Writing Worth Reading
Writing Worth Reading
In 2007 long-term unemployment in US reached 0.7%. By 2010 it hit 4.2%. "The result is nothing short of a national emergency. Millions of workers have been disconnected from the work force, and possibly even from society"
Worries abound about global status of the dollar, what it would mean for the US politically and economically if it weakened. But, as Eichengreen shows, there are both benefits and drawbacks to the dollar as reserve currency
Who'd be a central banker at a time of crisis? Criticised from different angles, and with only blunt tools at your disposal. Progressive economists chastise the Fed chief for not doing enough, but their logic has weaknesses
"The depression we’re in is essentially gratuitous. Recovery would be almost ridiculously easy to achieve. All we need is to reverse the austerity policies of the past couple of years and temporarily boost spending"
Reflections on global economy, Occupy movement. "Much of what has gone on can only be described by the words moral deprivation. Something wrong had happened to the moral compass of so many people working in the financial sector"
Excellent, authoritative and measured overview of today's economic ills. Much papering-over of cracks in past few decades. Status quo ante not a good place to return to. So here are some suggestions for ways forward (PDF)
"When you look at history and when you look at empirical evidence it is clear that the key to prosperity is in institutions, not in culture nor in geography." And that bad institutions were put in place not by mistake, but by design
On the chairman of House Budget Committee, designer of Republican budget. Rose seemingly without trace. All but unchallengeable by Romney, other senior Republicans. Democrats are having a job too. But his plan is not moderate
Just as US banks agreed a century ago to the creation of the Federal Reserve, so the healthcare industry must sooner or later be persuaded to accept an effective regulator. What would a "Health Care Fed" look like?
A warning from Europe crosses the Atlantic. "A large debt with faster growth is preferable to a smaller debt sitting atop no growth at all. And it’s infinitely better than a smaller debt on top of a contracting economy"
US central bank has gone to great lengths to rescue the financial system, but done far less for workers. The Fed chief is a fine economist who previously advocated strong action for situations like this. So why isn't he acting now?
Interview with economist Joseph Stiglitz. And he's on top form from the word go. "Academic economists played a big role in causing the crisis. Their models were overly simplified, distorted, and left out the most important aspects"
