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“Oh my god… I have no words.”
Listen to the emotional moment this year’s laureate Maria Corina Machado finds out she has been awarded the Nobel Peace Prize.
Kristian Berg Harpviken, Director of the Norwegian Nobel Institute, shared the news with her directly before it was announced to the world.
#NobelPrize #NobelPeacePrize
Just to summarize what’s happened in the last few weeks:
They concocted this whole thing based on a fundamental misunderstanding of the global economy. They think manufacturing jobs will come back (they won’t). They think free trade made us poor, when it actually made us rich. They think the current account deficit is unsustainable when it’s a rounding error in our aggregate net worth and also accretive to our net worth. They think being the reserve currency is bad when it’s a sign that everyone wants to do business with us. And they think poor foreigners were taking advantage of us when we’re the richest economy in human history.
And to "fix" all of these "problems" they implemented the one policy idea that almost every economist alive says is bad.
And then when they implemented that idea they misunderstood the math behind the rationale and came up with numbers that were irrationally huge. So they had to backpedal.
And when bond yields moved a tiny bit higher they panicked and "fixed" all of this by making the numbers slightly smaller, but they clearly hadn't done the math again because the numbers are still way bigger than any economist would ever recommend they be. Then they patted themselves on the back because of intraday moves in stocks while an economic hurricane continues to barrel towards us because they have no idea what they’re doing.
Amazing stuff.
IMPORTANT PLS SHARE. It's rumoured the English £9,250 tuition fee cap may be raised this pm for the 1st time in 8yrs, as University's finances are strained. As student finance misunderstandings abound, I've bashed out a few notes to help...
1. Higher tuition fees WON'T change what most pay each year. For most, they're paid for you by the student loans company and you repay afterwards only if you earn over the threshold. The amount you repay each year (9% over the threshold) solely depends on what you earn not on what you borrow.
2. Increasing tuition fees will only see those who clear the loan in full over the 40yrs pay more. That is generally mid-high to higher earning university leavers only, so the cost of increasing them will generally be born by the more affluent. Most lower and middle earning university leavers will simply pay 9% extra tax above the threshold for 40yrs (and higher tuition fees won't change that)
3. The rise is tuition fees is likely to be trivial compared to the changes the last govt made for 2023 starters. 2023 starters had their repayment thresholds dropped to £25,000 (from £27,295/yr) and had the time they had to keep repaying for (unless cleared) extended to 40years from 30years.
So these higher annual repayments for longer, increased by over 50% the amount many graduates will eventually have to pay back for going to university. Yet they were almost stealth changes because people can't intuitively feel the seismic impact.
Changing tuition fees is a more obvious rise, but in reality has far less of an impact on the amount most will repay (though combined with the 2023 changes it does certainly up the cost).
4. The biggest practical problem for students isnt tution fees (even if raised) its the fact maintenace loans aren't big enough. English maintenance loans have not kept pace with inflation. I'd urge the govt to couple the tuition fee loans with bigger living loans - if not it is a real risk to social mobility, with those from the poorest backgrounds likely to be worse affected.
I could write more, but will stop here, hopefully this gives an idea the issues are less straightforward than many feel.
BREAKING: https://t.co/JQWy2gTfhs just dropped a new track titled "Yes She Can"—and yes, “She” is Kamala Harris.
This is the anthem America needs to hear right now.
Audible gasps in room at result - James Cleverly was 18 points ahead y'day.
I've spoken to Tory MPs today who were voting for their preferred *second* candidate in final two - all were working on basis Cleverly was safe.
"The most sophisticated electorate in the world" 🤨
Journalists are meant to speak truth to power. That's our job. But what do you do when that power is your own news org?
This thread (professional suicide note?) is about @guardian & @ObserverUK's future. Because it turns out you can’t believe everything you read on a poster..
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We are living through a decade in which every year brings more deaths, more refugees, more democratic backsliding - and in which prudence and restraint is swept aside. We are losing peace, order and hope. This is on our watch. In our hands.