July 18, 2014 archive

Krugman is not the only Nobel Prize winning Economist

Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging U.S.-Dominated World Bank & IMF

Democracy Now

Thursday, July 17, 2014

A group of five countries has launched its own development bank to challenge the U.S.-dominated World Bank and International Monetary Fund. Leaders from the so-called BRICS countries – Brazil, Russia, India, China and South Africa – unveiled the New Development Bank at a summit in the Brazilian city of Fortaleza. The bank will be headquartered in Shanghai. Together, BRICS countries account for 25 percent of global GDP and 40 percent of the world’s population. To discuss this development, we are joined by Nobel Prize-winning economist Joseph Stiglitz, a professor at Columbia University and the World Bank’s former chief economist. “It’s very important in many ways,” Stiglitz says of the New Development Bank’s founding. “This is adding to the flow of money that will go to finance infrastructure, adaptation to climate change – all the needs that are so evident in the poorest countries. It [also] reflects a fundamental change in global economic and political power. The BRICS countries today are richer than the advanced countries were when the World Bank and the IMF were founded. We’re in a different world – but the old institutions haven’t kept up.”

Web Special: Joseph Stiglitz on TPP, Cracking Down on Corporate Tax Dodgers & New BRICS Bank

Democracy Now

July 17, 2014

Part 2.

Is the New BRICS Bank a Challenge to US Global Financial Power?

The Real News

July 18, 14

Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City.  Leo Panitch is the Canada Research Chair in Comparative Political Economy and a distinguished research professor of political science at York University in Toronto.

This Is My Answer & I’m Sticking With It

Cross posted from The Stars Hollow Gazette

The main challenge for reporters when they ask a question is to get a response that actually responds to the question being asked. The tactic of responding with totally unrelated talking point over and over seems to have been ingrained in politicians, although they are not the only ones who engage in this method of not answering uncomfortable or unexpected questions. “No comment” just doesn’t cut it anymore. The “canned response” has been raised to a new level of ridiculous by the GOP, to the point it sounds robotic, as if someone was pushing the “repeat button” the remote control.

Substituting for the vacationing Rachel Maddow, MSNBC’s Steve Kornacki handed out the first ribbon for the newly established Canned Response Repetition Hall of Fame for repeating the most ludicrous talking point. There were several nominees, including House Speaker John Boehner (R-OH) but the winner was Gov. Rick “Voldemort” Scott (R-FL) who gave the exact same response four times in under a minute. The man is truly creepy.

Can the voters in Florida elect a human the next time.

The Breakfast Club: 7-18-2014

Welcome to The Breakfast Club! We’re a disorganized group of rebel lefties who hang out and chat if and when we’re not too hungover we’ve been bailed out we’re not too exhausted from last night’s (CENSORED) the caffeine kicks in. Everyone’s welcome here, no special handshake required. Just check your meta at the door.

Join us every weekday morning at 9am (ET) and weekend morning at 10:30am (ET) to talk about current news and our boring lives and to make fun of LaEscapee! If we are ever running late, it’s PhilJD’s fault.

breakfast beers photo breakfastbeers.jpg

This Day in History


Le Tour 2014: Stage 13, Saint-Étienne / Chamrousse

Le.  Tour.  De.  France.

Well you could call it a Sprint because most of the usual suspects were involved less André Greipel who fell on a roundabout 3.5km from the finish and Marcel Kittel who dropped out of the leading group on the Monts du Lyonnais.  The commentators keep talking about how frustrated Peter Sagan must be without a stage win but seriously, how frustrated can you be when you’ve been wearing Green for so much of Le Tour and your point position is so dominant that you could practically walk to the Champs-Élysées and still win the class you’ve chosen to compete in and not some wienie also-ran honor like most stage victories or Youth rider?  As far as I’m concerned Sagan has run a near perfect multi-stage race to date, you don’t get a fancy Jersey just because you cross the line first on any given day.

Yesterday that rider was Alexander Kristoff who’s Katusha team was able to deliver in a way that Cannondale could not.

Three withdrawls since the rest day, Fabian Cancellaria, Andrew Talansky who gave us that gutty ride on Tuesday (turns out he has a respriatory infection too), and David De La Cruz Melgarejo who had a specatcular crash out and was sent to the hospital.  Flaming chunks of twisted metal I tells yah.

On the stage there was certainly a bunch with 60 riders finishing on the lead time.  The actual leaders were Alexander Kristoff, Peter Sagan, and Arnaud Demare.  In the General Classification Vincenzo Nibali, Riche Porte closest (2:23), and Alejandro Valverde BelMonte (2:47).  Romain Bardet (3:01), Thibaut Pinot (3:47), Tejay Van Garderen (3:56), and Jean-Christophe Péraud (3:57) round out those under 4 minutes behind.  Bauke Mollema (4:08), Jurgen Van Den Broeck (4:18), Jakob Fuglsang (4:31), and Michal Kwiatkowski (4:39) make up those under 5 minutes away.  Geraint Thomas (5:17) and Rui Alberto Costa (5:34) are less than 6 minutes back, Mikel Nieve Iturralde (6:03) and Pierre Rolland (6:47) 7.  Christopher Horner (7:33) and Laurens Ten Dam (7:42) under 8; Haimar Zubeldia Adirre (8:01), Leopold Konig (8:25), and Tony Gallopin (8:57) under 9; Cyril Gautier (9:12) under 10 minutes.

Why so deep (21 riders) into the GC ek?  It’s the Alps and 10 minutes is not so far behind.

For the Green Jersey, same as it ever was.  Peter Sagan has a commanding lead (341), Bryan Coquard (191), Alexander Kristoff (172), Marcel Kittel (167), Mark Renshaw (118), André Greipel (117), Greg Van Avermaet (100), Vincenzo Nibali (95), Tony Gallopin (87), and Samuel Dumolin (80).  In the Climbing competition Joaquim Rodriguez (51), Thomas Voeckler (34), Tony Martin (26), Vincenzo Nibali (20), Alessandro De Marchi (18), Blel Kadri (17) and Thibaut Pinaut (16).  Everyone else is at least 4 points behind.  Between the Teams it is AG2R, Astana (3:19), Belkin (4:25), and Sky (4:56).  Everyone else is over 21 minutes behind.  In Youth competition it is Romain Bardet, Thibaut Pinot (:46), and Michal Kwiatkowski (1:38).  Tom Dumoulin is 14:16 back, Peter Sagan (your prohibitive Points leader) is 38:07 behind.  Everybody else is about an hour or more off the pace.

And we come to the big hills.  123 miles, only 3 climbs.  We start off with a gentle Category 3, 90 km of  bumps and flats, mostly descending, then a Category 1, Sprint Checkpoint after the descent, and an uphill finish to a Beyond Category at Chamrousse.

Distance Name Length Category
Km 24.0 Col de la Croix de Montvieux 8 km @ 4.1% 3
Km 152.0 Col de Palaquit (1 154 m) (D57-D512) 14.1 km @ 6.1% 1
Km 197.5 Montée de Chamrousse (1 730 m) 18.2 km @ 7.3% H

Once again, looks are deceiving.  Overall Col de Palaquit is rated at 6.1% but it has 3 sections at 10% gradient or better.  Likewise Montée de Chamrousse which has 2 sections at 10%+ but is very long, though it levels off to a mere (mere?  Merde!) 3.1% at the top.

On This Day In History July 18

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on images to enlarge

July 18 is the 199th day of the year (200th in leap years) in the Gregorian calendar. There are 166 days remaining until the end of the year.

On this day in 1940, Franklin Delano Roosevelt, who first took office in 1933 as America’s 32nd president, is nominated for an unprecedented third term. Roosevelt, a Democrat, would eventually be elected to a record four terms in office, the only U.S. president to serve more than two terms.

Roosevelt was born January 30, 1882, in Hyde Park, New York, and went on to serve as a New York state senator from 1911 to 1913, assistant secretary of the Navy from 1913 to 1920 and governor of New York from 1929 to 1932. In 1932, he defeated incumbent Herbert Hoover to be elected president for the first time. During his first term, Roosevelt enacted his New Deal social programs, which were aimed at lifting America out of the Great Depression. In 1936, he won his second term in office by defeating Kansas governor Alf Landon in a landslide.

Election of 1940

The two-term tradition had been an unwritten rule (until the 22nd Amendment after his presidency) since George Washington declined to run for a third term in 1796, and both Ulysses S. Grant and Theodore Roosevelt were attacked for trying to obtain a third non-consecutive term. FDR systematically undercut prominent Democrats who were angling for the nomination, including two cabinet members, Secretary of State Cordell Hull and James Farley, Roosevelt’s campaign manager in 1932 and 1936, Postmaster General and Democratic Party chairman. Roosevelt moved the convention to Chicago where he had strong support from the city machine (which controlled the auditorium sound system). At the convention the opposition was poorly organized but Farley had packed the galleries. Roosevelt sent a message saying that he would not run, unless he was drafted, and that the delegates were free to vote for anyone. The delegates were stunned; then the loudspeaker screamed “We want Roosevelt… The world wants Roosevelt!” The delegates went wild and he was nominated by 946 to 147 on the first ballot. The tactic employed by Roosevelt was not entirely successful, as his goal had been to be drafted by acclamation. The new vice presidential nominee was Henry A. Wallace, a liberal intellectual who was Secretary of Agriculture.

In his campaign against Republican Wendell Willkie, Roosevelt stressed both his proven leadership experience and his intention to do everything possible to keep the United States out of war. In one of his speeches he declared to potential recruits that “you boys are not going to be sent into any foreign war.” He won the 1940 election with 55% of the popular vote and 38 of the 48 states. A shift to the left within the Administration was shown by the naming of Henry A. Wallace as Vice President in place of the conservative Texan John Nance Garner, who had become a bitter enemy of Roosevelt after 1937.

Late Night Karaoke

TDS/TCR (Poor Lucy)


Paul is Dead

The New Falcon

Fortunately there is no extended interview with Seinfeld, but for the real news and next week’s guests join me below the fold.