Jobs for Greeks

By L. Randall Wray

With Syriza in the driver’s seat, Greece now has some hope for the end to austerity imposed by Germany and the Troika.

Here’s a good short piece by C. J. Polychroniou, a research associate and policy fellow at the Levy Economics Institute. As he explains, what Syriza wants is no more—and no less—radical than what the USA did in the 1930s to deal with its Great Depression: “the bulk of Syriza’s economic program for addressing the catastrophic crisis in Greece, which has evolved into a humanitarian crisis, is inspired by President Franklin D. Roosevelt’s New Deal programs”.

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Interviews with NEP’s Pavlina Tcherneva

NEP’s Pavlina Tcherneva has made a couple of appearances recently discussing President Obama’s State of the Union and tax proposals with an emphasis on inequality.

Appeared 1/21/15 on the Wall Street Journal Live with Sara Murray. You can view here. Discussion topic was an analysis of Obama’s tax plan.

Appeared 1/27/15 with Tim Farley on Morning Briefing, POTUS Politics, Sirius XM (radio). You can listen here.  

Ferguson, MO

By L. Randall Wray

This article rings true.

Since the shooting of Michael Brown in Ferguson by a cop, we’ve seen video after video of cops killing unarmed young men and even boys. The excessive militarization of our domestic police has come into question. The institutionalized racism among our police forces is only part of the problem.

It certainly looks like our police are literally scared to death of the population they are sworn to protect. The operative notion seems to be that our police should not take any risks—they should assume all boys and men—at least if they are black–are armed and dangerous, hence police should shoot first and sort things out later. In any event, prosecutors do not indict police who are doing their job, and juries rarely convict them for bad judgment. Better to err on the side of their own safety. It is indeed hard to second-guess them. I say this sincerely even if I find this unacceptable.

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Business Game Changers

NEP’s Bill Black appears on Business Game Changes with Sarah Westall at WebTalkRadio.net. You can listen to the episode here. This topic is “Wall Street Corruption is Worse Than You Know. Mainstreet Needs to get Educated to Reclaim our Country!”

Syriza Wins in Greece: NYT and WSJ Still Get Their Re-Writes Wrong

By William K. Black
Bloomington, MN: January 26, 2015

I wrote a column Sunday, January 25, 2015 as the Greek election results became sufficiently clear to know that Syriza was receiving a strong plurality from the voters and as the New York Times and the Wall Street Journal posted on their websites the first reaction news columns. I criticized the dishonest nature of both paper’s coverage (actually non-coverage) of what austerity inflicted on the Greek people. Both of those initial columns have now been modified, so I have looked to see whether they improved their candor in their re-writes. The updated NYT column still contains this clunker.

“Syriza’s victory is a milestone for Europe. Continuing economic weakness has stirred a populist backlash from France to Spain to Italy, with more voters growing fed up with policies that require sacrifice to meet the demands of creditors but that have not delivered more jobs and prosperity.”

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Syriza Wins and the NYT and WSJ Coverage Competes for Mendacity

By William K. Black
Bloomington, MN: January 25, 2015

The Wall Street Journal and the New York Time’s eurozone reporters, who share the same unshakable devotion to TINA and austerity as the Murdochized WSJ news staff have been thrown into a panic by Syriza’s electoral successes in Greece.

Both papers are freaked out, as are the Germans, about the potential for Greece to spark a wave of rejections of the troika’s infliction of austerity in a manner similar to how the infliction of self-destructive austerity programs pursuant to the Washington Consensus’ demands led to the “lost decade” and the democratic election of what is now over a dozen Latin American candidates running on anti-austerity platforms. The Washington Consensus was drafted and named by an economist at Pete Peterson’s International Institute. Peterson is a Wall Street billionaire whose mission is causing debt and deficit hysteria and plugging the joys of austerity and unraveling the safety nets. His greatest goal is privatizing Social Security – producing hundreds of billions in additional fees for Wall Street.

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The NYT Gives S&M Advice to the Greeks: Stand by Your Sadist

By William K. Black
Bloomington, MN: January 24, 2015

The New York Times’ coverage of the eurozone crisis remains execrable. Sometimes, however, it is so bad that it achieves brilliant, albeit unintentional self-parody.” The latest example is a column that, for the NYT, is in the top 5% of its efforts on Europe. Even at its best (least worst) the paper cannot help itself.

The January 23, 2015 column is entitled “After an Anxiety-Filled Campaign, Greek Voters Consider a Turn to the Left.” It does admit that Greece’s economic condition is horrific.

“After five years in which the country’s economy has shrunk by 25 percent and the number of jobless has risen far beyond what its creditors ever predicted….”

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QE is Europe’s “Last Best Hope,” – If One Ignores the First, Best Hope

By William K. Black
Bloomington, MN: January 23, 2015

It’s the curse of the commentator on commentators. I recently wrote nice things about Neil Irwin’s New York Times column about the Eurozone. On January 22, 2015, he wrote a column about the ECB’s adoption of quantitative easing (QE), that claimed it was “last, best hope” for the Eurozone. In fairness to Irwin, his column contains plenty of skepticism as to whether QE is even a poor “hope” for the Eurozone. Irwin also has the right quotation from Mario Draghi, the head of the ECB.

“Mr. Draghi acknowledged that it would take more than an open spigot of money from the central bank to get Europe’s economy on track, and that political authorities across Europe must act as well. ‘What monetary policy can do is to create the basis for growth,’ he said at a news conference in Frankfurt. ‘But for growth to pick up, you need investment. For investment, you need confidence. And for confidence, you need structural reforms.’”

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Getting Out of Our Lanes: Understanding Discrimination in the Digital Economy

By Raúl Carrillo

In the fall of 2013, on the 50th anniversary of the March on Washington for Jobs and Freedom, Ohio State University Law Professor Michelle Alexander penned a brilliant essay in The Nation, entitled “Breaking My Silence¨. In the piece, Alexander, author of the groundbreaking book, The New Jim Crow, urged social justice advocates to get out of our “lanes” and “do what Dr. King demanded we should: connect the dots between poverty, racism, militarism and materialism.”

In this spirit, I am writing to encourage readers to take up yet another task, one I’ve unfortunately only recently shouldered myself: to understand how digital surveillance reinforces socioeconomic hierarchies.

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The State of the Union Speech and the President’s Credibility Gap

By Robert E. Prasch
Professor of Economics
Middlebury College

Last night, President Obama gave a great speech. He almost always does. And to that ever-shrinking group of die-hards who continue to insist that somehow, and in someway, President Obama will validate the hope kindled by his 2008 presidential campaign, it was a moment of triumph. Yes, they are saying, in his heart – very deep down, perhaps – Obama does in fact share our values and concerns, etc., he just has a hard time finding ways to express it, etc.

But let’s take a different tack. Let us begin with the old adage that “talk is cheap.” The fact is that this president has had six years to demonstrate – in deeds rather than words – what exactly constitutes his priorities. Let us, as this is a website devoted to economics issues, set aside the Obama Administration’s genuinely horrific record on civil liberties (The sordid record is long, but highlights include unchecked domestic spying by the NSA; drones deployed to terrorize the citizenry of numerous foreign nations; proclaiming and defending the prerogative to unilaterally kill American citizens with ever stating charges, much less presenting evidence or seeking convictions in the courts; solely and exclusively prosecuting those brave individuals who alerted the public to the Bush Administration’s war crimes, even as he comforted or promoted those who committed the crimes, etc.). Let us focus solely on economic policy. What follows is a brief review of the low moments thus far. These are not presented in any order and is not a comprehensive list:

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