Credit Writedowns » government

Richard Nixon: 1971 Annual Message to the Congress on the State of the Union

Edward Harrison — Wed, 08 Feb 2012 14:24:50 +0000

I have highlighted some of the state of the union addresses by Herbert Hoover in the past because I see the Great depression as a time with certain parallels to the present economic hardship. Let's look at the 1970s instead now. Here's Richard Nixon from 1971, with what was considered a conservative agenda in 1971 based on balancing the federal budget and rolling back centralised governance. However, regarding details, Nixon proposes small government ideas on welfare reform and big government ideas in almost all other aspects of his State of the Union Address. I have bolded what I consider the most important parts

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Richard Nixon: 1971 Annual Message to the Congress on the State of the Union originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Chart of the Day: Government Deficits as Far as the Eye Can See

Edward Harrison — Thu, 02 Feb 2012 21:51:17 +0000

The chart below from the blog Pragmatic Capitalism shows the U.S. Federal government deficit for each quarter since 1952. As you can see, almost the entire period is marked by deficits

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Chart of the Day: Government Deficits as Far as the Eye Can See originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Government Deficits Translate into Surpluses for the Non-Government Sector 4 Feb 2011
Economics 101 on government budget deficits 13 May 2010
How To Reduce Government Budget Deficits 4 Feb 2011

Functional Finance and Exchange Rate Regimes: The Twin Deficits Debate

Randall Wray — Mon, 30 Jan 2012 14:00:46 +0000

In conclusion, while there are links between the “twin deficits”, they are not the links usually imagined. US trade and budget deficits are linked, but they do not put the US in an unsustainable position vis a vis the Chinese. If the Chinese and other net exporters (such as Japan) decide they prefer fewer dollar assets, this will be linked to a desire to sell fewer products to America. This is a particularly likely scenario for the Chinese, who are rapidly developing their economy and creating a nation of consumers. But the transition will not be abrupt

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Functional Finance and Exchange Rate Regimes: The Twin Deficits Debate originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts No related posts.

Banking Wasn’t Meant to Be Like This

Michael Hudson — Mon, 30 Jan 2012 02:00:36 +0000

the banks now browbeat governments – not by having ready cash but by threatening to go bust and drag the economy down with them if they are not given control of public tax policy, spending and planning. The process has gone furthest in the United States. Joseph Stiglitz characterizes the Obama administration’s vast transfer of money and pubic debt to the banks as a “privatizing of gains and the socializing of losses. It is a ‘partnership’ in which one partner robs the other.” Prof. Bill Black describes banks as becoming criminogenic and innovating “control fraud.” High finance has corrupted regulatory agencies, falsified account-keeping by “mark to model” trickery, and financed the campaigns of its supporters to disable public oversight. The effect is to leave banks in control of how the economy’s allocates its credit and resources

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Banking Wasn’t Meant to Be Like This originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

The EU driving changes in European banking 2 Nov 2009
The Eurozone and the spectre of banking collapse 19 Jan 2009
More on the self-regulatory banking saga, SEC version 13 Jan 2012

Milton Friedman, Functional Finance and the Government Budget Constraint

Randall Wray — Mon, 23 Jan 2012 20:00:00 +0000

Last week we examined Milton Friedman’s version of Functional Finance, which we found to be remarkably similar to Abba Lerner’s. The only problem with Friedman’s analysis is that he did not account for the external sector: he wanted a balanced budget at full employment, but if a country tends to run a trade deficit at full employment, then it must have a government budget deficit to allow the private sector to run a balanced budget—which is the minimum we should normally expect. Somehow all this understanding was lost over the course of the postwar period, replaced by “sound finance” which is anything but sound. It was based on an inappropriate extension of the household “budget constraint” to government

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Milton Friedman, Functional Finance and the Government Budget Constraint originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Milton Friedman’s 1948 Functional Finance Proposal 17 Jan 2012
Economics 101 on government budget deficits 13 May 2010
How To Reduce Government Budget Deficits 4 Feb 2011

Chart of the Day: The Ultimate European Government Debt Chart

Marc Chandler — Tue, 17 Jan 2012 17:11:27 +0000

Check out the below graphic which shows General Government Deficit/Surplus as % of GDP on the Y axis, Government Debt as % of GDP on the X axis, and the Government Debt in Euros as the size of the bubble. Pretty cool!

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Chart of the Day: The Ultimate European Government Debt Chart originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Chart of the day: Definitive guide to the European debt web 18 Nov 2011
Chart of the Day: Financial, Household and Government Debt-to-GDP ratios 16 Mar 2010
Chart of the day: US Federal government spending 25 Jun 2008

Milton Friedman’s 1948 Functional Finance Proposal

Randall Wray — Tue, 17 Jan 2012 14:00:07 +0000

Milton Friedman's 1948 article, "A Monetary and Fiscal Framework for Economic Stability" put forward a proposal according to which the government would run a balanced budget only at full employment, with deficits in recession and surpluses in economic booms. There is little doubt that most economists in the early postwar period shared Friedman’s views on that. But Friedman went further, almost all the way to Lerner’s functional finance approach: all government spending would be paid for by issuing government money (currency and bank reserves); when taxes were paid, this money would be “destroyed” (just as you tear up your own IOU when it is returned to you). Thus, budget deficits lead to net money creation. Surpluses would lead to net reduction of money

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Milton Friedman’s 1948 Functional Finance Proposal originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

A Modest Proposal 25 Jun 2010
A Modest Proposal for Ending Debt Limit Gridlock 27 Mar 2011
Fannie and Freddie: The politics of finance 9 Sep 2008

Stop Censorship, Stop SOPA

Edward Harrison — Tue, 17 Jan 2012 12:00:29 +0000

Enemies of freedom will always tell you that there is some trade-off between freedom and civil liberties to get you to give up your freedom. This is a false dichotomy and always will be

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Stop Censorship, Stop SOPA originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Stop the madness now! 20 Nov 2009
News Links: The Assault on American Civil Liberties and Why Banks Back SOPA 12 Jan 2012
Apple: Can it stop the Android menace? 19 Nov 2009

Where are the safe havens?

Edward Harrison — Wed, 11 Jan 2012 22:00:54 +0000

My latest post at Credit Writedowns Pro on protecting wealth in a world of recurring crisis is now up. I outlined eight principal investing risks that I see for for 2012 and strategies to avoid those risks. At the same time, the thought you should have in the back of your head is that these are just the known unknowns. But that there are unknown unknowns which create so-called Knightean Uncertainty and make this a dangerous investing climate

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Where are the safe havens? originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts No related posts.

Monetary and Fiscal Policy for Sovereign Currencies

Randall Wray — Mon, 09 Jan 2012 13:30:48 +0000

This week we begin a new topic: functional finance. This will occupy us for the next several blog posts. Today we will lay out Abba Lerner’s approach to policy

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Monetary and Fiscal Policy for Sovereign Currencies originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts No related posts.

Markets Vanish – “In a Flash”

Frederick Sheehan — Sun, 08 Jan 2012 23:49:57 +0000

Government interference extends unstable market conditions longer than would otherwise be true. By doing so, George Eliot's observation (at the bottom, here) is even more appropriate in

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Markets Vanish – “In a Flash” originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Markets Vanish – In a Flash 4 Jan 2011

My comments on MMT’s job guarantee idea

Edward Harrison — Tue, 03 Jan 2012 13:30:24 +0000

Over the holidays, a debate broke out in the blogosphere about the so-called job guarantee idea that the MMT folks have bandied about. I call this controversial idea "Unemployment Insurance for the 21st Century", something I first addressed in 2009, based on a post by Randall Wray. My view: a job guarantee will never happen in the US unless we have a deep Depression like the one that began in 1929. Politically, this idea is a non-starter on this side of the Atlantic

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
My comments on MMT’s job guarantee idea originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

The Windfall Profit Tax: Bad Idea 29 Apr 2008
A few comments on this blog’s harsher tone about the credit crisis 8 Mar 2010
Comments by Faber, Gross, Roach, and Grantham on the Political Economy 17 Jan 2011

What is Modern Money Theory?

Randall Wray — Tue, 03 Jan 2012 12:45:21 +0000

OK, you might be wondering: Isn’t this a strange point at which to raise the question, “what is modern money theory?” Yes, in some important ways, it is. However in the past week there have been some really pretty extraordinary pieces in the popular media trumpeting

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
What is Modern Money Theory? originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Misunderstanding Modern Monetary Theory 17 Jul 2010
Krugman on Modern Monetary Theory 15 Aug 2011
Paul McCulley does Modern Monetary Theory 14 Jul 2010

It is Krugman who has shined the headlights on the difference between a currency issuer and a currency user

Randall Wray — Wed, 21 Dec 2011 15:00:39 +0000

It seems to have been none other than Paul Krugman who made it safe for others to adopt MMT. He shined his headlights on the obvious: the reason why interest rates on government debt are not exploding in countries like Japan, the US, and the UK is because they issue their own currencies. So, Krugman shined the headlights on the difference between a currency issuer and a currency user. It is now time for everyone to follow Dean Baker—to look for the car keys under those MMT headlights

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
It is Krugman who has shined the headlights on the difference between a currency issuer and a currency user originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

MMT: Yes Virginia, There is a Difference Between Greece and the US 6 May 2010
The ECB is the difference 12 Jul 2011
Krugman on Modern Monetary Theory 15 Aug 2011

Government Spending with Self-Imposed Constraints

Randall Wray — Tue, 20 Dec 2011 21:24:52 +0000

Let’s see how it is really done in the US—where the Treasury really does hold accounts in both private banks and the Fed, but can write checks only on its account at the Fed. Further, the Fed is prohibited from buying Treasuries directly from the Treasury (and is not supposed to allow overdrafts on the Treasury’s account)

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Government Spending with Self-Imposed Constraints originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Government Sponsored Spending 29 Oct 2010
Chart of the day: US Federal government spending 25 Jun 2008
Government Deficits Translate into Surpluses for the Non-Government Sector 4 Feb 2011

News Links: Yuan Limit Down for Ninth Straight Session

Edward Harrison — Tue, 13 Dec 2011 02:00:59 +0000

Financial news links for 12 December 2011 including stories on privacy, the European sovereign debt crisis, China and India

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
News Links: Yuan Limit Down for Ninth Straight Session originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

The Yuan Also Rises And Other Links 21 Jun 2010
Links: 2010-03-25 – Devaluing the Yuan and following Google out of China 25 Mar 2010
Berlusconi has his priorities straight 26 Oct 2011

What’s underneath the TARP?

Guest Author — Tue, 22 Nov 2011 16:30:00 +0000

The GAO says that issues with the TARP are not “material” and chooses instead to go with the less damning term of “significant”. A three-year record of getting it wrong would seem to suggest otherwise. We get that the $470 billion TARP was thrown together in a hurry. But to have "significant" issues with this extremely high-profile and unpopular corporate welfare program for three years running speaks of deliberate carelessness. Why on earth should we believe all the trumpeting about how profitable TARP has been when they can’t get the numbers right? In fact this all leaves me wondering: what’s really underneath that

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
What’s underneath the TARP? originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Reaching for yield in the post-TARP era 4 Dec 2009
U.S. forfeiting billions in future taxes to let Citi repay TARP 16 Dec 2009
The Outlook for a European TARP 17 Oct 2011

Belgian government collapses

Edward Harrison — Mon, 21 Nov 2011 21:00:51 +0000

And the crisis continues in Belgium ... The acting Belgian Prime Minister Elio Di Rupo officially resigned on Monday night. He has been trying to form a government. But after a serious step forward in October, stalled negotiations have led him to go to King Albert II this afternoon

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Belgian government collapses originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Belgian PM says nationalised Dexia is “200% safe” 10 Oct 2011
BNP takes over Dutch-Belgian bank Fortis 5 Oct 2008
Dexia bailout forces Moody’s downgrade of Belgian regional debt 11 Oct 2011

60 Minutes: Congressional Insider Trading

Global Macro Monitor — Tue, 15 Nov 2011 00:00:15 +0000

In case you missed it last night here is one that is sure to get your feathers up. It’s about time they Occupy Congress

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
60 Minutes: Congressional Insider Trading originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Robert Johnson’s testimony expunged from Congressional records 29 Oct 2009
Healthcare insurance industry insider: “We win” 7 Dec 2009
Congressional response to AIG is mindless 20 Mar 2009

The Obama Hope and Change Fail

Edward Harrison — Mon, 14 Nov 2011 21:30:00 +0000

Gallup reports that Congress' job approval is entrenched at a record low of 13%. Here’s what I noticed, however

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
The Obama Hope and Change Fail originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

The Obama-Geithner Plan will fail 12 Feb 2009
Is Obama really “Change we can believe in?” 19 Nov 2008
Obama sacks Geithner and Summers, calls for change 1 Apr 2009

In October, Greek officers stormed defence ministry

Edward Harrison — Thu, 03 Nov 2011 13:00:12 +0000

I had been willing to dismiss the rumours that Greece was forestalling a military coup. Others have since said the change in top brass is standard protocol for a Greek government preparing for its potential loss of power and that the changeover had already been decided upon previously. Nevertheless, it is clear that the military is also in a state of uproar over the austerity and depression

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
In October, Greek officers stormed defence ministry originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Greek referendum could mean CDS Greek default trigger 31 Oct 2011
Takin’ it to the Greek Streets 21 Sep 2011
On Central Banker opposition to a Greek restructuring 15 Jun 2011

Reserves, Governement Bond Sales, and Savings

Randall Wray — Mon, 31 Oct 2011 14:30:14 +0000

Last week we showed that government deficits lead to an equivalent amount of nongovernment savings. The nongovernment savings created will be held in claims on government. Normally, the nongovernment sector prefers to hold that much of that savings in government IOUs that promise interest, rather than in nonearning IOUs like cash. This week we will look at this in more detail

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Reserves, Governement Bond Sales, and Savings originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Chart of the Day: Excess Reserves 6 Apr 2011
Why the Federal Reserve wants to drain excess reserves 31 Dec 2009
Chart of the day: Savings Rate 21 May 2008

On government, regulation, over-regulation and free markets

Edward Harrison — Thu, 20 Oct 2011 14:00:45 +0000

I want to talk about why people blame government for the state of the economy more than Wall Street and what I think the remedies are. This will be a long post. So feel free to bookmark it to read it and the links when you have a moment

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
On government, regulation, over-regulation and free markets originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Bill Gross: Government intervention in markets will last 4 May 2009
On self-regulation in banking 21 Dec 2010
The FSA signals a need for regulation-heavy 12 Mar 2009

Federal Notice to ALL Working Citizens

Edward Harrison — Tue, 18 Oct 2011 22:45:01 +0000

A friend sent this to me. It’s a note making the rounds by e-mail. If I get a source, I will link to it

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Federal Notice to ALL Working Citizens originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

John McCain has poor judgment, but Palin is working out quite well 9 Sep 2008
Chart of the day: US Federal Deficit 23 May 2008
Chart of the day: US Federal government spending 25 Jun 2008

Bill Black: Hijacking protests for political gain

Edward Harrison — Tue, 18 Oct 2011 12:30:50 +0000

The special interest most people are concerned about are the banks. In the banking sector, fraud was a major contributor to the crisis. Because the White House has not prosecuted these frauds, bankers in general are now denounced as 'banksters' as if all bankers are complicit in this fraud. Black says the biggest victims of these frauds and the lack of prosecution other than homeowners are all of the honest people in financial services. I agree

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Bill Black: Hijacking protests for political gain originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Bill Black: To rob a country, own a bank 30 Mar 2010
Tear gas and rubber bullets at G-20 Protests 25 Sep 2009
Peak Oil, the Saudis and the Middle East protests 9 Feb 2011

Chart of the Day: The World’s Largest Employers

Global Macro Monitor — Wed, 14 Sep 2011 20:17:48 +0000

Great graphic from the Economist. Note that 7 of the 10 are government-run. Amazing WalMart employs almost as many as the People’s Liberation Army. Gives new meaning to the “Human Wave Theory.”

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Chart of the Day: The World’s Largest Employers originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Chart of the day: the largest bankruptcies in US history 18 Sep 2008
ADP: U.S. private employers add 43,000 jobs in October 3 Nov 2010
Chart of the Day: The World’s Top 50 Banks (bubble chart version) 2 Nov 2010

Franklin Roosevelt on Social Security

Edward Harrison — Wed, 14 Sep 2011 20:00:48 +0000

Below are two messages from Franklin Roosevelt, proposing the Social Security program and signing it into law. The main points to note in the text deal with the purpose and funding of Social Security and unemployment insurance i.e. the why and the how

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Franklin Roosevelt on Social Security originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Chart of the day: social security and medicare 24 Jun 2008
Obama offers up Social Security cuts 6 Jul 2011
Means of deficit reduction: Medicare and Social Security 16 Jun 2009

UBS: Euro break-up – the consequences

Guest Author — Tue, 06 Sep 2011 14:38:17 +0000

The following is excerpted from today’s UBS research note by Stephane Deo, Paul Donovan and Larry Hatheway on the consequences of a euro break-up. The full note is embedded below

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
UBS: Euro break-up – the consequences originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Three options for the euro zone: monetisation, default, or break-up 29 Nov 2010
Break the euro zone in two 15 Aug 2011
The Irish stress tests and euro zone options: monetisation, default, or break-up 31 Mar 2011

Hoover’s Great Depression

Edward Harrison — Fri, 02 Sep 2011 03:30:39 +0000

An excerpt from the August 1932 Republican Nomination Acceptance Speech by Herbert Hoover and commentary about his policy choices and ours today

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Hoover’s Great Depression originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

The Great Depression II meme 15 Jun 2009
Weakest employment market since the Great Depression 3 Sep 2009
Mexican Repatriation: The Great Depression and Immigration Policy 29 Jun 2010

Jobs and deficit crisis will lead to double dip and more downgrades

Edward Harrison — Wed, 24 Aug 2011 09:30:44 +0000

Former Fed nominee and Nobel Laureate Peter Diamond spoke to Bloomberg News about how he sees the economic difficulties the United States faces. His view is that America faces a jobs crisis in the here and now and that deficit reduction is a longer-term problem

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Jobs and deficit crisis will lead to double dip and more downgrades originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Chart of the Day: Enormous US Jobs Deficit 8 Jul 2011
The jobs crisis is not just about demand 13 Jun 2011
Chart of the Day: Depth and duration of jobs crisis 30 Jun 2011

The Gold Standard and Fiat Currency: Metalism vs. Nominalism, Part One

Randall Wray — Mon, 22 Aug 2011 15:00:00 +0000

“Taxes drive money”—these “money things” are accepted because there are taxes “backing them up”, not because they have embodied gold. As promised, this week I will begin try to dispel the view that coins used to be commodity monies

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
The Gold Standard and Fiat Currency: Metalism vs. Nominalism, Part One originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Is Gold Just Another Fiat Currency? 31 May 2010
Why would anyone accept a ‘fiat’ currency? 18 Jul 2011
Going Off on Rogoff – There is No Hard Debt Constraint for Fiat Currency 2 Mar 2010

Deficits are no longer the issue, but rather outstanding debt too

Edward Harrison — Fri, 05 Aug 2011 11:51:57 +0000

The point is that this is a rolling crisis where investors have realised that the sovereign debt profiles right across Euroland have problems. And because there is no lender of last resort, the weakest debtors get plucked off one by one until there is nobody left. The right thing to do is to address the respective weaknesses in the sovereign profiles (Italy needs growth, Germany needs consumer demand, etc) while a lender of last resort backstops the likely solvent countries. That’s been my position all along. Let’s see if policy makers get on board with it

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Deficits are no longer the issue, but rather outstanding debt too originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

How I think about the debt ceiling issue 12 Jul 2011
Stat of the Day: Table of euro-zone debt and deficits 6 May 2010
Trouble in Ireland as Fitch cuts debt two notches to AA- and deficits soar 4 Nov 2009

Hudson: Traditionally war spending has driven deficits

Edward Harrison — Wed, 03 Aug 2011 19:23:24 +0000

Michael Hudson and William Hartung make the argument that military spending was exempted from cuts in the debt ceiling deal because it had strong backers who protected it. They also reveal that the US debt ceiling was put into place to keep Woodrow Wilson from overspending during World War I as military conflicts have traditionally been the real budget busters for governments

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Hudson: Traditionally war spending has driven deficits originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Can The US. Afford Its Present Deficit Spending? 8 Mar 2011
More thoughts on out of control deficit spending 9 Mar 2011
Economics 101 on government budget deficits 13 May 2010

What About Currency Revulsion?

Randall Wray — Mon, 01 Aug 2011 01:47:44 +0000

The normal case—let us say, in the US or the UK or Japan—is that anything for sale is for sale in the domestic currency. These sovereign governments never find that they cannot buy something by issuing their own currency. However, the situation can be different in developing nations in which foreign currencies might be preferred for “private” transactions (payments that do not involve the sovereign)

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
What About Currency Revulsion? originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts No related posts.

Government tax coercion versus fiat money liberty

Edward Harrison — Thu, 28 Jul 2011 21:34:32 +0000

This is a polemic on fiat currency. it is long and detailed. But I believe it is both thorough and logical

Credit Writedowns Pro is now live. Sign up today for monthly or yearly subscriptions.
Also read our News Feed for the latest financial and economic news.
Government tax coercion versus fiat money liberty originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Government coercion in the financial blogosphere 3 Jan 2010
Bob Janjuah: In an era of the destruction of fiat money: Euro to parity, Gold to $1500 12 May 2010
A Speech: “Chairman Greenspan: A Fiat Mind for a Fiat Age” 27 May 2010