Monthly Archives: March 2013

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

Posted on March 25, 2013 by haroldchorneyeconomist

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 haroldchorneyeconomist

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

The American Presidential Election:Hayek versus Keynes Revisited

Posted on March 22, 2013 by haroldchorneyeconomist

Prof. Harold Chorney, Concordia university Montreal, Québec Hayek Versus Keynes Revisited :Macroeconomic Policy and the American 2012 Presidential election    paper to be presented to MPSA meeting, Chicago. 2013    Provisional copy The recent American presidential election revealed that little … Continue reading →

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Cyprus Parliament Rejects Deal: May Turn to Russia Instead

Posted on March 19, 2013 by haroldchorneyeconomist

The Cypriot Parliament has rejected the bailout deal on offer even after account holders with accounts under the 20,000€ threshold were exempted from the proposed tax of 6.75 %. The tax proposed for account holders above 100,000€ was 9.9 %. … Continue reading →

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Cyprus taxes bank deposits in exchange for Euro zone bailout

Posted on March 16, 2013 by haroldchorneyeconomist

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 →

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Canadian unemployment stable at 7.0% 50,700 gain in employment

Posted on March 8, 2013 by haroldchorneyeconomist

The Canadian unemployment rate for February remained stable at 7.0 % with 50,700 new jobs reported according to Statistics Canada. The participation rate increased to 66.7 %. youth unemployment for those aged 15 to 24 remained elevated at 13.6 %. … Continue reading →

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U.S. unemployment drops to 7.7 % 236,000 jobs created in February

Posted on March 8, 2013 by haroldchorneyeconomist

There was some good news on the unemployment front in the U.S. The Bureau of Labour statistics has released the report for February and it shows that the unemployment rate has fallen to 7.7 % which is positive news. Total … Continue reading →

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

Posted on March 7, 2013 by haroldchorneyeconomist

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