CNN's Julia Chatterley about the stock frenzy.

James Davis | Joe Biden – das Hoffen auf den grossen Heiler

Die Präsidentschaft des selbsterklärten Disruptors Donald Trump geht mit einem Knall zu Ende, wie ihn die amerikanische Geschichte noch nicht gesehen hat. Nach dem Marsch auf das Capitol bekommt es Joe Biden mit einer Nation zu tun, die gespaltener nicht sein könnte. Ein zweites Impeachment steht im Raum. Ist Biden als Politiker des Ausgleichs der richtige Mann zur richtigen Zeit? Wo liegen seine Prioritäten? Wie gross ist sein politischer Gestaltungsspielraum? Und wie lang und schwer sind die Schatten des Erbes von Donald Trump?

Über die Perspektiven der Präsidentschaft Joe Biden unterhält sich der NZZ-Chefredaktor Eric Gujer mit dem amerikanischen Politologen James Davis von der Universität St. Gallen.

Sendung vom 24.01.2021

Economic Update: The Economics Lesson Taught by the Pandemic

On this week's show, Professor Wolff explains where the government is respected and empowered, nations have effectively contained the Covid-19 pandemic. He gives examples including New Zealand, Taiwan, South Korea, Cuba, Vietnam, and China. Alternately, where the government is demonized, disrespected, distrusted, the pandemic has been devastating. Examples of this include the UK and the US. Wolff argues that a rational economy includes both less and more government-regulated private enterprises plus state-owned and operated enterprises according to which performs best to meet society's needs. No fundamentalist "either/or" arguments are justified. Finally, he says how private and government enterprises are internally organized - hierarchical or alternatively democratic worker-co-op - is equally important.

Brexit: 'I Was Asked to Pay an Extra £82 for My £200 Coat'

BBC: "I had no idea at all I was going to be charged any more for deliveries after Brexit. The extra costs were definitely a bit of a shock."

Ellie Huddleston, a 26-year-old Londoner, thought she would treat herself to some new work clothes in the January sales.

Having spotted a bargain, she placed an order for a coat and a number of blouses from two of her favourite clothes brands based in Europe.

But both deliveries were delayed, held up in customs checks for at least a week, she says.

She was surprised when she then received a text from courier company DPD, containing a link asking her to pay £58 in customs duties, VAT and additional charges for her £180 order.

On top of that, the UPS courier for the second parcel showed up at her door several days later, asking for an extra payment of £82 for her £200 coat. » | Lora Jones, Catherine Snowdon & Howard Mustoe | BBC business reporters | Thursday, January 21, 2021

Chris Hedges on the Bleak Future of the USA (Audio Only)

A chilling speech by Chris Hedges, Pulitzer prize winning journalist and political activist, given at St. Andrew's - Wesley United Church in Vancouver, CA on March 3, 2017.

Global Capitalism: US Capitalism’s Decline and Desperate Efforts to Save It – January 2021

Thomas Piketty im Gespräch über Ungleichheit und Kapitalismus | Sternstunde Philosophie | SRF Kultur

Was ist so schlimm an Ungleichheit? Ist sie der wahre Grund für die Krise der Demokratien? Ökonom Thomas Piketty im Gespräch mit Yves Bossart über Kapitalismus und Demokratie.

Der Franzose Thomas Piketty gilt als Rockstar der Ökonomie. In seinem Weltbestseller «Das Kapital im 21. Jahrhundert» zeigte er, warum der Kapitalismus die sozialen Ungleichheiten verschärft.

Das Buch wurde in 40 Sprachen übersetzt und verkaufte sich weltweit über 2,5 Millionen Mal, erntete aber auch scharfe Kritik. Sein neues Buch «Kapital und Ideologie» ist quasi eine Weltgeschichte der Ungleichheiten. Piketty legt dar, Ungleichheit sei weder ein Naturgesetz noch eine wirtschaftliche Notwendigkeit, sondern ideologisch konstruiert und politisch gewollt.

Er stellt radikale Forderungen: Milliardäre und Spitzenverdiener sollen bis zu 90 Prozent ihres Vermögens und Einkommens abgeben und jeder Bürger soll mit 25 Jahren 120'000 Euro vom Staat bekommen, als Startkapital.

Die düstere Zukunft der Menschheit –Graeme Maxton im Gespräch | Sternstunde Philosophie | SRF Kultur

Die Menschheit steht vor dem Kollaps, meint Graeme Maxton. Angesichts der drohenden Klimakatastrophe fordert der Ökonom und ehemalige Generalsekretär des «Club of Rome» drastische Massnahmen, mehr Verbote und weniger Wachstum. Yves Bossart fragt, wie das gehen soll und warum uns das so schwerfällt.

Der schottische Ökonom Graeme Maxton war bis vor kurzem Generalsekretär des «Club of Rome», mit Sitz in Winterthur. Dieser Zusammenschluss von Experten beschäftigt sich seit 50 Jahren mit Fragen der Nachhaltigkeit und der Zukunft der Menschheit. Bereits 1972 wiesen Forscher auf die «Grenzen des Wachstums» hin und forderten ein Umdenken. Vergeblich, meint Graeme Maxton.

Nun bleiben uns noch zwanzig Jahre, um die Menschheit vor dem Untergang zu retten. Doch dazu müssen wir ab sofort unser Wirtschaftssystem, unseren Lebensstil und unsere Werte radikal ändern. Es braucht weniger Wirtschaftswachstum, dafür mehr Steuern und Verbote für umweltschädigendes Verhalten, meint Maxton in seinem neuen Buch «Change. Warum wir eine radikale Wende brauchen».
Muss man die Menschheit also zum Überleben zwingen? Und wie sähe eine nachhaltige menschliche Lebensform aus? Yves Bossart spricht mit dem streitbaren Ökonomen über die derzeit wohl grösste Herausforderung der Menschheit.

FTSE 100 Has Worst Week Since October as Fears Rise over Covid Fallout

THE GUARDIAN: Increased lockdown measures in Germany, France and China dent prospects for rapid recovery in 2021

The FTSE 100 has recorded its worst week since late October as concerns increased about the economic fallout from tougher lockdown measures around the world.

The index of leading UK company shares ended the week down by 138 points compared with the previous week, a fall of about 2%, at 6,735, after official figures showed the British economy edged closer to a double-dip recession in November. After a strong start to the year, gaining by about 6% since the start of January, the performance was the worst weekly decline for the FTSE 100 since the last week of October as England headed for a second national lockdown.

It also comes as concerns mount over increased lockdown measures in Germany, France and China, with rising coronavirus infections denting the prospects for a rapid economic recovery at the start of 2021. » | Richard Partington, Economics correspondent | Friday, January 15, 2021

After Brexit: Can the UK Really Go It Alone? | To the Point

For the first time in its history, a member nation has left the European Union. But can the UK really go it alone? And how will it change the EU?

Daily Telegraph Owner Sir David Barclay Dies at 86

THE GUARDIAN: Billionaire, who owned newspaper titles with his twin brother Frederick, fell ill recently

Sir David Barclay, one of the two billionaire brothers who own the Telegraph newspaper group, has died unexpectedly after a short illness, aged 86.

Working in partnership with his identical twin, Frederick, the pair became two of the most successful British businessmen of their time, venturing into hotels, shipping, retail and newspaper ownership over several decades.

In a statement on his brother’s death, Sir Frederick Barclay said: “It was a great journey in everything that we did. The good, the bad, the ugly … we experienced it, from being bombed out of our beds in Coventry to the deals that we made and the ones that got away.

“We were twins from the beginning until the end. He was the right hand to my left, and I was his left hand to his right. We’ll meet again.” » | Jessica Murray | Wednesday, January 13, 2021

ECB's Lagarde Calls for Regulating Bitcoin's "Funny Business"

REUTERS: FRANKFURT (Reuters) - European Central Bank President Christine Lagarde called on Wednesday for global regulation of Bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed.

Bitcoin has come out of its niche in recent years and is now bought by ordinary people, investment funds and even large corporations. Some have even taken out loans to buy more of the cryptocurrency, whose value has increased almost tenfold since last March.

But its largely anonymous nature has raised concerns that it could be used for money laundering and other illegal activities.

“(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity,” Lagarde said in an interview at the Reuters Next conference. » | Reuters staff | Wednesday, January 13, 2021

Listen to Lagarde speaking about Bitcoin HERE »

The Guardian View on Covid's Widening Gaps: The Rich Are Getting Richer

THE GUARDIAN: Rishi Sunak ought to make it clear that it is the real economy that needs rescuing, not the City

For speculators, the cryptocurrency party was just starting. At the beginning of last year one bitcoin was worth £5,614 before almost reaching £30,000 at the end of last week. On Monday, Britain’s financial watchdog took the punch bowl away, by warning bitcoin investors that they could lose all their money. While it may sober up a few of the partygoers many will find solace in their bank balances. Anyone who bought cryptoassets at the beginning of the year was sitting potentially on a 400% gain, an extraordinary return in a year when a health crisis has morphed into an economic one.

Thanks to the government’s actions, owners of assets have had a very good pandemic. Shares in London are back to where they were in late February last year. House prices in 2020 rose by 6%, helped by the chancellor’s temporary stamp duty holiday. Economic euphoria needs a drug. It turns out that the dealer with the best supply of credit is the government. Its central bank has flooded the financial system with cash meant to be loaned to chase a positive rate of return. In Britain’s distorted economy investors, even in the midst of Covid, prefer to make outlandish short-term capital gains rather than income from productive investment. » | Editorial | Monday, January 11, 2021

US Lost 140,000 Jobs in December, the First Decline Since April

THE NEW YORK TIMES: The already sputtering economic rebound went into reverse in December, as employers laid off workers amid rising coronavirus cases and waning government aid.

U.S. employers cut 140,000 jobs in December, the Labor Department said Friday. It was the first net decline in payrolls since last spring’s mass layoffs, and though the December loss was nowhere near that scale, it represented a discouraging reversal for the once-promising recovery. The U.S. economy still has about 10 million fewer jobs than before the pandemic began.

The December losses were heavily concentrated in leisure and hospitality businesses, which have been hit especially hard by the pandemic. The industry cut nearly half a million jobs in December, while sectors less exposed to the pandemic continued to add workers. » | Ben Casselman | Friday, January 8, 2021

Ranks of the long-term jobless are bigger than the numbers show »

Iraq, Struggling to Pay Debts and Salaries, Plunges Into Economic Crisis

THE NEW YORK TIMES: Oil-rich Iraq, its economy hobbled by neglect and corruption, has devalued its currency and had its imported electricity cut off for nonpayment.

BAGHDAD — In a stall off a narrow, winding alley of Baghdad’s oldest market, Ahmed Khalaf sells the smallest luxuries: nail polish, plastic hair barrettes, colored pencils.

Even during the pandemic, by midmorning the stalls in Shorja market would normally be thronged with shoppers buying food staples and household goods. But last week the aisles were nearly empty.

“Our customers are mostly government employees, but as you can see they’re not coming,” said Mr. Khalaf, 34.

His troubles are a ground-level indicator of what economists say is the biggest financial threat to Iraq since Saddam Hussein’s time. Simply put, Iraq is running out of money to pay its bills, threatening the country on several fronts.

The financial crisis holds the potential to destabilize the government, which was ousted a year ago after mass protests over corruption and unemployment, touch off fighting among armed groups, and empower Iraq’s neighbor and longtime rival, Iran. » | Jane Arraf | Monday, January 4, 2020

Millionaire Life — Not as Easy as It Sounds | DW Documentary

In the United States, nearly 80 billion lottery tickets and scratch cards are sold every year. Overnight the winners find themselves in charge of an astronomical fortune and at the center of the limelight.

David and Erica won 62 million US dollars, becoming the richest people in their county in a matter of seconds. Self-proclaimed "redneck millionaires", they are determined not to let their newfound wealth cut them off from reality. Others take the opposite approach. When 51-year-old nurse, Jack, won the lottery, he immediately quit his job and began spending frivolously. The temptations for lottery winners are endless and the risks elevated. A third of winners end up in ruins. So what makes this industry so attractive, and what do the lives of the winners actually look like?

All Eyes on New Post-Brexit EU-UK Customs Border | DW News

After a half-century partnership, Britain has finalized its split with the European Union. Brexit appears off to a smooth start at a key EU-UK trade link – the port of Calais. While things are going smoothly now, both European and British businesses warn of massive disruptions to the flow of trade and people, once the holiday weekend ends.