Category Archives: austerity

After the Crash:Rediscovering Keynes and the origins of quantitative easing (2nd posting)

By Harold R.Chorney Professor of Political economy, Concordia University Montréal, Québec Preface: More than twenty five years ago I began to write about problems of public finance.( Chorney, 1984) At the time that I began to do so, I never … Continue reading

Posted in austerity, business cycles, Canada, China and europe, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, Federal Reserve, fiscal policy, France politics+economy, full employment, Greek sovereign debt crisis, Hayek, Italian debt crisis, J.M.Keynes, Japanese unemployment, Keynesian multiplier, monetary policy, quantitative easing, quantity theory of money, treasury view, U.K. economy, U.S., Uncategorized | Tagged , , | Leave a comment

Theresa May 199, Andrea Leadsom 84, Michael Gove 46 Gove eliminated and Leadsom drops out. May will be prime minister.

The Michael Gove betrayal gambit turns out all for nought. Ruthlessness has its electoral limits. So the next British Prime minister will be a woman, Theresa May. How long she can keep the job without calling an election remains to … Continue reading

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The Passing of Abe Rotstein a Polanyi pioneer and leading member of the U of Toronto nationalist political economy school: Britain enters deflation

Abe Rotstein one of Canada’s outstanding political economists and a leading founder of the Canadian nationalist school of political economy centred in Toronto  passed away last month at the age of 86. The Globe and Mail had a full page … Continue reading

Posted in austerity, J.M.Keynes, Milton Friedman and NAIRU, monetary policy, quantitative easing and Keynes, quantity theory of money, U.K. economy | Tagged , , | Leave a comment

Deficit hysteria in Québec:Facts versus Fictions, Net debt to GDP based on accumulated deficits 33%

QUEBEC’S DEBT COMPARISONS WITH OTHER GOVERNMENTS IN CANADA Let’s compare Québec’s debt with the debt of the other governments in Canada, by using the two main debt concepts. The headline number which is largely meaningless because it ignores the value … Continue reading

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Japan increases its use of Quantitative Easing in effort to overcome deflation:stocks rise in response,Keynes on front cover of Business Week

The Governor of the Bank of Japan(BOJ) several days ago announced that the Bank would greatly increase its purchase of government debt financing bonds and expand its asset base and thereby its monetary base in a major effort to reverse … Continue reading

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French Economics Minister Arnaud Montebourg resigns in opposition to misguided counterproductive austerity policies

M.Arnaud Montebourg has openly protested against the austerity policies of the Hollande Government headed by Prime Minister Manuel Valls. He correctly denounced the policies as absurd and counterproductive in the fight against unemployment and the deficit. As a consequence of … Continue reading

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Unemployment Rises in Canada, falls in U.S. but weak numbers in both countries suggest possible slow down

Statistics Canada and the U.S. bureau of labour statistics published their December unemployment numbers and there are signs of potential trouble in both sets of numbers. The unemployment rate rose in Canada to 7.2% and fell in the U.S. to … Continue reading

Posted in austerity, Canada, Federal Reserve, fiscal policy, full employment, government shut down+debt ceiling U.S., monetary policy, U.S., Uncategorized, unemployment | Tagged , , | Leave a comment