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Brad DeLong believes deficits matter in Modern Monetary Theory
Finally, a prominent “mainstreamer” Keynesian gets MMT. Over the past couple of years, Paul Krugman has got close, but he keeps claiming that MMT believes “deficits don’t matter”. He refuses to cite any MMTer who has ever said such a silly…
UK Budget: More Austerity, Not Less
Despite calls from the junior coalition partner the Lib Dems, some businesses and the IMF, we expect Osborne and the Tory-led UK government to maintain the fiscal strategy of austerity. The austerity is counter-intuitively (for some),…
Links: 2013-03-19
Sorry for the number of links today. It is a bit overkill. But there is just a huge amount of information pouring out about Cyprus which is very relevant to anyone interested in the EU, which should be anyone that cares about investing or…
Is the deposit tax in Cyprus a mistake?
The Cypriot banking system is insolvent. Heaping private losses onto taxpayers is bad public policy. Let's start with those two statements, because starting there makes clear that forcing losses onto bank creditors was the only choice in…
On Cyprus and the European Crisis
It has been non-stop Cyprus for the past couple of days this weekend. And it has brought back the bad ol' days when every weekend seemed to be another episode in endless crisis. To wit, this episode in Cyprus demonstrates how misplaced the…
The German bank saver’s tax
This is a thought experiment. I have written in favour of private sector involvement in the past. And I don't think this is a controversial topic. Where I do have problems with the Cypriot bank saver's tax is in terms of property rights and…
Links: 2013-03-18
Yet again today, I have a lot of links on Cyprus. I will start making some more pointed commentary behind the paywall today on the goings on there. I have been doing a lot of tweeting on this topic since early Saturday. If you’re not…
Cyprus Hill – Insane in the Brain: The New European Bailout Anthem
The latest news is the bank levy on small deposits could be lifted. As Ryan Avent just tweeted, it was insane in the brain to begin with, wasn't it?
Some thoughts on German politics and the saver’s tax in Cyprus
The latest news out of Cyprus is that the Cyrpiot government has delayed the vote on a bank bailout and savers tax by one day to Monday and that it has also extended the bank holiday from just Monday to Tuesday as well. In my view, the news…