Economic and jobs news thread

[caltrek]

I am not necessarily suggesting that sanctions are the sole cause as an explanation for the problems Venezuela faces. Still, it does raise the question:

If Capitalism is ‘Natural,’ Why Was so Much Force Used to Build it?
by Pete Dolack
December 3, 2023

(Counterpunch) If capitalism is such a natural outcome of human nature, why were systematic violence and draconian laws necessary to establish it? And if greed is the primary motivation for human beings, how could the vast majority of human existence have been in hunter-gatherer societies in which cooperation was the most valuable behavior?

Cheerleaders for capitalism — who generate endless arguments that greed is not only good but the dominant human motivation — tend to not dwell on the origination of the system, either implying it has always been with us or that it is the “natural” result of development. Critics of capitalism, interestingly, seem much more interested in the system’s origins than are its boosters. Perhaps the bloody history of how capitalism slowly supplanted feudalism in northwest Europe, and then spread through slavery, conquest, colonialism and routine inflictions of brute force makes for a less than appealing picture. It is not for nothing that Marx wrote, “If money … ‘comes into the world with a congenital blood-stain on one cheek,’ capital comes dripping from head to foot, from every pore, with blood and dirt.”

Put another way, if free trade is the answer, then why not allow free trade to take place?

Why not allow "the natural outcome of human nature" to lead Venezuela toward appreciating the benefits of free trade instead of imposing sanctions that choke off free trade? Are you truly for free trade, or only free trade based on relations that are based upon a colonialist past in which terms of trade are dictated by "neoliberal" policy makers?

[caltrek]

Of course, some might argue that some regulation of trade is desirable and that enforcement mechanisms are needed for such regulation. (See below for example). Yet, isn't that an argument against free trade, at least in its purest form?:

Financial Crimes Hurt Economies And Must Be Better Understood And Curbed
by Carolina Claver, Chady El Khoury and Rhoda Weeks-Brown

The fight against financial crime isn’t lost, but the world needs to do more to limit the economic impact of crime.

Money laundering is a necessary component of the organized crime that too frequently spans borders, skirts taxes, funds terrorism and corrupts officials—and it comes with hefty macroeconomic costs. Bad actors are also embracing new technologies on top of their traditional techniques, all of which makes economic growth less inclusive and sustainable, fueling inequality and informality.

The international community has made significant progress toward strengthening safeguards against money laundering and terrorist financing, with help from the IMF and other organizations. We decided a decade ago to take a more bespoke approach to identifying key risks, working with member countries and international partners, particularly, the Financial Action Task Force, the international standard-setter in this area.

But the overall efforts are still broadly insufficient. For example, as the FATF noted last year, there is still a major gap between progress countries have made on technical compliance, such as enacting new laws, and on the effectiveness of these efforts. For example, very little laundered ill-gotten proceeds are ever confiscated.

Accordingly, the IMF recently reviewed our strategy on anti-money laundering and combatting the financing of terrorism (AML/CFT). The goal is to better help our 190 member economies address these critical financial integrity issues.

Edit: Perhaps, in the case of Venezuela, we have simply arrived at a space occupied as early as the 1960s when Lyndon B. Johnson proclaimed his support of a certain right-wing dictator: "He may be a son-of-a-bitch, but he is our son-of-a-bitch." In the case of the present regime in Venezuela, the leadership there is simply not considered "our leadership."

With that kind of attitude, is it any wonder that a populist like Maduro can successfully govern, in part, through skillfully crafted referendum?

[weatheriscool]

[weatheriscool]

[caltrek]

^^^Ok, see, that is where we lose a lot of potential voters. They simply do not understand or do not trust graphs.

It is like: "Well personally I am doing better economically but I think the country is doing worse."

Didn't you see the graph. Why do you think the country is doing worse?

"Because Donald Trump told me it is getting worse."

Is so sucks to be up against a personality cult.

[weatheriscool]

[weatheriscool]

^^^Ok, see, that is where we lose a lot of potential voters. They simply do not understand or do not trust graphs.

It is like: "Well personally I am doing better economically but I think the country is doing worse."

Didn't you see the graph. Why do you think the country is doing worse?

"Because Donald Trump told me it is getting worse."

Is so sucks to be up against a personality cult.

The problem is the reality that there's a hell of a lot of really dumb religious people that want a modern Hitler figure to just burn it down to force their iranian like dream on the rest of society. Trump is that guy.

[weatheriscool]

[40lightyears]

Hey folks, just saw the news about weekly jobless claims dropping for the sixth week in a row. Good sign for the economy, right? But hey, the total number still claiming benefits is kinda keeping us on our toes. Anyone feeling the impact of labor shortages in their area?

[weatheriscool]

Long-term US mortgage rate dips below 7% to its lowest level since early August

Source: ABC News/AP

December 14, 2023, 12:14 PM

LOS ANGELES -- The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.

The average rate on a 30-year mortgage dropped to 6.95% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.31%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, edged up this week, lifting the average rate to 6.38% from 6.29% last week. A year ago, it averaged 5.54%, Freddie Mac said.

The latest drop in rates is the seventh in as many weeks. Mortgage rates have been easing since late October, when they reached 7.79%, the highest level since late 2000.

Read more: https://abcnews.go.com/Business/wireSto ... -105663364