Category Archives: Macroeconomic policy

Michael Hudson: US Cryptocurrency as an Offshore Banking Center

Yet another cryptocurrency scheme, here for its major use case, tax evasion. But for a good cause, the US dollar!

Global South Suffering Due to Powerful Nations’ Elite-Serving Policies

The World Bank projects the worst slowdown in over four decades in 2024. This is mainly due to Western powers’ contractionary policies

Trump Versus Biden: The Substantial Fall in Real Wages for Most Workers Under Biden

An important new paper contradicts Democratic pundits, showing that most workers lost in real wage terms under Biden

Consumers Regard the Cost of Money as Part of the Cost of Living

This column examines why consumer sentiment in the US remained depressed in 2023 despite low unemployment and falling inflation, and finds that increasing borrowing costs can explain much of this gap.

Oh Deary, Where Did My Rate Cuts Go? Fed’s Wait-and-See Now Entrenched? And Suddenly Lots of Talk About “Rate Hikes”

What Fed chair Powell said about rate hikes, no rate cuts, rate cuts, and the QT slowdown while getting rid of MBS entirely

James Galbraith: Industrial Policy Is a Good Idea, but So Far We Don’t Have One

Industrial policy, despite recent lip service, is out of favor because doing ambitious things isn’t lucrative enough for the right people.

Europe’s New Fiscal Rules Harm Working People and Women, Boost Right-Wing Radicals

New EU fiscal rules, touted as creating and economic growth, actually embody a dangerous agenda to shred social safety nets.

Yanis Varoufakis: Greece, EU Elections, Palestine & the International Order – JACOBIN Interview with David Broder

Varoufakis weighs in on topics of keen interest: the looting of Greece, then and now, the European left, and Palestine.

Mapping the Economic Costs of War

Looking at the economic impact of war on neighboring countries, including ones not part of the theater of conflict.

The Rise and Fall of Paper Money in Yuan China, 1260–1368

This column studies the rise and fall of paper money in 13-14th century China over three stages: full silver convertibility, nominal silver convertibility, and fiat standard.

Why Are Their Lordships So Frightened of Modern Monetary Theory?

Efforts are underway to discredit modern monetary theory in the UK.

“Growing Inflation Pains: How Democrats Must Go on Offense on the Economy”

Corporate greedflation is squeezing household budgets and distorting the economy. But is tacit support for it really a one-party affair?

Economic Solutions: How To Go from Financialized Neoliberalism to a Productive, Sustainable Economy

Some concrete proposals for how to slip the yoke of neoliberalism and start building a fairer and more functional economy.

Will We Follow China and Suffer Deflation – Which Is Very Much Worse Than Inflation?

Central bankers fret about inflation, but the far more destructive deflation may become a treat.

CBO and CMS Continue to Overestimate Health Care Cost Increases, Creating Unjustified Pressure to Cut Benefits

The CBO and CMS, keep overestimating health cost increase, and at least for the CBO, it’s due to neoliberal fealty.