fiscal

Well, here I am spending my last day in Sitges, attending the annual meeting of the Circulo de Economía (which is why I have been so silent of late). This annual meet-up tends to attract many of the leading participants in Spanish economic…

Fiscal austerity is coming to America in due course. The result will be an economic slowdown. It is then we will learn if the bailouts have actually worked.

The Spanish government passed its proposed austerity budget by just one vote earlier today. Failure to get the vote would have toppled the government and led to serious panic. We should definitely turn our attention to Spain now. It's not…

Marshall Auerback presents us with a perspective on how deficit hawks want to cut social programs but leave defense spending untouched while completely overlooking the fiscal cost of bailouts (originally published at New Deal 2.0). Harold…

New York is one of the states at highest risk of default and budget cuts are coming. However, for now, those cuts will be limited to service cuts, dismissals and furloughs. Public sector pensions remain an intractable issue that will move…

German Finance Minister Wolfgang Schaeuble told reporters in Brussels today (Monday) that getting their deficits down was “the only task that everyone has to fulfill for himself and for the common good.” Meanwhile, over in New York, Paul…

In March I wrote an American version of this post which pointed to the bailout culture in America as a major reason I fear a depressionary relapse. American policy makers have shifted private losses onto the government's books while…

Econ 101 Imagine you and I are the only two people in an economy. For the sake of argument, say we use sea shells as a currency and we trade with no one else but each other. So when we do trade, we exchange goods and services with each…

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Marshall Auerback here with a post which I originally published at New Deal 2.0. This post on deficits in fiat currency regimes is the second in a series of posts on Modern Monetary Theory. Many market analysts, commentators and economists…