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Browsing Category
Political Economy
Greece is considering withdrawal from the Euro-zone (rumour)
This is my translation of an article from the German magazine Der Spiegel which says: "The debt crisis in Greece is getting worse. According to information available to SPIEGEL ONLINE, the country's government is considering leaving the…
Should Irish Voters Follow the Example Set by Icelandic Voters?
Voters in Iceland have rejected their government’s attempt to foist on them the costs of bailing out foreign creditors. Should voters in Ireland too?
Details of the 78 billion euro bailout for Portugal
Below is a PDF copy of the Portuguese Memorandum of Understanding for the EU - IMF bailout. Portuguese interest rates have fallen somewhat on the news of the bailout, to the lowest levels in fifth months.
Sidelights to 1994
LURING THE UNSOPHISTICATED into the stock market was considered a risk by Federal Reserve Chairman Alan Greenspan in 1994. So much so, that protecting the individual investor was a mandate of the Fed. (The Fed advertises and then omits new…
Seth Meyers remarks at the 2011 White House Correspondents’ Dinner
This is making the rounds on the Internet because it is very funny. Take a look.
A Credible Solution to Europe’s Debt Crisis
In April 1989, Mexico's external debt negotiator, Angel Gurria, asked his country's commercial bank creditors for a 55 percent haircut. This was the opening pitch of the newly created Brady Plan, which finally addressed both the debt…
James Galbraith on Ben Bernanke’s Press Conference and the Federal Reserve
Here is a prequel to Ben Bernanke's press conference from James Galbraith. He seems to think that this approach is risky. But, in retrospect, Bernanke acquitted himself well. Gavyn Davies said it well. That goes to style though. I agree;…
Do The Facts Really Matter?
Partisans have a well-developed political world view. Facts don't change that view. How does one deal with that? If you're wrong, you will be confronted with a decision on how to react. The insidious thing about this is that when we are…
Paul O’Neill Calls Opponents of Raising Debt Ceiling ‘Terrorists’
Former US Treasury Secretary Paul O'Neill calls the people advocating brinkmanship on the debt ceiling deficit "terrorists". The United States looks more and more like a banana republic every day. If S&P wants a reason to downgrade the…
Ben Bernanke’s Press Conference
Today marks the first time we are witnessing a regularly scheduled news conference by a Fed chairman in the Federal Reserve's 98-year history. Most reactions to Ben Bernanke's performance were positive, meaning he reiterated the themes he…