The Official Economic Discussion Thread

🚸 UNDER CONSTRUCTION 🚸

Thread dedicated to all thing economic. News, debates, history, etc

LATEST NEWS

2/24/2020 - HSBC to Cut 35,000 Jobs and $100 Billion of Assets

LONDON— HSBC Holdings PLC said it would shed 35,000 jobs and cut business lines and customer relationships across the U.S. and Europe, the latest phase in a decade long retreat from global ambitions to focus on its Asian heartland.

.

The planned overhaul of the U.K.-based bank, one of the world’s largest by assets, marks a significant step in a reorganization that started in the wake of the global financial crisis. Founded in Hong Kong in 1865, HSBC operates in 64 countries and territories but makes half of its revenue in Asia.

.

HSBC said the scaling back will help free up $100 billion in risk-weighted assets to reinvest into the faster-growing Asia and Middle East regions.

wsj.com/articles/hsbc-holdings-2019-net-profit-plunged-53-11582001092

Notable Economists

Adam Smith

Most notable work: The Wealth of Nations

Karl Marx

Most notable work: Das Kapital (Volume 1)*

Volume 2 and 3 published after his death by partner Engels, based on Marx's notes

John Maynard Keynes

Most notable work: The General Theory of Employment, Interest and Money

Joseph Schumpeter

Most notable work: Capitalism, socialism and democracy

Will add famous theories and economic models here

not in; therefore i'm out

how are you gonna put wealth of nations without including the theory of moral sentiments as well

where pointes at

Because it’s accessible, and everyone has heard of it. Not just people that have studied the field

Repping my man Marx

I was at a presentation last night and the presenter said on average, Asians make more than whites

The data was from 2017, but on average Asians made like $200 more than whites a week

although, when adjusted, the gap is smaller than it seems in the data, but there is still a gap there (although it’s more even)

I wonder how it has changed in the past two years though

ight so when the economy crashing i need a house

Soon

Planned economic downturn on the way. Who would’ve thought nearly everyone could be convinced to play Monopoly with their actual lives.

I would argue it’s only planned in the sense that in a market economy, contractions are just apart of the cycle. It’s the way the economy “cleanses” itself

But yes, we are likely due for one

Stock market up big. New and historic record. Jobs jobs jobs! Spend your money well.

My comrade peers should look into Veblen, interesting take on the working class vs capitalist class

Instead of a proletariat revolution, the working class idolizes the bourgeoisie and wants to emulate them, and that’s what keeps them in the system (in addition to taking on debt to emulate to rich)

It’s an interesting way of thinking about class relations, and seems kinda accurate in a way tbh

"Landlords are the only one of the three orders whose revenue costs them neither labour nor care, but comes to them, as it were, of its own accord, and independent of any plan or project of their own. That indolence, which is the natural effect of the ease and security of their situation, renders them too often, not only ignorant, but incapable of that application of mind" - Adam Smith

Economics thread with no mention of Piketty in OP

proto-georgism

in 🏦💰💱💹🤑💲💳💴💵💶💷💸🌎

Truly hilarious to me how u spend your free time roleplaying a 73 year old man

Recession fears receding as market continues to show strong growth

there will absolutely be a recession coming. it may not be by next year, but it is inevitable. stock market growth is an unreliable indicator of the possibility of a recession as well.

Next recession will be caused by corporate debt quote me when it happens k bye

Oh for sure, it just may not be as soon as previously thought, at least according to some economists (although they have been very wrong before)

Recessions are inevitable

There’s always a rise before a fall

:pog: