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Monthly Archives: November 2011
The euro sovereign debt crisis and the irrationality of the bond markets:the need for a lender of last resort
Throughout the history of the capitalist system the markets have played a pivotal role. Of course, the Walrasian conception of markets that inevitably clear temporary gluts and misallocations through the process of tatonnement and the invisible auctioneer is obviously a … Continue reading
Trade balances, debt to GDP and unemployment rates of some European countries of interest
Trade as a percentage of the GDP and unemployment rates selected European countries, and debt to GDP ratios. X Country … Continue reading
Currency unions and balance of payments: what lies behind the Greek predicament
One of the relatively unexplored aspects of the Greek debt crisis involves balance of payments issues that are buried beneath the terms of trade upon which Greece entered the European union. Much has been said and written about failure to … Continue reading
Papandreou to resign and new coalition government involving Pasok, New Democracy and two conservative minor parties to take his place under new PM
The latest news from Greece suggests that a new coalition government involving the Greek socialist party, Pasok, the principal opposition party New Democracy led by Antonis Samoras, and two conservative minor parties is to replace the Government of George Papandreou. … Continue reading
George Papandreou has won the non confidence vote
Prime Minister George Papandreou has won the vote of non confidence in the Greek Parliament by a margin of 153 to 145 votes .Papandreou will now seek to form some sort of cross party government to broaden the base of … Continue reading
Keynes versus the monetarists 2
Originally posted SUNDAY, SEPTEMBER 19, 2010 Keynes versus monetarists 2 Some additional distinctions : Keynes&monetaristsKeynes’ theory of investment depends upon what he calls the marginal efficiency of capital. He defines the mec as follows: that rate of discount from a … Continue reading
Keynes versus the monetarists 1
Keynes versus the monetarists 1 A Quick Guide to Keynes and the monetarists originally posted Dec 2, 2005 on my blogspot blog.Keynes: 1. Rejects Say’s law of markets that supply creates its own demand; he also doesn’t accept Walras’s law … Continue reading
Papandreou reverses position:no referendum, confidence vote takes place this evening
Premier George Papandreou after coming under heavy pressure from European leaders and the perhaps temporary desertion of several of his Parliamentary colleagues reversed his position on holding a referendum. In exchange, he may have persuaded some of the opposition party … Continue reading
Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, J.M.Keynes, monetary policy, quantitative easing, treasury view, Uncategorized, unemployment
Tagged Greece and the ECB
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Greek Government seeks referendum approval of latest measures:panic among some lenders at prospect of democracy
Prime Minister Papandreou has apparently shocked some European leaders by announcing that he and his cabinet have decided to submit the latest bail-out and austerity package to a democratic referendum. In the crucible of democracy this seems wholly appropriate since … Continue reading