As long ago as 1984, in his Paths to Paradise, André Gorz, a self-proclaimed “revolutionary-reformist” stated, baldly, that the “micro-economic revolution heralds the abolition of work”. He even argued that “waged work . . . may cease to be a central preoccupation by the end of the century”. His timing was wrong. But serious analysts think he was directionally right. So what might a world of intelligent machines mean for humanity? Will human beings become as economically irrelevant as horses? If so, what will happen to our individual self-worth and the organisation of our societies?
Read this article from Martin Wolf
WASHINGTON—The U.S. expects all countries to cut oil imports from Iran to “zero” by Nov. 4 or risk sanctions, a senior U.S. State Department official said on Tuesday, expressing a toughening of the Trump administration’s Iran policy as Washington tries to politically and economically isolate Tehran.
The Chinese central bank is loosening its monetary policy to cushion the trade mayhem’s impact. It’s becoming more counter cyclical
read here www.ft.com/content/ae641456-77c1-11e8-bc55-50daf11b720d
Nails, lobsters, peanut butter or bourbon all these products are suffering from the trade measures taken by the White House. The disruptions they imply are just anecdotal now but this will change progressively as these measures will persist. From microeconomic at the beginning, the impact will become macroeconomic and at the expenses of all.
Read more here
The OPEC agreement on higher oil production will mainly benefit to Saudi Arabia which will gain market share on the oil market. The increase in oil production is global and there is no distribution by country. Saudi Arabia can easily increase its production but Iran will not be able to increase it (sanctions) and Venezuela is in a terrible mayhem and its production is trending downward.
In other words, Saudi Arabia and the US are the winners of this agreement.
Read more here
Will the Euro Area be able to reform itself ? Macron/Merkel proposals are fight en by a group of countries led by the Netherlands. They refuse any cooperative instrument in the management of the Euro area.
On July 26, 2012 Mario Draghi said that the political construction of Europe was the most important element of the European architecture. He said, the most important in Europe is people’s will to live together. The euro currency was then just an instrument that supports this political construction.
With the reaction to the Macron/Merkel proposals, I am no longer sure of Mario Draghi’s assertion on the living together hypothesis.