Paul Krugman uses elementary Keynesian Macroeconomics to argue that the austerity demanded by the Troika would reduce the Greek debt to GDP ratio, if at all, only by causing deflation and increased Greek net exports. This means that it would take a very long time (or forever) to reduce the Greek debt to GDP ratio […]

Compilation of the Social Security Laws: Title 2 FEDERAL OLD-AGE AND SURVIVORS INSURANCE TRUST FUND AND FEDERAL DISABILITY INSURANCE TRUST FUND[3] Sec. 201. [42 U.S.C. 401] (c) With respect to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (hereinafter in this title called the “Trust Funds”) there is […]

The Wall Street Journal just published news that Greece defaulted on its IMF loan. Link I have connections to some people in the banking industry who have said for years that Greece’s default was inevitable. Now the default looks like it is here.

Imagine you had to choose, and could choose: you can spend your whole life and raise your family in either of two equally prosperous countries. In one country people work lots of hours to attain that prosperity. In the other country people work far less. You don’t know anything else about these countries. Which would you choose? The answer […]

Now that Congress has given the President fast-track Trade Promotion Authority, the first agreement to be considered under these rules (no amendments allowed, up or down vote in 90 days) will be the Trans-Pacific Partnership (TPP). As you know from previous columns, one of the most worrying aspects of the TPP is its expansion of […]

by Joseph Joyce Greek Tale(s) No matter what new twist the Greek debt crisis takes, there can be no question that it has been a catastrophe for that country and for the entire Eurozone. The Greek economy contracted by over a quarter during the period of 2007 to 2013, the largest decline of any advanced […]

In his dissent to Edwards v. Aguillard, Supreme Court justice Antonin Scalia made a neat distinction, sidestepping the issue of “legislative intent” that he finds so troubling: it is possible to discern the objective “purpose” of a statute (i. e., the public good at which its provisions appear to be directed), (The dissent is obsessed with […]

Via @mattyglesias I learn that David Scutt just reported that “Japan just blew past forecasts for unemployment and household spending” The unemployment rate is 3.3% and there are more vacant jobs than unemployed workers. Overall, Abenomics has worked very well indeed. I feel obliged to discuss this, because I was an extreme skeptic. More exactly, […]

Just want to let everyone know that the Fast Track bill just passed the house.  The vote was 218 to 208 with 28 Dem’s voting for it.  Imagine that.  no provision for workers harmed by this and it passes. From the article here is Ryan’s take: “It gives America credibility,” Ryan said of TPA. “And […]

Got you to look. I am using 18th century English, the title translates into 21st century English as “Paul Krugman’s Argument is clarified when the fact that it is precise is revealed” Krugman objects to Stephen Schwarzman’s use of the word “liquidity” which, he claims, conflates two different meanings. I think the word should be […]