Nothing Phone 1: After its launch last month in India and globally, the most-hyped smartphone Nothing Phone (1) will be going on the third sale today. Nothing Phone (1) went on sale on July 21 and July 30 but went out of stock in a few hours due to high demands across India. Now, smartphone brand has announced that the Nothing Phone (1) will be available from August 5 in India exclusively on Flipkart.
Nothing Phone 1 India price
The Nothing Phone (1) price in India is Rs 32,999 for the 8GB + 128GB configuration variant. The smartphone also retails in 8GB + 256GB and 12GB + 256GB configurations that are priced at Rs 35,999 and Rs 38,999 respectively. The Nothing phone (1) comes in two colors — White and Black and it has a unique transparent back and Glyph interface.
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Nothing Phone 1 specifications
The Nothing Phone (1) comes with a unique design offering a transparent back panel. The back of the device also has 900 LEDs that blink whenever notifications hit the device. Nothing calls this the Glyph interface. The Glyph interface will have several patterns of how the LEDs blink.
The smartphone sports a 6.55-inch punch-hole display with Full-HD+ resolution and 120Hz refresh rate/240Hz touch sampling rate. It is a flexible OLED panel with symmetrical bezels. The screen supports 1 billion colors, 1200 nits of peak brightness, 402 PPI pixel density, and has HDR10+ certification. The display also doubles up as an in-display fingerprint scanner offering added security. The front and back of the phone have Corning Gorilla Glass 5 protection and the frame is made up of Aluminum.
The device is powered by the 6nm Qualcomm Snapdragon 778G+ octa-core SoC paired with 8GB/12GB of RAM and 128GB/256GB of UFS 3.1 internal storage. The device packs a 4,500mAh battery and has 33W wired, 15W wireless, and 5W reverse wireless charging technology. The company said that users can get 18 hours of use with every charge and two days on standby, and it can reach 50 per cent power in just 30 minutes of charge.
It boasts a dual-camera system with a 50MP Sony IMX766 primary lens. This main lens has an aperture of F/1.8 and supports 10-bit color videos. It is assisted by a 50MP Samsung JN1 ultra-wide lens. On the front, it has a 16MP Sony IMX 471 selfie lens. The device runs on Android 12 OS out of the box and has Nothing OS on top of it. Nothing claims that the device will get three years of software updates and four years of security patches.
Liam Gallagher shocked fans as he debuted a new blond hairdo to his Instagram account on Thursday.
The singer-songwriter, 49, showed off his newly-dyed platinum locks in a selfie for his 1.5 million followers in which the musician was seen smiling up close and personal to the camera.
The Oasis frontman sported a much lighter hair colour, flashing a wide grin as he playfully captioned the photo: ‘Hey blondie.’
Platinum: Liam Gallagher shocked fans as he debuted a new blond hairdo to his Instagram account on Thursday
Within moments, the musician’s fanbase reacted to the image, with one musing: ‘Liam Blondagher.’
Another quipped: ‘What’s the story blondie glory.’ A third told Liam he looked at Nirvana’s frontman ‘Kurt Cobain.’
Another follower liked him to ‘a late 90s Robbie Williams,’ while others gushed writing: ‘Always beautiful’ and ‘blonde suits you Liam.’
Out with the old: The singer-songwriter, 49, debuted his newly dyed hair from brown to blond platinum on his Instagram account (pictured R in 2019)
Witty: I captioned the post: ‘Hey blondie’
Another fan suggested: ‘Too long down in Australia does that to the hair.’
The Oasis frontman is currently Down Under on tour to promote his latest album ‘C’mon You Know’ and also played at the Splendor In The Grass festival over the weekend.
Liam’s shows were marred by controversy after he lashed out at an Australian reviewer for only giving his show 3.5 stars.
Opinion: Within moments, the musician’s fanbase reacted to the image
Gallagher, who performed at Aware Super Theatre, unleashed at Sydney Morning Herald reporter George Palathingal on Twitter.
Thank you [sic] for your review last night George it’s good to know you didn’t have a BIBLICAL time like the rest of us. Onwards n sideways you massive p**sflap,’ the British crooner tweeted.
Earlier this month it was reported Liam finally bought his girlfriend Debbie Gwyther an engagement ring, three years after getting down on one knee.
Showman: Gallagher, who performed at Aware Super Theater to promote his new album ‘C’MON YOU KNOW’, unleashed at Sydney Morning Herald reporter George Palathingal on Twitter after reading his lackluster review on Sunday morning
She had been spotted wearing a band on her wedding ringer while in Norway, in a snap shared to Instagram.
A source told The Sun: ‘It’s her engagement ring, it’s stunning, simple and she loves it. We are all still eagerly awaiting the wedding.’
The couple were due to marry back in 2020, but the plans for their Italian wedding had to be scrapped due to the Covid-19 pandemic.
Speaking to Zoe Ball on BBC Radio 2 in June 2020, Liam said the mask mandates stopped the wedding.
Loved-up: Debbie and Liam have been dating for more than five years and got together after Liam’s marriage to pop star Nicole Appleton fell apart
‘It’s been put back now until next year because I think we had to wear masks and stuff and I am not getting married with a mask on.’
Debbie and Liam have been dating for more than five years and got together after Liam’s marriage to pop star Nicole Appleton fell apart.
Debbie and Liam have been dating for more than five years and got together after Liam’s marriage to pop star Nicole Appleton fell apart
The former couple – who called it quits after his affair with journalist Liza Ghorbani came to light – were married from 2008 to 2014.
Liam was previously married to Patsy Kensit from 1997 until 2000, during which he cheated on her with Lisa Moorish, who gave birth to their daughter Molly in 1998.
Rocker Gene is the son Liam shares with Nicole, while Lennon is from his first marriage to Patsy. The artist also has daughter Gemma from his romance with Liza.
Family: Rocker Gene (far right), is the son Liam shares with Nicole, while Lennon (far left), is from his first marriage to Patsy (pictured together with Molly last year)
Luke Keary always knew that he was only wearing the No.7 jersey until Sam Walker was ready to take it over and the Sydney Roosters playmaker believes that time has now arrived.
After scoring a try and setting up two more in Thursday night’s 34-16 defeat of the Broncos at the SCG, Keary said it felt natural to be backing playing the five-eighth role, while Walker reveled at halfback on the opposite side of the ruck .
The differences may only be subtle but Keary said there was more to the halfback and five-eighth positions than just the numbers on his and Walker’s jerseys.
“Playing No.6 on the left side is something I really enjoy and I feel comfortable,” Keary said. “I have obviously done it for a long time over there and I just know my role and I know how to get it done.”
Walker was called up last season to make his debut as an 18-year-old after Keary ruptured his ACL in round three and Roosters coach Trent Robinson wanted the three-times premiership winner to show his younger halves partner the ropes when he returned.
Keary, who revealed that he had committed to Ireland for the end-of-season World Cup, played the halfback role for the first 14 rounds of the season until a head knock against the Storm forced Walker to step up while he spent five weeks recovering .
During that period, Walker was also called into the Queensland Origin squad for the July 13 series decider and while he didn’t play the recognition has boosted his confidence.
Since Keary’s return, he has reverted to the five-eighth role against Manly and Brisbane, with Walker remaining at halfback.
“I said in the pre-season that at some point he is going to take over that role and he is more the natural No.7 type player,” Keary said. “We are definitely in a better place the way it is at the moment.
“He can feel his way through it a bit more rather than trying to do it in a position that he is not as comfortable in, in the No.6 jersey.”
Robinson said that the switch suited both players and he always envisaged it would happen at some stage during the season.
“There is importance in a number and the side of the field, but there is also importance in the players’ individual style of play and how they can play and what to play,” Robinson said.
“They are high quality players that can dominate the opposition and as a 20-year-old you are going to run into different fits and spurts about the choices you make, so is a 30-year-old in the five-eighth style that Luke plays the game as well.”
Playing on the right side, Walker assumed most of the responsibility for kicking in general playing – particularly long kicks.
“Obviously the right side half does do a bit more kicking, you are on the better side to kick the long ones and as a seven that is your responsibility to get the team around and make sure you finish sets, and the six compliments that. ” Keary said.
“We mix it up a bit. You want the seven to take care of option one and then the six can find an option two. You get a bit more freedom as a six, you are more linking with your backrowers than your middles, which is what I have enjoyed a lot in my career.”
Walker’s 13 kicks yield 319 meters times, while Keary kicked four times. Both forced a goal line drop out and Walker laid on the opening try of the match for second-rower Nat Butcher with a chip kick over the Broncos defense.
“That’s the bits that he walked in the door with,” Robinson said of Walker.
“Dominating the start of a game and how you push a team around without touching the ball, they’re the things we are adding. But the instinct of seeing the fullback in the line and chipping the ball, that’s why we went and got him.”
Meanwhile, Keary confirmed his intention to play for Ireland at the World Cup in England.
“I stuck my hand up for them in 2017, it didn’t eventuate because I had a few things at the back end of the year so we will just see how the next few weeks go, but I have told the people I need to tell what my intentions are,” he said.
“I wish I did play for Ireland in that World Cup, I just didn’t get to. I have always had a connection there since I was a kid.
“Dad’s family are still over there. He has gone to visit, I haven’t been over there but you just feel proud. When you talked about it as a kid you always felt proud. It makes me think good about it.
Keary’s call follows Roosters team-mate Victor Radley’s recent decision to pledge his representative allegiances to England but the former Kangaroos five-eighth revealed he had been talking with Ireland officials for some time.
“I spoke to them at the start of the year,” he said. “We have got Jamaica, Lebanon and the Kiwis. If we can get through those first two games, I think we will be right.
“It is going to be a great World Cup, there are so many great NRL players who are putting their hands up to play for their nations of birth or heritage or where their parents come from. I think it is great for our game.”
Former Council of Economic Advisers chairman Kevin Hassett analyzes the president’s Inflation Reduction Act on “Cavuto: Coast to Coast.”
The newest health care and climate spending bill from Democrats includes an $80 billion increase to the Internal Revenue Service that is intended to help the agency crack down on wealthy tax cheats. However, Republican critics say that a bigger IRS could ultimately hurt lower-income Americans.
Providing the IRS with an influx of funding has been a top priority for President Biden. It has emerged as one of the most prominent financiers of the Inflation Reduction Act that Senate Majority Leader Chuck Schumer, DN.Y., and Sen. Joe Manchin, DW.Va., unveiled last week.
The Democrats projected that enhancing IRS funding could add an extra $124 billion in federal revenue over the next decade by hiring more tax enforcers who can limit tax evasion by rich individuals and corporations. Roughly $1 trillion in federal taxes goes unpaid yearly because of errors, fraud and a lack of resources to adequately enforce collections, according to an estimate from IRS Commissioner Chuck Rettig last year.
But GOP lawmakers have sounded the alarm over the proposal, warning that it could have serious ramifications for lower-income workers.
DEMOCRATS’ MINIMUM CORPORATE TAX WOULD HIT THESE INDUSTRIES THE HARDEST
The Internal Revenue Service headquarters in Washington, DC, Feb. 25, 2022. (Al Drago/Bloomberg via Getty Images/Getty Images)
That’s because the IRS disproportionately targets low-income Americans when it conducts tax audits each year. In fact, households with less than $25,000 in earnings are five times as likely to be audited by the agency than everyone else, according to a recent analysis of tax data from fiscal year 2021 by the Transactional Records Access Clearinghouse (TRAC) at Syracuse University.
The reason for that is a rise in what is known as “correspondence audits,” meaning the IRS conducts reviews of tax returns via letters or phone calls rather than more complex face-to-face audits. Just a fraction — 100,000 of the 659,000 audits in 2021 — were conducted in person.
According to the Syracuse study, more than half of the correspondence audits initiated by the IRS last year — 54% — involved low-income workers with gross receipts of less than $25,000 who claimed the earned income tax credit, an anti-poverty measure.
Even taxpayers with a total positive income that ranged from $200,000 to $1 million had one-third the odds of being audited by the IRS compared to the lowest-income wage earners. About 9 million taxpayers reported these high-income levels in 2021, but fewer than 40,000 of their returns were audited, or roughly 4.5 out of every 1,000. That contrasts sharply with lower-income Americans, who faced an audit rate of 13 out of every 1,000.
Sen. Joe Manchin, DW.Va., left, talks with Senate Majority Leader Chuck Schumer, DN.Y., before the ceremony where President Joe Biden signed the Consolidated Appropriations Act, March 15, 2022, in Washington, DC (Chip Somodevilla/Getty Images/Getty Images)
STRATEGISTS, TAX EXPERTS WEIGH IMPLICATIONS OF MANCHIN-BACKED BILL ON MIDTERM ELECTIONS
The discrepancy is primarily due to high-income taxpayers having complex investments that can easily shroud the gaps between taxes owed and paid vs. tax reported and paid.
“Barring an unlikely significant change in the composition of IRS enforcement, the stepped-up IRS enforcement would subject taxpayers across the income spectrum to more scrutiny and greater audit risk,” the right-wing Heritage Foundation said in a recent blog post.
The Heritage Foundation noted that most IRS individual audit examinations target taxpayers reporting less than $50,000 of adjusted gross income. Although that group earns considerably less income than others, it faced recommended tax adjustments from the IRS of about $3.4 billion in fiscal year 2010. That compares to about $3.7 billion for those Americans reporting more than $50,000.
President Joe Biden speaks about the economy and the final rule implementing the American Rescue Plan Special Financial Assistance program, protecting multiemployer pension plans, at Max S. Hayes High School in Cleveland, Ohio, July 6, 2022. (Saul Loeb/AFP via Getty Images/Getty Images)
The IRS has maintained that it will not increase audits on households earning less than $400,000 if the $80 billion in funding is approved.
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“These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans,” Retting, the IRS commissioner, wrote in a letter to lawmakers on Thursday. “As we have been planning, our investment of these enforcement resources is designed around the Treasury’s directive that audit rates will not rise relative to recent years for households making under $400,000.”
In recent days, the Meet merger widely rolled out to Google Duo for Android and iOS. Google is now readying to start the next phase where the Meet icon and name replaces Duo’s following a mobile app update.
Update 8/5: Version 172 of “Google Duo” introduces the Meet branding on Android. Duo’s blue icon remains until you open the app to a “Duo has been upgraded to Meet” prompt and press “Continue.”
Look for the Meet name and icon as your one app for video calling and meetings
All your video calling features are here to stay Keep making video calls to friends and family, sending messages, and using fun filters or effects
Try creating video meetings for everyone to join Schedule time to connect when everyone can join, and use virtual backgrounds, chat, captions and live sharing
The launcher icon will change after that to the four-colored Meet video camera against a white background as the app drops in alphabetical order to “Meet.”
This update is not widely rolled out yet, while the Play Store listing currently lacks this new branding. We’re not seeing a new release on iPhone and iPad yet.
Original 8/3: The Google Duo icon (from 2016) with a white video camera inside the blue, teardrop-shaped container is going away. It will be replaced by a boxy, four-colored camera, while the name goes from “Duo” to “Meet.”
A notification will explain the change further, with users getting access to “both video calling and meeting capabilities.” The latter requires you to sign-in with a Google Account (not just a phone number).
Video calling capabilities are still available in the updated Duo app on mobile devices at no cost. Conversation history, contacts, and messages remain.
These Duo-to-Meet icon updates on Android and iOS start today and will be completed by September, with the Google Play and App Store listings also changing. It comes as the original Google Meet app has been updated to “Meet (original)” with a green icon in recent days. This legacy client will eventually go away, though functionality will remain in the Gmail tab.
Throughout this process users can continue using Meet (original) to join and schedule meetings, but we recommend using the updated Google Meet app to get combined video meeting and calling features all in one place.
At the same time, Google Meet branding is coming to duo.google.com, but there are no changes to calling capabilities or functionality yet. In the next few months, the web app will redirect to meet.google.com/calling.
More on Google Meet:
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A sweeping, large-scale woven sail, once used on fishing boats between Arnhem Land and Indonesia prior to colonization, has won first prize in the prestigious National Aboriginal and Torres Strait Islander Art Awards.
Six other artists have won category prizes including bark painting and multi-media works, picked from 63 finalists from over 200 entries.
This year the NATSIAA’s became the richest art award in the country, with $190,000 in the overall prize pool and a doubling of the top prize to $100,000.
These are the winners.
Telstra Art Award
Margaret Rarru Garrawurra with her winning work.(ABC News: Pete Garnish)
The major prize this year went to senior Yolngu artist Margaret Rarru Garrawurra for Dhomala (pandanus sail).
Ms Garrawurra, who lives in Milingimbi in north east Arnhem Land, recreated the type of sail used on Macassan fishing by boats, which came to trade with Yolngu in north east Arnhem Land prior to colonisation.
The weaving style used in the piece was taught to her by her father, who was taught by his father.
The work features the rich black plant dye Ms Garrawurra has become renowned for, which she gathers and prepares herself.
Friend and sister Helen Ganalmirriwuy, who helped interpret for Ms Garrawurra, said that of all the mediums her sister works in, weaving is “her favorite in her heart”.
General Painting Award
Ngangkari Ngura, by Betty Muffler.(Supplied: MAGNT)
Indulkana artist Betty Muffler won the General Painting Award with a piece titled Ngangkari Ngura (Healing Country).
Bark Painting Award
Yirrkala elder Meriki Ganambarr-Stubbs with the late D Yunupingu’s winning work Yunupiŋu —The Rock.(Supplied: MAGNT)
D Yunupingu’s work among other finalists.(Supplied: MAGNT)
The Bark Painting Award this year recognized a work titled Yunupingu (the rock) by D Yunupingu from Yirrkala, who died in 2021.
Works on Paper Award
Detail of Gary Lee’s winning piece for Works on Paper Award, titled Nagi.(Supplied: MAGNT)
Larrakia man Gary Lee, from Garramilla/Darwin, won the Works on Paper Award with a pastel, pencil and digital print work titled Nagi.
Wadjuk Marika Memorial 3D Award
Bonnie Burangarra and Freda Ali Wayartja with their work that won the Wandjuk Marika Memorial 3D Award.
A joint work by Bonnie Burangarra and Freda Ali Wayartja from Yilan in the Northern Territory won this year’s Wandjuk Marika Memorial 3D Award. The work is titled An-gujechiya.
Multimedia Award
A still from Jimmy Thaiday’s winning work for the Multimedia Award, Beyond the Lines.(Supplied: MAGNT)
A video work by Jimmy John Thaiday from Erub in the Torres Strait,titled Beyond the Lineswon this year’s Multimedia Award.
Emerging Artist Award
Louise Malarvie with her winning work.(Supplied: MAGNT)
The Emerging Artist Award, given to an artist in the first five years in their practice, this year went to Louise Malarvie from Kununurra, for a work titled Pamar Yara.
A tumultuous season in Bondi looks to be coming good at the right time – but nobody in the Roosters camp is taking it for granted.
Injuries, suspensions and some mediocre form at times in the first half of the year have kept the Chooks off the pace and out of the top eight for chunks of their campaign – but now, with just a month left to play, nothing’s out of the question. Including the top four.
If you want to look at how locked in the Roosters are right now, it was the actions of Jared Waerea-Hargreaves both during and after Thursday’s win over the Broncos.
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AS IT HAPPENED:Commonwealth Games 2022 day 7 results
First, the veteran prop gave Sam Walker an on-field spray over a play (on a set that led to a Roosters try, no less), and then made it clear to his teammates after the game that they were far from their potential, despite the quality of this win over Brisbane.
Waerea-Hargreaves’ actions had the full endorsement of his coach.
Jared Waerea-Hargreaves during the Roosters’ win over Brisbane. (Getty)
“Jared’s coached as many players as I have, so that’s his role (on the field),” Trent Robinson said after the game.
“We care about the way that we play the game and we feel like we can get better. It’s not just about finishing a game going, ‘What happened, how can we get better?’ On the field, these guys are coaching each other.’
Stream the NRL premiership 2022 live and free on9Now
“We’ve got more in us and the coach isn’t going to decide that. We know how we’re going to play, it’s those guys on the field nailing it.”
A couple of weeks ago the top eight was up in the air. Now, they’re eyeing off an extra chance in the finals.
The Roosters leapfrogged arch-rivals South Sydney into seventh place after the win, although the Rabbitohs have a game in hand against the lowly Warriors on Saturday.
But should other results go their way, Robinson’s team will find themselves out of the top four only via for and against.
Radley’s head split open in head clash
“Our best is yet to come because of what we’re talking about with Jared. Jared wants more, Teddy talked about it after the game to the team,” Robinson said.
“It’s not about a negative point of view, but we feel we’ve worked hard enough this year and tried different things that it’s time to play better.”
They were far from their best in a 20-10 win over a weakened Manly last week, and looked to step it up a gear as they ran in six tries against a team with top four aspirations of their own in the Broncos.
“The last month has been good, and improving, but we’ve got to keep going,” Robinson said.
Tedesco reiterated that the team was extremely disappointed after the win at Brookvale, and although last night was an improvement, there was a long way to go.
“It was better – but again, we’re still striving for better,” he said.
“We’re still chasing that 80 minute performance – we’re getting better and better and we’re learning a lot of lessons along the way.”
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Uniform controversies that have rocked sport around the world
WASHINGTON – FBI Director Christopher Wray on Thursday expressed deep concern for rising violence in the US driven by an array of domestic grievances, from election-related disputes to lingering anger following the Supreme Court’s decision to overturn the landmark abortion-rights case Roe v. Wade.
“I feel like everyday I’m getting briefed on somebody throwing a Molotov cocktail at someone for some issue,” Wray told the Senate Judiciary Committee. “It’s crazy.”
Describing an unusually volatile environment, Wray lamented that law enforcement officers have been increasingly targeted, with an “alarming” number killed in ambush attacks.
“It is a dangerous world out there,” the director told lawmakers.
He called election and politically-motivated violence “almost a 365-day phenomenon,” an outgrowth of the country’s deep divide. Of the Supreme Court’s recent abortion decision, he said tensions continue to run high.
More:Merrick Garland comments on armed man arrested outside of Justice Brett Kavanaugh’s home
“I believe we have seen an uptick in that category,” the director said, referring to violence associated with the abortion decision, warning that such acts would not be tolerated.
“I don’t care what side of the issue you are on,” Wray said. “You don’t get to use violence or threats of violence” to address disputes.
Later Thursday, federal authorities unveiled criminal charges against a 25-year-old Michigan man accused of setting fire to a Planned Parenthood building in Kalamazoo.
Prosecutors said Joshua Brereton was identified as the man in a July 31 surveillance video who “breached a fence surrounding the building, used a combustible fuel to ignite the exterior bushes of the building, lit a fireplace starter log, and then threw the burning log onto the roof of the building, ultimately starting two separate fires.”
Before the fire, Brereton allegedly posted a video to his YouTube channel in which he referred to abortion as “genocide.”
While Wray said that domestic extremists represent the most lethal threat to the country, he remained concerned about the continuing risk posed by international terrorists, including al-Qaida, even after a weekend US drone strike killed al-Qaida leader Ayman al-Zawahri in Afghanistan .
More:Now that al-Qaida leader al-Zawahri is dead, the questions begin. Here are some of the biggest ones.
More:‘Justice has been delivered’: Biden says US strike in Afghanistan killed top al-Qaida leader Ayman al-Zawahri
Nearly a year after the chaotic withdraw of US forces from Afghanistan, Wray said he worried about the loss of intelligence sources and the possible reconstitution of al-Qaida, despite al-Zawahri’s death.
Asked his reaction to the news that al-Zawahri was ultimately tracked to a Taliban-controlled guesthouse in the Afghan capital of Kabul so soon after the US withdraw, Wray said: “Not surprised, but disappointed.”
Sen. Lindsey Graham, RS.C., pressed Wray on what such a close association of al-Qaida and the Taliban might mean for the US and its allies.
Instead, the Bank of England’s announcements are being seen so far as refreshingly direct and honest. They are also acting as a catalyst for serious discussions and analysis and, as important, deeper consideration of what is being proposed by the two candidates for prime minister.
‘Trusted adviser’
The Bank of England is reminding the world what a politically independent central bank can and should do: act as a “trusted adviser”, willing to share analytically honest views that other more politically sensitive institutions are either unable or unwilling to do.
Of course, this is not a risk-free approach. Such honesty – rather than catalyzing appropriate responses from policymaking agencies that lead to better economic and social outcomes – can provoke household and corporate behaviors that accelerate the bad outcomes.
Yet the risks involved are worth taking, especially when the alternative is a central bank that loses institutional credibility, sees the effectiveness of its forward policy guidance erode and becomes even more vulnerable to political interference.
It should also be noted that the UK’s situation differs in some important way from those of other countries. The country’s economic challenges are complicated not only by the energy price catch-up but also by the political transition and the changing nature of the country’s relations with its trading partners.
This is not to say that the implications for other countries do not go beyond the importance of analytical directness and intellectual honesty. They do. Indeed, I can think of four others:
Illustrating the elusiveness of “first best” policy responses in a world in which central banks fell behind in responding to inflation. Acting as a reminder that, in such a world, the prospects of high inflation and recession can coexist.
Highlighting the need for central banks to act relatively aggressively despite the likelihood of inflation destroying demand. Stressing the need for governments and multilateral institutions to assist in efforts to contain inflation, promote productivity and growth, and protect the most vulnerable segments of the population.
I suspect that, in the next few days, the Bank of England will again discover that it is not easy to be the messenger of unpleasant news, no matter how honest and well-intended the approach is. Yet the example it sets for other central banks is an inspiring one, as is the possibility of acting as a catalyst for a more holistic response to the UK’s economic and social challenges.
Mohamed A. El-Erian is a former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management.
