Monthly Archives: April 2013

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

Posted on April 22, 2013 by haroldchorneyeconomist

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 →

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Reinhart and Rogoff study based on flawed data:I pointed this out in 2010

Posted on April 20, 2013 by haroldchorneyeconomist

It comes as no surprise to me that researchers at the University of Massachusetts at Amherst have published a study showing that the conclusions which Carmen Reinhart and Kenneth Rogoff drew about debt and economic growth were inappropriate and unjustified … Continue reading →

Posted in business cycles, deficit hysteria, deficits and debt, Uncategorized, unemployment | Tagged , , | Leave a comment

Boston Marathon Terrorism: An appalling act of barbarism

Posted on April 20, 2013 by haroldchorneyeconomist

Terrorism, that plague of modernity has returned to haunt us with the cruel, cowardly attack on the Boston marathon. For millions of people the marathon is an iconic competition open to all levels of long distance runners of all ages. … Continue reading →

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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 haroldchorneyeconomist

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

U.S. unemployment 7.6 % in March, 88,000 net new employment, sequester begins to slow job creation.

Posted on April 5, 2013 by haroldchorneyeconomist

This past month’s U.S. unemployment numbers show that the rate of unemployment is dropping hardly at all and the number of new jobs created fell from the plus 200,000 range to just 88,000. The broader definition of unemployment fell however … Continue reading →

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Unemployment in Europe averages 12 % as of February 2013

Posted on April 2, 2013 by haroldchorneyeconomist

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 haroldchorneyeconomist

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 →

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