ARE WE HEADING FOR A GLOBAL HARD LANDING?

Preliminary German GDP growth in the first quarter of 0.2% was estimated by Eurostat on Friday.

“The US rate of profit 1964–2017 and the turnover of fixed and circulating capital.” by William Jefferies. A CRITIQUE

errata: the figure of -24 on page 6 should read -26

I would like to summarize the discussion had with Jefferies on Facebook. The only event that could account for the phenomena found by Jefferies is a tsunami of transferred value from countries like China now integrated into the world economy by globalisation. Such a flood of transferred value would raise revenue but not capital in the USA thereby reducing the capital to output ratio. However, paradoxically this is ruled out by the rate of turnover provided by Jefferies himself because under-priced inputs from abroad would reduce the volume of bills payable while fully-priced outputs in the USA would increase the volume of bills receivable. As deducting bills payable from bills receivable forms working capital that would have led to an increase in working capital not the reduction found by Jefferies. Thus we are no closer to understanding why Dr Jefferies found a spike in turnover and profitability at this time and whether it is valid at all.

THE TSSI & MELT: MEASURING AN UNKNOWN QUANTITY USING A FLAWED MEASURE.

CAPITALISM IS INSOLVENT