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thinkahol *

Commodity Prices and the Mistake of 1937: Would Modern Economists Make the Same Mistake... - 1 views

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    In 1937, on the eve of a major policy mistake, U.S. economic conditions were surprisingly similar to those in the nation today. Consider, for example, the following summary of economic conditions: (1) Signs indicate that the recession is finally over. (2) Short-term interest rates have been close to zero for years but are now expected to rise. (3) Some are concerned about excessive inflation. (4) Inflation concerns are partly driven by a large expansion in the monetary base in recent years and by banks' massive holding of excess reserves. (5) Furthermore, some are worried that the recent rally in commodity prices threatens to ignite an inflation spiral.     While this summary arguably describes current trends, it is taken from an account of conditions in 1937 that appears in "The Mistake of 1937: A General Equilibrium Analysis," an article I coauthored with Benjamin Pugsley. What we call "the Mistake of 1937" was, in broad terms, a decision by the Fed and the administration to implement a series of contractionary policies that choked off the recovery of 1933-37 and brought on the recession of 1937-38, one of the worst on record. What is particularly noteworthy is that the inflation fears that triggered the Mistake of 1937 were largely driven by a rally in commodity prices. These circumstances invite direct comparison with our own time, when a substantial recent rise in commodity prices (which now seems to be abating somewhat) stoked inflation fears and led some commentators to call for an increase in the federal funds rate.     The question for the contemporary reader is this: If we could transport a modern-day economist back to 1937, would he or she have made the same mistake? My suggested answer-admittedly somewhat hopeful-is no. I base this view on the fact that most economists today distinguish between the temporary movements in the consumer price index that stem from volatility in commodity prices and the movements that reflect fundamental inf
thinkahol *

Why the Rich Love High Unemployment | Truthout - 0 views

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    Christina Romer, former member of President Obama's Council of Economic Advisors, accuses the administration of "shamefully ignoring" the unemployed. Paul Krugman echoes her concerns, observing that Washington has lost interest in "the forgotten millions." America's unemployed have been ignored and forgotten, but they are far from superfluous. Over the last two years, out-of-work Americans have played a critical role in helping the richest one percent recover trillions in financial wealth.
Giorgio Bertini

Stability fears spread after Greek bail-out - 0 views

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    Emergency moves by the European Central Bank on Monday and the €110bn ($145bn) international rescue package agreed over the weekend have failed to quell investor fears about the future of the eurozone as concerns have risen about other member countries' stability.
Giorgio Bertini

Greek rescue fears hit global stock markets - 0 views

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    Concerns €110bn bailout will not be enough. NYSE 200 points lower; FTSE 100 down 2.5%. Spain's stock market falls 5%; Germany 2%.
Giorgio Bertini

Volcker Sees Euro 'Disintegration' Risk From Greece - 1 views

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    Former Federal Reserve Chairman Paul Volcker said he's concerned that the euro area may break up after the Greek fiscal crisis that sparked an unprecedented bailout by the region's members.
Giorgio Bertini

Spain unveils deep budget cuts amid EU economic fears - 0 views

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    Spain's PM has outlined a plan to tackle the country's budget crisis, amid concerns that problems afflicting Greece may spread across the eurozone.
Giorgio Bertini

Euro Crisis Tests Germany's Leadership - 0 views

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    At a defining moment for the European Union, its largest country, Germany, appeared divided and its leader absent, raising significant concerns about what kind of leadership Chancellor Angela Merkel can offer as the region tries to stabilize financial markets and shore up its common currency.
Giorgio Bertini

Brazil's Iran Diplomacy Worries U.S. Officials - 1 views

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    As President Luiz Inácio Lula da Silva heads to Tehran this weekend to make what many Western diplomats consider a last-ditch attempt at persuading Iran to temper its nuclear ambitions, officials in Washington have expressed concern that the effort could backfire, helping the Islamic republic to block - or at least delay - the United States and its allies from imposing sanctions.
Giorgio Bertini

Fear of inflation grows in the eurozone - 0 views

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    First the financial crisis, then the Greek debt crisis and now speculative attacks on the euro. As European leaders desperately struggle to stabilize their common currency, concerns over inflation are growing.
thinkahol *

GRITtv » Blog Archive » Chris Hedges: The World As it Is - 0 views

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    "You can't sustain a democracy in an oligarchic state. The writers on Athenian democracy understood that 2000 years ago," says Chris Hedges, whose new book The World As It Is: Dispatches on the Myth of Human Progress explores the problems of a crumbling empire, inside and out. Chris joins Laura in studio for a conversation about the death of Bin Laden and the continuing concern over terrorism, the end of empathy in the U.S., and what avenues are left for progressives to fight back.  "The elites are not going to help us," he warns, "We're going to have to help ourselves."
thinkahol *

A Contagion of Bad Ideas - Joseph E. Stiglitz - Project Syndicate - 1 views

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    There has been much concern about financial contagion between Europe and America. But the real problem stems from another form of contagion: bad ideas move easily across borders, and misguided economic notions on both sides of the Atlantic have been reinforcing each other.
Giorgio Bertini

Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the ... - 0 views

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    A vividly told history of how greed bred America's economic ills over the last forty years, and of the men most responsible for them. As Jeff Madrick makes clear in a narrative at once sweeping, fast-paced, and incisive, the single-minded pursuit of huge personal wealth has been on the rise in the United States since the 1970s, led by a few individuals who have argued that self-interest guides society more effectively than community concerns. These stewards of American capitalism have insisted on the central and essential place of accumulated wealth through the booms, busts, and recessions of the last half century, giving rise to our current woes. In telling the stories of these politicians, economists, and financiers who declared a moral battle for freedom but instead gave rise to an age of greed, Madrick traces the lineage of some of our nation's most pressing economic problems. He begins with Walter Wriston, head of what would become Citicorp, who led the battle against government regulation. He examines the ideas of economist Milton Friedman, who created the plan for an anti-Rooseveltian America; the politically expedient decisions of Richard Nixon that fueled inflation; the philosophy of Alan Greenspan, on whose libertarian ideology a house of cards was built on Wall Street. Intense economic inequity and instability is the story of our age, and Jeff Madrick tells it with style, clarity, and an unerring command of his subject.
Ride Harry

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started by Ride Harry on 09 Sep 15 no follow-up yet
Ride Harry

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Owen Jamie

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started by Owen Jamie on 27 May 15 no follow-up yet
Owen Jamie

1000 Payday Loans- Finest Fiscal Assistance For Marginal Folks With Zero Hassle And Delay - 0 views

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started by Owen Jamie on 09 Jun 15 no follow-up yet
Owen Jamie

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started by Owen Jamie on 01 Feb 16 no follow-up yet
Owen Jamie

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started by Owen Jamie on 01 Feb 16 no follow-up yet
Owen Jamie

1000 Payday Loans- Finest Fiscal Assistance For Marginal Folks With Zero Hassle And Delay - 0 views

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started by Owen Jamie on 09 Feb 16 no follow-up yet
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