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Category Archive: Uncategorized
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A Disappointing, Procyclical, and Highly Politicized Budget
The White House has officially unveiled its budget for fiscal year 2014. I hope to have a chance to look at some of the numbers and programs in depth over the coming weeks, but the overview alone confirms what many leaks have suggested, namely, that this is a disappointing, highly politicized document. Here are some [...]
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The End of an Era: The Reagan-Thatcher Years, Goodbye and Good Riddance
With the recent death of Margaret Thatcher, the Iron Lady, it is time for a quick retrospective. Here’s the conventional narrative. The Keynesians took over policy-making in the UK and the US in the 1960s. They coddled Big Labor, allowing unions to ramp up wages. They coddled the poor with generous welfare. They coddled Big [...]
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Where We Are Now: A Reflection on the Reagan-Thatcher Legacy
Margaret Thatcher is dead. Thatcher and Ronald Reagan were seminal conservative politicians who came to power in 1979 and 1980 at the end of a period of profound transformation in the Anglo-American world. A postwar system forged in war, and built on a broad foundation of industrial labor, rising middle class prosperity, and an active [...]
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Euro or Drachma, or Both? A Temporary Parallel Currency Concept
“Dramatic scenes in the streets of Athens; strikes are paralyzing all of Greece.” “Greek prime minister considers leaving the euro.” “German parliament will decide tomorrow whether to reject the refinancing of the public Greek debt due next month.” “Greek bank deposits are disappearing rapidly.” Introduction Numerous voices describe such headlines as a plausible future scenario. [...]
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The Overdue U.S. Immigration Reform
Current Immigration Policy is Complex Of all possible economic reforms, the one most likely to increase incomes per person is to allow more people to move from where their productivity is low to where it is higher (Peri). Reform of immigration law is a timely topic in the United States, where a serious discussion of [...]
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Hyman Minsky’s New Book on Ending Poverty: Jobs, Not Welfare
OK, after my last post, we need an optimistic note. As you know, MMTers have adopted the “employer of last resort” or “job guarantee” approach to ending unemployment. Many of us got this policy from the late Hyman Minsky, who is well-known for his “financial instability hypothesis.” However, in the 1960s and 1970s he wrote [...]
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News from the Front: Wall Street Takes Your Homes, Your Deposits, and Your Social Security (Updated)
Here are a few recent tidbits from the press, just in case you were feeling a bit overly optimistic. 1. MERS Helps Wall Street Steal Your Home Over the past couple of years, I’ve tried to explain how the financial sector created MERS to destroy property records so that it would be easier to steal [...]
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Scenes From A Central Bank: A Turkish Tale in Two Acts
In mid 2010 the Turkish central bank decided to introduce a policy that increased uncertainty in interest rates hoping that would stop foreign investors who were pouring money into the country in search of a quick buck. That’s right. ‘Keep calm and carry on’ was replaced by ‘Keep them guessing.’ The Turkish economy was overheating. Money poured into [...]
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A Public Apology
A reader was not “happy” that I used the word “heathen” for Jews and Christians in my latest Hurriyet Daily News (HDN) column, which was also posted here. Here’s his/her email to the newspaper editor, with me conveniently in the cc: How could you seriously let Emre Deliveli’s article “Seder’s Four Passover questions” go to [...]
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Four Passover Seder questions
I would like to celebrate the Passover and Easter of my heathen readers by carrying an old tradition to my column. Jews remember their exodus from Egypt at the Seder, which marks the beginning of Passover. During the dinner, which was also Jesus’ Last Supper, the youngest child at the table asks four questions about [...]
