Credit Writedowns » populism

Europe’s Transition From Social Democracy to Oligarchy

Michael Hudson — Wed, 07 Dec 2011 15:00:01 +0000

This appropriation of the economic surplus to pay bankers is turning the traditional values of most Europeans upside down. Imposition of economic austerity, dismantling social spending, sell-offs of public assets, de-unionization of labor, falling wage levels, scaled-back pension plans and health care in countries subject to democratic rules requires convincing voters that there is no alternative. It is claimed that without a profitable banking sector (no matter how predatory) the economy will break down as bank losses on bad loans and gambles pull down the payments system. No regulatory agencies can help, no better tax policy, nothing except to turn over control to lobbyists to save banks from losing the financial claims they have built up. What banks want is for the economic surplus to be paid out as interest, not used for rising living standards, public social spending or even for new capital investment. Research and development takes too long. Finance lives in the short run. This short-termism is self-defeating, yet it is presented as science. The alternative, voters are told, is the road to serfdom: interfering with the “free market” by financial regulation and even progressive taxation. There is an alternative, of course

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Debt and Democracy: Has the Link been Broken?

Michael Hudson — Tue, 06 Dec 2011 13:00:00 +0000

Debt and Democracy: Has the Link been Broken

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Europe is headed to a blood in the streets outcome

Guest Author — Sat, 03 Dec 2011 00:38:16 +0000

My takeaway from two days in DC is that Europe is headed to a blood in the streets outcome. While ECB funding remains ongoing even as it’s uncertain, in any case, the underlying theme remains austerity. There is no plan

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Managing the 99 Percent

Rick Bookstaber — Wed, 30 Nov 2011 13:30:04 +0000

The McCourtny Consulting Group: We are witnessing a simmering backlash in the face of the widening class distinction. It is wise to address the fundamental issues behind the backlash and consider approaches to deal with the problem, especially given that these conditions may be persistent and structural. Therefore, we have prepared a brief overview of approaches to the problem

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The euro zone is coming apart at the seams now, redux

Edward Harrison — Tue, 25 Oct 2011 14:00:23 +0000

This is an update of a post I wrote at the beginning of September about European political dysfunction

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The political economy of the European sovereign debt crisis

Edward Harrison — Thu, 30 Jun 2011 15:00:45 +0000

Now obviously, there are the issues of efficiency and fairness to think about. However, I want to look at this from a pure forecasting perspective. and stick to the tack I began in October 2010 with “Less Policy Advocacy and More Policy Forecasting at Credit Writedowns”. The point for policy makers is to socialise enough of the bank losses onto taxpayers in order to survive the crisis and maintain the status quo. Taxpayers will accept this if the economy is robust enough

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More Protectionism Likely

Edward Harrison — Wed, 22 Sep 2010 16:30:00 +0000

I agree with Michael Pettis that removing Larry Summers from the White House should be construed as a sign that the Obama Administration is poised to take a more populist tone with China. In June I wrote (More on China, Trade and Protectionism): I see the China issue as more of a backburner thing given

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Summers is out

Edward Harrison — Tue, 21 Sep 2010 20:24:54 +0000

Via Bloomberg: White House officials expect Lawrence Summers to leave his job as the president’s National Economic Council director after November’s congressional elections, according to three people familiar with the matter. His departure would leave Treasury Secretary Timothy Geithner as the only member of President Barack Obama’s original top-tier economic team. Summers, 55, and the

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Beggar thy neighbour: Martin Wolf is singing from my songbook

Edward Harrison — Tue, 18 May 2010 20:56:49 +0000

Obviously, the FT’s Martin Wolf has been listening to the same preacher I have because he is singing my song. In today’s FT he writes about the recent Beggar-my-neighbour eurozone policy and how the policy response in Europe has caused him, like me, to question his previous position that the Eurozone would never break up

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Links: 2010-05-18 P&G flash crash trader revealed and Congress blocks IMF aid to Greece

Edward Harrison — Tue, 18 May 2010 13:11:04 +0000

Subscribe to Our News Feed If you would like to receive our links in real-time please follow me at @edwardnh. Must reads How P&G Plunge Derailed One Investor | TheStreet.com Congress blocks indiscriminate IMF aid for Europe – Telegraph Blogs Links BBC News – UK inflation hits 17-month high The zloty’s loss is Poland’s gain

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Deutsche Bank chief casts doubts on Greece’s solvency

Edward Harrison — Fri, 14 May 2010 01:05:26 +0000

Just when you thought the EU had things under control with their $1 trillion shock and awe rescue package, the first signs of doubt appear. The doubting Thomas is none other than Swiss-born Deutsche Bank head Josef Ackermann who appeared Wednesday before a Dusseldorf court to explain Deutsche’s relationship with the failed IKB. Today, comments

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The Soft Depression in Germany and the Rise of Euro Populism

Edward Harrison — Fri, 07 May 2010 15:14:36 +0000

This is the third in a series of posts on the origins of the Euro crisis. "The roots of the European sovereign debt crisis go back thirty years" and "How Belgian debt, Italian anarchy and Greek profligacy lead to economic chaos in Europe" are the first and second posts. On Wednesday I wrote a post

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Down with ‘Too Big to Fail’: Angry Americans march on Wall Street

Edward Harrison — Mon, 03 May 2010 18:00:00 +0000

Check out nine-year old Sam talking about Wall Street pulling a reverse Robin Hood. That’s either one smart or one well-rehearsed young man. Related Posts Did Brown’s win spark Obama’s war on Wall Street? 21 Jan 2010 Did Gordon Gekko inspire Wall Street or the other way around? 24 Oct 2009 Public anger at Wall

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Were the Goldman Senate hearings show trials or the precursor to reform?

Edward Harrison — Fri, 30 Apr 2010 20:44:01 +0000

On this edition of Peter Lavelle’s ‘CrossTalk’ he asks his three guests including me whether the US Senate hearings humiliating Goldman Sachs are merely a show trial with the aim of watering down global financial reform. Take a look at what we have to say in the video below. The point where I got cut

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Business as usual on Wall Street and political posturing in Washington

Edward Harrison — Thu, 29 Apr 2010 00:35:53 +0000

In 2007, a credit crisis centred in the US subprime market began. It metastasised into a monstrosity of epic proportions that led to the worst and only synchronized global downturn since the Great Depression three-quarters of a century ago. The result was a massive bailout of the largest financial institutions in America and around the

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Pitchforks, Vampire Squids, and Simon Johnson’s Robespierre Moment

Edward Harrison — Mon, 19 Apr 2010 16:25:55 +0000

This morning I attended a breakfast on financial reform hosted by the Agenda Project’s Erica Payne. The purpose was to crystallize the issues most pertinent to the financial reform debate in these crucial weeks leading up to full Senate consideration and a likely Republican filibuster. The Robespierre Moment Leading the charge were Raj Date, Bob

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Currency battle begins

Edward Harrison — Fri, 19 Mar 2010 23:06:30 +0000

I recorded the video segment below on on RT America on Wednesday night (Notice my green tie for St. Patrick’s Day!). The overall gist of the clip was that the currency battle now brewing between China and the U.S. is mostly a political confrontation. There are reasonable ways out of this that don’t include a

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Chinese protectionist flashback

Edward Harrison — Fri, 19 Mar 2010 02:41:12 +0000

Here’s how I see things playing out: Congress looks at this report and concurs that the key to ending slower global growth is to correct global imbalances via a Chinese currency revaluation. Fair enough. However, individual Congressmen, looking to reassure jobless constituents ahead of the midterm elections, will escalate by presenting bills to ‘punish’ China

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Ronald Reagan the Keynesian

Edward Harrison — Tue, 02 Mar 2010 14:48:48 +0000

I came across an article in the FT by Gideon Rachman which examined “How Reagan ruined conservatism.” It is an interesting piece which claims that traditional conservatives abhor populism and respect knowledge, while the Reagan Revolution ushered in a ‘new’ conservatism that appealed to those who love populism and disdain knowledge. All very interesting –

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Protectionism: China and chickens versus Canada and Buy American

Edward Harrison — Mon, 08 Feb 2010 13:46:11 +0000

This is an update on trade and protectionism because the last posts I wrote on protectionism were in December. Since then, the only two major events on the protectionist front happened last Friday. Canada and the Buy American Fiasco The National Post of Canada trumpeted Protectionism ‘breakthrough’ reached on Friday because Canada received an exclusion

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Constitutional Convention Updated

Edward Harrison — Wed, 27 Jan 2010 17:25:10 +0000

Related Posts No related posts. More About: cartoon, civil liberties, funny, government, More, populism

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The fat cats’ wet noodles

Edward Harrison — Mon, 25 Jan 2010 14:35:31 +0000

Hat tip Prieur du Plessis Source 20 Jan 2010 editorial cartoon – Nick Anderson, Comics.com Related Posts Gasparino: No woodshed for the fat cats, just a lovefest 15 Dec 2009 Obama forgot Samuelson when he told fat cats to start lending 14 Dec 2009 More About: banks, Barack Obama, Political Economy, populism, regulation

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Poll results: Why Obama has ratcheted up the populist rhetoric

Edward Harrison — Mon, 25 Jan 2010 13:06:39 +0000

The poll results are in on why President Obama has begun a ‘War on Wall Street.’ A majority of CW readers believe President Obama’s recent populist turn and harsh rhetoric directed toward Wall Street is a political stunt. And to the degree CW readers believe otherwise, they see the latest salvos as only a start.

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Did Brown’s win spark Obama’s war on Wall Street?

Edward Harrison — Thu, 21 Jan 2010 17:16:20 +0000

That’s the gist of yesterday’s post by James Pethoukoukis. The column says: A historic victory, really. It is hard to overstate just how “blue” a state Massachusetts is. Obama won it by 26 percentage points in 2008. Until now the state’s 10 U.S House members, two U.S. senators and all statewide officers were Democrats. The

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Obama backs Volcker regulatory plan in dramatic about face

Edward Harrison — Thu, 21 Jan 2010 14:04:05 +0000

Today President Obama is set to propose wide-ranging moves on bank regulation first proposed by his economic advisor Paul Volcker, the former Federal Reserve Chairman. Details of the proposal have yet to be released. However, the focus is expected to center on strict bank size limits and a limitation on proprietary trading at regulated banks

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FDIC looks to reign in compensation via insurance levy

Edward Harrison — Wed, 13 Jan 2010 00:05:10 +0000

FDIC Chairperson Sheila Bair has released her own proposal to compete with a recently floated proposal for a tax on bank compensation. Her proposal calls for linking compensation with FDIC insurance levies as a means of aligning incentives in the banking industry going forward. In contrast, the competing initiative calls for a one-off ‘windfall’ tax

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The Democratic Party meltdown of 2010

Edward Harrison — Wed, 06 Jan 2010 14:29:08 +0000

I want to talk about the drubbing the Democrats are going to take in this year’s elections and what it means, if anything. As a sort of pre-amble, I will lead into this with some thoughts on tax cut propaganda and today’s piece by the conservative Reuters columnist James Pethoukoukis called The campaign against Larry

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Asia tells the west to get off its high horse

Edward Harrison — Mon, 04 Jan 2010 03:43:17 +0000

You kind of saw this coming didn’t you. Asians remember the Depression that began there a decade ago all too vividly. Many still see the West to blame because of the draconian economic policy solutions meted out by the IMF, including now-US Treasury Secretary Tim Geithner amongst others. Incongruously, the very same Tim Geithner of

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It’s a wonderful life: move your money

Edward Harrison — Fri, 01 Jan 2010 20:25:12 +0000

I have been largely silent about the recent populist call to arms by Arianna Huffington and Rob Johnson. The duo advise Americans to withdraw their money from bank accounts at too-big-to-fail financial institutions and deposit them in a community bank. And they present a comprehensive list of community banks vetted by star bank analyst Chris

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Obama and the Fat Cat bankers

Edward Harrison — Mon, 14 Dec 2009 17:26:00 +0000

Last night on CBS’ 60 Minutes, President Obama attacked Wall Street as “fat cats,” saying he was not elected merely for their sake. Obviously, the President is now keenly aware of how his political capital is being lost due to the bailout program earlier in the year. He is doing some serious damage control. But

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Chinese tariffs of up to 25 percent on Russian and American steel

Edward Harrison — Thu, 10 Dec 2009 18:53:51 +0000

This comes via Reuters: China’s announcement on Thursday it would slap punitive tariffs on a type of electrical steel used in transformers is likely to hurt exports from leading U.S. producers AK Steel and ATI Allegheny Ludlum. The move follows U.S. steel industry trade cases against China that led Beijing to accuse Washington of protectionism.

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Food insecurity: alternative measure of economic distress skyrockets

Edward Harrison — Tue, 17 Nov 2009 19:48:53 +0000

The US Department of Agriculture highlights how the United States in the last decade, despite increased aggregate wealth, slid back significantly in terms of food insecurity as measure of poverty. With everyone now focused on the unemployment situation, it bears noting that even before the downturn in the economy there had been a large surge

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GM looks to use US and Canadian tax money to bailout Opel

Edward Harrison — Mon, 16 Nov 2009 03:13:27 +0000

An article in the National Post suggests General Motors may look to divert some of its bailout money to Europe in the wake of a chill in German government support for subsidies. Talk of using taxpayer money to benefit workers in other countries is sure to raise ire, especially in the United States where the

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GM looks to use US and Canadian tax money to bailout Opel originally appeared on Credit Writedowns

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‘Buy American horror stories’ in Canada

Edward Harrison — Sat, 07 Nov 2009 03:44:37 +0000

The Canadian daily National Post has a good piece out today that highlights how the ‘Buy American’ provision is being seen in Canada. Many see it as an affront that America could and would favor domestic firms over those of its largest trading partner and next-door neighbor despite the North American Free Trade Agreement. For

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Economic nationalism and GM’s decision to keep Opel and Vauxhall

Edward Harrison — Thu, 05 Nov 2009 16:11:42 +0000

I have been reading press accounts of the GM decision to back out of the Opel/Vauxhall sale to the Magna/Sberbank consortium from various countries. There are a lot of different perspectives on this event in the U.S., Belgium, Spain, Germany, Russia, the U.K and elsewhere, because a lot of players are involved. The conclusion I

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