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One-Pager No. 13Τα στοιχεία για την κοινωνική ασφάλιση διαψεύδουν τους παλαβούς ισχυρισμούς περί απάτης
Ο ερευνητής Greg Hannsgen και ο πρόεδρος Δημήτρης Β. Παπαδημητρίου διαψεύδουν τους ισχυρισμούς από τους σκεπτικιστές της Κοινωνικής Ασφάλισης ότι το πρόγραμμα δεν είναι τίποτα περισσότερο από ένα «σχέδιο Πόνζι». -
BlogWray on the Commodities Bubble and the Coming Crash
“The problem is that we have way too much money chasing way too few good assets. The total amount of financial bets out there is way over $600 trillion around the world. There just aren’t enough good investments to absorb that amount of money. So, what happens is they blow up–one asset after another. Then, [...] -
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Hudson on Privatized Credit Creation
Michael Hudson on the ECB and eurozone national central banks’ restricted abilities to purchase government debt: Their banks have perpetuated the “road to serfdom” myth that a central bank runs the danger of fueling inflation if it creates money – in contrast to commercial banks, which supposedly run no such danger if they create money [...] -
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Euro Toast, Anyone?
(Cross posted from EconoMonitor) Greece’s Finance Minister reportedly said that his nation cannot continue to service its debt and hinted that a fifty percent write-down is likely. Greece’s sovereign debt is 350 billion euros—so losses to holders would be 175 billion euros. That would just be the beginning, however. Nouriel Roubini has argued that the [...] -
Press ReleaseSocial Security Data Contradict Claims of “Ponzi Scheme” Fraud, New Paper from Levy Economics Institute Says
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Operation Twist Has a Twist
According to Alan Blinder, writing in the Wall Street Journal, the Fed’s latest operation includes a detail (“the sleeper in the package”) that is aimed at boosting the housing market: For more than a year now, the Fed has been allowing its portfolio of agency debt (e.g., Fannie Mae and Freddie Mac) and mortgage-backed securities [...] -
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How to Put More J in the AJA
Rania Antonopoulos, director of the Gender Equality and the Economy program at the Levy Institute, has a blog post up at Direct Care Alliance making the case for adding social care investments to the American Jobs Act, citing the large employment effects of direct job creation programs in early childhood education and long-term care for [...] -
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Forbes: The Smart Money Is Insane
Money quote from a recent Forbes article: “with the right parenting [psychopaths] can become successful stockbrokers instead of serial killers.” Also, a reminder that when we talk about how “the markets” are reacting to this or that, we’re talking about this guy: (hat tip to Thorvald Grung Moe, our visiting Norwegian central banker) -
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Where the Action Is on Financial Reform
In the case of a major reform like the Dodd-Frank Act, the attention spans of most journalists and opinion-mongers inevitably peak around the legislative battle, pronouncements are made in the aftermath, and then everyone moves on. But as articles like this remind us, so much of the action still remains to be played out, in [...] -
Working Paper No. 688
An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone
According to author and journalist C. J. Polychroniou, Greece was unfit to join the euro: its entry was orchestrated by fabricating the true state of the country’s fiscal condition, and its subsequent “growth performance” rested upon heavy state borrowing and European Union (EU) transfers. Moreover, the Greek economic crisis is also a political and moral […] -
Working Paper No. 688
Μια σταθερή ματιά σε μια εθνική καταστροφή και η πιθανή διάλυση της ευρωζώνης
Η Ελλάδα εντάχθηκε στην ευρωζώνη όχι μόνο με μαγειρεμένα στατιστικά αρχεία αλλά με μια οικονομία που ήταν ακατάλληλη για τις απαιτήσεις και τις προσδοκίες μιας ενοποιημένης αγοράς με ένα ενιαίο σκληρό νόμισμα. Επιπλέον, η χώρα έχει μια πολιτική τάξη που είναι διαβόητα διεφθαρμένη, μια δημόσια διοίκηση που ο τρόπος λειτουργίας του διακωμωδεί την αποτελσματικότητα και […] -
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Adam Smith Doesn’t Agree with You: Regulation Edition
It’s a time-honored tradition, and something of a mug’s game, to pick quotations from Adam Smith that clash with contemporary free market doctrine. But uses and misuses of Smith aside, this one happens to hit the conceptual nail on the head. Jared Bernstein, who is evidently working on a longer piece on debt, pulls this [...]