Monthly Archives: August 2012

Spain Proves that Austerity can never “Ensure” a Balanced Budget

By William K. Black
(Cross-posted from

The Wall Street Journal recently printed an economically incoherent and dishonest discussion of Spain’s budget deficit.  It begins its discussion with these paragraphs.

“Spain’s central government reported a new deterioration in its finances and struggled to impose budget discipline on the country’s restive regions as data showed a surge in capital flight from the euro zone’s fourth-largest economy.

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L. R. Wray’s Appearance on “From Alpha to Omega” Podcast

By L. Randall Wray

I recently appeared on the “From Alpha to Omega” podcast. You can access the episode via the web using the link below:

The Black Financial and Fraud Report: Agency Says No to Mortgage Relief

By William K. Black

The latest installment:


Thomas Palley Conflates the Conservative Party in the UK with UMKC

By William K. Black

Thomas Palley argues that the UK Conservative Party’s plan to abuse the unemployed “confirms” the accuracy of his opposition to MMT theorists’ employer of last resort/job guarantee (ELR/JG) proposals.  His logical chain is as follows.

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Why Don’t People Want Full Employment? Michal Kalecki’s 1943 Essay on Politics and Ideology

By Michal Kalecki*


1. A solid majority of economists is now of the opinion that, even in a capitalist system, full employment may be secured by a government spending programme, provided there is in existence adequate plan to employ all existing labour power, and provided adequate supplies of necessary foreign raw-materials may be obtained in exchange for exports.

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