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Category Archives: austerity
Taxing consumers reduces growth – still!
So, the Japanese prime minister Abe proposed a bastard-Keynesian program for getting Japan out of its stagflation, nick-named Abenomics. But because he still effectively thinks neo-liberally, the program included a consumption tax increase to “balance the budget” (while at the … Continue reading
Posted in austerity, belief systems, economic policy, macroeconomics, MMT, neo-liberalism
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Stratfor is worth a month of MSM coverage
Stratfor discusses the Eurozone crisis, and once more they manage to put more relevant information into a single of their reports than one will find if scouring the MSM for a month: Media reports to the contrary, Greece’s return to … Continue reading
Posted in austerity, Devaluation, economic policy, eurocrisis, hyperinflation
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The Eurocrisis concisely laid out
Jörg Bibow does a great job under the heading “On the alleged pains of the strong Euro. He discusses the current predicament: ECB president Mario Draghi recently argued that the strengthening of the euro was partly responsible for the bank’s … Continue reading
Posted in austerity, deflation, economic policy, eurocrisis, macroeconomics
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Trying to drive out the Devil with the Beelzebub
Naked Capitalism has a post up with the title “Ragnarok – Iceland and the ‘Doom of the Gods’”. Most days I am reading Naked Capitalism and New Economic Perspectives in parallel and while I know that there is only a … Continue reading
The German austerians are at it again
Remember when the troika not so subtly put pressure on Greek voters before the latest elections – hinting that the loans would be cut off in case Syriza won and followed through on their campaign promises? Well, now that Berlusconi … Continue reading
Posted in austerity, debt, economic policy, election campaign, eurocrisis, media, oligarchy, public debt
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The Japanese picture is getting clearer (for me)
Heiner Flassbeck discusses Krugman’s take on Japan at his site Flassbeck-Economics. In particular, he criticizes the view of Japan’s lack of inflation as being related to a “liquidity trap”, and points out: Nominal wages (compensation of employees) have been falling … Continue reading
Supranation austerians
Most countries in the eurozone are in recession and what do the austerians (led by Merkel and Cameron) do? Cut the EU budget… This means lowering salaries of EU personnel (this was supported by German media claiming that many EU … Continue reading
Paul Krugman on “The Japan Story”
Paul Krugman comments on Japan in the New York Times and makes a remark that I find very interesting. Two actually that have always kept me a bit worried when Bill Mitchell points out that constant, relatively high deficits, and … Continue reading
Mitchell’s economic prediction revisited
Bill Mitchell predicted in August that the idea of the then-current Japanese government to increase the VAT would shrink GDP while not doing anything to decrease deficits and public debt. GDP has shrunk in the second half of the year, … Continue reading
Posted in austerity, developed countries, economic policy, MMT, public debt
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How badly will ending the payroll tax holiday inpact on US GDP growth?
Seems that US GDP shrunk slightly in the fourth quarter of 2012 and the mainstream now acts terribly surprised. So just to have something to check against in three months, a prediction from Warren Mosler’s website: http://moslereconomics.com/2013/01/02/growth-impact-from-yesterdays-deal/
Posted in austerity, debt, economic policy
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Reality-based World View 