Category Archives: Uncategorized

Happy New Year:A Time for Recovery

Posted on January 2, 2012 by haroldchorneyeconomist

For the past several weeks I have been buried in the work of academia, grading a mountain of exams and essays. I am nearly finished and will return to regular blogging shortly. My students  will be able to find the course … Continue reading →

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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

U.S. Unemployment falls to 8.6% Canadian rate rises to 7.4 %

Posted on December 2, 2011 by haroldchorneyeconomist

There is some potentially good news on the U.S. unemployment front as the headline rate of unemployment fell from 9.0 % last October to 8.6% for the past November. Part of this fall in unemployment is due to the positive … Continue reading →

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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

Greek Government seeks referendum approval of latest measures:panic among some lenders at prospect of democracy

Posted on November 2, 2011 by haroldchorneyeconomist

Prime Minister Papandreou has apparently shocked some European leaders by announcing that he and his cabinet have decided to submit the latest bail-out and austerity package to a democratic referendum. In the crucible of democracy this seems wholly appropriate since … 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, unemployment | Leave a comment

MF Global brokerage goes bankrupt :Excessive leverage and overexposure to European debt seem factors

Posted on October 31, 2011 by haroldchorneyeconomist

MF global a U.S. brokerage house headed by Jon Corzine, a former executive with Goldman Sachs, a former U.S.Senator and former Governor of New Jersey has declared bankruptcy in New York, apparently a victim of excessive leverage and over exposure … Continue reading →

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