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Capital.gr: Δημοσιονομικός σαδισμός και η φάρσα της μείωσης του ελλείμματος
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BlogFiscal Sadism in Greece
In case you missed it, what with all the celebrating going on in the eurozone over the incredible success of austerity policies, the unemployment rate in Greece is now at 27.9 percent and the country is likely on its way to a third bailout. C. J. Polychroniou argues in a new one-pager that offering Greece [...] -
One-Pager No. 43
Fiscal Sadism and the Farce of Deficit Reduction in Greece
Unemployment in Greece has climbed to a new record of 27.9 percent and the country is headed toward a third bailout. The obsession with reducing the budget deficit is crippling the Greek economy. Extreme fiscal consolidation in the midst of a major depression can only have extreme effects on output, leading to greater unemployment, widening […] -
Press ReleaseLeading Economists and Policymakers to Discuss Financial Governance Reform at Levy Economics Institute Conference in Rio de Janeiro, Brazil, September 26–27
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The Loneliest Man in Greece
The New Yorker, September 17, 2013. © 2013 Condé Nast. All Rights Reserved. A bullet hole mars the window in the office of Yannis Stournaras, the finance minister of Greece. It is tempting to see it as yet another unpleasant outcome of austerity: in the face of crippling government debt, maybe he can’t afford to […] -
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Janet Yellen on Bubbles and Minsky Meltdowns
Back in 2009, Janet Yellen delivered a speech at the Levy Institute’s Minsky conference that explained how the financial crisis had changed her views about the role of central banks in handling financial instability. At the time she was the head of the San Francisco Fed. The focus of her 2009 remarks was the question [...] -
One-Pager No. 42Exit Keynes the Friedmanite, Enter Minsky’s Keynes
Perhaps the most indictable offense that mainstream economists committed, from 1988 through 2008, was to retrace Keynes’s path of discovery from 1924 (A Tract on Monetary Reform) through 1936 (The General Theory). Wholesale deregulation of finance and categorical confidence in a reductionist role for central banks came into being as the conventional wisdom embraced the […] -
One-Pager No. 42
Έξω ο Κέυνς ο φριντμανικός, μέσα ο Κέυνς του Μίνσκι
Ίσως το πιο σοβαρό και καταδικάσιμο παράπτωμα που διέπραξαν οι καθεστωτικοί οικονομολόγοι την περίοδο 1988-2008 ήταν να επανεξετάσουν, βήμα προς βήμα, την πορεία του Keynes από το 1924 μέχρι το 1936. Η ολική απορρύθμιση του χρηματοπιστωτικού συστήματος και η άκρατη εμπιστοσύνη στον περιοριστικό ρόλο των κεντρικών τραπεζών προέκυψαν όταν η συμβατική σοφία αγκάλιασε την άποψη […] -
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Panics in India
(The following was written by Sunanda Sen and first appeared at TripleCrisis) A panic of unprecedented order has struck the crisis-ridden Indian economy. It brings to the fore the question of what led to this massive downturn, especially when the country was touted, not long back, as one of the high-growth emerging economies of Asia. [...] -
MME, September 14, 2013
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Capital.gr: Εξαγωγική ανάπτυξη—Γιατί απέτυχε η ελληνική στρατηγική της τρόικας
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Blog
Galbraith on Lehman’s Lessons, Five Years On
From a panel discussion yesterday at the George Washington University Law School on what we have(n’t) learned since the 2008 financial collapse (via Matias Vernengo). Galbraith begins by cautioning that these “lessons learned” frameworks often leave unchallenged the premise that the crisis is over and done with, when, as he argues, the events of 2008 [...]