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Strategic AnalysisΕίναι βιώσιμη η ανάκαμψη;
Η δημοσιονομική λιτότητα είναι πλέον ένα παγκόσμιο φαινόμενο και η επιβράδυνση της παγκόσμιας ανάπτυξης δεν ευνοεί τις προοπτικές της δημοσιονομικής πολιτικής σε εθνικό επίπεδο. Σύμφωνα με τις baseline προβλέψεις της Ομάδας Μακροοικονομικής Ανάλυσης στο Ινστιτούτο Οικονομικών Λίβι, οι φόβοι για μια οικονομική στασιμότητα μεγάλης διάρκειας και μια παγωμένη αγορά εργασίας είναι απόλυτα δικαιολογημένοι. Υποθέτοντας ότι […] -
BlogA More Dovish Fed?
While the latest figures show the unemployment rate dipping below 9 percent, a lot of this decrease has to do with individuals giving up and leaving the labor force. As for additional stimulus, Congress is currently negotiating an extension, and possible expansion, of the payroll tax cut. But Republicans are insisting that it be “paid [...] -
Blog
Hudson on Debt and Democracy
Michael Hudson has an article appearing in the Frankfurter Allgemeine Zeitung on the history of debt and democracy. For those who can’t read German, Hudson has produced an abbreviated English version. An excerpt: The idea of an independent central bank being “the hallmark of democracy” is a euphemism for relinquishing the most important policy decision [...] -
Blog
“An ideologically useful but unrealistic vision of capitalism”
A great series of videos at INET collecting clips from Robert Johnson’s interview of Steve Keen, who is among those (few) credited with seeing the financial crisis coming. Hyman Minsky’s work has played a large role in Keen’s own thinking on this. In this particular clip, Keen talks about the ways in which economists have [...] -
Blog
Debating a Eurozone Exit Strategy
Yanis Varoufakis has an interesting exchange with Warren Mosler and Philip Pilkington, responding to their thoughts on the ideal path for a nation intending on breaking away from the euro. The Mosler-Pilkington “plan” (clearly gunning for the Wolfson Prize) is basically this: (1) the government in question starts using the new national currency as a [...] -
Blog
Time to Demand Transparency and Accountability at the Fed
In its continuing series on the Fed’s bail-out of Wall Street, Bloomberg estimates that the banks got a $13 billion hand-out from the Fed’s easy lending terms. Using the excuse of the crisis, the Fed lent funds at near-zero interest to the banks. This was supposed to encourage them to begin lending to firms and [...] -
Blog
The Austerians’ Secret Plan to Devastate Corporate Profits
Speaking of balances, late last week Martin Wolf delivered a helpful column (“Why cutting fiscal deficits is an assault on profits,” FT Nov. 24). Wolf writes that if households are cutting back, a government that attempts to reduce deficits while anticipating no substantial changes in net exports must expect corporate surpluses to shrink. But increased [...] -
Blog
Peeling Back the Veil at the Federal Reserve
At Citizen Vox Micah Hauptman uses the recent Bloomberg revelations (regarding the details of the Federal Reserve’s extraordinary efforts to stabilize the financial system) to frame a discussion of Fed transparency and accountability: The Fed has vigorously defended its secrecy, claiming that working behind closed doors is necessary to prevent panic in financial markets. According [...] -
Europe Leads the World’s Economy to the Cliff
Copyright © 2011 KPFK. All Rights Reserved. Masters and Papadimitriou discuss the looming financial crisis in the eurozone, the possibility of contagion, and the OECD’s warning of an impending recession in Europe and the UK unless the European Central Bank takes action. Full audio of the interview is available here. -
A Moment among the Minskians
The Straddler, Fall 2011. All content © The Straddler I The events leading up to and following the financial crisis in 2008 led to widespread deployment of the term “Minsky Moment,” used to describe the painful termination of what Hyman Minsky called “runaway expansion.” In boom times, according to Minsky, stable profit growth resulting from […] -
Research Project Report
Direct Job Creation for Turbulent Times in Greece
Countries in crisis round the world face the daunting task of dealing with abrupt increases in unemployment and associated deepening poverty. Greece, in the face of her sovereign debt crisis, has been hit the hardest. Remediating employment policies, including workweek reductions and employment subsidies, abound but have failed to answer the call satisfactorily. Direct public-service […] -
Research Project Report
Άμεση δημιουργία θέσεων εργασίας για μια ταραγμένη εποχή στην Ελλάδα
Σε όλο τον κόσμο, οι χώρες που βρίσκονται σε κρίση έχουν μπροστά τους το δύσκολο έργο της αντιμετώπισης των αυξανόμενων ποσοστών ανεργίας και της εμβάθυνσης της φτώχειας. Η Ελλάδα, η οποία αντιμετωπίζει μια βαθιά κρίση κυρίαρχου χρέους, έχει πληγεί σε πολύ μεγαλύτερο βαθμό από τις υπόλοιπες χώρες. Υπάρχει αφθονία πολιτικών απασχόλησης, από προγράμματα επιδότησης της […]