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Max Stayman

How Greece Could Escape the Euro - 0 views

www.nytimes.com/...ece-could-escape-the-euro.html

Greece Euro greece economy crisis

shared by Max Stayman on 17 Oct 11 - No Cached
  • Max Stayman on 17 Oct 11
     
    This article talks about one way that Greece could "get out" of the Euro - convert back to the old currency, the drachma. Like Argentina did in 2002 in the midst of its massive financial crisis, converting to the old currency would decrease the value of Greece's currency, but it would absolve it of its debts to other Euro nations.
  • Brandon Callender on 17 Oct 11
     
    This may have worked in Argentina, but with the complex interlinkage of Greek debt to the already overstrained European banking system (http://www.economist.com/node/21532294), it could cause a contagion-like effect, provoking a double-dip recession.
Alex Sommer

German and Italian Leaders to Meet on Euro Crisis - 0 views

www.nytimes.com/...nudge-germany-to-back-ecb.html

shared by Alex Sommer on 29 Aug 12 - No Cached
  • Alex Sommer on 29 Aug 12
     
    BERLIN - The top leaders of Germany and Italy plan to meet Wednesday as part of an intense round of shuttle diplomacy before several critical decisions that face Europe. The region's leaders are struggling to appease voters questioning the price of unity in the euro currency union after three years of financial turmoil.
  • Alex Sommer on 29 Aug 12
     
    I find European economics very fascinating, personally. Germany has been saving much of the Euro economy for three years since the economic crash began, but is not facing its own fiscal issues. In addition, the article discusses the actions of Italy's Prime Minister Mario Monti, who has been frantically attending meetings and important "coffees" with other European heads of states to prevent their country's growing national debt--already at 123% GDP!!!
  • Kay Bradley on 03 Sep 12
     
    What are Germany's own economic issues? It has seemed like the bulwark of Europe for the last five years! Are there things that are being ignored, e.g. migrant labor, cost of universal health insurance and old age pensions? Is Angela Merkel still popular? Who might succeed her? What are her party's politics?
ellie davis

Charlemagne: Keep the fire burning | The Economist - 2 views

www.economist.com/21531032

Germany Euro European Union Angela Merkel

shared by ellie davis on 16 Oct 11 - No Cached
  • ellie davis on 16 Oct 11
     
    This article explains why Chancellor Angela Merkel is in no hurry to fix the Euro crisis.
  • ...1 more comment...
  • Nicholas Hirsch on 17 Oct 11
     
    I think it is interesting to see how Germany's economic history is affecting Angela Merkel's decisions. The war reparations and the hyperinflation that ensued has not been forgotten. Thus Merkel's cautious and careful response to the debt crisis and Greece's possible defaulting makes complete sense. She fears to take any rash action and instead calls for austerity and patience, as she believes that given the right steps, the economy will recover, slowly but safely.
  • Brandon Callender on 17 Oct 11
     
    This, in conjunction with the article I just posted, seems to support the view that the Chancellor is attempting to use her government's short term ability to fix this problem to gain leverage for a larger, more overarching change to the EU. Like Brady said, she's trying to instill patience and austerity instead of rushing.
  • Njeri Kamau-Devers on 19 Oct 11
     
    The chancellor of Germany, Angela Merkel seems to be making a good move. Sadly, people will hate her for it. I support her though, because I believe that encouraging hyperinflation might make people feel better temporarily; however, it will only give companies more money without giving them the time to learn from their mistakes and make better financial decisions. Later, Europe may suffer even greater issues with debt. Yet, not doing anything either seems wrong. I'm sure she could do something.
Njeri Kamau-Devers

Asian markets slide on eurozone downgrade fears - 1 views

Below is the link. Sorry about that. http://www.cnn.com/2012/01/15/business/asia-markets/index.html?eref=rss_latest&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28R...

euro crisis effect in asia Sony China

started by Njeri Kamau-Devers on 16 Jan 12 1 follow-up, last by Njeri Kamau-Devers on 16 Jan 12
Kako Ito

Public insurance and the least well-off | Lane Kenworthy - 6 views

lanekenworthy.net/surance-and-the-least-well-off

public insurance economics welfare poor nordic model universalism targeting redistribution income inequality

shared by Kako Ito on 27 Sep 15 - No Cached
  • Public insurance also boosts the living standards of the poor. It increases their income, and it provides them with services for which they bear relatively little of the cost.
  • Critics charge that public social programs tend to hurt the poor in the long run by reducing employment and economic growth. Are they correct?
  • Does public insurance erode self-reliance? Is a large private safety net as helpful to the least well-off as a large public one? Are universal programs more effective than targeted ones? Are income transfers the key, or are services important too?
  • ...17 more annotations...
  • Once again we see no indication that public insurance generosity has had a damaging effect
  • Note also that the employment rate increased in nearly all of the countries during this period. On average, it rose by nine percentage points between 1979 and 2013. That’s not what we would expect to see if generous public insurance programs were inducing large numbers of able adults to withdraw from the labor market
  • What we see in the chart is that countries with more generous public insurance programs tend to have less material deprivation.
  • With globalization, the advance of computers and robots, increased pressure from shareholders for short-run profit maximization, union weakening, and other shifts, wages have been under pressure. Couple this with the fact that many people at the low end of the income ladder have labor market disadvantages — disability, family constraint, geographic vulnerability to structural unemployment — and we have a recipe for stagnation in the market incomes of the poor.
  • here’s a good reason for these shifts: government provision offers economies of scale and scope, which reduces the cost of a good or service and thereby makes it available to many people who couldn’t or wouldn’t get it on their own.
  • Government provides more insurance now than it used to. All of us, not just some, are dependent on it. And life for almost everyone is better because of it
  • hese expenditures are encouraged by government tax advantages.22 But they do little to help people on the bottom of the ladder, who often work for employers that don’t provide retirement or health benefits.
  • To make them more affordable, the government claws back some of the benefit by taxing it as though it were regular income. All countries do this, including the United States, but the Nordic countries do it more extensively. Does that hurt their poor? Not much. The tax rates increase with household income, so much of the tax clawback hits middle- and upper-income households.
  • Another difference is that public services such as schooling, childcare, medical care, housing, and transportation are more plentiful and of better quality for the poor in the Nordic countries. Public services reduce deprivation and free up income to be spent on other needs. It’s difficult to measure the impact of services on living standards, but one indirect way is to look at indicators of material deprivation,
  • Targeted transfers are directed (sometimes disproportionately, sometimes exclusively) to those with low incomes and assets, whereas universal transfers are provided to most or all citizens.
  • Targeted programs are more efficient at reducing poverty; each dollar or euro or kroner transferred is more likely to go to the least well-off. Increased targeting therefore could be an effective way to maintain or enhance public insurance in the face of diminished resources.
  • “the more we target benefits to the poor … the less likely we are to reduce poverty and inequality.”
  • Korpi and Palme found that the pattern across eleven affluent nations supported the hypothesis that greater use of targeting in transfers yields less redistribution
  • The hypothesis that targeting in social policy reduces political support and thereby lessens redistributive effort is a sensible one. Yet the experience of the rich countries in recent decades suggests reason to question it. Targeting has drawbacks relative to universalism: more stigma for recipients, lower take-up rates, and possibly less social trust.44 But targeting is less expensive. As pressures to contain government expenditures mount, policy makers may therefore turn to greater use of targeting. That may not be a bad thing.
  • Public insurance programs boost the incomes of the least well-off and improve their material well-being. If such programs are too generous, this benefit could be offset by reduced employment or economic growth, but the comparative evidence suggests that the world’s rich nations haven’t reached or exceeded the tipping point.
  • Spending lots of money on social protection is not in and of itself helpful to the poor. Total social expenditures in the United States are greater than in Denmark and Sweden, because the US has a large private welfare state. But relatively little of America’s private social spending reaches the poor.
  • Public services are an important antipoverty tool. Their benefit doesn’t show up in income data, but they appear to play a key role in reducing material hardship. Services expand the sphere of consumption for which the cost is zero or minimal. And they help to boost the earnings and capabilities of the poor by enhancing human capital, assisting with job search and placement, and facilitating work-family balance.
  • Kako Ito on 27 Sep 15
     
    Through this article I have gained a deeper insight in how public expenditures and public goods promote wealth equality in a society. "Public services are an important antipoverty tool."
  • ...2 more comments...
  • olivialum on 29 Sep 15
     
    This article really helped me deepen my understanding of redistributing wealth downwards. I never thought about it, but things like social security, affirmative action programs, and public education are actually insurances that attempt to provide everybody with more equality when it comes to living standards as well as basic human rights.
  • samoshay on 29 Sep 15
     
    Yeah, it is a very common argument to say that social expenditures disincentives workers; interesting analysis on how wealthy countries haven't reached the "tipping point." I am curious to see what happens to labor force participation and employment in the next decades as robots further divorce economic growth from labor supply/demand.
  • charlesleesohn on 29 Sep 15
     
    Cool theory in regards to "the tipping point". Interesting, and solid criticism of large social expenditures. Wonder how socialists view this, as opposed to free-market economists.
  • smowat on 29 Sep 15
     
    "Public services are an important antipoverty tool. Their benefit doesn't show up in income data, but they appear to play a key role in reducing material hardship." INteresting to see the statistics and how social expenditures help reduce poverty and the wealth gap.
Amara Plaza-Jennings

E.U. Finance Chiefs Near a Deal on Budget Sanctions - 0 views

www.nytimes.com/...19iht-euro.html

shared by Amara Plaza-Jennings on 19 Oct 10 - No Cached
  • Amara Plaza-Jennings on 19 Oct 10
     
    This is an interesting article about upcoming talks to impose penalties on those countries which spend more than they are reasonably able. The article says that these talks will in some ways be a test of the countries involved, to see how committed they are to the union. It will also be interesting to see if the penalties are inforced since past penalties for countries who have debt over the set limits have not been.
Arshia Surti

Europe! Europe! Europe! - 2 views

www.nytimes.com/...08iht-edcohen.html

europe EU unity

shared by Arshia Surti on 09 Oct 10 - No Cached
  • Arshia Surti on 09 Oct 10
     
    An interesting article on European unity (or disunity) and decreasing EU power.
  • ...1 more comment...
  • Samantha Bishop on 15 Oct 10
     
    This article is very interesting. I like the connection that is made between what is happening in Belgium and what is happening in Iraq in reference to government. Another part that stood out to me is the emphasis on the decrease of the EU power as Arshia mentioned. I was unaware of this rapid decrease in patriotism.
  • Kay Bradley on 17 Oct 10
     
    Great article. Resonates with an article in the New York Times today (Sunday, 10.17.10) by Frank Rich: "the Rage Won't End on Election Day," http://www.nytimes.com/2010/10/17/opinion/17rich.html?ref=opinion Having to do with the fact that economic fears, outsourcing and immigration are fueling the rise of intolerant populism--in the US it's the Tea Party movement; in Europe the anti-muslim, anti-gypsy frenzy. . .
  • anonymous on 18 Oct 10
     
    It is odd for the British to do this. After all, they've shown their mistrust of a united Europe in their repeated refusal to forgo the pound and convert to the euro (and they've been proven correct in doing so; just look at the exchange rate). To have them as the most spirited proponents of the European unity dream (and I do mean dream) is certainly a statement about the rest of Europe.
Curtis Serrano

In graphics: Eurozone in crisis - 4 views

www.bbc.co.uk/10150007

EU

shared by Curtis Serrano on 14 Oct 10 - No Cached
Kay Bradley liked it
  • Curtis Serrano on 14 Oct 10
     
    very cool infographics on the effect of the recession on EU nations
  • ...1 more comment...
  • Samantha Bishop on 16 Oct 10
     
    This summer I was living in Spain with two people from Germany, two from Holland, and one person from Turkey. They were constantly talking about how they felt that Greece was ruining the Euro and was causing a lot of the debt of the EU. The people from Germany were particularly hostile and angry towards Greece. It is interesting to now see these statistics, which tend to back up what they were saying.
  • Matthew Schweitzer on 17 Oct 10
     
    This article/graphic poses an interesting but subliminal question about the future of the European Union, or t least its fiscal stability. Started as the unifier of Europe, the EU rests on shaky ground; lacking a powerful central authority with which it can enforce its rules, the ability for the EU to maintain itself is through the combined cooperation of European nations. This article points out that these countries have "failed to follow their own [economic] laws," with "Greece as the biggest offender." If the trend continues towards a disrespect for the EU's laws by the member countries, there could be far more Greece-like economic situations in Europe, it seems, thus jeopardizing the future of the organization.
  • Kay Bradley on 17 Oct 10
     
    I love graphic representations of Information! Nice find, Curtis! As a point of comparison, The United States has a national debt of 8.68 trillion. In the U.S., this is 60.8 percent of the American GDP. Source: www.visualeconomics.com › All Infographics
Brandon Callender

A Lasting Solution to the Crisis? German Politicians Call for Changes to EU Treaties - ... - 0 views

www.spiegel.de/...0,1518,791914,00.html

trade EU german crisis debt Economy france greece ireland maastricht

shared by Brandon Callender on 17 Oct 11 - No Cached
  • So far, the most concrete plans have been put forward by the CDU, and Westerwelle has adopted a few of their ideas for himself. The CDU's proposal suggests the following, among other things: The right to take violations of the Stability and Growth Pact to the European Court of Justice; Tougher sanctions against notorious debt limit violators, which would range from removing their voting rights to the appointment of an EU "austerity commissioner;" A multi-level restructuring process for countries with debt problems: In the event that a country faces insolvency, the EU austerity commissioner would have far-reaching rights to intervene in the country's financial policies; A greater capacity to take action: In those areas in the Council of Ministers, the powerful body comperised of leaders of the 27 EU member states, where decisions currently need to be unanimous, a qualified majority would be sufficient; A separate chamber within the European Parliament which would only be for the European parliamentarians from the euro-zone countries; The transformation of the planned European Stability Mechanism (ESM) into a European Monetary Fund.
  • Brandon Callender on 17 Oct 11
     
    As EU tension around debt problems mounts, many political parties in Germany, including Merkel's advocate amending the Masstricht and Lisbon treaties to give the EU more power to punish those who disobey rules regarding deficit and debt. 
dredd15

"France" - 0 views

www.tradingeconomics.com/...indicators

shared by dredd15 on 12 Dec 14 - No Cached
  • dredd15 on 12 Dec 14
     
    -I used this article to gain further information on the economic position of France and the euro.
dredd15

French Cabinet is Dissolved, a victim of austerity battles - 0 views

www.nytimes.com/...es-to-dissolve-government.html

shared by dredd15 on 14 Nov 14 - No Cached
  • dredd15 on 14 Nov 14
     
    Political instability is evident in France as the cabinet fell apart over questions regarding the financial crisis of France and the overall economic downslide of the euro over the last 5 years. The Prime Minister Manuel Vall called for the dissolvement of the cabinet after President Hallonde made changes to economic regulations based on the urges of the European Union, German leaders to be specific. The big question regarding the European economy is whether government budget cuts and deficit financing is more important or finding a way to get cash flowing and creating jobs for citizens is more important. Many of the nations of the eurozone initially bought into the policies of austerity policies that Angel Merkel, the German chancellor, advocated, but now they're pulling back their restrictions and some economic growth is occurring. France and Germany, the largest economies in Europe are at odds and France's shift towards the right-wing National Front. France, as a part of the European Union, has pressure to do follow orders and maintain relationships with other European powers rather than do what's exactly right for their citizens. Political instability of France, unemployment, budget cuts, and debt-financing.
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