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BlogEndgame for the Eurozone Bank Runs
Over at The Nation, Dimitri Papadimitriou writes about the accelerating eurozone bank runs, in which euros have been flowing out of Spanish and Greek banks and into Germany at an eye-popping rate, and lays out scenarios for how this whole things ends: The migration of money into Germany is quickening. And under TARGET 2, the [...] -
The Takeaway from LIBOR: Break Up the Big Banks, Study Finds
Bank Systems Technology, August 23, 2012. Copyright © 2012 UBM TechWeb. All Rights Reserved. The LIBOR scandal clearly indicates that banks have grown too large to effectively regulate, a new study by Bard College’s Levy Economics Institute claims. The report emphasizes the need for structural changes to the banks and rejects the idea that a […] -
Europe’s Highway to Hell
The Nation, August 21, 2012. Copyright © 2012 The Nation. All Rights Reserved. U.S. News and World Report, August 27, 2012. Copyright © U.S. News & World Report LP. All Rights Reserved. European policymakers are still enjoying their famously long, languorous summer holiday. The vacations will end in the coming days, with Germany’s Chancellor Angela […] -
Blog
The Paradox of Euro Survival and Other Lessons from the Crisis
Since eurozone governments don’t issue the currency in which their debts are denominated and can’t borrow euros directly from the European Central Bank, member-states essentially have to run budget surpluses—generating euros by taxing the private sector—if they’re going to reliably meet their debt servicing costs, according to Jan Kregel, and they have to run even [...] -
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Why Time Poverty Matters
(Updated) by Rania Antonopoulos and Michael Stephens Poverty is often measured by the ability to gain access to some level of minimum income, based on the premise that such access ensures the fulfillment of basic material needs. But this approach neglects to take into account the necessary (unpaid) household production requirements without which basic needs [...] -
Research Project ReportWhy Time Deficits Matter
Customarily, income poverty incidence is judged by the ability of individuals and households to gain access to some level of minimum income based on the premise that such access ensures the fulfillment of basic material needs. However, this approach neglects to take into account the necessary (unpaid) household production requirements without which basic needs cannot […] -
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A Cautionary Note about Stagflation in the 1970s
For those who worry that elevated federal deficits and quantitative easing (QE) by the Fed will lead to high inflation, a word about the macroeconomics of the 1970s. The topic came up in the news recently with the passing of economist and former presidential adviser Paul McCracken. In keeping with many orthodox accounts of the [...] -
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Wray on Monetary Policy and Financialization
Randall Wray joined Suzi Weissman for radio KPFK’s Beneath the Surface to discuss monetary policy, financial fraud, and a number of other issues. The interview kicked off with Wray explaining his skepticism of the effectiveness of monetary policy, and in particular of quantitative easing, under current conditions, touching also on the question of why this [...] -
Policy Notes No. 10Six Lessons from the Euro Crisis
Every crisis reveals unexpected consequences of economic policies. The current euro crisis should be no exception. As European Union governments search for a solution, there are already a number of lessons to be learned. Senior Scholar Jan Kregel outlines the top six. -
Policy Notes No. 10
Έξι μαθήματα από την ευρω-κρίση
Κάθε κρίση αποκαλύπτει απροσδόκητες συνέπειες των οικονομικών πολιτικών. Η τρέχουσα κρίση του ευρώ δεν θα μπορούσε να αποτελεί εξαίρεση. Καθώς οι κυβερνήσεις της Ευρωπαϊκής Ένωσης αναζητούν μια λύση, υπάρχουν ήδη ορισμένα διδάγματα. Ο Ανώτατος Μελετητής Jan Kregel περιγράφει τα έξι πιο σημαντικά από αυτά. -
MME, August 12, 2012
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Το ευρώ πληρώνει το προπατορικό αμάρτημά του…
Κυριακή Εθνος, 12 Αυγούστου 2012. All rights reserved. Στην ελλατωματική αρχιτεκτονική του Ευρωσυστήματος αποδίδει την κρίση χρέους ο διακεκριμένος Ελληνας οικονομολόγος. Πιστεύει ότι η μόνη λύση είναι τα μέτρα ανάπτυξης, τονίζοντας χαρακτηριστικά ότι τα προγράμματα διάσωσης ήταν καταδικασμένα σε αποτυχία μιας και είχαν ως κύριο σκοπό την εξαγορά χρόνου, με την ελπίδα ότι τα προβλήματα […]