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Τα αδιέξοδα της ανεργίας
Kathimerini, March 18, 2012. © 2012 H KAΘHMEPINH All rights reserved. Οι διαπραγματεύσεις για το δεύτερο πακέτο διάσωσης και την αναδιάρθρωση του ελληνικού χρέους επιτέλους ολοκληρώθηκαν. Η καθυστέρηση είχε ως αποτέλεσμα να γίνουν ακόμη πιο οδυνηρές οι περικοπές μισθών, δαπανών και συντάξεων. Στο μεταξύ, οι ηγεσίες του ΔΝΤ, της ΕΚΤ και της Ε. Ε. έχουν […] -
BlogOpinions on Modern Monetary Systems Not Sharply at Odds
The Nation notes that austerity policies in Europe have proved to be very damaging to economic growth in the region, and points out that after adhering to IMF and EU austerity programs since last May, Portugal is “even deeper in the hole. The austerity has only increased its debt, as it has spread more suffering.” [...] -
Blog
Greece’s Pyrrhic Victories
C J Polychroniou explains how the latest pair of efforts aimed at addressing the Greek crisis, the newest bailout package and the bond swap, create tremendous complications down the road even if they may offer a temporary respite. As you know, the bailout money was shackled to a series of grim austerity measures that will [...] -
One-Pager No. 28
Greece’s Pyrrhic Victories Over the Bond Swap and New Bailout
Nearly two years after becoming the first eurozone member-state to be bailed out by the European Union (EU) and International Monetary Fund (IMF), Greece is officially bankrupt. True, there was never any doubt about the outcome, but Greece’s restructuring of nearly 200 billion euros in private debt and the agreement for a new bailout package […] -
One-Pager No. 28
Οι πύρρειες νίκες της Ελλάδας: Ανταλλαγή ομολόγων και νέο πακέτο διάσωσης
Σχεδόν δύο χρόνια αφότου η Ελλάδα έγινε το πρώτο κράτος-μέλος της ευρωζώνης που υποβλήθηκε σε σχέδιο διάσωσης από την Ευρωπαϊκή Ένωση (ΕΕ) και το Διεθνές Νομισματικό Ταμείο (ΔΝΤ), η χώρα είναι επίσημα χρεοκοπημένη. Σαφώς, δεν υπήρξε ποτέ καμία αμφιβολία για την τελική έκβαση, αλλά η αναδιάρθρωση των σχεδόν 200 δις ευρώ χρέους στον ιδιωτικό τομέα […] -
Blog
Why Haven’t Business Groups Pushed Harder for Stimulus?
Although recent employment numbers seem to have set off a fresh round of complacency, the December Strategic Analysis from the Levy Institute makes it pretty clear that more fiscal stimulus is necessary if the economy is going to reach decent levels of growth and employment anytime soon. However, there’s very little reason to think that [...] -
Blog
Money and Self-Justifying Economic Models
Philip Pilkington shares a discussion he had with Dean Baker about, among other things, the Post-Keynesian take on the limitations of some conventional economic models (of the “LM” part of IS-LM, in particular. And if that just looks like an arbitrary string of letters to you, Pilkington has an accessible explanation at the beginning of [...] -
Blog
Healthcare and the Budget Forecast: Don’t Think of the Children
Medicare cost growth has been slowing down, and according to research published in the New England Journal of Medicine there may be more going on here than just a temporary reaction to the recession. This is just one analysis of course, but if it pans out, if it marks the beginning of a sustained trend, [...] -
Blog
“What Manner of Union Is This?”
The title of C. J. Polychroniou’s latest policy note, “Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland,” gives you a pretty good idea of where he’s coming from: There can be no denying that, despite the experiences provided by the Great Depression and the numerous financial crises that have taken place since 1973, [...] -
Blog
Wray on the Burden of Social Security
Randall Wray has been engaged in a back-and-forth with John Carney of CNBC. Their latest exchange touched on the question of the “real” economic burdens of Social Security (distinct from issues of affordability). Wray responds: “John Carney agrees with me that supporting our elderly is not an ‘affordability’ problem, but he claims that I fail [...] -
Policy Notes No. 1
Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland
We live in a terrifying world of policymaking—an age of free-market dogmatism where the economic ideology is fundamentally flawed. Europe’s political leadership has applied neo-Hooverian (scorched-earth) policies that are shrinking economies and producing social misery as a result of massive unemployment. Large-scale government intervention is critical in reviving an economy, but the current public-policy mania, […] -
Policy Notes No. 1
Οι συσταλτικές πολιτικές απειλούν να μετατρέψουν την Ευρώπη σε οικονομική έρημο
Ζούμε σε έναν τρομακτικό κόσμο οικονομικής πολιτικής, στην εποχή του δογματισμού της ελεύθερης αγοράς όπου η οικονομική ιδεολογία είναι πέρα για πέρα λανθασμένη. Η πολιτική ηγεσία της Ευρώπης εφαρμόζει πολιτικές στυλ Χέρμπερτ Χούβερ, που βυθίζουν τις οικονομίες και παράγουν κοινωνική δυστυχία ως απόρροια της μαζικής ανεργίας. Μια μεγάλης κλίμακας κυβερνητική παρέμβαση είναι απολύτως απαραίτητη για […]