Category Archives: austerity

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 →

Posted in austerity, Greek sovereign debt crisis, Uncategorized | Tagged , , | Leave a comment

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

Italian electorate rejects austerity by overwhelming margin

Posted on February 26, 2013 by haroldchorneyeconomist

The Italian electorate has overwhelmingly rejected the austerity which its technocratic government led by Mario Monti with the backing of Germany had imposed on the country. Mr. Monti’s party according to La Repubblicca received a mere 10.5 % of the … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, Italian debt crisis, J.M.Keynes, monetary policy, treasury view, Uncategorized, unemployment | Tagged , , | Leave a comment

Europe still mired in austerity, slow growth and possible recession and excessive unemployment

Posted on February 12, 2013 by haroldchorneyeconomist

The situation in Europe continues to be worrisome and exasperating. The stubborn ideologically driven opposition to stimulating the economy through major infrastructure and employment creating investments and a supportive low interest monetary policy including where appropriate quantitative easing is long … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, full employment, J.M.Keynes, Keynesian multiplier, labour market clearing, monetary policy, quantitative easing, Spain, treasury view, U.K. economy, Uncategorized, unemployment | Tagged , , | 2 Comments

Canadian employment falls by 21,900 but headline unemployment rate falls to 7.0 %

Posted on February 8, 2013 by haroldchorneyeconomist

Statistics Canada has released its latest Labour force survey for the month of January. It shows that unemployment has fallen to 7.0 % but there are 21,900 fewer people employed and the fall in the headline rate is due to … Continue reading →

Posted in Alberta, austerity, business cycles, Canada, fiscal policy, full employment, J.M.Keynes, labour market clearing, monetary policy, Québec, Uncategorized, unemployment | Tagged , , | 1 Comment

U.S. jobs report January 2013 unemployment 7.9% 157,000 jobs added:clear need for further fiscal stimulus

Posted on February 1, 2013 by haroldchorneyeconomist

The U.S. Bureau of Labour Statistics has released the employment report for January . It shows that unemployment rose slightly to 7.9 %, 157,000 new jobs were added and there were significant upward revisions to employment numbers for last November … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, Federal Reserve, fiscal policy, full employment, monetary policy, quantitative easing, U.S. | Tagged , , | Leave a comment

U.S. 4th quarter GDP shrinks by 0.1 percent: No time to cut spending

Posted on January 30, 2013 by haroldchorneyeconomist

The news came as a surprise to many but the 4th quarter of 2012 experienced a slowdown in growth that resulted in a very marginal but nonethess a negative growth rate for the GDP. The source of the problem was … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, fiscal policy, full employment, U.S., Uncategorized, unemployment | Tagged , , | 1 Comment

Boris Backs Britain Away From Austerity

Posted on January 25, 2013 by haroldchorneyeconomist

The colourful Tory mayor of London, Boris Johnson has come out forcefully in opposition to the disasterous austerity policies that are at the centre of  Chancellor of the Exchequer George Osborne’s economic strategy. Following in the tradition of British Conservative … Continue reading →

Posted in austerity, business cycles, deficit hysteria, full employment, J.M.Keynes, progressives, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

Keynes’s Fundamental Equations From The Treatise on Money

Posted on December 11, 2012 by haroldchorneyeconomist

The symbols used in A Treatise on Money are somewhat different from the General Theory  and for those who are familiar with GT but not the Treatise are a little confusing at first. See both Keynes’s A Treatise on Money vol.1 ch.10 … Continue reading →

Posted in austerity, business cycles, classical economics, European unemployment, fiscal policy, full employment, J.M.Keynes, monetary policy, treasury view, U.K. economy, U.S., Uncategorized, unemployment | Tagged , , | Leave a comment

Mark Carney chosen to head the Bank of England: Bold Decision Big Challenges Ahead

Posted on November 26, 2012 by haroldchorneyeconomist

The Decision of the British government to appoint the Canadian central banker Mark Carney as the new Governor of the Bank of England , the crown jewel of central banks, is a bold decision by Chancellor George Osborne and PM … Continue reading →

Posted in austerity, Canada, European debt crisis, European unemployment, fiscal policy, monetary policy, quantitative easing, treasury view, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment