Category Archives: austerity

Supreme Court upholds Obama Care; Europe continues to debate how to rescue economy from bond market blackmail

Posted on June 28, 2012 by haroldchorneyeconomist

The Supreme Court in a 5 to 4 decision with Chief Justice Roberts siding with the majority has upheld most of the Affordable Care Act by ruling its provisions constitutional under the federal powers of taxation. Four of the liberal … Continue reading →

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, European unemployment, France politics+economy, Greek sovereign debt crisis, Italian debt crisis, monetary policy, quantitative easing, Uncategorized, unemployment | 1 Comment

New exit poll New Democracy 28-30 %slightly ahead of Syrizia 27-28.5 %:partial official results show similar trend

Posted on June 17, 2012 by haroldchorneyeconomist

It looks increasingly like New Democracy will finish a narrow first over Syriza with 28-30 % of the vote ,Pasok far behind  at 13 % and the other small parties including the right wing extremist party, New Dawn at under … Continue reading →

Posted in austerity, France politics+economy, Greek sovereign debt crisis, Uncategorized | Leave a comment

Greek election a dead heat New Democracy and Syriza neck and neck in exit polls

Posted on June 17, 2012 by haroldchorneyeconomist

Exit polls which sample 80 % of those who voted show New Democracy at 27-30.5 % and Syriza at 27-30 %. Pasok is at 10-12 %. The other parties including the extremist right wing party New Dawn, the communists, the … Continue reading →

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

The Greek election, the euro and the necessity to escape austerity

Posted on June 16, 2012 by haroldchorneyeconomist

We are on the eve of the second election in Greece and many establishment voices in a co-ordinated campaign are raising the prospect of total disaster should the Greek electorate choose the left wing coalition Syriza which while committed to … Continue reading →

Posted in austerity, classical economics, deficit hysteria, European debt crisis, Greek sovereign debt crisis, treasury view, Uncategorized, unemployment | Leave a comment

Spanish banks bail out, French parliamentary elections, Unemployment rises in Europe,Canadian unemployment stable but still too elevated.

Posted on June 12, 2012 by haroldchorneyeconomist

A lot of information to process. Most of it not good. The best although mixed news comes from France where the first round of the parliamentary elections showed a strong showing by Francois Hollande’s socialist party which garnered about 29.35% … Continue reading →

Posted in austerity, Canada, France politics+economy, Québec, Spain, Uncategorized, unemployment | Leave a comment

Alvin Hansen, the right amount of money, deficit finance and the search for full employment.

Posted on June 1, 2012 by haroldchorneyeconomist

Alvin  Hansen establishes early in his work, Monetary Theory and Fiscal policy that the power to create money is a force to be reckoned with. In the nineteenth century in the U.S.the private banks at the behest of their business … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, Federal Reserve, fiscal policy, full employment, monetary policy, quantitative easing, quantity theory of money, treasury view, U.S., Uncategorized | Tagged , , , , | 4 Comments

Monetary theory and fiscal policy:the insights of Alvin Hansen

Posted on May 22, 2012 by haroldchorneyeconomist

One of the greatest interpreters of J.M.Keynes was the American economist Alvin Hansen whose A Guide to Keynes became a staple for beginning macro students during the 1950s and sixties. Hansen made several important errors of interpretation and the IS LM … Continue reading →

Posted in austerity, business cycles, classical economics, Federal Reserve, fiscal policy, full employment, J.M.Keynes, Milton Friedman and NAIRU, monetary policy, quantity theory of money, U.S., Uncategorized | 2 Comments

François Hollande a Supply Sider ? Oh M.Hollande SVP Say it ain’t So .Victor Hugo Would Not Approve.

Posted on May 16, 2012 by haroldchorneyeconomist

Well it didn’t take long. Its not even 24 hours since François Hollande has assumed the Presidency of France and already some insiders are claiming, perhaps accurately although in my view its still too early to say definitively that M.Hollande … Continue reading →

Posted in austerity, deficit hysteria, European debt crisis, European unemployment, France politics+economy, Uncategorized | Tagged , , | 2 Comments

Greek talks appear to fail:New elections very likely;anti-austerity a growing movement

Posted on May 13, 2012 by haroldchorneyeconomist

According to the latest reports from Greece the talks among the three leading party leaders and the Greek president have failed to reach an agreement essentially because Syriza is sticking to its position and refusing to agree to enforcing  extreme … Continue reading →

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European unemployment, Greek sovereign debt crisis, Mr.Papandreou and democracy, Uncategorized, unemployment | Tagged , , , | Leave a comment

Mélenchon challenges Le Pen in her Pas de Calais assembly seat; Greece new election very likely

Posted on May 12, 2012 by haroldchorneyeconomist

Jean Luc Mélenchon , the left wing anti-austerity candidate for the French presidency has announced that he will be a candidate against Marine Le Pen, the right wing National Front Presidential candidate who holds a national Assembly seat in the … Continue reading →

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European unemployment, Greek sovereign debt crisis, Uncategorized | Tagged , , | Leave a comment