In Athens, closed down shops, soup kitchens and charity clinics have become all too familiar sites – the result of an austerity plan many Greeks say is literally killing them.
But without these cuts, Brussels argues the EU-IMFbailout plan could stop, pushing Greece towards bankruptcy and a eurozone exit.
But could Greece really go back to the Drachma?
In February 2010, 20 economists including a number of academics of note signed a letter that endorsed the Conservative Party’s deficit reduction plan for the UK. Although 20 is a small number (I’m sure many more – like me – were asked to sign and did not), they made up in quality what they lacked in quantity. […]
One of the phrases frequently written in economic circles in the United States (and to a lesser degree in Europe) is “the Euro is going to collapse.” Those who repeat that phrase over and over again do not seem to know how the Euro was established, by whom, and for whose benefit. If they knew […]
Whether the eurozone is viable or not remains an open question. But what if a breakup can only be postponed, not avoided? If so, delaying the inevitable would merely make the endgame worse – much worse. Germany increasingly recognizes that if the adjustment needed to restore growth, competitiveness, and debt sustainability in the eurozone’s periphery […]
During my lifetime two class wars have been fought to resolution across Europe: one economic the other cultural. The outcomes of the economic class wars are uncontroversial. In Britain the middle class won the economic war: social protection is relatively poor (most notably for pre-school and the elderly), labour markets are only lightly regulated, and […]
Paul Ryan is the reverse of Sarah Palin. She was all right-wing flash without much substance. He’s all right-wing substance without much flash. Ryan is not a firebrand. He’s not smarmy. He doesn’t ooze contempt for opponents or ridicule those who disagree with him. In style and tone, he doesn’t even sound like an ideologue […]
This is the lull before the storm, the final moments within which to settle the character of the presidential campaign of 2012. Even in the lull, however, the likely lines-of-march are already clear – lines that, if unaltered, should give far more comfort to conservatives than they do right now to progressives. The Romney camp […]
Continuing an on-off debate on these pages (entry point here) about the quality, or otherwise, of the economics profession, I refer interested readers to the economic program written for US presidential candidate Romney by a number of leading American economists, and to the reaction it has provoked on the part of some of their colleagues. […]
So, let me clarify what I believe is really going on in the choice of Paul Ryan as VP nominee. It is not about satisfying the conservative base, which was motivated anyway by Obama-hatred; it is not about refocusing on the issues, because R&R are both determined to avoid providing any of the crucial specifics […]
The latest quarterly GDP figures confirm the already pessimistic expectations. Europe is sliding back into recession. In both the euro area and the EU27 growth output contracted by 0.2% in the second quarter. This followed on stagnation in the first quarter and a decline of 0.3% in the last quarter of 2011. (In each case […]
Stephen Hill and I, along with some others, have been debating, in part, whether it is ok to lump all economists together, and put a “dumb” sticker on the whole lot. Have a look at this post – text is below – by Mark Thoma (US economist and prolific blogger). It seems very clear to […]
Almost exactly one year ago I wrote a blog post entitled ECB success shows extent of failure. The ECB had just announced its intention to buy Spanish and Italian bonds. Interest rates on the bonds had fallen significantly. The markets were happy. As I pointed out, this was more an indication of policy failure than […]