Category Archives: conservatives and liberals

Naomi Klein’s brand

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September 21, 2023 — Naomi Klein has a new book, Doppleganger: A Trip into the Mirror World.  It could offer some sorely needed insights into the bizarre tangle of political polarization, contested realities, and viral digital communication in which we find ourselves in the 21st century — the improbable dream from which we are evidently not going to wake up.  The insights include a recognition that the far left and far right have some things in common and a candid critique of the personal brand that she had developed in her own past writings. read more

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Seeking Sustainability in US Debt

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June 19, 2023 — After an interval when little attention was paid to the long-run prognosis for government debt, its sustainability is again front-and-center in the United States, as in many other countries.  The reason is not the concocted debt ceiling crisis, which was resolved at the end of May, two days before a looming default. A likely reason is, rather, the big increase in interest rates over the last year.

So long as interest rates, both nominal and real, were historically low — even close to zero in 2021 — it seemed fine for the government to borrow.  In particular, short-term real interest rates, that is, nominal interest rates minus expected inflation, were negative.  But now that interest payments on the national debt have risen, with more to come, the situation doesn’t look so benign. read more

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ESG investing, versus those who would ban it

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February 27, 2023 — The popular ESG movement advocates judging firms, not just by what they generate for shareholders in short-term profits, but by their emphasis on environmental, social, and governance goals.  The movement has its detractors, particularly in the United States.  A counter-movement is gathering steam. It would prohibit some financial institutions from investing in firms that follow ESG practices.

To be sure, ESG does warrant some skepticism.  Often, corporate commitments are essentially mere exercises in public relations.  But those who, in the name of economic freedom, would ban private investors from pursuing ESG goals are logically confused. read more

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