Paul Krugman analyzes the debacle in Greece. Although Greeks voted barely a week ago to reject the bailout terms offered by the EU, which called for uninterrupted austerity, Prime Minister Alexis Tsipras proposed to the EU to accept almost all of the terms if there was some true financial relief. Instead, what the European Union, […]

Many conservatives breathed a sigh of relief after the speech, having feared a fresh set of innovative proposals that might have required serious responses. “I think it’s a horse race between what’s more tired, her or the material,” said Douglas Holtz-Eakin of the conservative American Enterprise Institute. “There really isn’t anything new here. It’s really […]

I do not think that the actions of the Troika or of the 18 non Greek members of the Eurogroup are defensible. I am quite confident that, if they can be defended, IMF head economist O.J. Blanchard is the man for the job. He is very very smart and doesn’t just assume that Keynes was […]

My aspiration for the country and I believe we can achieve it, is 4 percent growth as far as the eye can see. Which means we have to be a lot more productive, workforce participation has to rise from its all-time modern lows. It means that people need to work longer hours. — Jeb Bush, in an […]

I think that the Greeks would be wise to abandon the Euro and introduce their own currency. Very few Greeks agree with me. Also many very smart economists around the world strongly strongly disagree with me. I will try to explain the case for a new Greek currency. 1) ECB blackmail is a crucial consideration. […]

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 […]