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Category Archives: Greek sovereign debt crisis
The Owl of Minerva takes flight at dusk:The anti-Keynesian era is drawing to a close
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 end of the anti-Keynesian epoch, European unemployment, liberal humanist hour
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A tale of two bankruptcies: Washington Mutual versus Laiki Bank
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
Cyprus taxes bank deposits in exchange for Euro zone bailout
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
Hoarding, speculation and the problem of unemployment
The classical school of economics always argued that wages would adjust to clear gluts of unemployed workers over a reasonably short period of time and that cash would not be hoarded but used to purchase bonds or otherwise spent on … Continue reading
Eurozone unemployment rises to 11.1 %.A major stimulus is required.
Eurostat has released their latest unemployment data and it is ugly. Unemployment has risen again to 11.1 % overall for the Eurozone led by a rise in Spain as well as a small rise in France. Only a major co-ordinated … Continue reading
Eurozone allows stabilization fund to inject capital into private banks: Spain, Italy and France win partial victory
After late night negotiations it has been decided to permit the European stability fund to purchase directly the assets offered by banks in Spain and and Italian sovereign bonds and by so doing permit European funds to be injected directly … Continue reading
Supreme Court upholds Obama Care; Europe continues to debate how to rescue economy from bond market blackmail
The Supreme Court in a 5 to 4 decision with Chief Justice Roberts siding with the majority has upheld most of the Affordable Care Act by ruling its provisions constitutional under the federal powers of taxation. Four of the liberal … Continue reading
New exit poll New Democracy 28-30 %slightly ahead of Syrizia 27-28.5 %:partial official results show similar trend
It looks increasingly like New Democracy will finish a narrow first over Syriza with 28-30 % of the vote ,Pasok far behind at 13 % and the other small parties including the right wing extremist party, New Dawn at under … Continue reading
Greek election a dead heat New Democracy and Syriza neck and neck in exit polls
Exit polls which sample 80 % of those who voted show New Democracy at 27-30.5 % and Syriza at 27-30 %. Pasok is at 10-12 %. The other parties including the extremist right wing party New Dawn, the communists, the … Continue reading
The Greek election, the euro and the necessity to escape austerity
We are on the eve of the second election in Greece and many establishment voices in a co-ordinated campaign are raising the prospect of total disaster should the Greek electorate choose the left wing coalition Syriza which while committed to … Continue reading
