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Browsing Category
Political Economy
On self-regulation in banking
I spoke to Max Keiser recently about a number of issues in a wide-ranging interview featured below. In the video, Max and Stacy Herbert talk about some of the hot button issues of the day like the banking sector in Ireland and the lack of…
How the US Congress is Sowing the Seeds of the Next Crisis
I wrote recently about the Bank of England sowing the seeds of their next banking crisis by deciding to reduce bank examinations. Spencer Bachus (R. Ala.), the incoming Chair of the House Financial Services Committee, told the Birmingham…
Tax Law Stimulus
A summary of the new tax law provisions was posted at the GEI News Blog as the law was being signed by the president Friday. The outline was presented courtesy of the FPA (Financial Planning Association). The economic impact of the new…
Financial Interests Dictate Sovereign Policy
by Michael Hudson Interview with Michael Hudson, Eleftherotypia, Sunday December 12, 2010. 1. A recent article of yours, “Schemes of the Rich and Greedy,” cites the bailouts in Europe among such schemes. What are the main faults with…
Mervyn King: “Systemic Insolvency Is Now The Problem”
I want to take you through how we got from the financial system's "systemic insolvency" to bailouts to record profits and bonuses again in the span of two years. From the WikiLeaks cables as published in the Guardian today…
Chart of the Day: Market Share of GDP and Foreign Exchange Reserves
Whether or not we are witnessing the end of the debate in Europe or simply another milestone on the way to The United States of Europe is a question for a dissertation, not a blog. In the meantime, these questions lead us to consider the…
Germany is not the only one facing backlash for EU bailout
Due to its size and importance, Germany has taken all of the criticism for enforcing a hard line on the austerity quid pro quo which allowed the euro zone bailouts to proceed. However, policy makers from a number of other countries share…
Let’s Make The Payroll Tax Cut Permanent
by L. Randall Wray One of the things I really like about the President's compromise on the tax bill is a temporary payroll tax “holiday”—something I have long advocated along with others such as Jamie Galbraith and Warren Mosler. The…
(QOTD) Ben Bernanke: It is not the responsibility of the Federal Reserve to protect lenders
“It is not the responsibility of the Federal Reserve - nor would it be appropriate — to protect lenders and investors from the consequences of their financial decisions." -Ben Bernanke, 31 Oct 2007 via David Rosenberg's…
Germany’s Lose-Lose Political Posturing
The problem is that the current approach – centred on dealing with liquidity problems now and solvency issues later – is not working. A liquidity approach that delays the day of reckoning may be good regional politics, but it's…