Russia’s Budget Deficit Jumps Amid Plunging Oil Revenues
Russia had a budget shortfall due to a fall in energy-related tax receipts. How serious a problem is this development?
Read more...Category Archives: Macroeconomic policy
Scarring, Hysteresis, and Investment in Europe
Fiscal policy can play an important role in limiting hysteresis – a term coined in the 1980s – particularly by promoting government and private investment. However, the political economy of fiscal policymaking typically trades off long-term benefits for short-term gains
Read more...James Galbraith: The Quasi-Inflation of 2021-2022 – A Case of Bad Analysis and Worse Response
Galbraith explains why conventional views of inflation are a particularly poor fit for recent price increases and produced bad policy
Read more...Radhika Desai and Michael Hudson Discuss the Causes and Politicization of Inflation
Desai and Hudson debunk widely-believed, finance-and-elite-serving myths about inflation.
Read more...Debt Ceiling Arm Wrestling Targets Ukraine Spending
The upcoming debt ceiling fight has an unusual feature: Republican opposition to military pork, or at least the Ukraine variety.
Read more...The Great Inflation Debate: Supply Shocks and Wealth Effects in a Multipolar World Economy
A new analysis finds our inflation comes first from Covid/sanctions supply shocks and second, spending by the rich, not government spending.
Read more...Ukraine: When Will It Reach the End of Its Propaganda Line?
Is Ukraine’s spin getting threadbare?
Read more...MMT Answers
A short MMT refresher course in the form of a Q&A.
Read more...Bloomberg Describes Europe’s Severe and Sustained Energy Crisis Due to Loss of Russian Gas
Bloomberg is countering the prevaiing cheery narrative that Europe can muddle through its ongoing energy crunch.
Read more...The Political Disruptions of Fiscal Austerity
Confirmation that austerity is bad for political stabiity because ordinary citizens don’t take well to their governments treating them badly.
Read more...Needed Global Financial Reforms Foregone Yet Again
The pathologies that produced the financial crisis are still circulating.
Read more...Poland’s Coming Economic Collapse: A Story in 8 Tweets
Why Poland is on its way to becoming an economic basket case.
Read more...Tom Ferguson: Worker’s Wages & Leverage are the Real Targets
Why did Corporate Democrats “cede” the economic argument? Are they really fighting inflation or trying to weaken workers’ bargaining power?
Read more...You’re Living in a World Wrought by Central Banks. Notice Anything Wrong?
Nomi Prins warns that central banks’ strategies are destroying the real economy, worsening inequality, and creating societal chaos.
Read more...Real Progressives Live with Michael Hudson: The Destiny of Civilization
Michael Hudson explains how financial capitalism won the struggle with industrial capitalism and gave rentiers the upper hand.
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