This tag is associated with 25 posts

Stiglitz reiterates : Austerity Pushes Europe ‘Suicide’

Europe Pushed to ‘Suicide’ on Austerity, Stiglitz Says – Bloomberg Nobel Prize-winning economist Joseph Stiglitz said Europe is in a “dire” situation as a focus on austerity pushes the continent toward “suicide.” “There has never been any successful austerity program in any large country,” Stiglitz, 69, told reporters in Vienna yesterday. “The European approach definitely … Continue reading

Academic economists played a big role in causing the crisis says Joseph Stiglitz

Academic economists played a big role in causing the crisis. Their models were overly simplified, distorted, and left out the most important aspects. Those faulty models then encouraged policy-makers to believe that the markets would solve all the problems. Before the crisis, if I had been a narrow-minded economist, I would have been very pleased … Continue reading

Great Recession vs Great Depression : Not as deep but recovery much slower

The causes of the Great Recession were similar to the Great Depression – as opposed to most post war recessions that were caused by Fed tightening to slow inflation – and I’m frequently asked if we could compare the percent job losses during the two periods. Unfortunately there is very little data for the Great … Continue reading

Austerity Is a Disaster – The Atlantic

Euro zone unemployment just hit a 15-year high. German unemployment just hit a 15-year low. What can those of us across the Atlantic glean from this seemingly bipolar state of affairs? That austerity, every economic conservative’s favorite prescription for an ailing economy — the medicine Republicans here in the United States are pushing hard — is … Continue reading

Spain : Safety net frays as care workers go unpaid, regions revolt, but more cuts demanded

Spain’s safety net frays as care workers go unpaid | Reuters Reteurs: Mercedes Garcia, the director of a residency for severely mentally disabled adults, has a crisis in her kitchen. Two caterers have been supplying and preparing food for the centre’s 46 patients for free for almost a year; the other 18 recently decided they’d had … Continue reading

Layoffs by governments at local level hardly help job recovery and investment in education is falling by the way

Layoffs at the local level, by local administrations, we could say, by local government, are so numerous that we could post them on a separated blog. This hardly helps job recovery. Moreover, investment in education is falling by the way. Krugman thinks it is bad politics and we agree. …If it weren’t for this destructive … Continue reading

Europe | Treaty | Growth Plan Or Austerity ?

It depends on whom you’re asking the question it seems ! Europe’s Latest Treaty No Cause For Celebration – Forbes Leaders of 25 of the 27 European Union countries have signed a new Treaty on Stability, Coordination and Governance. The United Kingdom and the Czech Republic did not sign. The treaty is designed to put … Continue reading

Recession has Portugal urging citizens to leave to find work –

For nearly 600 years, Portugal had one of the greatest colonial empires in Europe, commanding trade centers in Africa, South America and China. Ana, a 28-year-old unemployed Portuguese woman, waits in line in Lisbon on Jan. 3 to discuss her unemployment benefits. Austerity measures have made it difficult for many Portuguese to find work. Now, … Continue reading

Austerity in Europe Puts Pressure on Drug Companies

Profits at pharmaceutical companies have been declining or showing little growth for the last year as austerity measures across Europe lead to cuts in health care spending. Some analysts say this trend could continue until at least 2014. Budget cuts mean that many European governments are not willing to pay as much for pills. But … Continue reading

Spain faces unemployment pain after embracing austerity in European crisis – The Washington Post

Even while the Socialists were still in power, Spain took the initiative in slashing mercilessly into welfare budgets and reducing salaries, vowing to get a handle on a dangerous pile of deficits and debts. The conservative prime minister elected three months ago, Mariano Rajoy, has pursued the cutback campaign even more vigorously, raising taxes and … Continue reading

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