Left Outside

Indeed Atrios

Although I have gone off Left Outside as a soubriquet, and I would rather see Scott Sumner use my real name (and link to me, blogiquette please) when referring to me, the sort of stuff in the last post is why writing under a pseudonym is valuable.

Anyway, let’s not dwell on the unpleasant. Have some Buddy Rich.

Nice

Filed under: Blogging

Email to the Dean, Provost and President of the University of Rhode Island

Dear all,

I wanted to write to protest in the strongest possible terms your treatment of Erik Loomis.

Following the tragic Newtown shooting, Erik Loomis called for Wayne LaPierre’s “head on a stick.” This was in reference to Wayne LaPierre’s anti-gun control advocacy as head of the National Rifle Association. This was a demand for the NRA to be held accountable for their pro-gun work, not a demand for vigilante action. As should be clear to all.

Following these comments a fake scandal has dogged Erik and some have claimed that Erik proposed the physical insertion of a stick into Mr LaPierre’s head. This is frankly ludicrous, and serves only as a distraction from the real, and avoidable, tragedy that occurred at Newtown last week. Erik has been visited by the police and has now, rather ironically, received threats himself.

Beyond the misleading nature of the accusations, it should also be emphasised that they are deeply hypocritical and politically motivated. Two months ago, right-wing blogger Glenn Reynolds voiced his anger over the State Department’s lax provision of security in Benghazi by demanding, “Can we see some heads roll?” Yet that very same Glenn Reynolds is now accusing Loomis of using “eliminationist rhetoric.”

I was therefore very disappointed by the statement issued yesterday:

The University of Rhode Island does not condone acts or threats of violence. These remarks do not reflect the views of the institution and Erik Loomis does not speak on behalf of the University. The University is committed to fostering a safe, inclusive and equitable culture that aspires to promote positive change.

By stating that the University of Rhode Island “does not condone acts or threats of violence” you imply that Erik Loomis does, moreover you imply that the allegations against him are true. For the record Erik does not want LaPierre impaled,

When you should have been supportive of Erik’s right to freedom of speech and expression and brave enough to stand by him, it seems you have instead thrown Erik under the bus. For the avoidance of any doubt, this is a metaphorical bus.

I urge you to read what he and others have written on the situation and reconsider your stand. Although it is never pleasant to be subject to such ire, this is the price which must occasionally be played to protect freedom of speech and personal integrity. Please reconsider your position and offer Erik the unreserved support which he deserves.

Yours sincerely,

etc.

 

Filed under: Blogging, , ,

Regime change at the Bank of England?

Mark Carney was poached last week to replace Mervyn King as Governor of the Bank of England. As though replacing an incompetent central banker with a competent central banker wasn’t good enough, the news just kept on getting better:

From our perspective, thresholds exhaust the guidance options available to a central bank operating under flexible inflation targeting.

If yet further stimulus were required, the policy framework itself would likely have to be changed. For example, adopting a nominal GDP (NGDP)-level target could in many respects be more powerful than employing thresholds under flexible inflation targeting. This is because doing so would add “history dependence” to monetary policy. Under NGDP targeting, bygones are not bygones and the central bank is compelled to make up for past misses on the path of nominal GDP

I’m behind the curve a little bit on this one, but it is potentially huge news. Remember that under inflation targeting if you crash an economy but get inflation back up to a positive but low value then you’re more or less out of stimulus options. Hello lost decade. With a target for the level nominal GDP you must make up for any shortfall. Hello recovery summer.

Now, Mark Carney isn’t saying he wants to implement NGDP targeting, he isn’t even saying other people might want to implement it. He is merely saying that it is an option and central bankers need more options. The anti-Yes, Minister. “Something must be done. This is something. But there are other somethings too.” Eminently sensible and of course very central bankerese, as you would expect.

The Government is replete with figures who already find this option attractive. Giles Wilkes, much missed blogger, now my favourite coalition apparatchik (low praise indeed!), wrote the book on this from a UK perspective in 2010 in his paper “Credit Where It’s Due.” His Boss, Vince Cable is also sympathetic. Indeed, even George Osborne “said he was pleased Mr Carney was discussing such ideas.”

What makes this exciting is that implementing this policy revolution is really easy given the laws on the books in the UK.

One interesting thing about central bank independence in the UK, is that there are very few checks or balances protecting it. The Bank must aim for “price stability,” but the Chancellor can change the definition of “price stability” whenever he wants. It’s right there in the 1998 Bank Act. I thought I was the first UK blogger to cover this, but actually Britmouse got there a full two months before I picked it up. This isn’t an esoteric or obscure fact, if it’s in the FT it’s more or less in respectable discourse.

Politically, it would cement austerity as a fiscal and social policy measure, but would likely dramatically improve private sector job and productivity performance. As demand picked up underutilised resources and resources (stuff and people, basically) shed from the public sector would find it easier to find work. It is an electoral nightmare for Labour.

However, it would dramatically improve the economy’s performance, so even the anti-Tory in me agrees with Britmouse when he says “Tories Should Embrace Nominal GDP Level Targeting.” In 1931 the UK blazed a trail by abandoning the gold standard and ending the Great Depression, in 2013 maybe we will get a chance to end the Little Depression and one last moment as a great power.

________

In the main shamelessly cribbed from Britmouse, here are some links to things other people have written.

The BBC lower the tone by getting confused: “Mark Carney suggests targeting economic output

Sky News Editor Ed Conway: “Why we all need to know about NGDP

Jeremy Warner at the Daily Telegraph: “It’s time the Old Lady was given more obvious growth objectives

Larry Elliot at the Guardian: “New Bank of England governor Mark Carney mulls end of inflation targets

Gavyn Davies at the FT: “Carney differs from Bank of England orthodoxy

Chris Giles and George Parker at the FT: “Treasury open to Carney radicalism

FT Editorial: “New broom clears way for Old Lady

Chris Giles again: “Osborne should heed Carney’s message

Faisal Islam, Channel 4: “Carney’s recent musing on UK jobs and housing bubbles

…continued…

Dropping the Inflation Target? from Duncan Wheldon

Tories Should Embrace Nominal GDP Level Targeting from Britmouse

Monetary Policy Innovations from Simon Wren-Lewis

Mr. Osborne: “There is a lot of innovative stuff happening around the world” from Lars Christiensen

How soon is now, UK NGDP targeting edition from FT Alphaville

Filed under: Economics, , , , ,

Nuclear Power can save us from climate change

I think the left and environmentalists need to embrace nuclear power. There are plans for EDF and British Gas to build four reactors, and it is likely that those would be the first of many; Hitachi, GDF Suez and Iberdrola are all interested in building new nuclear in the UK.

Why new nuclear? Well, I was initially a reluctant supporter, but when it comes to large scale, uninterrupted base load generation it is hard to beat nuclear. Plus, no carbon. Not none really, building things emits carbon, but near enough for it to be properly counted as a renewable fuel.

EDF have just announced they are planning on running their existing UK nuclear fleet for another 34 years (that’s across three plants, Hinkley Point, Hunterston and Sizewell). Increasing their life like this will do enough to reduce carbon emissions equivalent to removing all the cars from UK roads for nearly five years. It is about 340 million tonnes of carbon that won’t be emitted. That is just from running longer our existing plants – that’s a big plus for the planet and for people.

But, there are huge problems with nuclear power in Europe.

First of all, Sellafield, it is a mess. Honestly, it is even worse than you imagine. Look it up, the National Audit Office have a report and Wikipedia have some background. Building 30 sounds pretty fucked up especially. And I’ve heard some odd things about the Seagulls that live there – huge they are. However, we are better at dealing with waste now and things are today built so that it is easy to take them apart safely.

That brings us to building, which is the real problem. No Europeans have built Nuclear Power Plants to budget for years. France and Finland have both fucked up colossally. Like three times above cost and behind schedule. Ludicrously badly. However, despite this, all is not lost. The Japanese and Chinese have built ahead of schedule. They don’t have special Asian-aptitude powers, anybody can do it if the corrupt, incompetent, unproductive Chinese can.

So to the problems of nuclear, I would say that they are in the past or that they can be overcome. The promise of nuclear energy is in predictable energy and tons of it with tons of carbon. I think it is the best bet for decarbonising the economy and I think serious environmentalists need to get behind it.

Filed under: Politics, Science, Society, , , , , , ,

When NGDP is Depressed, Employment is Depressed

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Increase NGDP, Put These People Back to Work

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