By Marshall Auerback, a portfolio strategist and Roosevelt Institute fellow There are plenty of legitimate reasons to criticize Barack Obama’s dismal stewardship of the US economy, and God knows I’ve voiced quite a few of them, but it does not follow that every criticism made of his economic policies is therefore legitimate. There is quite […]
Read more...The contradictions of the Eurobailout mechanism were bound to be resolved at some point, smoke and mirror and insufficient firepower relative to the magnitude of the problem will only take you so far. The eurozone rescue operation, although it looked like it was aimed at so called Club Med, aka PIGS sovereigns (Portugal, Ireland, Greece, […]
Read more...Tom Ferguson, who is refreshingly blunt, gives his dim view of the Obama Administration economic policies. But be warned, he doesn’t like the Republican proposals either. From the Real News Network: More at The Real News
Read more...Our public spending cuts, in the pipeline since July, have been announced. Here’s some background on the structure of public finance in the UK. Salient points: Public spending is divided into two: current spending on running costs of government, such as salaries and equipment; and capital spending on new roads, railways, bridges and schools. In […]
Read more...By Yiping Huang, Professor of Economics at the China Center for Economic Research, Peking University. Cross-posted from VoxEU. On 19 October, the People’s Bank of China announced a series of rate hikes. This column argues that the moves were aimed at combating domestic inflation and avoiding the mistakes of Japan in the 1980s. On 19 […]
Read more...By Satyajit Das a risk consultant and the author of the Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives During the European debt crisis, in a matter of days, the dollar strengthened by around 10%. The weakness of the Euro and resultant appreciation of the Renminbi by over 14% reduced […]
Read more...A couple of articles in the Wall Street Journal, reporting on a conference at the Boston Fed, indicates that some people at the Fed may recognize that the central bank has boxed itself in more than a tad. The first is on the question of whether the Fed is in a liquidity trap. A lot […]
Read more...By Marshall Auerback, a portfolio strategist who writes for New Deal 2.0 Something is very wrong with Japan. The Japanese economy has been much weaker than any other major economy for a while now: over the last business expansion, through the Great Recession, and in the recovery since the Great Recession trough. Japan’s business cycle […]
Read more...The specter of demonstrations in Europe are not only likely to become a regular news item, but other economies have high odds of similar social stresses, a UN agency forecasts. The International Labour Organisation has pushed back its estimate of when global employment will return to pre-crisis levels back to 2015. Given the widespread signs […]
Read more...By Steve Keen, Associate Professor of Economics & Finance at the University of Western Sydney, and author of the book Debunking Economics, cross posted from Steve Keen’s Debt Deflation. The latest Flow of Funds release by the US Federal Reserve shows that the private sector is continuing to delever. However there are nuances in this […]
Read more...This blog tends to steer away from short-term market commentary because, as the wags say, “If you must forecast, forecast often,” and keeping tabs on the whims of Mr. Market can easily become an exercise in futility. Getting a sense of conditions on the ground and likely business/economic trajectories is a fraught activity even in […]
Read more...Once a Cassandra, always a Cassandra? That seems to be William White’s fate. White, the former chief economist of the Bank of International Settlements, is best known for his warnings in 2003 that many advanced economies were in the grip of housing bubbles, which Greenspan pointedly ignored. Although he is now celebrated for that call, […]
Read more...Wolfgang Munchau in the Financial Times gives a good recap as to why the recent spell of good cheer regarding the Eurozone is overdone. His central observation is that the Eurozone, like the US, patched things up with duct tape and bailing wire, and the hope was that the resumption of peppy growth would reduce […]
Read more...This is a great interview of Tom Ferguson on Real News Network on the consequences of the “head’s I win, tails you lose” the financial sector has constructed with the rest of us, with Baltimore as object lesson. Enjy!
Read more...I participated in the White House Blogger conference call today, as a stand-in for the traveling Yves. The call was run by Jason Furman, the deputy director of the National Economic Council, who provided a brief recap of President Obama’s speech earlier in the day. The stated purpose of the call was to emphasize the […]
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