(1) Computers do not have brains; the machines do as they are told (by human beings—programmers—with all the positives and negative biases that come with human beings). As a result, people should not get carried away with “artificial intelligence” or over rely on computer results without investigating how the computer achieved its result (that is, the program).
See an interesting post at the Naked Capitalism blog: Cathy O’Neil, “Algorithms are Opinions Embeded in Code.”
(2) Capitalism depends upon making some people poor in order to enrich others. People seek to defend this by blaming the poor for their suffering (defending the system that the critiquing person benefits from while justifying the precarious position in which the poor and other vulnerable people are placed in.) [Note: The economists of the Federal Open Market Committee have done the same, according to 2012 FOMC transcripts.]
See an another interesting post at the Naked Capitalism blog: Yves Smith, “If You’ve Never lived in Poverty, don’t tell People What They should do.”
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending August 26, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Personnel||Division of Supervision and Regulation — appointment of Jennifer Burns as deputy director.
-Approved, August 23, 2017
|Regulations and Policies||Treasury Repo Rates — publication for comment on the proposed production and publication of three interest rates by the Federal Reserve Bank of New York, based on data for overnight repurchase agreement transactions on Treasury securities.
-Approved, August 21, 2017
|Enforcement||The Bank & Trust, S.S.B., Del Rio, Texas — issuance of a consent cease-and-desist order.
-Announced, August 22, 2017
Santander Holdings, USA, Inc., Boston, Massachusetts — written agreement dated September 15, 2014, terminated August 17, 2017.
-Announced, August 24, 2017
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for August 31, 2017, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of August 30, 2017): $4,498,372 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)