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"The current paradigm of independent, inflation targeting central banks thus obscures the messy history of central banks as public institutions. Since their inception, monetary authorities have performed various different roles; while they served as guardians of price stability in Victorian England, they have originally served as developmental and fiscal agents for expansionary states, and have frequently continued to do so in the centuries since. Treating central bank independence as an ahistorical best practice approach is misleading, and we should recall that there have been alternatives to the current framework. As some have heralded the end of the era of central bank independence, while others have underscored the benefits of re-politicizing monetary policy, it is worth bearing this history in mind."

"Realignment and Legitimacy "The Constitutional Crisis Is Now" [Robert Reich, The American Prospect]. "If [Trump] refuses to accept the results [the 2020] election, as he threatened to do if he lost the 2016 election, he will have to be forcefully removed from office." This is lunacy. In 2016, liberal Democrats floated the idea that "faithless electors" in the Electoral College should not appoint Trump - based on information from the "intelligence community" that the public was not allowed to see. From that day to this, liberal Democrats haven't accepted the results of 2016, which is what the "Clinton won the popular vote" amounts to. Is the inability to look in the mirror a 10%-er deformation professionnelle? "The Democratic Party unraveling is not good for America" [Ed Rogers, WaPo]. "The Democratic Party is not functioning as an umbrella organization or even a coalition. Instead, activists from Tom Steyer to George Soros to Planned Parenthood are operating independently*, doing things a political party otherwise would. These independent actors are pushing pet causes. Traditional party building isn't one of them. Campaign finance reform and communication technologies have empowered wealthy individuals and collateral groups while at the same time inhibiting parties and individual campaigns. I say this not to kick the Democratic Party while it is down but because I believe in the two-party system…. We need reforms that empower parties and candidates and diminish the influence of deep-pocketed plutocrats and narrowly focused interest groups." Rogers is a veteran of the Reagan and Bush White Houses, but he's not wrong. NOTE * Maybe. When you start thinking, it's hard to know where the boundaries of the Democrat Party really are. For example, are journalists who propagate Brock talking points in the party, or not? My instinct is to say that they are, but how is an institution with fluid boundaries like that to be named and cate

"Uber exists in a kind of legal and ethical purgatory, however. Because its drivers are independent contractors, they lack most of the protections associated with employment. By mastering their workers' mental circuitry, Uber and the like may be taking the economy back toward a pre-New Deal era when businesses had enormous power over workers and few checks on their ability to exploit it."

"This work presents the first compressive and independent analysis of the contributions of one of the most important public officials in American history.  As a graduate student more than a decade ago, I began to investigate the role that Marriner S. Eccles played during the 1930s, as both a special assistant to the secretary of the Treasury and as the chairman of the Federal Reserve Board of Governors. I was intrigued that Eccles, as a Republican businessman from Utah-and yes a Mormon-became the New Deal's most forceful advocate of Keynesian policy.  Since that time I have come to learn far more about his participation in those years, and, indeed, a good deal more about the vexed political and economic milieu in which his career as a public servant unfolded.  Although this work is clearly intended to amplify the contributions that Eccles made in important policy areas, it also seeks to correct some inaccuracies that have frequently been conveyed about the details of his participation. Moreover, his fiscal and monetary interests were so extensive that it would not be too far afield to view what follows as a history of the New Deal with Eccles as the focal point."

"Commodities: "Vancouver-based MGX Minerals says it is possible to get lithium from oil-extraction wastewater in just a few days and not the 18 months that it takes to recover the mineral through solar evaporation" [Mining.com]. "Independent assays of the lithium and other minerals extracted, along with the purity of the resulting water, are still pending." Hmm."

By exchanging resources, the members of a microbial community can survive in environments where individual species cannot. Despite the abundance of such syntrophy, little is known about its evolutionary origin. The predominant hypothesis is that syntrophy arises when originally independent organisms in the same community become interdependent by accumulating mutations. In this view, syntrophy arises when organisms co-evolve. In sharp contrast we find that different metabolism can interact syntrophically without a shared evolutionary history. We show that syntrophy is an inherent and emergent property of the complex chemical reaction networks that constitute metabolism.

We have now before us three candidates divided by ideology, but united in dotage. All three white men were born in the 1940s, before the invention of Velcro and the independence of India and Israel. Amazingly, each is currently older than any of the past three U.S. presidents. If, through some constitutional glitch, Bill Clinton, George W. Bush, or Barack Obama jumped into the 2020 race at this very moment, each would suddenly become the youngest man in the contest.

" Fearless commentary on finance, economics, politics and power Follow yvessmith on Twitter Feedburner RSS Feed RSS Feed for Comments Subscribe via Email SUBSCRIBE Recent Items Links 3/11/17 - 03/11/2017 - Yves Smith Deutsche Bank Tries to Stay Alive - 03/11/2017 - Yves Smith John Helmer: Australian Government Trips Up Ukrainian Court Claim of MH17 as Terrorism - 03/11/2017 - Yves Smith 2:00PM Water Cooler 3/10/2017 - 03/10/2017 - Lambert Strether Why a 400-Year Program of Modernist Thinking is Exploding - 03/10/2017 - Yves Smith Links 3/10/17 - 03/10/2017 - Yves Smith Why It Will Take a Lot More Than a Smartphone to Get the Sharing Economy Started - 03/10/2017 - Yves Smith CalPERS' General Counsel Railroads Board on Fiduciary Counsel Selection - 03/10/2017 - Yves Smith Another Somalian Famine - 03/10/2017 - Yves Smith Trade now with TradeStation - Highest rated for frequent traders Why a 400-Year Program of Modernist Thinking is Exploding Posted on March 10, 2017 by Yves Smith By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Across the globe, a collective freak-out spanning the whole political system is picking up steam with every new "surprise" election, rush of tormented souls across borders, and tweet from the star of America's great unreality show, Donald Trump. But what exactly is the force that seems to be pushing us towards Armageddon? Is it capitalism gone wild? Globalization? Political corruption? Techno-nightmares? Rajani Kanth, a political economist, social thinker, and poet, goes beyond any of these explanations for the answer. In his view, what's throwing most of us off kilter - whether we think of ourselves as on the left or right, capitalist or socialist -was birthed 400 years ago during the period of the Enlightenment. It's a set of assumptions, a particular way of looking at the world that pushed out previous modes o

Thousands of different genetic mutations have been implicated in cancer, but a new analysis of almost 10,000 patients found that regardless of the cancer's origin, tumors could be stratified in only 112 subtypes and that, within each subtype, the Master Regulator proteins that control the cancer's transcriptional state were virtually identical, independent of the specific genetic mutations of each patient.

Most theoretical and empirical accounts of trade politics focus on political conflict among competing private interest groups and over policies between the dichotomy of trade liberalization and protectionism. This article challenges this conceptualization by arguing that issues of antitrust, market power, and competition are central to the politics over free trade, and that in this domain state actors are comparatively more important. Original archival evidence from the American New Deal and post-war foreign economic policy shows that post-war free-trade policies were heavily influenced by views, formed in the 1930s, about domestic industrial organization and antitrust. These preferences were then pushed into international economic policy during and after World War II through trade negotiations, extraterritorial application of American law, and pressure for domestic competition laws abroad. In one of the most prominent episodes of trade liberalization, an antitrust campaign and debate permeated trade issues, based in independent state learning and economic preferences.

Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) detection platforms currently report qualitative results. However, technology based on RT-PCR allows for calculation of viral load, which is associated with transmission risk and disease severity in other viral illnesses.1 Viral load in COVID-19 might correlate with infectivity, disease phenotype, morbidity, and mortality. To date, no studies have assessed the association between viral load and mortality in a large patient cohort.2, 3, 4 To our knowledge, we are the first to report on SARS-CoV-2 viral load at diagnosis as an independent predictor of mortality in a large hospitalised cohort (n=1145).

The introduction of the Internet rapidly enabled unprecedented global connectivity. In about two decades, communication became instantaneous, affordable, and independent of physical barriers. People, however, do not seem to be communicating with each other homogeneously. Online communication networks appear to be polarized and echo-chambers are manifesting for political1-5 and non-political6-9 reasons. Understanding the emergent structure of information flows on the Internet and its implications for the complexity of society is a challenge for scientists and technology developers. Mapping the organization of social systems is crucial for effective policy making involving ethnic groups10 as well as economic growth.11

Using two independent single-cell approaches, we identified a shift in the overall immune cell composition in cavefish as the underlying cellular mechanism, indicating strong differences in the immune investment strategy. While surface fish invest evenly into the innate and adaptive immune systems, cavefish shifted immune investment to the adaptive immune system, and here, mainly towards specific T-cell populations that promote homeostasis. Additionally, inflammatory responses and immunopathological phenotypes in visceral adipose tissue are drastically reduced in cavefish. Our data indicate that long-term adaptation to low parasite diversity coincides with a more sensitive immune system in cavefish, which is accompanied by a reduction in the immune cells that play a role in mediating the pro-inflammatory response.