Unemployment Insurance and Spending: Bond Purchases are Reallocations from Other Saving
In his Economix piece this week, Casey Mulligan picks up on his theme from last week that unemployment insurance (UI) benefits may not boost spending in aggregate, since the money needed to pay benefits is withdrawn from other spending. He agrees with my earlier point that the money is not coming from current tax revenue, [...]
Read MoreThe Washington Post Thinks That Bankers Act in the Best Interest of the Economy
That is what readers of a piece on the Fed’s recommendations for housing policy are likely to take away. At one point the article comments: “More than perhaps any other federal agency, the Fed was established to operate independently of both the president and Congress so that it would be free of political pressures when [...]
Read MoreHillary Clinton’s New Role as Secretary of Job Creation
The Fiscal Times suggests Hillary Clinton is Now Secretary of Job Creation. The State Department may become the nation’s human resources department by adding job creation to its already bulging portfolio. Secretary of State Hillary Clinton invited U.S. companies to call on Foggy Bottom experts for guidance on increasing their exports, safeguarding intellectual property abroad, [...]
Read MoreGreece Needs New Constitutional Provision Imposed by the Troika; Slight Problem, Constitutionally It Can’t Do it
The sad saga of unending, even impossible demands by the Troika on Greece continues. For example, please consider this set of paragraphs listed in a Eurogroup Statement of conditions placed on Greece. The Eurogroup also welcomes Greece’s intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and [...]
Read MoreGreece Needs New Constitutional Provision Imposed by the Troika; Slight Problem, Constitutionally It Can’t Do it
The sad saga of unending, even impossible demands by the Troika on Greece continues. For example, please consider this set of paragraphs listed in a Eurogroup Statement of conditions placed on Greece. The Eurogroup also welcomes Greece’s intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and [...]
Read More9 Day Race to Ecstasy; Only Way Greece Can Win Is To Lose
Hold your horses on that “finalized” deal. There are still numerous austerity measures to implement, details to wrap up, ribbons to cut, and bows to tie. Thus, the Greek Race to Unlock Bail-Out is on. The Greek government is racing to complete a lengthy checklist of reforms demanded by international lenders before the end of [...]
Read MoreNews for Joe Nocera: Things Not to Love About the Mortgage Settlement
In his column on the mortgage settlement last weekend Joe Nocera praised the fact that it would mean that more people would be able to stay in their homes and that some compensation will be paid to foreclosed homeowners in situations where the banks did not follow the rules. He also criticized those on the [...]
Read MoreNews for Joe Nocera: Things Not to Love About the Mortgage Settlement
In his column on the mortgage settlement last weekend Joe Nocera praised the fact that it would mean that more people would be able to stay in their homes and that some compensation will be paid to foreclosed homeowners in situations where the banks did not follow the rules. He also criticized those on the [...]
Read MoreMardi Gras Political Floats in Germany an Absolute Riot
Der Spiegel has an interesting and frequently humorous look at politics in a 22 slide-show presentation on Mardi Gras. German carnival culminated on Rose Monday with huge parades in the cities of Cologne, Düsseldorf and Mainz. Hundreds of thousands lined the streets to catch sweets and watch the marching bands and satirical floats, one of [...]
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