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Policy Notes No. 4ax-backed Bonds—A National Solution to the European Debt Crisis
The root of Europe’s sovereign debt crisis can be found in the fact that investors are concerned that countries in the periphery might default, causing them to demand a higher yield on government bonds. What’s needed is a way of giving peripheral debt a high degree of safety while allowing peripheral countries to remain users of the euro. […] -
Policy Notes No. 4
Έκδοση κρατικών ομολόγων με τη στήριξη φόρων—Μια εθνική λύση στην Ευρωπαϊκή κρίση χρέους
Η ρίζα της ευρωπαϊκής κρίσης χρέους βρίσκεται στο γεγονός ότι οι επενδυτές ανησυχούν πως οι χώρες στην περιφέρεια της ευρωζώνης μπορεί να χρεοκοπήσουν. Αυτή η ανησυχία οδηγεί τους επενδυτές να απαιτούν μεγαλύτερα επιτόκια στα κρατικά ομόλογα των περιφερειακών χωρών. Αυτό συνεπώς που χρειάζεται είναι ένας τρόπος να μετατραπεί το περιφερειακό χρέος σε ασφαλές χρέος ενώ […] -
Policy Notes No. 3
Reconceiving Change in the Age of Parasitic Capitalism
The five-year-long crisis of Western finance capitalism is pushing advanced liberal societies to a breaking point. If governments continue to be proxies of finance capital and aspiring political leaders cheerleaders for their financial backers, a catastrophic economic scenario is not really as far-fetched as some might like to think. Governments, industries, and households are under […] -
Policy Notes No. 3
Επαναπροσδιορίζοντας την αλλαγή στην εποχή του παρασιτικού καπιταλισμού
Η κρίση του δυτικού χρηματοοικονομικού καπιταλισμού διανύει τώρα τον πέμπτο χρόνο της και έχει οδηγήσει τις προηγμένες φιλελεύθερες κοινωνίες σε οριακό σημείο. Εάν οι κυβερνήσεις συνεχίσουν να είναι το δεξί χέρι του χρηματιστικού κεφαλαίου και οι επίδοξοι πολιτικοί ηγέτες μαζορέτες των χρηματοδοτών τους, ένα καταστροφικό οικονομικό σενάριο δεν θα είναι κάτι το εξωπραγματικό, όπως κάποιοι […] -
BlogWhy Minsky Matters (Part One)
My friend Steve Keen recently presented a “primer” on Hyman Minsky; you can read it here. In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky. In particular, Krugman’s equilibrium approach and primitive dynamics were contrasted to Minsky’s rich analysis. Finally, Krugman’s model of debt deflation [...] -
Greece: “Trapped in a Dark Endless Tunnel”
The Globe and Mail, March 26, 2012. © Copyright 2012 The Globe and Mail Inc. All Rights Reserved. Remember Greece? The financial crisis there might be dimming in the minds of many investors ever since the euro zone found the necessary money to bail out the country and creditors agreed to a debt restructuring. However, […] -
Blog
The Levy Institute Measure of Time and Income Poverty
I’d like to take a moment to give a brief report on some research that my colleagues Ajit Zacharias, Rania Antonopoulous, and I have been working on as a result of collaboration between the Levy Economics Institute and United Nations Development Programme (UNDP) Regional Service Centre for Latin America and the Caribbean (RSCLAC), particularly the [...] -
Blog
Redistribution of Wealth, Foreclosure Style
Matthew Goldstein and Jennifer Ablan report on the latest US investment craze: buying up large bundles of foreclosed homes from Fannie Mae and renting them out to take advantage of the hot rental market. Randall Wray is among the critics quoted in the article who contend that, as Goldstein and Ablan put it, “the federal [...] -
Blog
To Help Address Inequality, Reinvent Fiscal Stimulus
In 2010, the first year of the economic recovery, 93 percent of all income growth in the US was captured by the top 1 percent, according to Emmanuel Saez. There are a whole host of reasons for the stubborn persistence of corrosive levels of inequality, but one of the surprising contributing factors may be found [...] -
Blog
What a Real Fiscal Crisis Looks Like
It says something about how badly the battle for public opinion on budget matters has been lost when a headline about a “fiscal cliff” the US is about to fall over in 2013 leaves you grimly expecting a pile of words dedicated to the poorly articulated threat of near-term public debt and deficits. But in [...] -
Policy Notes No. 2
Full Employment through Social Entrepreneurship
The conventional approach of fiscal policy is to create jobs by boosting private investment and growth. This approach is backward, says Research Associate Pavlina R. Tcherneva. Policy must begin by fixing the unemployment situation because growth is a byproduct of strong employment—not the other way around. Tcherneva proposes a bottom-up approach based on community programs […] -
MME, March 18, 2012