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You Know the Deficit Hawks. Now Meet the Deficit Owls.
The Washington Post, February 19, 2012. © 1996–2012 The Washington Post About 11 years ago, James K. “Jamie” Galbraith recalls, hundreds of his fellow economists laughed at him. To his face. In the White House. A discounted poster presenting US dollars bills in circulation is seen in the visitor center of the Bureau of Engraving […] -
BlogLet’s Make a Deal
It has been recognized for well over a century that the central bank must intervene as “lender of last resort” in a crisis. In the 1870s Walter Bagehot explained this as a policy of stopping a run on banks by lending without limit, against good collateral, at a penalty interest rate. This would allow the [...] -
Blog
Definitely Not a Keynesian Suggestion
The people at Bloomberg appear to have made a curious error on their website yesterday. They have attributed an op-ed to Amity Shlaes that was almost certainly not written by her. You see, Amity Shlaes is a well-known skeptic of Keynes and all things Keynesian, having written the bible for those who like to claim [...] -
Blog
The New European Economic Dogma
If it controlled its own currency, the usual thing for a country like Greece to do in these circumstances would be to devalue. Since it doesn’t control its own currency, Greece is being “asked” to pull off an internal devaluation, or as C. J. Polychroniou puts it: Essentially, what they agreed to are additional measures [...] -
Working Paper No. 708The Road to Debt Deflation, Debt Peonage, and Neofeudalism
What is called “capitalism” is best understood as a series of stages. Industrial capitalism has given way to finance capitalism, which has passed through pension fund capitalism since the 1950s and a US-centered monetary imperialism since 1971, when the fiat dollar (created mainly to finance US global military spending) became the world’s monetary base. Fiat […] -
Working Paper No. 708
Ο δρόμος προς τον αποπληθωρισμό του χρέους, την πεονία και τον νεοφεουδαλισμό
O «καπιταλισμός» είναι καλύτερα κατανοητός σαν ένα σύστημα από μια σειρά από στάδια. Ο βιομηχανικός καπιταλισμός έχει παραχωρήσει τη θέση του στον χρηματοοικονομικό καπιταλισμό, ο οποίος εξελίχθηκε από τον καπιταλισμό των συνταξιοδοτικών ταμείων τη δεκαετία του ΄50 και τον αμερικανικό νομισματικό ιμπεριαλισμό από το 1971 όταν το πλαστό δολάριο (που δημιουργήθηκε κυρίως για τη χρηματοδότηση […] -
One-Pager No. 26
The New European Economic Dogma
Greece’s new EU/IMF bailout package is all about private sector wage cuts and an overhaul of labor rights. In short, it will do absolutely nothing to address the nation’s economic crisis because it is not designed to rescue Greece’s embattled economy. In fact, it will have the unwanted effect of keeping the nation locked in […] -
One-Pager No. 26
Το νέο ευρωπαϊκό οικονομικό δόγμα
Το νέο πακέτο «διάσωσης» της Ελλάδας από την ΕΕ και το ΔΝΤ έχει να κάνει κυρίως με την περικοπή μισθών στον ιδιωτικό τομέα και την ισοπέδωση των εργασιακών δικαιωμάτων. Εν ολίγοις, δεν κάνει απολύτως τίποτα για να αντιμετωπίσει την οικονομική κρίση επειδή δεν έχει σχεδιαστεί για τη διάσωση της ελληνικής οικονομίας, η οποία βρίσκεται σε […] -
Working Paper No. 707
The Euro Crisis and the Job Guarantee
Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these nations adopted the neoliberal attitude toward banks that […] -
Working Paper No. 707
H ευρω-κρίση και η εγγυημένη απασχόληση
H Ευρωχώρα βρίσκεται σε κρίση, που αργά αλλά σταθερά εξαπλώνεται από τη μία χώρα της περιφέρειας στην άλλη. Στο τέλος, θα φτάσει και στο κέντρο. Για την κατάσταση αυτή κατηγορούνται οι υποτιθέμενες σπάταλες χώρες της Μεσογείου. Αλλά η εξήγηση αυτή σίγουρα δεν μπορεί να ισχύει για την Ιρλανδία και την Ισλανδία. Και στις δύο περιπτώσεις, […] -
Blog
21st Annual Minsky Conference: Debt, Deficits, and Financial Instability
April 11–12, 2012 Ford Foundation, New York City A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation This Spring, leading policymakers, economists, and analysts will gather at the New York headquarters of the Ford Foundation to take part in the Levy Institute’s 21st Annual Hyman P. Minsky [...] -
Blog
Greece Forced to Cut Private Sector Salaries?
C. J. Polychroniou refers here to the fact that private sector salary cuts are part of the “rescue package” recently approved by the Greek Parliament. Asked to comment at the Foreign Policy blog, Dimitri Papadimitriou explains why this attempt at internal devaluation won’t work. In an interview for Bloomberg Radio Papadimitriou also stresses that these [...]