Credit Writedowns » populism http://www.creditwritedowns.com Finance, Economics and Markets Wed, 23 May 2012 16:15:53 +0000 en hourly 1 [Premium] Peak oil explains the Repsol YPF expropriation in Argentina http://www.creditwritedowns.com/2012/04/peak-oil-explains-the-repsol-ypf-expropriation-in-argentina.html http://www.creditwritedowns.com/2012/04/peak-oil-explains-the-repsol-ypf-expropriation-in-argentina.html#comments Wed, 18 Apr 2012 16:00:44 +0000 Edward Harrison http://www.creditwritedowns.com/?p=43939 I think this should be obvious to everyone by now, but peak oil is a clear factor in the Argentina/Spain oil crisis. Here's what happened

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Related Posts ]]> http://www.creditwritedowns.com/2012/04/peak-oil-explains-the-repsol-ypf-expropriation-in-argentina.html/feed/ 0 The political economy of a Greek default (and euro zone exit) http://www.creditwritedowns.com/2012/02/the-political-economy-of-a-greek-default-and-euro-zone-exit.html http://www.creditwritedowns.com/2012/02/the-political-economy-of-a-greek-default-and-euro-zone-exit.html#comments Tue, 14 Feb 2012 20:37:57 +0000 Edward Harrison http://www.creditwritedowns.com/?p=42162 This post discusses how politics and economics will interact in the Greek debt crisis and lead to default and euro zone exit

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Related Posts ]]> http://www.creditwritedowns.com/2012/02/the-political-economy-of-a-greek-default-and-euro-zone-exit.html/feed/ 4 Europe’s Transition From Social Democracy to Oligarchy http://www.creditwritedowns.com/2011/12/europes-transition-from-social-democracy-to-oligarchy.html http://www.creditwritedowns.com/2011/12/europes-transition-from-social-democracy-to-oligarchy.html#comments Wed, 07 Dec 2011 15:00:01 +0000 Michael Hudson http://www.creditwritedowns.com/?p=37983 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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Related Posts ]]> http://www.creditwritedowns.com/2011/12/europes-transition-from-social-democracy-to-oligarchy.html/feed/ 3 Debt and Democracy: Has the Link been Broken? http://www.creditwritedowns.com/2011/12/debt-and-democracy-has-the-link-been-broken.html http://www.creditwritedowns.com/2011/12/debt-and-democracy-has-the-link-been-broken.html#comments Tue, 06 Dec 2011 13:00:00 +0000 Michael Hudson http://www.creditwritedowns.com/?p=37904 Debt and Democracy: Has the Link been Broken

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Related Posts ]]> http://www.creditwritedowns.com/2011/12/debt-and-democracy-has-the-link-been-broken.html/feed/ 1 Europe is headed to a blood in the streets outcome http://www.creditwritedowns.com/2011/12/europe-is-headed-to-a-blood-in-the-streets-outcome.html http://www.creditwritedowns.com/2011/12/europe-is-headed-to-a-blood-in-the-streets-outcome.html#comments Sat, 03 Dec 2011 00:38:16 +0000 Guest Author http://www.creditwritedowns.com/?p=37736 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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Related Posts ]]> http://www.creditwritedowns.com/2011/12/europe-is-headed-to-a-blood-in-the-streets-outcome.html/feed/ 3 Managing the 99 Percent http://www.creditwritedowns.com/2011/11/managing-the-99-percent.html http://www.creditwritedowns.com/2011/11/managing-the-99-percent.html#comments Wed, 30 Nov 2011 13:30:04 +0000 Rick Bookstaber http://www.creditwritedowns.com/?p=37498 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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Related Posts No related posts. ]]> http://www.creditwritedowns.com/2011/11/managing-the-99-percent.html/feed/ 4 The euro zone is coming apart at the seams now, redux http://www.creditwritedowns.com/2011/10/the-euro-zone-is-coming-apart-at-the-seams-now-redux.html http://www.creditwritedowns.com/2011/10/the-euro-zone-is-coming-apart-at-the-seams-now-redux.html#comments Tue, 25 Oct 2011 14:00:23 +0000 Edward Harrison http://www.creditwritedowns.com/?p=34208 This is an update of a post I wrote at the beginning of September about European political dysfunction

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Related Posts ]]> http://www.creditwritedowns.com/2011/10/the-euro-zone-is-coming-apart-at-the-seams-now-redux.html/feed/ 3 The political economy of the European sovereign debt crisis http://www.creditwritedowns.com/2011/06/the-political-economy-of-the-european-sovereign-debt-crisis.html http://www.creditwritedowns.com/2011/06/the-political-economy-of-the-european-sovereign-debt-crisis.html#comments Thu, 30 Jun 2011 15:00:45 +0000 Edward Harrison http://www.creditwritedowns.com/?p=29239 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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Related Posts ]]> http://www.creditwritedowns.com/2011/06/the-political-economy-of-the-european-sovereign-debt-crisis.html/feed/ 7 More Protectionism Likely http://www.creditwritedowns.com/2010/09/more-populism-likely.html http://www.creditwritedowns.com/2010/09/more-populism-likely.html#comments Wed, 22 Sep 2010 16:30:00 +0000 Edward Harrison http://www.creditwritedowns.com/2010/09/more-populism-likely.html 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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Related Posts ]]> http://www.creditwritedowns.com/2010/09/more-populism-likely.html/feed/ 1 Summers is out http://www.creditwritedowns.com/2010/09/summers-is-out.html http://www.creditwritedowns.com/2010/09/summers-is-out.html#comments Tue, 21 Sep 2010 20:24:54 +0000 Edward Harrison http://www.creditwritedowns.com/2010/09/summers-is-out.html 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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