Jo Michell
@jomichell.bsky.social
7.8K followers 890 following 3.6K posts
Professor of economics at UWE Bristol. Chair of Post-Keynesian Economics Society. Interested in macro, finance, banking, climate change, inequality, demographics. https://people.uwe.ac.uk/Person/JoMichell
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jomichell.bsky.social
Even this requires us to accept that the five years plus of stagnation between 2010 and 2016 was inevitable.
jomichell.bsky.social
The book, last time I checked, says absolutely nothing about cutting fat and weathering storms.
jomichell.bsky.social
The book actually says that when interest rates are at the zero lower bound, you absolutely should not do fiscal
consolidation. They thought they knew better than the book, we are all living with the consequences.
yakopov.me
I sometimes think how frustrating it probably was for Cameron and Osborne. They did everything by the book, and the book says that when you cut the fat and weather the immediate storm, you then get growth and dynamism in response... and that part simply never happened!
marwoodlennox.bsky.social
For the past 40 days reactionary assaults on the welfare state have been part premised on the idea that welfare is a corrupting force that erodes values and then they cut it, everything gets a bit worse and values don't change.
jomichell.bsky.social
Can’t wait till these people start wearing those stupid Facebook glasses and running a teleprompter app on them.
jomichell.bsky.social
I guess, higher and deeper than she was planning last week?
jomichell.bsky.social
Higher and deeper than what?
jomichell.bsky.social
I suspect not. Bugs are often subtle and hard to spot. Other people’s code is harder to read than your own. If ultimately nobody “owns” each line of code, I reckon the potential for problems is high.
jomichell.bsky.social
I reckon this is right. I’ve used it a bit now for coding. It’s good and can save time but it’s really not great. For anything remotely subtle, it’s pretty terrible. Security bugs tend to be subtle, or at least the good ones do anyway.
kentindell.bsky.social
“AI is its own worst enemy in terms of generating code that’s insecure. If AI is being trained in part on old, vulnerable, or low-quality software that's available out there, then all the vulnerabilities that have existed can reoccur and be introduced again, not to mention new issues.”
Vibe Coding Is the New Open Source—in the Worst Way Possible — WIRED UK
As developers increasingly lean on AI-generated code to build out their software—as they have with open source in the past—they risk introducing critical security failures along the way.
apple.news
Reposted by Jo Michell
briantrumpet.bsky.social
Everything he's reported to have said in this BBC piece sounds like he's desperately trying to distance himself, knowing that the connection is real and toxic. If the press were investigating Farage with the same enthusiasm they went for Rayner, he'd be done for.

www.bbc.co.uk/news/article...
Nigel Farage 'stunned' ex-Wales Reform leader Nathan Gill took bribes
Nathan Gill has admitted taking money for pro-Russian statements as a European Parliament member.
www.bbc.co.uk
jomichell.bsky.social
Bonus points for use of “black hole” without quotation marks.
jomichell.bsky.social
I guess, with the benefit of the doubt, it could be interpreted as “tightening over the next few years is not appropriate” but agree that isn’t what it actually says.
jomichell.bsky.social
The claims about uncertainty are stated with an odd degree of certainty.
jomichell.bsky.social
Presumably he knows how this works — I assume he means that £30bn of planned adjustment against missing fiscal rules headroom is needed in the upcoming budget.
jomichell.bsky.social
I don't understand what the intended purpose of the 'rolling hills' clause is. 'The lawyers want the oil to stay in the ground for broad environmental reasons' is the intended meaning, i think, so I'm not sure what the extra clause adds.
jomichell.bsky.social
More details are needed on this proposal. A permanent end to QT means a large chunk of the outstanding gilt stock permanently on the Bank’s balance sheet. We currently pay Bank rate on this. How will it be managed in future? This is at best an incomplete proposal.
One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its
commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank's slowing of QT last month was a
concession. An immediate and complete end would send the right signal.
jomichell.bsky.social
Impressed that your opinions on ale are as misguided as your opinions on music!
jomichell.bsky.social
Well, OK, no, not actually worse but they would raise taxes you know.
jomichell.bsky.social
“Are Mamdami and AOC really worse than Trump?” Asking the real questions in the FT. www.ft.com/content/a0ad...
Would leftwing populism really be worse than rightwing authoritarianism?
Not this kind. In fact, I'd argue that most Americans really have no idea what socialism is, given that much of what passes for it in the US would be considered middle of the road in much of Europe. But it is true that taxes on wealth and regulatory burdens - already high in some areas - could increase if the hard left gains power.