#Michael Pettis

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2024: PRC Economist Teng Tai on Stimulating the Chinese Economy and Addressing Systemic Issues

Michael Pettis recommended prominent Chinese economist Teng Tai’s article October 14 on Twitter: 1/9 Teng Tai, a prominent Chinse economist, supports Liu Shijin’s proposal for a RMB 10 trillion (8% of 2024’s expected GDP) stimulus to expand domestic demand, suggesting RMB 10 trillion may even be on the low side. Michael Pettis @michaelxpettis first in a series of nine tweets on Teng Tao’s…

[library-commoner]

Money's Gotta Move

Money's purpose is to facilitate economic activity. When it is used as a status symbol (and stops moving), it is no longer functioning as an economic lubricant and in effect impedes economic activity. In other words, the accumulation of wealth by any individual entity comes at the expense of the current economy. This isn't inherently bad, retirement savings and rainy day funds are prudent investments, but when people begin to actively hoard wealth (whether out of fear or greed) there comes a point when it restricts other people's ability to do things and subsequently causes suffering. That was a long preamble to say that the reason why the widening wealth gap is a problem is because it induces recession-like conditions to those who are deprived of money, while at the same time encouraging very silly (and sometimes deleterious) consumption by those who have an abundance of cash. Yes, productivity/efficiency improvements promise more bang for your buck (sometimes literally) but growth through productivity gains are inherently bounded/limited. There's only so much efficiency gains you can squeeze out of eating a sandwich. And ultimately the end goal of economic activity should be human flourishing. (maybe don't scarf down a sandwich in 30 seconds) But economic growth as interpreted by corporations and businesses seems to manifest itself through increased accumulation of assets (evaluated in terms of money) rather than increasing the amount of productive economic activity it can contribute to society at large. This accumulation of assets impedes economic activity and ironically restricts that corporation's ability to grow. This misunderstanding comes from extrapolating a common sentiment (it's good to have money) out to grotesque proportions. Which brings me back to the title: Money's Gotta Move. Money only functions like money when it's in motion. And when a bunch of money is frozen in the balance sheets of wealthy entities, it is actively depriving other people from being able to spend (move) that money to live comfortably or to live at all. It's not that large sums of money is bad, it's that money is being misused as a metric for some byzantine dick measuring contest instead of facilitating useful human activity.

[cellarshite]

[rocknrollflames]

[zorangezest]

brainworms feasting on this crunchy lil goober

[hopeless-eccentric]

i dont do a lot of book recs on here (i think ive done one before?) but the Henry Rios books by Michael Nava are so criminally underrated!

They're these mystery novels from the 1980s-1990s about a gay, Latino lawyer (Henry Rios, our protagonist/narrator) solving mysteries--usually while trying to prove his client's innocence. He's a long-suffering idealist written as this kind of hard-boiled detective.

This is actually something the whole series tackles, subverts, and deconstructs in a really interesting way! Instead of being this stoic detective, the archetype gets broken down in a lot of really fascinating and human ways earnestly discussing love, grief, intergenerational trauma, racism, homophobia, illness/disability, toxic masculinity, and substance abuse.

What I love is that these books realize that the hard-boiled detective is stuck in a point of hurt and trauma, and so the Henry Rios series makes a big deal out of fighting tooth and nail to GET BETTER--whatever it takes to improve yourself and your surroundings. While the books maintain a lot of the dark and morose vibe of the original genre (especially given the looming, perpetual grief of AIDS-era queer lit), they always come back to a death match against apathy. It's really moving stuff, especially as the books take this approach to Henry's recovery from alcoholism.

if you're interested in queer history, the books are in touch with queer legal/political history during the HIV/AIDS crisis. The first few books have been rewritten/published as well since Michael Nava's retirement, so I think a comparative reading could be really interesting. For the record, Nava was a civil rights lawyer, so this is all done REALLY well (not to mention the legal drama is engaging, theatrical, petty, gutting, and sometimes hilarious).

if you're interested in detective fiction, they're brilliant deconstructions of the genre. instead of taking the depressed alcoholic white guy with repressed desire for male companionship at face value, the series considers a gay Latino man struggling with machismo, racism and homophobia, intersectional identity, and processing/recovering from grief, childhood trauma, alcoholism, and Catholicism.

Stylistically, the books are smart, poetic, introspective, dark, and witty. There's a lot of suffering, but there are also a lot of intense moments of joy and catharsis that feel really earned.

Also, if you read the rewrites. uh. there's a lot of smut! Happy retirement, Mr. Nava!

[maineventpapiuso]

Kevin why you petty 😆

[fightingalgth8rs]

Curious to know what exactly the Tinhatters are gonna do after GO3 wraps up and neither David or Michael leaves their partner and runs off with the other? And when their stream of stuff slows down because they obviously won’t be doing another GO.

The little bit of comfort I take in the disappointing GO news is that Neil Gaiman can’t hurt anyone on set and it also pissed off NGO so yeah, silver linings all around folks!!

[ohmystarrynight]

I am so happy you're back into this show and specifically your human AU I love it smmmmm-- M-might I request Kitt and Karr being Siblings plez 🥺🥺🥺

I’ll do u one better and get the whole fam in there :)

[musicrunsthroughmysoul]

"And when you raise the roof with your rock'n'roll You'll get a lot more kicks with a little bit o' soul"

[marlenacantswim]

please don't catcall crowley while he and aziraphale are having a serious conversation; the angel really enjoys how close their faces get when they have to whisper, and will assume you have fiendish intentions and go on the defensive if you interrupt the moment.

[Image ID: a digital drawing of Aziraphale and Crowley as they appear on the Good Omens TV show. they are depicted from the torso up. aziraphale is in front of crowley, turned away annoyedly towards something to the left with his left hand firmly placed against crowley's chest, where his heart is. crowley is wearing his season 2 turtleneck outfit, and seems confused about whatever has got aziraphale so riled up. aziraphale is wearing his default outfit. / .End ID]

closeup and lineart under the cut, snip snip ✂️

i'm a guy who likes thick lines in my art, i've noticed, so when i accidentally drew an extremely arizacrow pose during gesture practice, i thought it would be a fun opportunity to try something new, mainly thin lineart. however, the call of home sings loud, and i ended up chicken-scratching my way into essentially having thick linework again. 🤷💅😔

also despite being a good omens guy for yonks, this is my first time ever drawing them!!!

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2022 迈克尔-佩提斯：中国的人民币将取代美元吗？

偶然在網絡上會看到中國評論家說中國與他的貿易夥伴應該脫機美元爲了避免因美元做中間貨幣給美國干涉他們之間的貿易來往。他們也會將脫離美元是打擊美帝一個好的措施。部分美國經濟學加列入2008年获得诺贝尔经济学奖保罗·克鲁曼 【Paul Krugman】 [見紐約時報2021文章 “Wonking Out: The Greenback Rules. So What? ” 與迈克尔–佩提斯 【Michael…

[pickledsprite]

how often do you think tori and michael would argue? would they argue over silly things. or would they not argue a lot.

i think when it comes to arguments it’s never over serious things. Maybe once a week they find something to debate over, like, what’s the best flavour of cheesecake… (which is none, bc cheesecake is gross😝/hj)

Like they debate over stuff they might not agree 100% on but that never leads to an argument.

If they do have arguments or debates that get a lil too heated then I think Michael would be more likely to snap first and that would trigger Tori to also snap. Ending up in both of them being like "tf are we doing" or going silent for a bit before apologizing

[hyacinthsdiamonds]

Papaya rules... we used to be a real country

[run-down-that-dream]

Straight into Darkness [x] from the Record Plant (1982)

[evilcentral]

katjaherbers: I can’t believe we’re at our original season 4 finale tomorrow at midnight!! Four more eps after that. Someone pick us up!!!! Anybody out there? 😅😭Here’s a fun BTS stack. Sandwiched in between two legends on the first photo. What @aasif needs to even get out of the chair…. Being number 1 is exhausting. As you can tell on the forth slide. Where does Mike even think??? I’m supposed to just hold that coffee? 😤It’s hot. What else? Dalya is method, she’s a star, nobody is as real. Wally Shaun, the one and only. TV mommy in me being in denial over Brooklyn’s 19th birthday. One of the first days of filming Evil, warming up before we go into my office to film the final scene of our very first episode. And then happy faces as we wrapped the pilot in the trailer and went out for drinks after. Recognize Darren aka Leroux the trouble maker? Gosh the times we’ve had. Thanks for following along everyone. Let me know if you want more or less of this nonsense in the comments. Ta-ta-ta.