Good global economic governance also depends on the Financial Times of the world doing their duty by questioning diligently.

Sir, you write “The world economy is in good health. Global economic governance is not. The first remains acutely vulnerable to the second… Davos produced few ideas on compensating for US destructiveness” “The gaping hole in global economic governance” January 27.

No! The world economy is not in good health. Just look at all current world debt contracted to kick the 2007/08 crisis can forward, to finance current consumption and to inflate stock markets with excessive dividend payments and buy backs; and then compare it to how little of that debt has been used to finance future production.

And whatever US destructiveness you want to identify, it would pale when compared to the destructiveness caused by bank regulators with their risk weighted capital requirements for banks.

Sir, in a world were sleaziness abounds everywhere and for so many reasons, you find it more worthy of the Financial Times to launch a full-fledged investigation “without fear and without favor” of an all male-charity dinner; than daring for years to ask bank regulators some basic questions like:

Why do you want banks to hold more capital against what has been made innocous by being perceived as risky, than against what is dangerous because it is perceived as safe? Is that not setting us up for too big to manage crises?

What went through your mind (what did you smoke) of the Basel Committee allowing with Basel II banks to leverage a mindboggling 62.5 times their capital only because an AAA to AA rating issued by human fallible rating agencies was present?

Is being a safe mattress under which to stash away our savings a more important objective for our banks than allocating credit efficiently to the real economy? “A ship in harbor is safe, but that is not what ships are for.” John A Shedd

Why should you, as a regulator, want with lower capital requirements favor bank credit to what’s already favored by being perceived as safe, and thereby cutoff more the credit to what is already disfavored by being perceived as risky?

Why did you assign a 0% risk weight to sovereigns? Is that not runaway statism? If it is because sovereigns can always print money to pay back their loans, don’t you know that is precisely one of the real and worst risks with sovereigns?

As is, don’t you know you are dooming our economies to subprime performance and our banks to end up gasping for oxygen in some overpopulated safe-havens?

And that’s just for starters:

FT is as much at fault as anyone for the absurdness of current global governance of banks. Sir, this could also be referred to as sleazy journalism.

http://perkurowski.blogspot.com/2016/04/here-are-17-reasons-for-why-i-believe.html

@PerKurowski

Let robots make us an offer we can’t refuse, for us to allow them to supplant us; perhaps a Universal Basic Income?

Sir, Simon Kuper writes about “How to cope when robots take your job” October 9.

Before I got censored, there too, in 2012, in an Op-Ed in Venezuela titled “We need worthy and decent unemployments” I wrote: “What politician does not speak up for the need to create decent and well paid jobs for young people? But, if that's not possible, and the economy is not able to deliver that on its own ... What on earth are we to do?” 

And I followed that up with “The power of a nation, and the productivity of its economy, which so far has depended primarily on the quality of its employees may, in the future, also depend on the quality of its unemployed, as a minimum in the sense of these not interrupting those working.”

And so perhaps not only journalists but all other who end up unemployed because of robots too, should require those employing robots to pay a out a Universal Basic Income, as a quid-pro-quo for us allowing these to supplant us. Or if they have better ideas, let the robots themselves make us an offer we can’t refuse.

Ideally that could allow many to operate on the fringe margins of earnings, allowing them to keep busy with what they most like to do.

For journalists the alternative could be to get really creative so as to obtain some ad income from a story that goes viral. Sadly, in that case, the temptations of sacrificing truth in order to gain virality might prove to hard to resist… as we already see happening more and more, here and there and everywhere.

PS. Look at it this way. If robots send us into early retirement, should not robots pay taxes too? Should not the employers of robots have to pay payroll taxes for these? That could help to fund our Universal Basic Income. And that could also help us humans to compete with the robots for jobs on a more level playing ground. 

PS. A Universal Basic Income is a step-ladder that will allow us to reach up easier to the gig-economy.

PS. If then taxing robots funds our living by means of a Universal Basic Income, could we all become a robots owning gentry,  reading and writing poetry like Jane Austen’s landed gentry?

PS. Where does Donald Trump suggest we build the wall against the robots who threaten American jobs, and who is going to pay for it?

P.S. How many jobs have robots taken from humans only because robots are not subject to minimum wages and payroll taxes?

PS. Soon unemployed PhD’s will not even be able to drive taxis in New York, as driverless cars will be deemed safer.

PS. I have been concerned with growing structural unemployment for a long time, like to the point of suggesting It's time to just scratch each other's backs.

PS. By the way, in all statistics on employment, where can we find information on how many robots gained employment, for instance in the USA during the last quarter of 2016?

PS. When playing the employment game, humans & robots face same par salary, but robots count with extra payroll tax handicap strokes

PS. Grandparents, can you imagine the horrors if your grandchildren come to depend on dumb artificial intelligence and on 3rd class robots?

PS. I anställning spelet, har både mänskor och robotar samma par lön, men robotar har 31,34% extra arbetsgivaravgift slag.

PS. Here some disorderly lose cannon questions about life in the just around the corner Robot/Automation La-La-Land

PS. Dwindling workforces puts the International Labour Organization (ILO) at a crossroad: To unionize unemployed or robots?

PS. At what rate should we tax robots? A very high one in order to make us humans more competitive, or a fairly low one to allow robots to do as much heavy lifting as possible for us in our economy?

@PerKurowski ©