Policymakers abandoned the nostrums that they had held dear for the past three decades. Copies of John Maynard Keynes's General Theory were dusted down to find a cure for a slump that the high priests of free-market economics said would never happen. Blanchflower won his battle on the MPC. Interest rates were slashed to the bone; central banks started to print large quantities of electronic money to compensate for the credit crunch; taxes were cut and public spending increased. Governments rediscovered the urge to intervene. Germany provided subsidies to keep workers in jobs. America bailed out the automobile industry. The UK put pressure on mortgage lenders to show forbearance to struggling home-buyers. … [Read more...] about Lehman Brothers collapse: five years on, we’re still feeling the shockwaves
Quarter life crisis solution
The stage has been set for a battle between the forces of labor and the tech titans. In July, the powerful Teamsters union successfully pushed Congress to slow legislation for states looking to broaden the use of autonomous vehicles. After arm-twisting by the union, the US House of Representatives energy and commerce committee exempted vehicles over 10,000lb from new rules meant to speed the development of autonomous cars. Many truckers came into the industry after being displaced by automation in other industries, and the transportation secretary, Elaine Chao, has said she is “very concerned” about the impact of self-driving cars on US jobs. … [Read more...] about End of the road: will automation put an end to the American trucker?
The Arctic Ocean is expected to have its first entirely ice-free summer in the 2030s, resulting in open water at the North Pole. Since the Earth would have less ice, it would be less white each year, meaning less of the Sun’s energy would be reflected back out to space, and the speed of global warming would increase again. The Arctic would start to lose its ability to cool the planet. … [Read more...] about Boris Johnson’s fiancée Carrie Symonds says Sir David Attenborough’s show warning of mass extinction of wildlife left her in TEARS – as she pleads: ‘Everyone should watch this, it’s time to act’