Quantitative easing was designed as a tool to provide time for governments to implement structural reforms, boost growth and strengthen the economy. However, it has become a tool to increase the size of government and take increasingly riskier levels of debt.

The United States economy has not strengthened in the period of enormous fiscal and monetary stimuli, as the latest data shows. It needs increasing units of debt to generate a new unit of GDP, productivity is extremely poor and leading indicators are negative.

Continue reading The U.S. Productive Sector Recession →

MANIFESTO
Against the clear political bias and lack of objectivity in Wikipedia edits.

There is no denying that the Internet and social networks have changed and made it easier to obtain knowledge and information, creating a new method of learning.

Millions of people frequently utilize resources like the digital encyclopaedia Wikipedia to do searches or compare information on a variety of topics. According to Wikipedia’s website, it receives up to 36 million hits every day. Its importance in the academic world is particularly noteworthy, since students from all backgrounds use it as one of their learning resources.

Wikipedia is not a primary source, it is true, but since its objective is to summarize knowledge, as they themselves declare, it is crucial that the data and material provided there be accurate and present an unbiased point of view. In reality, neutrality is one of the pillars that, in Wikipedia’s own words, define its nature. Wikipedia strives to guarantee that pages do not promote a particular point of view by seeking for a neutral point of view. To achieve this, it is necessary to present information from as many perspectives as possible, to accurately present each point of view, to contextualize articles so that readers may appreciate all points of view, and to avoid endorsing any particular point of view as “truth” or “the best.” This entails quoting reliable sources wherever possible, especially when discussing contentious subjects.

The signatories of this manifesto have confirmed that, despite the aforementioned requests for neutrality, their respective Wikipedia pages in Spanish are edited by individuals who use the opportunity to engage in political activism while hiding behind anonymous editor accounts. These individuals may do this by adding inaccurate or false information or by choosing news from sources with obvious political and ideological bias that refers to controversial, distorted, insidious, or inaccurate information.

Some of the signatories have formally brought this issue to Wikipedia’s attention, but to date, it has not agreed to correct the inaccurate or non-neutral information, despite the fact that it seriously undermines the honor and consideration of those of us who sign this manifesto as well as the millions of people who in good faith consult this website. Since they have a detrimental impact on students’ grades, we must pay particular attention to the disastrous effects that false and inaccurate data or pernicious and distorted information are having in the academic sector.

For all of the aforementioned reasons, we believe it is crucial that Wikipedia take the necessary steps to prevent biased, partial, or inaccurate information, shielding its pages from being vandalized by its editors who, posing as political activists and acting undercover, seek to prejudice readers of the digital encyclopaedia against figures from the Spanish and global public sphere, including many of the signatories.

In Madrid, September 8, 2022

Adolfo Suárez Illana

Alberto Castillon

Albert Rivera Díaz

Alberto González Troyano

Almudena Negro Konrad

Álvaro Vargas Llosa

Carina Mejías Sánchez

Cayetana Álvarez de Toledo

Cristian Campos

Cristina Ayala Santamaría

Cristina Casabón

Daniel Lacalle Fernández

Diego Sánchez de la Cruz

Eduardo Vírgala Foruria

Eurico Campano

Federico Jiménez Losantos

Félix de Azúa

Fernando Navarro Fernández – Rodríguez

Francisco Rivera Ordoñez

Francisco Sosa Wagner

Gerardo Bongiovanni

Gorka Maneiro Labayen

Guadalupe Sánchez Baena

Israel Cabrera

Iván Espinosa de los Monteros

Jaime María de Berenguer de Santiago

Javier Cárdenas

Javier Gerardo Milei

Javier Somalo

Javier Venegas de Tobaruela

Jesús Alfaro Águila Real

Joaquín Albaladejo Martínez

Joaquín Leguina

Joaquín Villanueva

Jorge Vilches García

José Carlos Rodríguez

Juan Arza Mondelo

Juan Carlos Girauta Vidal

Juan José Sanz Vitorio

Juan Manuel López Zafra

Lucía Etxebarria Asteinza

Marc Vidal

Marcos de Quinto Romero

María Blanco González

Miriam Izquierdo

Miriam Tey

Nacho Prendes

Pilar García de la Granja

Rafael Hernando

Ramiro V. Cibrián

Raúl Vilas

Sergio Fidalgo

Sonia Sierra Infante

Toni Cantó García del Moral

Vanessa Vallejo

Xavier Pericay Hosta

(This manifesto was signed by 2,500 more)

The hawkish tone of the Fed’s chairman Jerome Powell on Friday 26^th was unequivocal. His most important sentence, in my view, was the following: “With inflation running far above 2% and the labour market extremely tight, estimates of longer-run neutral are not a place to stop or pause.”

What does this mean? The Fed will do what it takes to cut inflation if the labor market remains strong. These strong messages sent ripple effects to markets. Stocks and risky assets fell in unison and the US dollar relative strength created another widespread depreciation of weaker currencies.

Continue reading Powell’s Double Challenge: Slowing Economy and Vanishing Liquidity →