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Cita de: Maloserá en Diciembre 31, 2020, 11:55:09 amUnas risas para despedir 2020¿Risas?
Unas risas para despedir 2020
How the pandemic is worsening inequalityPoor workers and nations suffer but rising markets boost the rich(...)In a recent interview, Nobel laureate Angus Deaton said that rising inequality has “a lot has to do with jobs”; restrictions on activity that were introduced to combat the pandemic have hit poorer workers particularly hard, driving the greatest loss of global output in modern history.As a result, the IMF estimates that income inequality rose more sharply in 2020 than it did in previous economic and financial crises.Because the pandemic has increased inequality between nations, as well as between households, a decade of progress in reducing inequality has been wiped out in developing economies, according to the IMF.1)Poor workers are becoming poorerSebastian Königs, labour economist at the OECD, said that “more vulnerable labour market groups — notably the low-skilled and workers in non-standard jobs — have been most strongly affected by job and earnings losses so far” which could “further increase existing wealth inequalities”.In addition, the informal economy has been hard-hit — and that is where some of the world’s most vulnerable workers are employed. About 2bn people around the world work informally, with limited access to social protection or benefits.Their loss of income is one of the driving factors behind the World Bank’s forecast that the pandemic will push up to 150m more people into extreme poverty by 2022.2) Inequality between countries is risingRich countries have been better able to protect their economies from the effects of the pandemic by boosting public spending, leaving developing economies to struggle without the kind of co-ordinated global action that was prompted by the financial crisis over a decade ago.As a result economist Joseph Stiglitz recently warned that the pandemic “has exposed and exacerbated inequalities between countries just as it has within countries”.Inequality between nations has also increased. Poorer countries went into the pandemic with less well-resourced healthcare systems and many have been hit by lost tourism revenue, lower remittances from citizens working abroad, collapsing exports and rising public debt.(...)3) The generation gap is worseningOlder people have been far more vulnerable to the health effects of coronavirus — but in most countries younger people are bearing the brunt of the economic damage.At the height of the pandemic-induced surge in unemployment, joblessness among people aged 15 to 24 in OECD countries was 7.5 percentage points higher than the start of this year, whereas among those aged 25 and over it rose by 3.2 percentage points.(...) The ILO has warned that “exclusion of young people from the labour market” is “one of the greatest dangers for society in the current situation” because of “the long-lasting impacts”.4) Well-off workers stay comfortableAround the world, relatively privileged workers have avoided the worst of the pandemic’s economic impact. For example many office workers have been able to shift to homeworking, and for them, lockdown meant reduced spending on transport and leisure while their incomes remained relatively stable.Up to 40 per cent of those in the ILO’s top income bracket were able to work from home during the pandemic, more than double the proportion among the lowest earners.And in many countries, as jobs in lower-skilled occupations were cut, the number of professional jobs increased.(...)5) The rich get richerThe 10 richest billionaires in the world increased their wealth by $319bn in 2020, with technology billionaires accounting for the vast majority of the gain, according to research by Bloomberg. Much of this is to do with rising asset prices; the MSCI global stock index is up 12 per cent since the start of the year.This was fuelled partly by the success of companies that have experienced a demand boost because of the pandemic, but also because central banks’ efforts to cushion the unprecedented slowdown in activity by pumping massive waves of stimulus into the global economy helped drive up asset prices.(...)
Fabián Picardo: "No podíamos quedarnos fuera de la Unión Europea en pleno siglo XXI"El ministro principal de Gibraltar comparece en rueda de prensa para anunciar el principio de acuerdo al que ha llegado con las autoridades españolas para evitar una "frontera dura", aunque advierte que todavía quedan muchos detalles pendientes de resolver[...]Gibraltar se queda dentro de la zona Schengen, bajo la supervisión de España, y sus residentes podrán seguir moviéndose en esta zona de libre tránsito. Por el contrario, los británicos que quieran entrar en el Peñón, tendrán que llevar el pasaporte. "Exactamente igual que pasaba hasta ahora", ha aclarado el ministro principal. [...]https://www.vozpopuli.com/espana/fabian-picardo-gibraltar_0_1424257979.html
An end to landlordism(...)To explain the unprecedented divergence of house prices and incomes we must look more broadly at what has been fuelling the fierce bidding war in the UK housing market. What political and economic circumstances might have led to an increase in the number of bidders in the housing market, and in the amount that these bidders are inclined and able to bid? I have answered this question in detail in Chapter 3 of Land For The Many[9]. Here I will emphasize three key factors:1.- The dismantling of tenants rights: Between 1915 and 1989, Britain, like many other countries, legislated to control rents and to ensure tenants could not be evicted without reason. Margaret Thatcher’s Housing Acts of 1980 and 1988 dismantled these rights. Meanwhile, a dramatic shrinking of social housing stock following the introduction of Right To Buy helped to create a captive market of households with no feasible alternative to private renting. These two developments created the conditions for a dramatic rise in rents (rents tripled as a proportion of renters’ income between 1980 and 1994[10]), and boosted the attraction of landlordism.2.- The availability of easy mortgage credit: During the 1980s and 1990s there were seismic changes in the UK mortgage market – including the lifting of various restrictions on banks and building societies, the growth of securitisation,[11] and the lowering of the Bank of England base rate. The result was a flood of cheap and easy mortgage credit. Domestic mortgage lending expanded from 20% of GDP in the early 1980s to over 60% now, exerting enormous upward pressure on house prices.[12] Particularly significant was the introduction, in the mid-1990s, of Buy-to-Let mortgages for small-scale landlords, which assessed buyers’ credit-worthiness on the basis of rental yield from the property, rather than the buyers’ existing income. This easy finance gave landlords a significant advantage over first-time buyers,[13] and the number of outstanding Buy-to-let mortgages increased tenfold between mid-2000 and 2007.[14]3.- The failures of tax policy. The deregulation of tenants rights and mortgage finance kick started house price boom, but the expectation of making capital gains from rising land values turbo-charged it. A better designed tax system — including, for instance, high taxes on the capital gains on investment properties — would have deterred this speculative investment and helped to capture some of the eye watering increases in land value for the public. Instead our tax system actually taxes unearned capital gains from property investment at a lower rate than earnings from going out to work.Until very recently, Buy-to-let landlords also enjoyed tax breaks in the form of Mortgage Interest Relief (scrapped for ordinary households from 2000), and a Wear and Tear Allowance which did not require any proof of investment in the property. These tax breaks, in combination with the cheap finance and deregulated rents, delivered yields that were difficult to match elsewhere.It is these factors – that turned homes into financial assets and fuelled the bidding war with easy credit — and not housing shortages, that are primarily to blame for the UK’s high house prices. And it is really important that housing justice campaigners grasp the implications of this. (...)
Cadavre Exquis, estoy algo argumentativo aquí en confinamiento permanente, con virus mutante y vacaciones obligatorias. O sea que aunque parezcan lo contrario, tómate estos comentarios como una invitación al dialogo (hay algún hilo mas adecuado?). Estoy tratando de ordenar ideas difusas, y nada mejor que ponerlas a prueba en éste foro.
Yo creo que me voy a morir viendo menos cambios en mi vida que mi abuelo. Recuerdo cuando le dimos un móvil para que hablase por teléfono, uno de los primeros móviles. Ni pestañeó. Dijo… muy cómodo, sin cables, como la radio. Porque su shock fue cuando habló por teléfono por primera vez. Y escuchó por primera vez una radio. Mi cocina en Londres es muy parecida a la de mi madre en Galicia hace casi medio siglo. La de mi madre en cambio era completamente distinta a la de mi bisabuela, medio siglo antes. Lo mismo con el trabajo de mi padre y el mío. Cambia ordenador por máquina de escribir, pero hacemos cosas parecidas. Mi abuelo no. Era campesino.
El problema que veo en ese incremento brutal de la cantidad de parámetros, de poder computacional, es que induce a pensar que producen mejoras brutales (lineales) en las funciones de lo que sea para lo que son usados. Pero es que los parámetros más importantes (digamos elasticidad respecto al precio en impuestos al consumo, para Hacienda) ya se tenían en cuenta desde hace décadas usando una calculadora y estadísticas de andar por casa. Y de ahí p'abajo entramos en los rendimientos decrecientes.El organismo público mas avanzado usando este tipo de cosas (programación, machine learning) en UK, que yo sepa, es el ministerio de Hacienda. Pero es que usando programas y modelos básicos ya clavaban el presupuesto comparado con la recaudación fiscal final, tanto en el total como en el efecto de 5 peniques en una pinta de cerveza en el consumo total tanto de cerveza como de vino. Y usando ciertas asunciones, igual que el modelo de AI, calculaban el efecto de esos 5 peniques de subida en el bienestar de la población o la evolución del gasto sanitario en trasplantes de hígado a largo plazo. El óptimo fiscal se sabe. Pero la decisión del tipo impositivo la hacen políticos y pueden elegir niveles subóptimos (o sobreóptimos, si el palabro existe) por razones ideológicas. Y después viene el Covid y todo se va al carallo. Como me imagino que le pasaría, exactamente igual, a un modelo de AI con miles de parámetros. Si usando AI en el futuro Hacienda afina en un trillón de veces el ajuste entre ‘presupuesto’ y ‘resultado’ pues mejor, pero la diferencia práctica es muy poca con lo que ya existe. No mejora la 'finura' del presupuesto significativamente. No cambia la información que Hacienda le da al gobierno de una manera tal que puedan cambiar aspectos importantes de la política económica en función de esas diferencias.
Van a ser los cambios que vienen igual o más importantes que los que trajo la invención del motor de explosión, el descubrimiento del calculo infinitesimal o la contabilidad por partida doble? La fruta que cuelga baja es la primera que se coge, y ya se cogió. En salud pública y esperanza de vida por ejemplo, el efecto de la sanitación del agua, los antibióticos, nutrición infantil adecuada o las vacunaciones son mucho más importantes (para la calidad y esperanza de vida de la mayoría de la población) que los últimos avances (increíbles, sí) en el tratamiento de determinados cánceres, o de operaciones milagrosas. Estamos combatiendo una enfermedad contagiosa con la misma técnica que hace un siglo... o un milenio. Y la vacuna que parece que nos va a dejar hacer vida normal (la de Oxford, por facilidad de uso) es muy parecida en su funcionamiento a la de Jenner de finales del siglo XVIII, cambiando virus de gripe de gorila por virus de viruela de vaca. Hasta el centro que la ha desarrollado se llama Instituto Jenner de la Universidad de Oxford.
Dos curiosidades. Podías volar mucho más rápido (más de el doble de rápido) de Londres a Nueva York en 1980 que en 2020 (3.5 horas que tardaba el Concorde vs casi 8 horas vuelos 'normales', que son los únicos que existen hoy día). Y el tren de Manchester tarda mucho más tiempo en llegar a Oldham hoy que en tiempos de la Reina Victoria. 16 minutos en 1895 y 25 minutos en 2020. La tecnología no es siempre el factor limitante.
Supongo que va a ser la madre de los off-topics, espero que el equipo de moderadores –movido por el espíritu navideño propio de estas fechas– sea clemente con un servidor O:)
Cita de: cujo en Diciembre 31, 2020, 08:56:33 amCita de: Vipamo en Diciembre 30, 2020, 20:53:51 pmYo no veo gran diferencia entre Asimo y los del bailecito. Hace ya más de 20 años que veo robots en las líneas de producción automovilística con movimientos muy bien articulados similares a los del vídeo.Permítanme ser escéptico y no creer en ese “gran paso tecnológico” que muchos dicen está a la vuelta de la esquina.En la actualidad la batalla parece estar en ponerle la quinta cámara al móvil.EQUILIBRIO.El plus de esos robots de Boston Dinamics es la gestión de la posición espacial... en eso ha habido un avance brutal desde los primeros ASIMOs, gracias a la mejora de algoritmos y aumento de la potencia de calculo.El paso tecnológico es acojonante... eso sin hablar de la miniaturización de los componentes mecanicos y el ahorro energético de los mismos.Pues a mí, cuanta más potencia de cálculo, menos me impresionan... Paradójico, pero lo digo completamente en serio: los animales, sin que tengan cerebros con capacidades de cálculo tremendas, siguen dando sopas con honda a los robots en esas tareas.Y eso por no hablar que la IA fuerte (si es que tal cosa es posible), ni mucho menos se caracterizaría por la potencia de cálculo, sino por cosas como la autoconsciencia, el aburrimiento, el hacer mal sus tareas, pero de forma realmente creativa...
Cita de: Vipamo en Diciembre 30, 2020, 20:53:51 pmYo no veo gran diferencia entre Asimo y los del bailecito. Hace ya más de 20 años que veo robots en las líneas de producción automovilística con movimientos muy bien articulados similares a los del vídeo.Permítanme ser escéptico y no creer en ese “gran paso tecnológico” que muchos dicen está a la vuelta de la esquina.En la actualidad la batalla parece estar en ponerle la quinta cámara al móvil.EQUILIBRIO.El plus de esos robots de Boston Dinamics es la gestión de la posición espacial... en eso ha habido un avance brutal desde los primeros ASIMOs, gracias a la mejora de algoritmos y aumento de la potencia de calculo.El paso tecnológico es acojonante... eso sin hablar de la miniaturización de los componentes mecanicos y el ahorro energético de los mismos.
Yo no veo gran diferencia entre Asimo y los del bailecito. Hace ya más de 20 años que veo robots en las líneas de producción automovilística con movimientos muy bien articulados similares a los del vídeo.Permítanme ser escéptico y no creer en ese “gran paso tecnológico” que muchos dicen está a la vuelta de la esquina.En la actualidad la batalla parece estar en ponerle la quinta cámara al móvil.
Why Markets Boomed in a Year of Human MiseryThe central, befuddling economic reality of the United States at the close of 2020 is that everything is terrible in the world, while everything is wonderful in the financial markets.It’s a macabre spectacle. Asset prices keep reaching new, extraordinary highs, when around 3,000 people a day are dying of coronavirus and 800,000 people a week are filing new unemployment claims. Even an enthusiast of modern capitalism might wonder if something is deeply broken in how the economy works.To better understand this strange mix of buoyant markets and economic despair, it’s worth turning to the data. As it happens, the numbers offer a coherent narrative about how the United States arrived at this point — one with lessons about how policy, markets and the economy intersect — and reveal the sharp disparity between the pandemic year’s haves and have-nots.IncomeIt starts, as so many epic tales do, with a table of data from the National Income and Product Accounts, namely “Personal Income and Its Disposition, Monthly.”https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=76#reqid=19&step=3&isuri=1&1921=survey&1903=76This report captures how Americans are earning and spending, two activities that coronavirus drastically altered this year. By combining the numbers from March through November (the latest available), and comparing them with the same period in 2019, we can see more clearly the pandemic’s whipsaw effects.The first important observation: Salaries and wages fell less, in the aggregate, than even a careful observer of the economy might think. Total employee compensation was down only 0.5 percent for those nine months, more akin to a mild recession than an economic catastrophe.That might seem impossible. Large swaths of the economy have been shut down; millions are out of work. The number of jobs employers reported having on their payrolls was down 6.1 percent in November compared with a year earlier, according to separate Labor Department data.So how can the number of jobs be down 6 percent but employee compensation be down only 0.5 percent? It has to do with which jobs have been lost. The millions of people no longer working because of the pandemic were disproportionately in lower-paying service jobs. Higher-paying professional jobs were more likely to be unaffected, and a handful of other sectors have been booming, such as warehousing and grocery stores, leading to higher incomes for those workers.The arithmetic is as simple as it is disorienting. If a corporate executive gets a $100,000 bonus for steering a company through a difficult year, while four $25,000-per-year restaurant workers lose their jobs entirely, the net effect on total compensation is zero — even though in human terms a great deal of pain has been incurred.So wages, salaries and other forms of workers’ compensation dropped only a little — $43 billion over the nine months — despite mass unemployment. But there is more to the story.For all the attacks on the CARES Act that Congress passed in late March, the degree to which it served to support the incomes of Americans, especially those who lost jobs, is extraordinary.Americans’ income from unemployment insurance benefits was 25 times higher from March through November 2020 than in the same period of 2019. That partly reflects that millions more jobless people were seeking benefits, of course. But it also reflects a $600 weekly supplement to jobless benefits that the act included through late July — along with a program to support freelance and contract workers who lost jobs and who otherwise would have been ineligible for benefits.In total, unemployment insurance programs pumped $499 billion more into Americans’ pockets from March to November than the previous year; $365 billion of it was a result of the expansion in the CARES Act.The $1,200 checks to most American households that were included in that legislation contributed a further $276 billion to personal income — much of which accrued to families that did not experience a drop in earnings.And the law’s signature program to encourage businesses to keep people on their payrolls, the Paycheck Protection Program, prevented a collapse in “proprietor’s income” — profits that accrued to owners of businesses and farms. This income rose narrowly, by $29 billion, but would have fallen by $143 billion if not for the P.P.P. and a coronavirus food assistance program.These are remarkable numbers. When it’s all tallied up, Americans’ cumulative after-tax personal income was $1.03 trillion higher from March to November of 2020 than in 2019, an increase of more than 8 percent. Some of the pessimism among economic forecasters (and journalists) in the spring reflected a failure to understand just how large and influential those stimulus payments would turn out to be.But income also is only part of the story. Big changes in 2020 also took place on the other side of the ledger: spending.SpendingBy turning to another riveting story, “Personal Consumption Expenditures by Major Type of Product, Monthly,” we see a pattern that may seem obvious with hindsight but was not as easy to predict while the economy was collapsing during the spring.The obvious part was a decline in spending on services: All those restaurant reservations never made, flights not taken, sports and concert tickets not bought added up to serious money. Services spending fell by $575 billion, or nearly 8 percent.Less obvious were some of the other patterns affecting consumer spending in a pandemic. Americans spent meaningful dollars — those they wouldn’t or couldn’t spend on services — on stuff. Durable goods spending was up by $60 billion (a better chair for working from home, or maybe a new bicycle) while nondurable goods spending rose by $39 billion (think of the bourbon purchased for consumption at home that in an alternate universe would have been logged as “services” consumption in a bar).But the extra spending on stuff did not exceed the drop in spending on services. And thanks to lower rates, households’ personal interest payments and other miscellaneous outlays dropped by $59 billion.Not only were American households, in the aggregate, taking in more money, but they were also spending less of it. Total outlays fell by $535 billion.SavingThis combination of soaring personal income and falling spending pushed Americans’ savings rate through the roof. From March through November, personal savings was $1.56 trillion higher than in 2019, a rise of 173 percent. Normally the savings rate bounces around in a narrow range, around 7 percent just before the pandemic. It spiked to 33.7 percent in April, its highest level on record dating to 1959.Even as millions of individuals faced great financial hardship this year, Americans in the aggregate were building savings at a startling rate. It had to go somewhere. But where? Holding on to extra cash was one option — and sure enough, currency in circulation has spiked by $260 billion since February, a 14 percent increase. Deposits in commercial banks are way up — by 19 percent since the first week of March.Or, for those a little more comfortable with risk, there was investing in stocks, which helps explain the 16 percent rise in the S&P 500 for the year. For those comfortable with a lot of risk — and with taking advantage of the market’s momentum — there was buying a market darling stock like Tesla or trading options.Or you could have used the occasion of the pandemic to buy a new house: Home sales surged, and the S&P CoreLogic national home price index was up 8.4 percent in October from a year earlier.Essentially, the rise in savings among the people who have avoided major economic damage from the pandemic is creating a tide lifting the values of nearly all financial assets.Certainly the Federal Reserve plays a role. The central bank has lowered interest rates to near zero; promised to keep them there for years; bought government debt; and supported corporate bond markets. But the surge in asset prices has made its way into many sectors far from any form of Fed support, like stocks and Bitcoin. And the surge has, if anything, accelerated this fall despite a lack of additional stimulative action from the Fed.The Fed played a big part in engineering the stabilization of the markets in March and April, but the rally since then probably reflects these broader dynamics around savings.Just because you can explain these market gains doesn’t mean that high asset prices will hold. You could tell a story in which the economy roars back as people are vaccinated, and the entire pattern reverses itself, with the savings rate turning negative as Americans spend down their stockpiled wealth on trips and other luxuries that have been off-limits in 2020. It could spur inflation, which, if severe enough, could cause the Fed to back off its easy money approach sooner than people now think.But the 2021 economic narrative has yet to be written — and if 2020 teaches one thing, it is that the story arc is more unpredictable than you might think.
FELIZ 2021, PRIMER AÑO DEL RERRESCATE-UE.—Tras el Desarrollismo de los 1960, España participó del modelo, estructura o patrón de crecimiento llamado internacionalmente Capitalismo Popular de os 1980.Está muerto por estrangulamiento financiero desde los 2000.Jamás volverá el 'todos capitalistitas'.En todo el mundo, estamos entrando en una nueva era de pocas y fortísimas soberanías financieras, en su doble vertiente monetaria y fiscal, y esta en su doble aspecto tributario y presupuestario. Cunde el desapego hacia el falsoliberalismo neoliberal 'leydeofertademandista', aceptándose con normalidad la necesidad de la planificación central.Los jugadores, en principio, se negaron a reconocerlo. Y se echaron al monte, especialmente, en las dos partes de la angloesfera, la estricta, encabezada por EEUU, y la psicológica en cada uno de nosotros.En 2021, la angloesfera, con el 'brexit' cerrado y sin Trump, se prepara para encerrarse en sí misma, consciente del fracaso de las sonrojantes añagazas roñosas —p. ej., la hotelización del inquilinato, la 'yihad' arancelaria— que han intentado 'in extremis' para eludir la sentencia de muerte al modelito ochentero dictada por el propio sistema capitalista por razón de su propia supervivencia..........