China To Become World’s Leading Economy This Year

By: Wednesday April 30, 2014 9:26 am

Can we finally write off neoliberalism as a bad idea? Due to alterations in how the World Bank calculates wealth China is set to surpass the United States as the world’s largest economy this year. Previous predictions imagined China overtaking the US in the next decade. While America’s once robust middle class shrivels and opportunity [...]

Is TPP Even A Trade Deal?

By: Friday November 15, 2013 8:14 am

The ill effects of free trade have become abundantly obvious to most Americans. Our manufacturing base has dissipated as corporations raced overseas to find the most depraved hell holes where workers rights and environmental regulation only exist on paper, if even there. The free trade push betrayed centuries of American values and planning which built [...]

Fallout Continues From Discovery Of Major Flaws In Key Austerity Paper

By: Friday April 26, 2013 8:28 am

Academia remains incredulous as evidence accumulates that the Reinhart-Rogoff paper that underwrote much of the intellectual justification for austerity economics omitted important data and contained severe Excel errors. Some are calling it a technical knockout of austerity economics, handing victory to the anti-austerity faction of economists. Economic debates rarely end with a T.K.O. But the [...]

Austerity Economics Takes A Major Blow As Key Research Paper Discredited

By: Friday April 19, 2013 8:06 am

A paper by Kenneth Rogoff and Carmen Reinhart entitled Growth In A Time Of Debt became the intellectual backbone for the austerity movement/plutocrats and their apparatchiks in Washington and elsewhere. Now a graduate student has discovered a major excel error in Rogoff and Reinhart’s research which skewed the data to support their thesis and found that when that error was corrected their data actually supported the contrary view.

IMF: Fight Climate Change By Ending Subsidies To Fossil Fuel Industry

By: Monday April 1, 2013 7:18 am

The International Monetary Fund (IMF) has a new report out claiming that fossil fuel is “mispriced” and that eliminating subsidies to the fossil fuel industry and adding carbon taxes could cut greenhouse gases by 13 percent. Energy subsidies are pervasive and impose substantial fiscal and economic costs in most regions. On a pre- tax basis, [...]

IMF Rejects Own Research, Backs Austerity in Portugal

By: Friday October 19, 2012 12:24 pm

The EU wrapped up its summit, and the major policy announcement was an agreement for a single Eurozone bank regulator, a step on the road to common depository insurance. This is a couple years off, and leaders announced that no country would be able to get bailout funds for its banks until the regulator was [...]

Why Europe’s Hopes for Austerity May Be Slipping Away

By: Monday October 15, 2012 10:00 am

Joe Weisenthal points out something I’ve been noticing ever since the European Central Bank announced its bond-buying program. It turns out this worked far too well for the ECB’s taste. They wanted to use the prospect of bond-buying as a spur to get Spain and perhaps Italy to agree to a strings-attached bailout, so they [...]

Spain Continues to Resist Pressure for Bailout

By: Friday October 12, 2012 10:45 am

This refusal on the part of Spain to request a bailout, and the nasty conditions that would follow, so the European Central Bank can put its bond-buying program into motion, has really frustrated those trying to stage-manage Europe. The credit rating agency Standard and Poor’s, in league with these forces, downgraded Spanish debt to increase [...]

IMF Chief Lagarde to Europe: Lighten Up on the Austerity

By: Thursday October 11, 2012 6:19 am

IMF managing director Christine Lagarde has been in the “stop the austerity” camp for a little while now, but this was perhaps her most explicit statement yet on the policy that’s gradually killing off Europe’s economy. Ms Lagarde, IMF managing director, cautioned against countries front-loading spending cuts and tax increases. “It’s sometimes better to have [...]

Study: Time to Stop Banks from Risky Trading

By: Wednesday October 10, 2012 12:59 pm

Via Mark Gongloff, the IMF has released a new study showing that, in essence, the world would be a much safer place if international banks stopped trading in the financial markets. Why can’t banks just trade like George Soros and everybody else? Why can’t they have any fun? A few reasons: First, banks have tons [...]

Eurozone Leaders Float Extension of Deficit Reduction for Greece

By: Tuesday October 9, 2012 10:00 am

German Chancellor Angela Merkel visited Athens today, facing some, shall we say, determined protests. Apparently seven thousand riot police protected Merkel on this trip, and for good reason. I think “image problem” is a bit of an understatement. Merkel, for her part, said she sympathized with Greek suffering, which for some reason failed to mollify [...]

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