Filter by
4186 results found
-
Working Paper No. 693Euroland in Crisis as the Global Meltdown Picks Up Speed
Yet another rescue plan for the European Monetary Union (EMU) is making its way through central Europe, but no one is foolish enough to believe that it will be enough. Greece’s finance minister reportedly said that his nation cannot continue to service its debt, and hinted that a 50 percent write-down is likely. That would […] -
Working Paper No. 693
Η Eυρωχώρα σε κρίση καθώς η παγκόσμια κατάρρευση ανεβάζει ταχύτητα
Ένα ακόμα επιπλέον σχέδιο διάσωσης για την Ευρωπαϊκή Νομισματική Ένωση κατευθύνεται μέσω κεντρικής Ευρώπης, αλλά κανείς δεν είναι αρκετά ανόητος να πιστέψει ότι είναι αρκετό. Ο Υπουργός Οικονομικών της Ελλάδας δήλωσε, με βάση κάποιες αναφορές, ότι η χώρα του δεν μπορεί να εξυπηρετήσει το χρέος της και άφησε να εννοηθεί ότι μια διαγραφή ύψους 50% […] -
Blog
How Much Food Will a Week’s Earnings Buy? (Fall Edition)
(Click to enlarge.) Signs of serious inflation in broad price indices such as the consumer price index (CPI) have been rare over the past few years, confounding many critics of the stimulus bill and the Fed’s efforts to reduce interest rates. However, as I reported in a blog entry last spring, most food-commodity prices were [...] -
Blog
Modern Money Links
1. John Quiggin offers a critique of what he calls a “misreading of MMT.” 2. Bill Mitchell, interviewed by the Harvard International Review, waxes functional (emphasis added): Particular budget outcomes should never be a policy target. What the government should be targeting is real goals, by which I mean a sustainable growth rate buoyed by [...] -
Blog
Polychroniou on Merkel-Sarkozy
In his latest one-pager (“Dawn of a New Day for Europe?“) C. J. Polychroniou anticipates the outlines of a Merkel-Sarkozy agreement on policies designed to address the eurozone debt crisis, and comes away skeptical. Polychroniou suggests that a massive infusion of emergency funding, somewhere on the order of 2 to 3 trillion euros, would be [...] -
Blog
Great White Northern Class Traitor
Add central banker Mark Carney (governor of the Bank of Canada—and former vampire squidite) to the list of class traitors unlikely supporters of the Occupy Wall Street movement, calling it “entirely constructive“: In a television interview, Mr. Carney acknowledged that the movement is an understandable product of the “increase in inequality” – particularly in the [...] -
Blog
Faith-Based Economics
Rob Parenteau has a post at Naked Capitalism commenting on Wolfgang Münchau’s article in the Financial Times. Münchau argues that policy makers in Europe largely ignored the spillover effects of simultaneous fiscal contraction across the entire eurozone. Parenteau insists that, at least at the level of ideas, the problem occurs at a much more basic [...] -
One-Pager No. 15Dawn of a New Day for Europe?
Failure on the part of EU leaders to address the eurozone crisis is in large part due to the fact that Germany and France are at opposite poles—politically, economically, and culturally. In this context, the announcement by Germany’s Angela Merkel and French President Nicolas Sarkozy that they’ve agreed to a comprehensive package of proposals to […] -
One-Pager No. 15
H αυγή μιας νέας ημέρας για την Ευρώπη
Η αποτυχία εκ μέρους των ηγετών της ΕΕ να αντιμετωπίσουν αποτελεσματικά την κρίση της ευρωζώνης έχει να κάνει σε μεγάλο βαθμό με το γεγονός ότι η Γερμανία και η Γαλλία βρίσκονται σε αντίθετους πόλους—πολιτικά, οικονομικά και πολιτιστικά. Στο πλαίσιο αυτό, η ανακοίνωση που έγινε από την Μέρκελ και τον Σαρκοζί πως έχουν συμφωνήσει σε ένα […] -
Blog
Inequality and Crisis
Nouriel Roubini argues at Project Syndicate that widening inequality lends itself to both economic and political instability. In his latest policy brief, “Waiting for the Next Crash,” Randall Wray connects some of these same dots, tying the rise of “financialization” and soaring household debt levels to stagnating median incomes in the US: …as finance metastasized, [...] -
Blog
Uncle Sam Is Not Broke
The bowling alley cannot run out of points, and the US government cannot run out of keystrokes. Research Associate Stephanie Kelton slaps down the folk wisdom that there is nothing the government can do about unemployment because it’s “broke.” “We don’t understand our own monetary system.” (hat tip to NEP) -
Public Policy Brief No. 120Waiting for the Next Crash
Senior Scholar L. Randall Wray lays out the numerous and critical ways in which we have failed to learn from the latest global financial crisis, and identifies the underlying trends and structural vulnerabilities that make it likely a new crisis is right around the corner. Wray also suggests some policy changes that would shore up […]