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Blog“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. -
Blog
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 […] -
Blog
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 [...] -
Blog
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 [...] -
One-Pager No. 27
EU’s Anorexic Mindset Drives the Region’s Economies into Depression
The coordinated contractionary policy on the part of the European Union is inspired by its belief that this is the most effective way to tackle the eurozone’s “debt crisis.” However, by ignoring the endemic problems of unemployment, poverty, and homelessness—all of which have as their underlying cause the contraction of economic activity—European economic policy reveals […] -
One-Pager No. 27
Η ανορεξική διάθεση της ΕΕ οδηγεί τις οικονομίες της περιοχής σε κατάθλιψη
Η συντονισμένη συσταλτική πολιτική εκ μέρους της Ευρωπαϊκής Ένωσης εμπνέεται από την πεποίθησή της ότι αυτός είναι ο πιο αποτελεσματικός τρόπος για την αντιμετώπιση της «κρίσης χρέους» στην ευρωζώνη. Ωστόσο, αγνοώντας τα ενδημικά προβλήματα της ανεργίας, της φτώχειας, και της έλλειψης στέγης—τα οποία έχουν ως βασική αιτία τη συρρίκνωση της οικονομικής δραστηριότητας—η ευρωπαϊκή οικονομική πολιτική […] -
Working Paper No. 709
Too Big to Fail
Government forbearance, support, and bailouts of banks and other financial institutions deemed “too big to fail” (TBTF) are widely recognized as encouraging large companies to take excessive risk, placing smaller ones at a competitive disadvantage and influencing banks in general to grow inefficiently to a “protected” size and complexity. During periods of financial stress, with […] -
Working Paper No. 709
«Πάρα πολύ μεγάλες για να καταρρεύσουν»
Οι κρατικές πολιτικές χαλαρής αντιμετώπισης, στήριξης και διάσωσης των τραπεζών και άλλων χρηματοπιστωτικών οργανισμών που θεωρούνται «πολύ μεγάλοι για να καταρρεύσουν» αναγνωρίζονται ευρέως ως πολιτικές που ενθαρρύνουν τις μεγάλες επιχειρήσεις να αναλαμβάνουν υπερβολικούς κινδύνους, θέτουν τις μικρότερες επιχειρήσεις σε μειονεκτική κατάσταση στον ανταγωνισμό, και γενικά επηρεάζουν με αρνητικό τρόπο τις λειτουργίες των τραπεζών (οι τράπεζες […]