Category Archives: treasury view

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

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

The fall economic conversation: Hayek versus Keynes, Romney versus Obama, whither the global business cycle ?

Now that relative calm has  returned to Québec after the provincial election we can focus our attention on the broader economic issues that beset the global economy. The American election although currently focused on foreign policy appears set to return … Continue reading

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, Federal Reserve, fiscal policy, free trade and globalization, full employment, Hayek, treasury view, U.K. economy, U.S., Uncategorized, unemployment | Leave a comment

Spanish austerity misguided policy

The government of Spain despite its horrible 24 % plus unemployment rate continues to implement further austerity policies . This guarantees a deeper and profound recession that damages the life chances of  a quarter or more of the Spanish population. … Continue reading

Posted in austerity, classical economics, deficit hysteria, European debt crisis, European unemployment, Spain, treasury view, Uncategorized | 1 Comment

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

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

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

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

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

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

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

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

Keynes:Alive and Well

Way back in 1996 I wrote an op ed piece for the business pages of the Toronto Globe and Mail in response to the anti-Keynesian musings of Terence Corcoran a business columnist for the Globe and Mail who was convinced … Continue reading

Posted in austerity, Canada, classical economics, deficit hysteria, deficits and debt, fiscal policy, full employment, J.M.Keynes, labour market clearing, treasury view, Uncategorized, unemployment | 1 Comment

The misguided recrudescence of classical economic orthodoxy and the ” Treasury view “

Much is being made of the supposed benefits of medium term deficit reduction through austerity as a reassurance to the private sector to enable them to feel confident enough to spend their several trillion dollar hoard on investing and creating … Continue reading

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

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

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 , , | 4 Comments