by Michael Hudson Europe’s three needs: a debt write-down, a real central bank, and a more efficient tax system Brussels Talk, Madariaga College, Governing Globalisation in a World Economy in Transition, June 27, 2012 Courtesy of michael-hudson.com What can Europe…
photo credit: atomicshark “The devil is in the details.” German Proverb A fascinating paper on Manhattan real estate in the 1920-39 era shows why property went down, stayed down and didn’t recover in real terms until 1960. ‘Real Estate Prices…
photo credit: M J M Michael Hudson Free money creation to bail out America’s elite financial speculators, but not for Social Security or Medicare Only the “Crazies” Get the Bank Giveaway Right Kindly borrowed from Michael-Hudson.com Financial crashes were well…
photo credit: flatworldsedge Economic Answers Way off the Mark by Karl Williams Another neoclassical excuse-maker has just hit the airwaves, claiming to identify the causes of the GFC and even hailing Alan Greenspan as the prophet who was ignored as…
photo credit: Express Monorail Australians have a disturbing mind-set: we prefer foreign experts over our own. People like Steve Keen and Gavin Putland make waves overseas with their valuable commentary on The Great Australian Housing Bubble, but are ignored at…
Prof. Ross Garnaut gave the Hamer Oration at Melbourne University on Thursday. He pointed out that Australia has not experienced a recession for 17 years, a record for The Lucky Country. Such a period of unbroken growth is not just…
Now you’ve seen Steve Keen deliver a damaging analysis on the 7.30 report, listen to Professor Mason Gaffney call a Great Depression (on yesterday’s Renegade Economists) and why current economic policy will only prolong the negative outlook. Dr. Michael Hudson…
photo credit: sekundo Throw out the theory! That’s what policy makers are doing world-wide. From neo-liberalism to neo-handouts, one must ask what has happened to confidence in free market theory? Which leader in the western world will stand up? Failure…
photo credit: PhotoGraham That is the call as the bankers bailout of US$700bn gets rejected by US Congress. Meanwhile the US Fed has the printing presses running at just about as much – US$630bn. Kohler says: Essentially Congress has ensured…
photo credit: betta design The $840bn bailout of US banks provides the US Treasury with a unique opportunity. Will the as yet unnamed new Federal agency (which we will call the Bailout Agency), charged with the responsibility for selling off…