Tag Archives: austerity

I was never one of the Irish-Americans who felt that Sinn Fein and the IRA were romantic groups. Yes, some of the songs of resistance are stirring, but there is nothing romantic about the IRA’s violence for many decades. Sinn Fein’s artful ambiguity about its support for peace v. the armed struggle caused me to distrust the Party’s leaders.

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Posted in William K. Black

Tagged austerity, ireland, Sinn

When Romney Messes Up and Tells the Truth About Austerity

Posted on May 25, 2012 by Stephanie Kelton | 27 comments

By William K. Black

Romney has periodic breakdowns when asked questions about the economy because he sometimes forgets the need to lie. He forgets that he is supposed to treat austerity as the epitome of economic wisdom. When he responds quickly to questions about austerity he slips into default mode and speaks the truth – adopting austerity during the recovery from a Great Recession would (as in Europe) throw the nation back into recession or depression. The latest example is his May 23, 2012 interview with Mark Halperin in Time magazine.

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Posted in William K. Black

Tagged austerity, Mitt Romney

William K. Black: Greece Is Tearing Europe Apart Politically, Socially and Economically

Posted on May 24, 2012 by Mitch Green | 5 comments

5 Comments

Posted in William K. Black

Tagged austerity, Eurozone, greece

Why Progressive Austerians do the Greatest Damage

Posted on May 23, 2012 by Mitch Green | 8 comments

By William K. Black

To many people, it seems paradoxical that conservatives target not the worst social programs, but the best. There is no paradox. Bad government programs are desirable from the right’s perspective – they discredit government intervention. Good government programs pose an existential challenge to conservative memes, so they are the prime target for attack.

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Posted in William K. Black

Tagged Austerians, austerity, Austerity Doctrine, progressives, TINA

Marshall Auerback on RT’s CrossTalk

Posted on May 22, 2012 by Mitch Green | 2 comments

2 Comments

Posted in Marshall Auerback

Tagged austerity, Eurozone, germany

Will the New York Times’ Reporters ever admit that European Austerity is the Problem?

Posted on May 21, 2012 by Mitch Green | 6 comments

By William K. Black

The New York Times’ reporters covering Europe’s financial, social, and political crises continue to channel Berlin and demonstrate an ignorance of economics so profound that it rivals the Wall Street Journal’s editorial writers and columnists. On May 18, 2012 the NYT published “Rising Greek Political Star, Foe of Austerity, Puts Europe on Edge.” The problem begins with the title. It is austerity that has put Europe over the edge. The Greek leader the article discusses is one of the best hopes from pulling Europe back from self-inflicted disaster. Most of the euro zone has been thrown into a gratuitous recession and the periphery has been cast into Great Depression levels of unemployment. The title reverses the analytics and implies that if only the peoples of the periphery would silently embrace economic catastrophe all would be well with Europe.

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6 Comments

Posted in William K. Black

Tagged austerity, Eurozone, new york times

Today Germany is the Big Loser, Not Greece

Posted on May 21, 2012 by Mitch Green | 6 comments

By Marshall Auerback

Given the German electorate’s long standing aversion to “fiscal profligacy” and soft currency economics (said to lead inexorably to Weimar style hyperinflation), one wonders why on earth Germany actually acceded to a “big and broad” European Monetary Union which included countries such as Greece, Portugal, Spain and Italy.Clearly, this can be better understood by viewing the country through the prism of the Three Germanys, which we’ve discussed before:Germany 1 is the Germany of the Bundesbank: the segment of the country which to this day retains huge phobias about the recurrence of Weimar-style inflation, and an almost theological belief in sound money and a corresponding hatred of inflation. It is the Germany of “sound finances” and “monetary discipline”. In many respects, these Germans are Austrian School style economists to the core. In their heart of hearts, many would probably love to be back on an international gold standard system.

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