Bill Black and Stephanie Kelton: Is it Time for a New Deal Federal Jobs Program?
On the need for New Deal levels of spending on national priorities and the myths and political grifting that prevent it.
Read more...Category Archives: Macroeconomic policy
How Brexit Threatens to Turn the UK Into “Borisland”
How the Tories and UKIP intend to use Brexit to impose permanent austerity and reduce workers’ rights.
Read more...Rebalancing, Wealth Transfers, and the Growth of Chinese Debt
By Michael Pettis, a Senior Associate at the Carnegie Endowment for International Peace and a finance professor at Peking University’s Guanghua School of Management. Cross posted from China Financial Markets. For the past ten years much of what I have written about debt in China was aimed mainly at trying to convince analysts and policymakers […]
Read more...Brexit: Fear, Loathing, and Anger on Both Sides of the Channel
Politicians in the UK and the EU are virtually at each other’s throats over Brexit.
Read more...Brexit: The Crisis Begins
The Brexit vote was a stunning repudiation of neoliberalism and austerity. But what comes next?
Read more...The Global “New Normal” Is Not New– But It Is Still a Real Concern
Why the “new normal” is a sign that capitalism is running out of options.
Read more...Men Exiting Workforce as Low-Wage Jobs Vanish
Contrary to its intent, a report explaining why labor force participation among prime-age men has fallen reveals how Obama has failed.
Read more...Chaos Theory, Shocks, and Fragility, Australia and Elsewhere
Australia and other countries had the opportunity to reduce financial fragility. They may soon discover the cost of doing too little.
Read more...Cyber Risk as Systemic Risk
The threat to the financial system posed by cyber risk is often claimed to be systemic. This column argues against this, pointing out that almost all cyber risk is microprudential. For a cyber attack to lead to a systemic crisis, it would need to be timed impeccably to coincide with other non-cyber events that undermine confidence in the financial system and the authorities. The only actors with enough resources to affect such an event are large sovereign states, and they could likely create the required uncertainty through simpler, financial means.
Read more...Banks Rebel Against Negative Interest Rates
Banks have had it with negative interest rates and are starting to push back.
Read more...The Abandonment of Countercyclical Fiscal Policy
Economists bemoan the lack of aggressive fiscal spending after the crisis. Funny how few of them were willing to advocate it when it mattered.
Read more...New IMF Paper Challenges Neoliberal Orthodoxy
A new IMF paper takes on some neoliberal sacred cows.
Read more...The Pentagon’s Budgetary War on Accountability
Why the Pentagon always has the money it needs, and a lot more too.
Read more...Helicopter Money: The Illusion of a Free Lunch
Does helicopter money come with a hidden price tag?
Read more...The 7 Biggest Myths and Lies About Social Security
An antidote to Peterson Foundation anti-Social Security Kool Aid.
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