Category Archives: austerity

The Owl of Minerva takes flight at dusk:The anti-Keynesian era is drawing to a close

Posted on May 2, 2013 by

The Owl of Minerva takes flight at dusk: The anti-Keynesian era is drawing to a close By Harold R. Chorney, Professor of political economy, Concordia university, Montreal.( I originally submitted this to the New York Times as an op ed … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, France politics+economy, full employment, Greek sovereign debt crisis, Italian debt crisis, J.M.Keynes, Keynesian multiplier, monetary policy, Uncategorized | Tagged , , | Leave a comment

Austerity backers in Europe in retreat ? Barroso calls for re-orientation to growth.

Posted on April 22, 2013 by

The head of the European Commission José Manuel Barroso has called for Europe to downgrade its austerity policies and re-emphasize policies which stimulate growth. He argues in a speech today , according to The Wall Street Journal,that austerity no longer … Continue reading →

Posted in austerity, European debt crisis, European unemployment, Uncategorized | Tagged , , | Leave a comment

The end of an era ? Margaret Thatcher passes away A controversial but also creative force in British politics is gone.

Posted on April 9, 2013 by

Margaret Thatcher, an elemental force of great magnetism but also great negative consequences, has passed away. She enters history as an extraordinary politician and certainly one of the great figures on the Tory side of British politics. From my liberal … Continue reading →

Posted in austerity, Hayek, J.M.Keynes, Keynesian welfare state, U.K. economy | Tagged , , | Leave a comment

Unemployment in Europe averages 12 % as of February 2013

Posted on April 2, 2013 by

The bitter fruits of austerity are on display in the latest unemployment report from Eurostat. Overall there are 26 million people out of work in Europe. unemployment averages 12 %. It is 10.8 % in France,7.7 % in the U.K., … Continue reading →

Posted in austerity, business cycles, deficit hysteria, European debt crisis, European unemployment, fiscal policy, France politics+economy, monetary policy, Spain, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

Cypriot events send worrisome message to savers and bank customers throughout Europe.

Posted on April 1, 2013 by

The dust is now settling on the wreckage of the Cypriot economy and its financial services sector. In a move that shocked many millions of people in Europe and elsewhere the European union , the ECB and the IMF imposed … Continue reading →

Posted in austerity, business cycles, Cyprus banks, deficit hysteria, European unemployment | Tagged , , | Leave a comment

Robert Mundell, Columbia University economist criticizes overvalued euro which promotes unemployment and urges QE

Posted on March 25, 2013 by

Robert Mundell, a Nobel prize winning Canadian economist at Columbia University and a specialist on trade,exchange rates and currencies has wisely critiqued the European central bank for allowing an overvalued exchange rate on the euro which has harmed growth in … Continue reading →

Posted in austerity, balance of payments, business cycles, classical economics, European debt crisis, European unemployment, free trade and globalization, full employment, quantitative easing, unemployment | Tagged , , , | 4 Comments

A tale of two bankruptcies: Washington Mutual versus Laiki Bank

Posted on March 25, 2013 by

According to Alan Blinder, a former vice chair of the Federal reserve and professor of Economics at Princeton and a Keynesian when Washington Mutual one of the largest banks in the U.S. with assets of $328 billion  went bankrupt in … Continue reading →

Posted in austerity, Cyprus banks, European financial stability fund, Greek sovereign debt crisis, Uncategorized | Tagged , , | Leave a comment

Cyprus taxes bank deposits in exchange for Euro zone bailout

Posted on March 16, 2013 by

Cyprus which has a reputation for being a centre for money laundering from Eastern Europe, Russia in particular and other places as well has had a financial services sector and banking centre far greater than the size of its economy, … Continue reading →

Posted in austerity, Greek sovereign debt crisis, Uncategorized | Tagged , , | Leave a comment

Sequester underway in U.S. Cracks appear in British austerity wall.

Posted on March 7, 2013 by

We will soon be a full week into the foolish sequester experience in the U.S. So far it is way too soon to assess the damage to the growth rate and the slowdown in employment that cutting the first 100 … Continue reading →

Posted in austerity, deficit hysteria, monetary policy, treasury view, U.K. economy, Uncategorized | Tagged , , | Leave a comment

Italian electorate rejects austerity by overwhelming margin

Posted on February 26, 2013 by

The Italian electorate has overwhelmingly rejected the austerity which its technocratic government led by Mario Monti with the backing of Germany had imposed on the country. Mr. Monti’s party according to La Repubblicca received a mere 10.5 % of the … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, Italian debt crisis, J.M.Keynes, monetary policy, treasury view, Uncategorized, unemployment | Tagged , , | Leave a comment