Tim Duy gave his projections for 2016. I will go through his 10 points with my reflections from the effective demand point of view. 1. He says that there will be no recession and the economy will stabilize by the end of the year. Yet, I see a higher probability of recession than he does. […]
usa = Greece ? A challenge. Paul Krugman asks how a country like the USA could have a Greek style crisis. In his Mundell-Fleming Lecture Krugman defined Greek style crisis twice ” a Greek-style crisis of soaring interest rates” and ” a Greek-style scenario of higher rates and a slump in the real economy” . […]
by Joseph Joyce Can Systemic Financial Risk Be Contained? Risk aversion is a basic human characteristic, and in response to it we seek to safeguard the world live in. We mandate airbags and safety belts for automobile driving, set standards for the handling and shipment of food, build levees and dams to control floods, and […]
Ireland remains, in some circles, a poster child for austerity’s success: It paid off its bailout loan early! It regained its 2007 Gross Nation Income per capita in 2014! Unemployment is only 8.9%! Don’t believe the hype. Paul Krugman recently pointed out that Ireland’s employment performance continues to be dismal, especially in comparison with currency-devaluing, […]
Special Call Out to Bruce and Noni with a Happy Birthday. Relaxing today. Gonna visit with my Marine Sergeant nephew who follows in my footsteps even though I said not to do so. Younguns never listen . . .