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...Category Archives: Macroeconomic policy
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.
Read more...The New Abnormal: “Disequilibrium Flirting with Deflationary Depression”
The New Abnormal: a period of profound disequilibrium as the aftershocks of the Crisis collide with and complicate structural changes.
Read more...Hard Landing Coming Soon? Chinese Officials Set Off Red Alert on Debt, Urge Serious Measure to Contain It
Chinese officials sent a serious warning about ending debt growth. If they are serious, the shock waves will engulf not just China but also the global economy.
Read more...Gerald Friedman: How the Dogmatic Despair of Mainstream Economists Brought You Donald Trump
Mainstream economists to ordinary citizens: Drop dead. Or more accurately: Sorry, nothing more can be done for you. There is No Alternative.
Read more...Germany and IMF in Staredown Over Greek Debt Relief
The IMF and Germany have staked out irreconcilable positions on Greece. Who will blink first?
Read more...After Distancing Herself From Bill Clinton’s Economic Policies, Hillary Wants Him as Mr. Economic Fix It
Like the Bourbons, the Clintons appear to have learned nothing and forgotten nothing.
Read more...Inflation Targeting and Neoliberalism, Part 2
Why inflation targeting is a destructive practice.
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