abu yahya's definitions
(US ECONOMY) One of the 12 district Federal Reserve Banks. Based in New York (2nd FR district). Along with members of the Federal Reserve Board, enjoys a permanent seat on the FOMC (other district banks only get to rotate).
Main job is to regulate banks and administer monetary policy through open market operations. Former New York Fed president Tim Geithner is now Secretary of the US Treasury Department (as of early 2009).
Main job is to regulate banks and administer monetary policy through open market operations. Former New York Fed president Tim Geithner is now Secretary of the US Treasury Department (as of early 2009).
Prior to 1928, the President of the Federal Reserve Bank of New York was the de facto leader of the entire system. This was because of the powerful personality and connections of Benjamin Strong, a former J.P. Morgan partner.
by Abu Yahya September 10, 2010
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by Abu Yahya May 29, 2009
Get the AEI mug.(1) The strategy by the world's economic elites of imposing an extremely neoliberal economic regime on communities they control, using some form of shock: a natural disaster, a coup d'etat, a war, a financial crisis, etc. Once the community has been crippled by this first shock, the economic "reforms" are imposed suddenly, creating a secondary blow. Then, as the community begins to recover and fight back, the authorities use torture and police brutality to (literally) shock the community a third time.
(2) title of a book by Naomi Klein describing def. 1
(Please see disaster capitalism.)
(2) title of a book by Naomi Klein describing def. 1
(Please see disaster capitalism.)
Ms. Klein's 2007 book described the rise of disaster capitalism in mostly poor countries: Chile (after 1973), Argentina (after 1989), Poland (after 1993), and Sri Lanka (after 2004). But in 2009, the super rich were able to inflict the shock doctrine on the richest countries of the world, including Germany, France, and Italy.
The 2008 financial crisis was entirely a product of the richest 1% of the human race; but soon after, national governments scrambled to punish the remaining 99% for the crisis instead, by slashing public services and imposing austerity programs.
The 2008 financial crisis was entirely a product of the richest 1% of the human race; but soon after, national governments scrambled to punish the remaining 99% for the crisis instead, by slashing public services and imposing austerity programs.
by Abu Yahya July 10, 2010
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A dirty minded person may be hypocritical and unctuous, but read filthy motives into the acts of other people. For example, in the movie "American Beauty," the military officer wrongly assumes that his son's interactions with his neighbor are homosexual, rather than commercial--projecting his own repressed sexuality onto others (with deadly results).
A dirty minded person may be hypocritical and unctuous, but read filthy motives into the acts of other people. For example, in the movie "American Beauty," the military officer wrongly assumes that his son's interactions with his neighbor are homosexual, rather than commercial--projecting his own repressed sexuality onto others (with deadly results).
The dirty minded obscene person does not shamelessly exult in his bawdy language, nor does he use it without self-consciousness... The dirty minded person has only partially internalized the taboos that he violates...
Joel Feinberg, _Offense to Others_, p.267
Joel Feinberg, _Offense to Others_, p.267
by Abu Yahya February 22, 2010
Get the dirty minded mug.(ECONOMICS) economies in which consumption by the very rich is what drives most growth: Bulgari watches, Maybach limousines, Gulfstream V business jets, vacations in the Maldives, Dolce & Gabbana suits, private security services, money laundering, and income tax evasion.
Initially coined by analysts at Citigroup in 2005 to describe the growth of the Usonian economy during that period despite horrible economic fundamentals. Later used by Naomi Klein in her essential work, *The Shock Doctrine*.
Initially coined by analysts at Citigroup in 2005 to describe the growth of the Usonian economy during that period despite horrible economic fundamentals. Later used by Naomi Klein in her essential work, *The Shock Doctrine*.
The US., UK, and Canada are the key Plutonomies - economies powered by the wealthy. Continental Europe (excluding Italy) and Japan are in the egalitarian bloc.
- Equity risk premium embedded in "global imbalances" are unwarranted.
In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
{Citigroup Oct 16, 2005 Plutonomy Report Part 1}
- Equity risk premium embedded in "global imbalances" are unwarranted.
In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
{Citigroup Oct 16, 2005 Plutonomy Report Part 1}
by Abu Yahya July 10, 2010
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In other words, if the rate of unemployment was low, the rate of inflation was high, and vice versa. At the time, economists concluded that this was a logical outcome of both being influenced by the rate of interest: if interest rates were low, then unemployment would be low and prices would rise, but if interest rates were high then there would be lots of unemployment and workers would not have much money to spend... so prices would go down.
Unfortunately, when economists tried to design policy around this concept they disrupted the smooth relationship. In the years since the 1960's, there has not been a straightforward relationship, and Keynesian economics has had to be drastically revised to a post-Phillips Curve regime.
There is some correlation between inflation and unemployment, but the correlation is much more complicated than originally thought. It is quite possible to have high unemployment and high inflation (i.e., a high "misery index").
In other words, if the rate of unemployment was low, the rate of inflation was high, and vice versa. At the time, economists concluded that this was a logical outcome of both being influenced by the rate of interest: if interest rates were low, then unemployment would be low and prices would rise, but if interest rates were high then there would be lots of unemployment and workers would not have much money to spend... so prices would go down.
Unfortunately, when economists tried to design policy around this concept they disrupted the smooth relationship. In the years since the 1960's, there has not been a straightforward relationship, and Keynesian economics has had to be drastically revised to a post-Phillips Curve regime.
There is some correlation between inflation and unemployment, but the correlation is much more complicated than originally thought. It is quite possible to have high unemployment and high inflation (i.e., a high "misery index").
The Phillips Curve implies a trade-off between unemployment and inflation. Unfortunately, this trade-off may sometimes represent more of a Faustian bargain.
by Abu Yahya February 14, 2009
Get the Phillips Curve mug.Largest oil company in the world (as of 2010; in 2009, it was #2). Sales in 2009 were $285 billion. Worldwide proved reserves of 14.1 billion barrels of oil equivalent. Most of the oil giant's crude is produced in Nigeria, Oman, the UK, and the USA. Shell is also investing heavily in the Athabasca Oil Sands Project, which converts oil sands in Alberta to synthetic crude oil. The company operates 44,000 gas stations (the world's largest retail fuel network) in more than 80 countries.
Shell is implicated in exploitation and support for dictatorships in Nigeria, Angola, and elsewhere. It operates a huge, stunningly toxic facility in the Niger River Delta, but provides almost no compensation to the Ogoni people. In 1994, Ogoni activist Ken Saro-Wiwa was arrested for allegedly inciting violence against Shell staff and executed, along with 8 other Ogoni.
Shell is implicated in exploitation and support for dictatorships in Nigeria, Angola, and elsewhere. It operates a huge, stunningly toxic facility in the Niger River Delta, but provides almost no compensation to the Ogoni people. In 1994, Ogoni activist Ken Saro-Wiwa was arrested for allegedly inciting violence against Shell staff and executed, along with 8 other Ogoni.
Royal Dutch Shell is, like BP, p.l.c. and Exxon Mobil, very large, very old, and very evil. It is based in the Hague--ironically enough, near the International Court of Justice.
by Abu Yahya July 18, 2010
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