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. […]
Oh, dear. This post of mine from yesterday is soooo yesterday. (Okay, sooo last-weekend, to be precise.) The attempt to paint Sanders as the Democrats’ Donald Trump has failed. Sanders isn’t the left’s Donald Trump; he’s the left’s Ron Paul! At least according to a rapidly congealing CW pushed by pundits that include—surprisingly—at least one progressive one. Freelance […]
Stranger things have happened in American politics, but the sudden surge of Democratic/populist Bernie Sanders and Republican/populist Donald Trump puts one in mind of alternate universes. And I don’t mean Miss Universes. Both men are holding second place in some polls behind Hillary Clinton and Jeb Bush, respectively. And both are steadily ascending in the polls at a greater pace […]
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 […]
Greece Interior Ministry Results all regions voting ‘OXI’ = ‘No’ Huffington Post: Live Updates: Greece Votes In Referendum On Bailout Proposal More links as afternoon progresses. This article by Steve Randy Waldman at Interfluidity has been getting a lot of play around the Intertoobz since yesterday (I also linked to it in Comments on the […]
“Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate… It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.” -Andrew W. Mellon […]
The Obama Administration is proposing to raise the income threshold under which employers are required to pay overtime from $23600 to $50400 and predictably the economic right has started to squeal. And in so doing have tried to advance two cases: one this change will cost jobs, and two nobody will actually get a raise. […]
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 […]