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Category: Economics/Business

Tim Wu’s appointment to the National Economic Council signals a confrontational approach to Big Tech

Tim Wu’s appointment to the National Economic Council signals a confrontational approach to Big Tech

The New York Times reports: President Biden on Friday named Tim Wu, a Columbia University law professor, to the National Economic Council as a special assistant to the president for technology and competition policy, putting one of the most outspoken critics of Big Tech’s power into the administration. The appointment of Mr. Wu, 48, who is widely supported by progressive Democrats and antimonopoly groups, suggests that the administration plans to take on the size and influence of companies like Amazon,…

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Economic growth has become a malignancy

Economic growth has become a malignancy

Here is Dr. Mike Ryan speaking at a @trocaire event yesterday about the catastrophe we're walking into. I genuinely think this is the most important clip you'll ever see. pic.twitter.com/eKxBWEu7SM — Eoghan Rice (@rice_e) February 18, 2021 Mike Ryan, World Health Organization

World’s largest wealth fund withdraws from oil sector

World’s largest wealth fund withdraws from oil sector

Bloomberg reports: Norway’s sovereign wealth fund has sold its entire portfolio of companies focused on oil exploration and production, marking a major step away from fossil fuels for the investing giant. The portfolio, worth about $6 billion in 2019, was fully exited by the end of last year, Trond Grande, the fund’s deputy chief executive, said by phone on Thursday. The move completes a years-long process to reduce the giant investor’s exposure to a sector that has defined Norway’s economy…

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A $7 trillion climate change warning to the stock market from its biggest shareholder

A $7 trillion climate change warning to the stock market from its biggest shareholder

CNBC reports: The evidence of climate change — from global temperature records to Arctic ice melt, wildfires, hurricanes and flooding — is accelerating. So is investment pressure on corporations. In the past week, Exxon Mobil was targeted by activist investors, as well as CalSTRS, one of the nation’s largest pension funds. New York State’s $226 billion pension fund announced a plan to potentially divest from oil and gas stocks in the years ahead. The world’s largest money manager, BlackRock, issued…

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The data economy is facing a social reckoning

The data economy is facing a social reckoning

MIT Technology Review reports: Each innovation challenges the norms, codes, and values of the society in which it is embedded. The industrial revolution unleashed new forces of productivity but at the cost of inhumane working conditions, leading to the creation of unions, labor laws, and the foundations of the political party structures of modern democracies. Fossil fuels powered a special century of growth before pushing governments, companies, and civil society to phase them out to protect our health, ecology, and…

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‘Existential peril’: Mass transit faces huge service cuts across U.S.

‘Existential peril’: Mass transit faces huge service cuts across U.S.

The New York Times reports: In Boston, transit officials warned of ending weekend service on the commuter rail and shutting down the city’s ferries. In Washington, weekend and late-night metro service would be eliminated and 19 of the system’s 91 stations would close. In Atlanta, 70 of the city’s 110 bus routes have already been suspended, a move that could become permanent. And in New York City, home to the largest mass transportation system in North America, transit officials have…

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Asia forms world’s biggest trade bloc, a China-backed group excluding U.S.

Asia forms world’s biggest trade bloc, a China-backed group excluding U.S.

Reuters reports: Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump. The signing of the Regional Comprehensive Economic Partnership (RCEP) at a regional summit in Hanoi, is a further blow to the group pushed by former U.S. president Barack Obama, which his successor Trump exited in 2017. Amid questions over Washington’s engagement in Asia, RCEP may cement China’s…

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As Trump warns of economic disaster, Wall Street, hoping for stability, welcomes the prospect of a Biden win

As Trump warns of economic disaster, Wall Street, hoping for stability, welcomes the prospect of a Biden win

Politico reports: President Donald Trump loves to say that if Joe Biden wins the White House, stocks will crash, retirement accounts will vanish and an economic depression “the likes of which you’ve never seen” will engulf the nation. But much of Wall Street is already betting on a Biden win — with a much different take on what the results will mean. Traders in recent weeks have been piling into bets that a “blue wave” election, in which Democrats also…

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The challenge of reclaiming the commons from capitalism

The challenge of reclaiming the commons from capitalism

Dirk Philipsen writes: A basic truth is once again trying to break through the agony of worldwide pandemic and the enduring inhumanity of racist oppression. Healthcare workers risking their lives for others, mutual aid networks empowering neighbourhoods, farmers delivering food to quarantined customers, mothers forming lines to protect youth from police violence: we’re in this life together. We – young and old, citizen and immigrant – do best when we collaborate. Indeed, our only way to survive is to have…

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Florida sees signals of a climate-driven housing crisis

Florida sees signals of a climate-driven housing crisis

The New York Times reports: If rising seas cause America’s coastal housing market to dive — or, as many economists warn, when — the beginning might look a little like what’s happening in the tiny town of Bal Harbour, a glittering community on the northernmost tip of Miami Beach. With single-family homes selling for an average of $3.6 million, Bal Harbour epitomizes high-end Florida waterfront property. But around 2013, something started to change: The annual number of homes sales began…

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One cure for an ailing American economy: Legalize cannabis

One cure for an ailing American economy: Legalize cannabis

Tom Daschle writes: America’s next president will face an unprecedented array of challenges, chief among them an economy in ruins and an ugly social divide. Having served in government for nearly three decades, including as Senate majority leader, I know that there’s no silver bullet that can magically solve all of these problems. However, I’ve also learned that progress comes from unexpected places and that states often see the future before the federal government. Legalizing cannabis — as 40 states…

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If it doesn’t feel like a recession, you should be paying more in taxes

If it doesn’t feel like a recession, you should be paying more in taxes

Kitty Richards and Joseph E. Stiglitz write: As the coronavirus pandemic — and Congress’s undersize response — wreaks havoc throughout the economy, tax receipts are cratering. This means that state and local governments are facing enormous revenue shortfalls at the exact time they are dealing with large additional demands. So far, states and localities have responded by slashing spending and jobs, with 1.5 million public-sector workers laid off by the end of June. The federal government, which unlike most states…

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U.S. debt will overtake GDP next year for the first time since 1946, CBO says

U.S. debt will overtake GDP next year for the first time since 1946, CBO says

CNN reports: The US debt is projected to exceed the size of the entire country’s economy next year, the Congressional Budget Office said Wednesday. It will be the first time the federal debt could be bigger than the US gross domestic product since 1946, just after World War II. The CBO also projected that the federal budget deficit will hit $3.3 trillion this year, more than triple the shortfall recorded in 2019. That would be the largest deficit as a…

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Population panic lets rich people off the hook for the climate crisis they are fueling

Population panic lets rich people off the hook for the climate crisis they are fueling

George Monbiot writes: When a major study was published last month, showing that the global population is likely to peak then crash much sooner than most scientists had assumed, I naively imagined that people in rich nations would at last stop blaming all the world’s environmental problems on population growth. I was wrong. If anything, it appears to have got worse. Next week the BirthStrike movement – founded by women who, by announcing their decision not to have children, seek…

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Oil companies wonder if it makes economic sense to continue oil exploration

Oil companies wonder if it makes economic sense to continue oil exploration

Bloomberg reports: A few dots near the bottom corner of the world map in the southern Atlantic, the Falkland Islands were once at the forefront of a new era for the oil industry as companies scoured the planet for resources. Yet a decade after the discovery of as much as 1.7 billion barrels of crude in surrounding waters, the British overseas territory known for sheep rearing and tension with Argentina looks as remote as ever. Rather than the next frontier,…

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The next global depression is coming and optimism won’t slow it down

The next global depression is coming and optimism won’t slow it down

Ian Bremmer writes: The world is confused and frightened. COVID-19 infections are on the rise across the U.S. and around the world, even in countries that once thought they had contained the virus. The outlook for the next year is at best uncertain; countries are rushing to produce and distribute vaccines at breakneck speeds, some opting to bypass critical phase trials. Meanwhile, unemployment numbers remain dizzyingly high, even as the U.S. stock market continues to defy gravity. We’re headed into…

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