Tuesday , June 2 2020
Home / Tag Archives: Economic fundamentals

Tag Archives: Economic fundamentals

Why New Infrastructure Is a National Imperative

Yves here. Notice that what Tom Conway calls “infrastructure” is  “deferred maintenance,” hence the urgency. By Tom Conway, the international president of the United Steelworkers Union (USW). Produced by the Independent Media Institute Rich Carmona spent decades upgrading his 1970s ranch home in Midland, Michigan. He lovingly installed new flooring and doors and remodeled the bathrooms. After finishing the kitchen 18 months ago, he finally had the house the way he liked it. Then the...

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COVID-19 in Mauritius and Other Tourist Paradises: A Progress Report

Yves here. I am featuring this post on Mauritius in part due to Colonel Smithers, but also because the way Mauritius responded to Covid-19 really puts the US to shame. On the one hand, they did have the ability to cordon themselves, even though that came at the high cost to their substantial tourist industry. On the other hand, they also quickly organized a number of relief programs, including food distribution to the poor and housebound. By Jaime de Melo, Senior Fellow, FERDI; Emeritus...

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Death, Suicides, And The Pandemic Economy

Yves here.I recall seeing articles reporting that suicides have risen due to Covid-19, with experts in the field saying the individuals killing themselves seem more determined than is normally the case, since many attempts are cries for help or impulsive. However, this post indicates that the data isn’t consistent with these reports, which were both local and anecdotal. That suggests that the rise in suicides so far is concentrated in communities more likely to get media attention, such as...

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Heiner Flassbeck: The Euro Arrangement Is Faulty

Yves here. Regular readers of this site are likely to have encountered previous interviews with Heiner Flassbeck, one of the few German economists who has been a consistent and sound critic of Eurozone arrangements, and in particular, the role Germany had played. Readers may also recognize that Flassbeck gives a fine primer on what is called “sectoral balances,” a topic we discussed extensively during the Eurozone wobbles (start in 2010 and 2011 as well as a New York Times op ed). By Lynn...

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Political Scientist Tom Ferguson on Big Money and Social Conflicts in the Covid-19 Era

Below we’ve embedded an important, high-level presentation on the political reverberations of the Covid-19 crisis by Tom Ferguson, who is one of the top experts on money in politics. I wish we had a transcript, but it’s not as daunting as it looks. Ferguson’s remarks take only the first 45 minutes; the rest is Q&A. It’s worth your time because Ferguson looks at the official responses to the Covid-19 crisis and explains things that might seem nonsensical, above all, why so many governments...

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What Are the Three Concurrent Crises of the Coronavirus Depression?

Yves here. Like many of those who are taking this crisis (or crises) seriously, Nathan Tankus has proposed launching new government programs as a way to tackle specific problems created by the crisis. While this is eminently logical as well as sound, don’t expect anything like that to happen. As political economist Tom Ferguson pointed out in a presentation we discuss today, the US and most other advanced economies are taking a neoliberal approach, channeling money and aid through existing...

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New York Rent Strikes During the 1918 “Spanish” Influenza

Yves here. The fight over rent, and more generally, who bears the cost of catastrophic economic damage, shows how little has changed from a century ago to now. But it is also important not to lose sight of the differences. One aspect of the Spanish flu versus our coronavirus is that we are taking a much bigger economic hit. Even though that era was well before the compilation of GDP data, most historians peg the global economy as growing even during the Spanish flu. One factor was that there...

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Michael Hudson: Debt, Liberty and “Acts of God”

Yves here. Michael Hudson recaps the logic of debt jubilees and other forms of debt relief, as practiced in ancient times, when borrowers through circumstances outside their control were unable to make good. Monarchs recognized the danger of letting creditors create a permanent underclass. This is a short, high-level treatment and makes for an easy-to-digest introduction to Hudson’s research and ideas. By Michael Hudson, a research professor of Economics at University of Missouri, Kansas...

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Michael Hudson and Dr. Jeffrey Miron of Cato Debate Capitalism

Yves here. We thought having Michael Hudson take issue with a conservative stalwart, Dr. Jeffrey Miron of Harvard and the Cato Institute, would make a good accompaniment to a weekend coffee. Produced by the Knowledge Problem Podcast [Intro] Welcome to the Knowledge Problem Podcast, the objective of this podcast is to engage policy professionals over thought provoking and sometimes sensitive topics. We aim to bring these professionals together in a way that does not feed the tribalistic...

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Yanis Varoufakis: Have Merkel & Macron Just Announced a Eurobond-Funded Godsend for the EU?

Yves here. It’s gratifying to see what I think of as the old Yanis Varoufakis back. As much as it made sense on one level for him to throw his lot in with Syriza, and Greece was in such desperate straits that it wasn’t entirely crazy to try for what amounted to a Hail Mary pass, the new government managed to have its bad situation worse. Its efforts to overplay a very weak hand managed to unite the usually not-all-that-well aligned EU against Greece, resulting in even tougher austerity terms...

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