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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, [...] -
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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 […] -
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“I Happen to Have Mr. McLuhan Right Here,” Wonk Edition
It won’t be quite as satisfying as having Marshall McLuhan stashed in a corner to back up your argument, but for the next time you find yourself in a real-time wonkfight, FRED (the go-to database of the St. Louis Fed) is now available as a mobile app. -
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Minsky Explains Bank Management Motivation
Your Minsky quotation of the day: The rise in bank share prices that follows a growth in profitability is particularly important in a world of professionally managed institutionalized banks. The typical professional bank president is not a rich man when he starts his career. As a bank president he is a hired hand trying to [...] -
Press ReleaseLatest EU/IMF Bailout for Greece Makes Reducing Living Standards and Increasing Poverty the Price for Increasing Competitiveness, New Levy Study Says
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Working Paper No. 710The European Central Bank and Why Things Are the Way They Are
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative risk basis. In major developed economies, a hypermature secular […] -
Working Paper No. 710
Η Ευρωπαϊκή Κεντρική Τράπεζα και γιατί έχουν έτσι τα πράγματα
Με δεδομένη τη κλίμακα και το εύρος της κρίσης στην ευρωζώνη, η πολιτική και τα μέτρα που λαμβάνονται (ή δεν λαμβάνονται) από την Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) έχουν ουσιαστικό αντίκτυπο σε μικρές και μεγάλες αγορές και επηρεάζουν κάθε σημαντικό τομέα της νομισματικής πολιτικής. Στη συγκεκριμένη ιστορική συγκυρία, η ΕΚΤ είναι ο πιο σημαντικός άξονας νομισματικής […] -
2,181 Italians Pack a Sports Arena to Learn Modern Monetary Theory—The Economy Doesn’t Need to Suffer Neoliberal Austerity
Naked Capitalism, February 28, 2012. Copyright © 2006, 2007, 2008, 2009, 2010, 2011 Aurora Advisors Incorporated. All Rights Reserved. I have just returned from Rimini, Italy, where I experienced one of the most amazing spectacles of my academic life. Four of us associated with the University of Missouri at Kansas City (UMKC) were invited to […] -
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EU Anorexia
C. J. Polychroniou surveys the distressing results, in terms of unemployment (and particularly youth unemployment), of the “neo-Hooverism” and obsession with price stability that permeate European Union policymaking and explains that a fundamental change in approach is needed: Europe is in dire need of an economic and political revolution. It needs an immediate return to [...] -
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Greece and Misleading Fables
Yanis Varoufakis, former adviser to the Greek Prime Miniser and co-author of “A Modest Proposal,” delivers this special report for Channel 4 News on the situation in Greece: (credit to Naked Keynesianism) A quick comparison of working hours for supposed Greek “grasshoppers” and German “ants,” or of the generousness of their governments’ respective social welfare [...]