ShareMarshall Auerback here with a post which I originally published at New Deal 2.0.
Last Friday, Mr. Obama and the GOP staged the equivalent of a British Parliamentary Question Period in front of the TV cameras. It showed the quick-thinking, articulate President at his best. Unfortunately, the subsequent Saturday morning national radio address showed him at [...]

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Share Marshall Auerback here with a post which I originally published at New Deal 2.0.
Every instinct the President has honed, every voice he hears in Washington, every inclination of our political culture urges incrementalism, urges deliberation, and an abundance of caution, particularly in regard to our “unsustainable government spending.” And for all of his apparent [...]

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ShareI think Bernanke probably will still get through. Congress need sixty votes to remove a filibuster hold. Thereafter, they only need fifty votes to get Bernanke through. I suspect Obama will go to senators like Barbara Boxer and say:
Look, vote to remove the hold. Then you can vote against Bernanke for your constituents because [...]

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ShareI picked up this Robert Reich quote from Politico’s Open Mic section, which echoes the sentiments expressed by a Massachusetts voter in my recent post “President Obama, are you listening?”:
A third political party is emerging in America. Call it the I’m-Mad-As-Hell party.
It’s a mistake to see the Mad-As-Hell party as just a right-wing phenomenon [...]

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ShareEarlier in the week, I wrote a post-mortem on the Massachusetts Senate race won by Scott Brown. I saw the results as a signal that Americans are worn out by fraud and corruption. I found one comment from a registered Democrat particularly instructive regarding the mood of the electorate and am publishing the heart of [...]

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ShareMarshall Auerback here again.  A lot of good questions surrounding my piece on the euro. Many of them seem to revolve around the issues of why the euro gets weaker when national governments deficit spend, and the issue of whether my proposal is legally compliant with the Treaty of Maastricht.  On the latter point, I [...]

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ShareBack in July, Ed pointed to some comments by George Soros on currencies that I felt were perceptive. Soros said:
The dollar is a very weak currency except all the others.

With most major currencies down significantly against the dollar, we now see the truth in that statement. I want to add some color and connect this [...]

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ShareMarshall Auerback here with a post which I originally published at New Deal 2.0. I wrote an earlier post called Spain: Deficit Terrorism in Action to explain some of the institutional flaws at the heart of the euro zone.  This post lays out more of the economics in detail.
On more than a few occasions, we [...]

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ShareThis is a post which I originally published at New Deal 2.0.
Ed mentioned yesterday in his post Credit crises, market equilibrium, economic policy and fiat currencies that both the neoclassicals and the Obama Administration believe the financial crisis has been some sort of temporary liquidity crisis; fix the financial plumbing and it’s business as usual [...]

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ShareFederal Reserve Chairman Ben Bernanke recently defended the Federal Reserve’s low-interest rate monetary policy which preceded the housing bubble in the United States. Bernanke instead pointed to a lack of regulatory controls as the major cause of the events which led to a breakdown of the system. Paul Krugman weighed in on the issue, agreeing [...]

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