Category Archives: European debt crisis

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

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

On Debt follies and deficit hysteria:intelligent voices from the past

Posted on April 12, 2012 by haroldchorneyeconomist

Among the many 1000 books in my library is a macro economics text, Macroeconomics:The measurement,analysis and control of aggregate economic activity, 3rd edition from 1968 written by Thomas Dernburg who was then  Professor of Economics at Oberlin college and Duncan … Continue reading →

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, Greek sovereign debt crisis, Italian debt crisis, J.M.Keynes, Uncategorized | Leave a comment

S+P Downgrade Warning on European Sovereign Debt May throw Spanner in the Works

Posted on December 5, 2011 by haroldchorneyeconomist

When it really counted in the past in the lead-up to the financial crisis S+P and other ratings agencies failed to warn about the quality or lack thereof of the asset backed financial derivatives that caused so much disaster in … Continue reading →

Posted in austerity, classical economics, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, Italian debt crisis, Uncategorized | Leave a comment

The euro sovereign debt crisis and the irrationality of the bond markets:the need for a lender of last resort

Posted on November 24, 2011 by haroldchorneyeconomist

Throughout the history of the capitalist system the markets have played a pivotal role. Of course, the Walrasian conception of markets that inevitably clear temporary gluts and misallocations through the process of tatonnement and the invisible auctioneer is obviously a … Continue reading →

Posted in business cycles, classical economics, European debt crisis, European financial stability fund, J.M.Keynes, labour market clearing | Tagged | Leave a comment

Trade balances, debt to GDP and unemployment rates of some European countries of interest

Posted on November 9, 2011 by haroldchorneyeconomist

Trade as a percentage of the GDP and unemployment rates selected European countries, and debt to GDP ratios. X                     Country                     … Continue reading →

Posted in austerity, balance of payments, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, Italian debt crisis, J.M.Keynes, Uncategorized, unemployment | Leave a comment

Currency unions and balance of payments: what lies behind the Greek predicament

Posted on November 7, 2011 by haroldchorneyeconomist

One of the relatively unexplored aspects of the Greek debt crisis involves balance of payments issues that are buried beneath the terms of trade upon which Greece entered the European union. Much has been said and written about failure to … Continue reading →

Posted in austerity, balance of payments, classical economics, deficit hysteria, deficits and debt, European debt crisis, fiscal policy, full employment, Greek sovereign debt crisis, J.M.Keynes, monetary policy, quantity theory of money, Uncategorized | Leave a comment

Papandreou to resign and new coalition government involving Pasok, New Democracy and two conservative minor parties to take his place under new PM

Posted on November 6, 2011 by haroldchorneyeconomist

The latest news from Greece suggests that a new coalition government involving the Greek socialist party, Pasok, the principal opposition party New Democracy led by Antonis Samoras, and two conservative minor parties  is to replace the Government of George Papandreou. … Continue reading →

Posted in austerity, classical economics, deficit hysteria, European debt crisis, Greek sovereign debt crisis, J.M.Keynes, Uncategorized | Leave a comment

George Papandreou has won the non confidence vote

Posted on November 4, 2011 by haroldchorneyeconomist

Prime Minister George Papandreou has won the vote of non confidence in the Greek Parliament by a margin of 153 to 145  votes .Papandreou will now seek to form some sort of cross party government to broaden the base of … Continue reading →

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

Papandreou reverses position:no referendum, confidence vote takes place this evening

Posted on November 4, 2011 by haroldchorneyeconomist

Premier George Papandreou after coming under heavy pressure from European leaders and the perhaps temporary desertion of several of his Parliamentary colleagues  reversed his position on holding a referendum. In exchange, he may have persuaded some of the opposition party … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, J.M.Keynes, monetary policy, quantitative easing, treasury view, Uncategorized, unemployment | Tagged | Leave a comment