Category Archives: European debt crisis

Italian referendum could trigger resignation of Prime Minister Renzi and follow on banking crisis.

Posted on November 28, 2016 by haroldchorneyeconomist

This Sunday the Italian people vote on a referendum to restructure the constitution to diminish the power of the regional governments and the Senate and “modernize” Italian governing structures. Mr. Renzi has made victory in the referendum a personal goal … Continue reading →

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

Posted on September 9, 2016 by haroldchorneyeconomist

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

Obama leads with inspiring state of union speech;European central bank embraces QE

Posted on January 22, 2015 by haroldchorneyeconomist

The President of the United States delivered an excellent inspiring progressive speech on the road forward. He proposed a number of progressive policy reforms aimed at diminishing inequality by modestly increasing capital gains taxation rates from 23 to 28 % … Continue reading →

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Greek parliament fails to elect President:New national elections called for January 25, anti-austerity Syriza likely winner

Posted on December 29, 2014 by haroldchorneyeconomist

Events are moving closer to a major policy change for the better in Greece. The Greek parliament failed to vote in large enough numbers for the proposed candidate for President Stavros Dimas. He required 180 votes but received only 168 … Continue reading →

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Europe moves closer to Quantitative Easing:Inflation falls to 0.3% Carlo Bastasin suggests a useful policy tool

Posted on November 26, 2014 by haroldchorneyeconomist

The latest inflation data for the Eurozone shows inflation at only 0.3 %. Many analysts are beginning to worry that prolonged low inflation will reinforce economic stagnation (See the analysis of Gavin Davies in the Financial times on this.) An … Continue reading →

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Ed Balls embraces fiscal austerity at Labour Party conference: A Major error

Posted on September 22, 2014 by haroldchorneyeconomist

The shadow British Chancellor Ed Balls speaking at the Labour party conference has foolishly embraced the fiscal conservative principle of no new deficit financed funding for education or social investment or infrastructure when and if Labour is in office. This … Continue reading →

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Economic stagnation persists in Europe: austerity policies are the cause

Posted on August 13, 2014 by haroldchorneyeconomist

This week Stats Canada has announced it is recalculating its employment numbers because of a processing error in its July tabulation. It will be interesting to find out in what direction and way they erred in their earlier release. The … Continue reading →

Posted in deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, France politics+economy, full employment, Greek sovereign debt crisis, monetary policy, Spain, treasury view, U.K. economy, unemployment | Leave a comment

Austerity and destruction of trade unions in Europe seeks to restore the anti Keynesian economic policies of the 1930s

Posted on December 8, 2013 by haroldchorneyeconomist

The unemployment rate dropped slightly in the U.S. which is of course a good thing. Check out the U.S. Bureau of Labour statistics for the latest numbers. However, there are still some very bad things happening in Europe around economic … Continue reading →

Posted in austerity, classical economics, deficits and debt, European debt crisis, European unemployment, full employment, J.M.Keynes, treasury view, Uncategorized, unemployment | Tagged , , | Leave a comment

Markets always overreact to changing expectations: this time was no different

Posted on June 27, 2013 by haroldchorneyeconomist

I have been away working on my research and publishing and nursing a very nasty summer cold these past few weeks . A lot has happened that needs to be noted. First let me pay tribute to the long and … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, European debt crisis, J.M.Keynes, quantitative easing, unemployment | Tagged , , , | Leave a comment

The Owl of Minerva takes flight at dusk:The anti-Keynesian era is drawing to a close

Posted on May 2, 2013 by haroldchorneyeconomist

The Owl of Minerva takes flight at dusk: The anti-Keynesian era is drawing to a close By Harold R. Chorney, Professor of political economy, Concordia university, Montreal.( I originally submitted this to the New York Times as an op ed … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, France politics+economy, full employment, Greek sovereign debt crisis, Italian debt crisis, J.M.Keynes, Keynesian multiplier, monetary policy, Uncategorized | Tagged , , | Leave a comment