The macro outlook

Whatever else can be said, all economic charts in the future will be useless because they will be dominated by the Covid spikes

Michael Reddell's avatarcroaking cassandra

I noticed last evening that the Bank of England had released its Monetary Policy Report with some rough and ready GDP estimates/forecasts.  They reckon UK GDP probably fell by about 3 per cent in the March quarter (which would be a smaller fall than in quite a few other big European countries) and then by about a further 25 per cent in the June quarter.   In previous comments both the Bank of England and the Office for Budget Responsibility had estimated that during the lockdown itself GDP would be perhaps 35 per cent less than normal.

The Bank of England described their numbers as rough and ready.  I pulled out an old envelope and sketched out on the back of it some week by week stylised “rough and ready”) numbers for New Zealand.   In part I was curious to see what it would take to produce a similar…

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From Class to Identity: The Cultural Turn in the Left Thought Collective (1950s-1970s)

Andrei Znamenski's avatarNotes On Liberty

socialism NOLIdeologies never die, they metamorphose and are reborn in a new form just when they are thought buried forever.

– Pascal Bruckner, French philosopher and writer (2006)

In 2010, sociology professor Rick Fantasia, a member of the Democratic Socialists of America, struggled to explain the results of US Congress elections that were disastrous to democrats and that, at that time, brought a majority to the republicans.  Fantasia was part of a Social Forum, a 15,000-strong army of left activists who gathered in Detroit, Michigan.  Observing this convention, he noted that most people who arrived at this convention mostly represented various minority organizations that were either involved into identity politics or represented immigrant workers.  Fantasia also noted a heavy presence of countercultural and environmentalist elements, including New Age seekers.  Yet, the activist scholar pointed out that one important element was missing: working-class people, especially white workers.  With frustration, Fantasia noted…

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Buzz from the Beehive – a lowering of the Covid-19 alert is signalled (along with a bill to provide the legal framework)

poonzteam5443's avatarPoint of Order

They seemed to be  busy, busy, busy in the Beehive yesterday (or some of them were),  using the flow of press statements as our measure.

But much of what emerged related to the same issue – the prospect that Covid-19 constraints on what we can do will be lowered to Level Two.

The PM said Cabinet on Monday will consider moving to the next stage of the Covid-19 response but cautioned that the virus has bounced back in some countries where restrictions have been relaxed. 

Her detailed statement emphasised the need to continue to playing it safe, noting that public health measures remain unchanged, the border remains closed except to Kiwis, and the government wants us to stick to the social distancing rules. But – 

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May 7, 1664 – Louis XIV of France begins construction of the Palace of Versailles.

liamfoley63's avatarEuropean Royal History

The Palace of Versailles was the principal royal residence of France from 1682, under Louis XIV, until the start of the French Revolution in 1789, under Louis XVI. It is located in the department of Yvelines, in the region of Île-de-France, about 20 kilometres (12 miles) southwest of the centre of Paris.

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The site of the Palace was first occupied by a small village and church, surrounded by forests filled with abundant game. It was owned by the Gondi family and the priory of Saint Julian. King Henri IV of France went hunting there in 1589, and returned in 1604 and 1609, staying in the village inn. His son, the future Louis XIII, came on his own hunting trip there in 1607.

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Henri IV, King of France and Navarre.

After he became King in 1610, Louis XIII returned to the village, bought some land, and in 1623-24 built a modest…

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Why Japan’s conviction rate is 99%

Why Genghis Khan Has 16 Million Living Relatives

Were there Police in Ancient Rome?

Introducing My Cat to A Kitten

Amazon 1st made a profit in 2006

Leonard Nimoy On Growing Up In The West End, Keeping Spock’s Ears And Losing His Boston Accent

How Airlines Park Thousands Of Planes

Milton Friedman – Economic Transition in Eastern Europe – George Shultz, George Stigler

Baby Kitten Doesn’t Want a Bath From Mama

Renewables Deliver Grid Chaos As COVID-19 Lockdown Slashes Power Demand

stopthesethings's avatarSTOP THESE THINGS

Across the globe, all manner of businesses have been forced to shut their doors and their owners and employees now find themselves in forced lockdown at home, devouring Netflix and junkfood delivered by Uber-eats.

The COVID-19 responses might vary in severity country by country, but the wholesale reduction in air-travel, transport, traffic, the movement of people and goods should give punters a taste of what a net-zero carbon dioxide emissions target will look like.

Except that weather-worriers are pursuing that object, as well as their broader plan of delivering (occasional) power from subsidised windmills and solar panels that’s so expensive as to be prohibitive to all but the elite. Well, that’s the plan anyway.

For now, though, electricity is still being delivered, and a fair proportion of those lucky enough to be still hooked to the grid can still afford it.

But, as Dr John Constable details below, Boris Johnson’s…

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