Category Archives: austerity

Coalition building in Greece:A coalition may require Pasok &New Democracy party factions to co-operate with the left.

Posted on May 8, 2012 by haroldchorneyeconomist

The head of the the second most sucessful party , Syriza , the coalition of the Left , Alexis Tipras has now been given the task of trying to form a government around an anti austerity position, after New Democracy … 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, Mr.Papandreou and democracy | Leave a comment

Triple witching hour for austerity:Hollande wins in France, Labour in Britain, anti-austerity in Greece.

Posted on May 6, 2012 by haroldchorneyeconomist

A small but significant earthquake has occurred over the past few days in Europe. The victory of the Socialist party in the Presidential race combined with the election results in Greece along with the drubbing of the Conservative and Liberal … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, Greek sovereign debt crisis, Mr.Papandreou and democracy, progressives, treasury view, UK local elections, Uncategorized, unemployment | Leave a comment

Greece votes on Sunday: anti austerity parties likely to capture more than 50 % of the vote.

Posted on May 6, 2012 by haroldchorneyeconomist

Greek voters go to the polls in a few hours and it appears from the polls and expert analysis that the two major parties New Democracy and the Greek socialist party Pasok may together not get more than 40 or … Continue reading →

Posted in austerity, Greek sovereign debt crisis, Mr.Papandreou and democracy, Uncategorized, unemployment | 1 Comment

Euro area unemployment rises to 10.9 %

Posted on May 3, 2012 by haroldchorneyeconomist

According to Eurostat unemployment has increased in the Euro area to 10.9 %. This is a clear sign that austerity policies do not result in lower unemployment. Below I reproduce courtesy of Eurostat part of their press release. March 2012 … Continue reading →

Posted in austerity, European unemployment, Uncategorized | Leave a comment

Schiller talks of negative impact of ‘new age of austerity’:Spain contracts again GDP falls 0.3%

Posted on April 30, 2012 by haroldchorneyeconomist

Yale university economist Robert Schiller is featured on CNBC’s Squawk Box Europe arguing that house prices may not yet have hit bottom and the new age of austerity was promoting recessionary lack of confidence. Schiller who is a very creative … Continue reading →

Posted in austerity, European debt crisis, European unemployment, Spain, U.S., unemployment | Leave a comment

Spanish unemployment 24.4 %;U.S. GDP up 2.2%:austerity not working.

Posted on April 27, 2012 by haroldchorneyeconomist

This mornings news is anything but positive. U.S. growth is still positive but it would have been 0.6 % greater had  government cuts not subtracted from the total, leaving U.S. growth in the first quarter still positive but only modestly … Continue reading →

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

French unemployment rises for 12th consecutive month:austerity a bad bet

Posted on April 26, 2012 by haroldchorneyeconomist

Again no surprise but painful to report nonethess unemployment in France continues to rise for the 12th consecutive month as reported by INSEE. In metropolitan France it is now 9.7 % with the overall national rate even higher at just … Continue reading →

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UK negative growth no surprise: austerity leads to double dip recession.

Posted on April 26, 2012 by haroldchorneyeconomist

Britain has suffered a double dip recession according to the latest GDP data for the first quarter of 2012. The economy contracted in this quarter 0.2% after having contracted 0.3 % in the fourth quarter of 2011. This is no … Continue reading →

Posted in austerity, classical economics, deficit hysteria, deficits and debt, European debt crisis, Uncategorized | Leave a comment

A Tale of Two Frances:Marine Le Pen 6.2 % in Paris, 27.5 % in Vaucluse

Posted on April 24, 2012 by haroldchorneyeconomist

When one analyses the first round French presidential election results in detail and examines the vote in the major cities and compares it with the regions some very striking differences emerge which illustrate the divide in French society today. For … Continue reading →

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

France votes:Hollande 28.5 %; Sarkozy 27.1%;Le Pen 18.2%;Mélenchon 11.1%;Bayrou 9.1%;Joly 2.3%

Posted on April 22, 2012 by haroldchorneyeconomist

France the bastion of democracy has voted in the first round of the Presidential elections. As the polls suggested François Hollande of the Parti socialiste has finished just ahead of the President Nicholas Sarkozy of the UMP. In third place … Continue reading →

Posted in austerity, European unemployment, France politics+economy, Uncategorized, unemployment | Leave a comment