this is offensive on so many levels.
let me guess bob,because a black man posted this,it must,therefore NOT be racist?

this is incredibly racist,because this man is basically saying that black folk are too stupid to make up their own minds.that they are chumps and sell-outs for simply always voting democrat.

because republicans have ALWAYS been a voice of reason and championed the underclass! right bob?

we could use the same logic and apply it to the mind-numbing meth-head hillbillies who get cock hard at the voice of trump.who are convinced that the republicans represent freedom,liberty and the constitution.

while those very same republicans consistently rob these people,of modest means mind you,to pay their buddies in wall street.who pass legislation to poison their water,dumb down their kids,create food deserts,incarcerate them (while giving their CEO buddies a pass and a slap on the wrist).continue to allow tax breaks and subsidies for their donors.passing laws allowing big corporations to send jobs to china and utilizing prison labor (slaves) and then BLAMING the people!

yeah bob,that coin turns both ways.

so the black man who blindly votes democrat can be criticized for his lack of foresight,but so can the aging white racist who consistently votes republican.

because neither the republican nor the democratic party give a flying fuck about either of you.

you both are sell-outs,chumps and uncle toms to a system that threw you both overboard 40 years ago.

fuck this video,and fuck you bob.

@radx @enoch @eric3579

For one thing, give the executive or legislative power over the printing press in a crisis and they will not willingly give that power up and end up abusing it. For another, if you're simply printing money to spend then you depreciate and inflate your currency commensurately, at least in the long term. Relying heavily on this is the kind of thing that Venezuela does. There's a reason that governments instead take on their fiscal spending as debt. On that I would say, I've also become much more skeptical of fiscal stimulus in general but particularly in corrections or recessions. I'm okay with automatic stabilizers (unemployment benefits, the largely limitless kind with strings attached we have here in Australia) but not so much direct fiscal stimulus.

The fundamental issue to me is large, even extremely large fiscal spending will not affect business confidence levels of economic conditions. There is some fiscal multiplier effects (the multiple of the effect on national income over the spending injection by the government) but the worse economic conditions are, the lower this will be. Also, yes with say infrastructure spending, you're creating immediate jobs. Problem is these are in no way permanent jobs and simply pushes the can down the road on them finding new employment. Better to provide unemployment benefits and training to get them into a more permanent job faster.

Also large bouts of spending (again to use infrastructure as an example) tends to be hugely wasteful. Good projects require appraisals, consultation and careful planning. The notion of handfuls of 'shovel ready' projects is a political myth. You can instead span it out but then you don't get the mooted fiscal boost. In fact I would argue infrastructure spending is never appropriate as fiscal stimulus. It should be in a constant, planned process of improvement irrespective of business cycles or downturns. The US stimulus under Obama was largely long term spending projects like this as giveaways to the states. There is little evidence it eased the recovery or altered behaviour though. Many states simply enacted the same civic projects they would have otherwise and used this money instead of issuing debt like they would have otherwise - effectively they saved on interest.

So what are the alternatives then? The government here in Australia also heavily spent on roads, home subsidies and schools but notably also gave all income earners a cash deposit of AUD $300-950. The latter is probably the closest you can get to a pure fiscal stimulus - immediately cash to spend, injected not into banks than might save it but given particularly to low / medium income earners most likely to spend it. Again what we saw is that it hardly altered consumer / household behaviour. Many saved it, many spent it on large one off purchases (e.g. TVs, in which case most of that value was transferred overseas). So we gave a dollop of cash as stimulus to the global economy of which Australia is a drop in the ocean. Basically my attitude is, if you maintain good infrastructure, effective education systems, adequate but efficient regulation, reasonable tax rates, and importantly competitive markets, the best way to get through a crisis is to let the market stabilize by itself. Provide assistance and retraining to workers who lose their jobs by all means, but don't expect government spending to be some kind of savior.

I agree on the inflation aspect of your post. There were certainly no shortage of self-declared monetarists buying up gold in anticipation of high inflation, but as you say dollops of cash in the economy are meaningless if they are idle and the economy under capacity. The question now with unemployment in the US at 5.5% whether capacity is finally pushing LRAS levels. Probably not, participation rate is low and falling, and the unemployment rate is woefully underrepresenting forced part timers. Also as you mention the dip in oil will temper prices on the input cost side. The Fed certainly seems to think so and has started tightening rates but as so much commentary in the investing world is saying, this may turn out to be a mistake and they may end up having to reverse course.

@bobknight33
"socialism is not american"

i swear sometimes bob i dont know what the fuck you are talking about.

even when people put out,quite correctly i might add,that america has socialism in its economic structure.you respond like they didnt state anything.

it is like you live in this weird bubble and that any information that attempts to enter,that may possibly contradict your own personal understandings.

so when i say that you can have a socialist democracy,i am not just pulling that out of my ass:
https://en.wikipedia.org/wiki/Democratic_socialism

or that america already has socialist programs,and a majority of them YOU and your children enjoy:
https://mises.org/blog/bernie-sanders-right-us-already-socialist-country
(this is from the von mises institute.not exactly a bastion of liberal/progressive ideology.just in case you wanted to pull that tired and stupid response:well,they are a liberal website blah blah blah)

so if YOU think that socialism is SO bad and harmful and utterly un-american.let us revert to a pure capitalist society shall we?

here are the things that we will be saying goodbye to in your new capitalist america:
1.child labor laws.
thats right...your 8 yr old grandchild can now quit her fucking whining and get to fucking work.hmmmm...nothing like forced labor for the children working 14 hr shifts with no breaks,and 6 days a week.no work on sunday!
because:god.

2.minimum wage.
gone will be a basic minimum wage imposed by federal law.now we shall see the TRUE market place in action! of course,since there is surplus of available workers and there is no minimum.we can exploit the most desperate and vulnerable of our society and pay them 25 cents an hour!
take THAT china!

3.public schools.
education? only if your are part of the new american aristocracy! and what child will be going to school for an education? they are too busy working at the plant! pfffft..education.it is over-rated anyways.

4.fire and police.
now why would i spend my hard earned money in taxes, so my neighbor can be protected from fire damage and property damage? pay for your own protection fuckface! oh...you're too busy working 3 jobs,making .25 per hr? and your kids are working too? aww too bad loser.shoulda pulled yourself up by your bootstraps.

5.voting.(yep.you read that right)
i am a hard working american.who pays his taxes and owns property AND a business! and i JUST gave my employees a raise to .27 per hour! i have a RIGHT to vote! why should those non-property owning losers get a vote as well? i am obviously far more important than they are.whats next? women voting? the horror.

6.social security and medicaid.
now why would we waste time and resources providing a safety net for those losers again?how is it MY responsibility that they couldnt plan for their sunset years? i did give them a raise didnt i? fucking crybabies.and so what if they actually PAID into those programs.i feel better creating my own reality by calling those programs "entitlements",because it makes me feel morally superior to them.

7.public libraries.
there is that pesky "education" again.why should i be responsible for someone else family and their access to literature and information?what do you think i live in? a society? with neighbors? communities?this is just more government intrusion upon MY life and MY freedoms!

look man,i know i am being a cheeky shit in this comment,and i am not anti-capitalist..at all.
capitalism has brought great things for society as a whole..BUT..there is a difference between capitalism and unfettered capitalism,and what we have now is NOT capitalism.

it is socialism for the rich:
see: the bank bailout
see: corporate subsidies (welfare)
see:corporate tax breaks (welfare)
see:our current political system which has been totally over-run by corporate money.a corporate coup de'tat.
which we are all fed the bullshit line of how wonderful captialism is,but the only beneficiaries are corporations,wall street and the dept of defense.

the only people that get to engage in capitalism are the poor and middle class,because actually having to compete is for suckers and losers.

Upvoted for the shameless dig at libertarianism!

Consumer printers seem like the lightbulb cartel of the computer industry. They know we need them and they know how to make them last, but those two two things are somewhat incompatible when profit is the only measure of success.

Of course this is all the evil governments fault and could in no way be addressed by offering subsidies to companies which avoid such abusive practices....

......filthy filthy socialism.....!

This comes up a bit short on some issues.

For instance, the ongoing drought in the Euphrates-Tigris area pushed people in Syria into the cities, adding pressure to already overstretched infrastructure.

Also, what about the West's glorious idea to run illegal wars of aggression in Iraq and Libya, which destabilized the entire region? Nevermind Afghanistan or the bombing campaigns in Pakistan, Somalia and Yemen. What about the gulag that is Palestine? What about the economic consequences of our obsession with free trade, taking away from developing countries the ability to protect and nurture their own industries? What about our subsidies of farm exports, thereby undercutting local farmers and destroying these peoples' ability to feed themselves?

All of these countries have heaps of issues of their own, but let's not forget that "we" not only didn't help, but actively made things worse in many cases. As cities drain resources from the hinterland, so do our centers of capitalism drain resources from developing nations. They are our hinterland.

Yugoslavia seems to have been forgotten by most people, but the split and following neoliberal treatment left the entire area in a state of instability. Kosovo today is basically run by organised crime.

So, as horrible as Assad's actions are, very few countries are in a position to offer meaningful criticism, having pissed away what little moral authority we had to begin with.

And as far as legal responsibilities towards refugees go, I'd say after torture, wars of aggression, global espionage, a stateless people in Europe (Roma/Sinti), destruction of a society (Greece), an openly xenophobic regime (Hungary), etc, it shouldn't come as a surprise to anyone that "rights" are meaningless unless actively enforced by someone with the required amount of power.

Look at Calais, look at Lesbos, look at Lampedusa, and tell me all about our European morals and values...

Written by the grandson of a man whose family fled from Silesia in '45 with nothing but two bags and walked all the way to Lower Saxony on foot.

You certainly have a choice in how you use the electricity.

I think YOU missed the point, if you can only sell your power for 8 c perkwh, and pay 36c per kwh, and you sell ALL the power you make, then buy it back later, YOU are subsidizing the power company, who makes 28c on every kwh you sell them. No one is subsidizing that 8c they pay(I would hope, 350% profit is already insane) so what "high feed in tariff" are you talking about?

The power grid is fairly smart, and takes into account the amount being produced by ALL sources, and shuts/ramps down those not needed. For you to be sending power when it's not required would require more PV generation than the entire grid uses, because ANY other generation could be put on hold until night. The certainly DO do this on a 'few hundred times per second' basis, at least here in the US. Solar generation may jump up and down on individual systems, but the total amount fed to the grid by all solar systems in an area is fairly stable, and doesn't jump radically from a cloud...come on.
Here, peak power is at peak temperature time, mid-late afternoon, when businesses turn up the AC and people get home, exactly when PV makes the most power, I can't speak for AU.
The point being that the grid CAN and DOES adjust rapidly to account for all generation methods, and it does already shift production because some of the need is supplied by PV.

Not so, the return on energy invested is at least double the return on coal in the long term...for the consumer, that's why you save money VS the electric company in the long term.
It's certainly not cheap or easy to deal with the waste in the US where the company(s) (and the taxpayer when it goes bankrupt) has to pay for destroying major river systems because of inevitable waste releases...as happened recently and repeatedly. Only if you ignore most of the actual costs of coal can you think it's cheaper, if you count all the costs, it's FAR more expensive.

ALL the power/energy needed to produce PV panels is reflected in their cost...100%.
Again, to be a bad way to reduce carbon pollution, you MUST assume it takes more carbon to make a panel VS the amount of carbon pollution it saves VS coal power production of the same amount of KWH. That's simply not the case by a long shot, so it does significantly reduce CO2 production, by around 20-30X vs coal. Even in Germany and Denmark, where it's often overcast, they found ....
"solar PV works out to about 50g of CO2 per kWh compared to coal's 975g of CO2 per kWh, or about 20x "cleaner."" In places with better weather, it can be up to 40X.
http://www.mnn.com/green-tech/research-innovations/blogs/how-much-co2-does-one-solar-panel-create

Once again, my electric company doesn't pay me a dime, it trades me power based on peak and non peak hours. Yours on the other hand makes 350% profit on every kwh you produce. I save cash because making (and USING) my own power is FAR cheaper than buying (mainly) coal produced power from the electric company. No "high feed in tariff" required at all. No feed in tariff at all, in fact.
It obviously makes an inroad on reducing carbon because, beyond the panel's production and shipping, there's ZERO carbon, unlike coal which produces more carbon per 10 KWH than it likely took to make each of my 20 panels, meaning they pay off their carbon debt in about 100 hours of sunlight, and are total carbon savers for the rest of their 20 year lifespan.
If we're going to fix climate change, we need to be HONEST about energy production, not compare 150%-350% of the cost of one production source with 5% of another production source to be able to say the 5% source is better.

HAHAHAHAHA!!!! Nuke requires a jump in your bill (even with the HUGE government subsidies the nuke industry gets at every step), but it's better than home mounted PV which SAVES you >50% off your 20 year power costs without a taxpayer cent?!?!? Please think about that.

I'm not basing my figures or thoughts on any study, but on my own personal, long term, economic experience with a system.
As someone who purchased a solar system for purely economic reasons, and has found it to be a HUGE cost saver over buying coal/nuke power from the electric company, all without counting subsidies at all, and even considering I paid top dollar for my system and have battery backup (that produces nothing but cost thousands), I'll simply say you're completely wrong in your assessments based on my own dispassionate, no child having, purely economical experience and leave it there.
I'm happy saving 50% of every power/dollar, you are accepting of giving away around 80% of your power/dollars to the power company. That doesn't make solar unworthy, non-"green", or economically unviable, it makes it a TERRIBLE choice for YOU because you're doing it wrong, and your electric company is punishing you rather than incentivizing you.

And your first paragraph pretty much spells out why solar PV is a dud investment for small plant/home plant if it were completely unsupported by a plethora of mechanisms designed to make it viable financially (and that's before even considering whether the energy cost is significantly offset by the energy produced), not to mention trying to make time to do things when your PV production is high so that you're not wasting it.

I try to load shift as much as possible, even went so far as to have most of the array facing the west where we'll scrape out some extra power when we're actually going to use it (eg. in the afternoon, particularly for running air conditioners in summer), but without feed in tariffs that are 1:1 with energy purchase prices and government subsidies on the installation of the system, the sums (at least in Australia) just do not ever come close to making sense.

But as I said in the first paragraph, that is all financial dickering, it has nothing to do with actual energy used vs energy generated. There is no free energy, you have to spend energy to make energy. You have to buil a PV array, pay for the wages of the people who install it, transport costs etc etc. They all drain energy out of the system. And most people in places where feed in tariffs are either on parity with the cost of purchasing energy when your PV isn't producing align their solar arrays with the ideal direction for greatest generation of energy that they can get the best profit for, not for generation of energy when energy demands spike.

The consequences of this are that at midday, energy is coursing in to the grid and unless your electricity provider has some capacity for extended storage and load shifting (eg. pumped hydro, large scale battery arrays), it's underutilised. Come peak time in the afternoon when people get home, switch on cooling/heating, start cooking etc when PV's production is very low, the electricity company still has to cycle up gas turbines to provide the extra power to get over that peak demand, and solar does little to offset that.

So carbon still get's pissed away every day, but as long as PV owners get a cheaper bill, it's all seen to be working like a charm... ; )

The energy current efficiency panels return is only on an order of 2-3x the energy input, which is barely enough energy returned to support a subsistence agrarian lifestyle (forget education, art, industrialisation). There's a reason that far better utilisation of coal and oil via steam heralded the massive breakthrough of industrialisation, it's because coal has close to a 30 to 1 return on energy invested. Same with petrochemicals, incredibly high return on energy.

The biggest advances in human civilisation came with the ability to harness energy more effectively, or finding new energy sources which gave high amounts of energy in return for the effort of obtaining them and utilising them. Fire, water (eg. mills etc), carbon sources, nuclear and so on. Even if you manage to get 95% efficiency on the panels for 100% of their lifetime (currently incredibly unlikely), you're only turning that number in to 8-12x the energy invested compared to 25-30x for coal/petro, 50x+ for hydro and 75-100+x for gen IV nuke reactors.

As a person who has solar on their roof, our bills have shown a slight decline (and I live in a tropical location with no obscuring of the panels), but that doesn't offset the cost of production (both in labour and energy input which is mostly supplied by carbon based sources). I run a 6 KW/h array which is slightly overclocked as we are capped at 5 KW/h input to the grid (at 8c KW/h sell, 36c KW/h buy). I'm looking at a ROI in ~11-15 years

There are also many studies (and not just from people who are pro nuke or anti-climate change) showing that solar PV in general, and rooftop solar specifically, is small potatoes in terms of energy returns, even when considering possible future gains in panel efficiency and storage technology.

I am not bashing solar because I don't like it, I spent the money to get an array on the roof because I think we do need to do something, but I'm not kidding myself in to believing that we're saving the planet when the vast majority of solar PV going out these days is manufactured in countries that emit enormous amounts of carbon and pay people peanuts to do the work... When, as you say, solar is heavily subsidised or has rebates offered to drive take up.

Nuke is expensive, but it returns far more energy than is invested to build it. Hydro, similarly (although Cali etc shows why hydro might be a dead end in this changing world climate). We can invest an enormous amount of time in half measures, or we can do it right, at least until we crack large scale fusion power production.

If it worked as well as it's hyped to do, huzzah, happy days. But so far, the boom is mostly hyperbole. At the very least, f#ck off subsidies/rebates etc to households and instead build huge solar PV farms with helio tracking arrays which make a better return on energy invested and basically give far more bang for buck. Or sink it all in to wind and cut back on PV. It's a feel good technology with hidden baked in carbon costs that is lulling us in to a false sense of security.

Sure, farmers have it rough. http://www.theguardian.com/commentisfree/2013/jul/01/farm-subsidies-blatant-transfer-of-cash-to-rich

(though to be fair, the protests are mostly targeting cut-throat market practices by the supermarkets... I just have a dim view of the artificially sustained, overproducing food market in Europe)

You want to see racism still in full force, check out the difference in punishment between usage of crack cocaine vs powder cocaine and the work of Prof Carl Hart on how they are basically the same thing...

Drug addiction has been proven to be exacerbated by poor socio economic conditions.

Drug punishment is more punitive for black people.

More black people live in poor socioeconomic circumstances.

To try and rise above that, a decent portion turn to crime. Surprise surprise, you're dirt poor with no job opportunity so you run with the gang.

Meanwhile, the republican party works as hard as possible to keep socialist policy (at least, socialist policy that helps black people, you can keep farm subsidies and corp bailouts to the whites) a demonised concept that might actually help reform these areas.

Fix the inequality, fix the socio economic problems, job discrimination etc, you fix most of the drug and crime problems. Less crime = less spending on cops, less spending on healthcare, less spending on incarceration etc = more money for more social inequality fixing...

Amazing right?

And yeah Genji, Lantern and co are bigots and racists (who will play the "oh I'm being ad hom'ed" card when you realistically describe them) who go out of their way to bait people. Keep giving them shit, they don't deserve (and probably wouldn't comprehend or even condescend to rationally respond to) legitimate discourse.

It's sad but the best thing to hope for imo is generational change, eventually Lantern and co. will be the last fossils hanging on to an era we should move on from. Then they'll die and the world will be a better place... ; )

I'm nowhere near the point of saying scrap the entire system. It needs to be fixed, with real investigation and harsh punishments to weed out these people, but you don't do away with the entire concept.

You refine it, you look for characteristics that indicate a person is going to make an exemplary officer and you start selecting off that guide. You reverse the militarization trend and remove government subsidies that are turning the police into private militias. Last but not least, you make it clear that police are held to a higher standard. You hold THEM to a zero tolerance policy.

Believe me, if we took some simple steps, a significant amount of the bad police would be gone in weeks. Then we could replace them with qualified people.

Many of the "richest families in America" got to be that way because their businesses received subsidies and/or other crony favors. This is an undesirable situation for anyone (besides the cronies and politicians/bureaucrats, themselves). It's better to have wealthy families that are "wealthy" because their businesses deliver quality and service, not because they happen to be cronies.

Businesses that subsist because of cronyism (like the countries' largest banks, for example) should, in fact, collapse... Like GM should have collapsed back in 2008.

And all state subsidies should end.

@radx

The liquidity/insolvency line is just a fancy way of asking for more money than is being provided. As I said, I expect once structural reform is fully implemented, the ECB (tacitly instructed by Germany et al) will take a much more active role in buying the debt of these countries but it's not at that stage yet. The problem is they've been slow to sell off assets, reform government and reduce public employment to levels demanded.

Again what you propose is easing that eliminates the pressure to reform, which is the intent of the troika/Germany as I see it. I just don't see any of those things happening. As I mentioned before, Greece's debt has largely stopped rising and GDP has been edging upwards since 2010 and is now positive:

http://www.tradingeconomics.com/greece/government-budget-value
http://www.tradingeconomics.com/greece/gdp-growth

As far as running surpluses, I would argue if everyone was nearly as zealous as Germany, then the deficit/surplus gap between countries would narrow - which would be the best outcome globally. As you'd probably know Germany's attitude towards fiscal stability and inflation is fairly hawkish given its history with hyperinflation. But it has clearly served them well when their bond yields didn't spike during the euro crisis because of a shortage of funds.

I wouldn't characterise it as beggar thy neighbour, that's generally reserved for active measures to prevent trade from other countries (such as through tariffs or subsidies). Instead Germany from what I've read, has carved out a competitive niche for itself with it's Mittelstand. I don't know Germany history particularly here, but I assume it led to companies in industries like retail which can't compete globally reducing or being bought out.

I would compare it to what happened here in Australia with the car industry when government support for it vanished. In our case at least, the only reason the industry existed for the past couple of decades is because of that support and it should never have been propped up by the government in the first place. I don't see that really being any different to typewriters being replaced by computerisation, whale oil being replaced by fossil fuels or US manufacturing going to China (and now leaving to other areas of Asia).

Coming back to trade surpluses, for similar reasons to Germany, most Asian countries also run large trade surpluses because of their history with capital flight in the Asian financial crisis of 97. This is despite many of them developmentally being far behind Greece let alone Germany or France. There has been no Asian crisis this time around and investment into these countries (like Malaysia, the Phillippines, Vietnam and China) has hardly been low over the past 10 years.

I'm not a huge fan of QE as a policy either. Part of the problem is central banks like the ECB weren't designed with the intent of using QE, merely adjusting interest rates, let alone any direct purchases of bonds. I was a big fan of what they did here in Australia where they just gave a one off wad of money to everyone who is earning an income. We ended up avoiding a recession entirely, although our economy was doing quite well at the time.

In effect that's more fiscal policy and I can imagine it being difficult to implement in the EU across countries in an even way. Merkel is certainly too hawkish overall. Policy along those lines, unbiased investment via the EIB or let alone just implementing QE earlier (like the US did) would have helped everyone.

Interesting. When free trade agreements are usually about removing corporate interests at an international level like stagnant subsidies and industry handouts, it's sad to see the opposite occurring.

In relation to the TPP, on the anti-piracy side here in Australia you had the conservative Liberal party currently in power attempt to move us towards a three strikes policy, although that seems off the table for now.

In terms of the Brisbane G20 summit referenced in this video, very little came out in favour of coal The G20 Leaders Communique came out saying that Gas is an increasingly important energy source, that the G20 reaffirms its committment to phase out inefficient fossil fuel subsidies.

The petition above has 2498 signatures out of its goal of 4000.

The Grauniad saw it like this - http://goo.gl/lnU8mC (well, First Dog on the Moon saw it like that, he also had one on coal powered electicity generation - http://goo.gl/MbNMfO ).

Mr. Abbott is left looking very out of touch and stuck in the past after lobbying to keep climate change out of the leaders communique, and then two days before the summit the U.S. and China came out with a joint announcement promising action on CO₂ emissions - http://goo.gl/MvG1I5

*downunder