Category Archives: Uncategorized

UK growth negative for second quarter 2012:more evidence austerity does not work

Posted on July 25, 2012 by haroldchorneyeconomist

The U.K. office of national statistics has released its latest numbers on the declining GDP in Britain. As I expected they continue to be starkly negative. The UK economy continues to shrink so that Britain has now experienced a clear … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, U.K. economy, Uncategorized, unemployment | Leave a comment

Chinese state oil company seeks approval to buy strategic Canadian oil and gas company:thorough critical analysis required

Posted on July 23, 2012 by haroldchorneyeconomist

China’s third largest oil and gas company  has made a $ 15.1 billion  bid for one of Canada’s leading oil and gas companies, Nexen. The Chinese National Offshore Oil corporation(Cnooc) is China’s largest offshore oil supplier with a capital of … Continue reading →

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Spanish austerity misguided policy

Posted on July 11, 2012 by haroldchorneyeconomist

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

Canadian unemployment falls to 7.2 % in June

Posted on July 6, 2012 by haroldchorneyeconomist

The employment news was better in Canada than the U.S.Accoring to Statistics Canada the rate of unemployment fell one tenth of a percent in June from 7.3 to 7.2 % . The participation rate is 66.7 %. The unemployment rate … Continue reading →

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U.S. unemployment remains 8.2 %, U6 rises to 14.9 % disappointing news

Posted on July 6, 2012 by haroldchorneyeconomist

The US bureau of Labour Statistics released its latest employment data for the month of June and the news is disappointing. Some 80,000 net new jobs were created but this was just enough to absorb a little over half  the … Continue reading →

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Eurozone unemployment rises to 11.1 %.A major stimulus is required.

Posted on July 2, 2012 by haroldchorneyeconomist

Eurostat has released their latest unemployment data and it is ugly. Unemployment has risen again to 11.1 % overall for the Eurozone led by a rise in Spain as well as a small rise in France. Only a major co-ordinated … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, Greek sovereign debt crisis, Italian debt crisis, Spain, Uncategorized, unemployment | 1 Comment

Eurozone allows stabilization fund to inject capital into private banks: Spain, Italy and France win partial victory

Posted on June 29, 2012 by haroldchorneyeconomist

After late night negotiations it has been decided to permit the European stability fund to purchase directly the assets offered by banks in Spain and and Italian sovereign bonds and by so doing permit European funds to be injected directly … 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, quantitative easing, Spain, Uncategorized | 1 Comment

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

Anna Schwartz co-author with Milton Friedman of A monetary history of the United States dies at 96

Posted on June 23, 2012 by haroldchorneyeconomist

One of the great economists of the past century Anna Schwartz(Jacobson) author of many influential books and studies has passed away after a long and enriching life at 96. Along with Milton Friedman she wrote the monumental study A monetary … Continue reading →

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Canadian inflation rate falls to 1.2 %:core inflation 1.8 %

Posted on June 22, 2012 by haroldchorneyeconomist

Statistics Canada announce the most recent  inflation rate . It shows that in May the rate overall fell on an annualized basis to 1.2 % . There is clearly absolutely no reason to increase interest rates. Core inflation which strips … Continue reading →

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