Below is a recent editorial from the New York Times that does an excellent job of summarizing the failures of austerity policies. The NYTimes also published a very good analysis of how austerity measures have actually increased debt loads in many countries, instead of reducing them: “Despite Push for Austerity, European
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350 or bust: Iceland To The Rest of The World: There Are Alternatives
Hordur Torfarson, one of the architects of the quiet but powerful Icelandic revolution, which forced the government of Iceland to resign after the banking crisis of 2008, and kicked out the IMF representatives from the country, is now teaching meta-modern democracy throughout Europe. Here he shares his advice to the
Continue readingRedBedHead: Spain & The Madness of Europe
There’s a saying that defines madness as doing the same thing over and over while expecting different results. By that criteria, it’s clear that the European Union’s response to the long and painful crisis unfolding on that continent is utterly and completely mad. With the appearance a few years ago
Continue readingThe Scott Ross: Europe’s Export of Political Integration
From democracy to banking, Europe has launched institutions that have shaped the world; with its recent financial crisis, Europe might be about to do it again. The European financial crisis is only giving further legitimacy and urgency to greater European political integration. It is argued that with many economies dependent
Continue readingImpolitical: Mulcair on the euro crisis
This is audio from an interview Mulcair did with Michael Enright on CBC radio this weekend where the eurozone financial crisis came up: That is a brief excerpt but I think it might indicate that the Conservative p.r. effort on Europe against the NDP may have worked. Mulcair mocks the
Continue readingImpolitical: More Europe bashing from the Harper crew
From the “Today’s Must Reads” on the Globe’s Politics page, an op-ed from Conservative Senator and former Harper campaign chair Doug Finley with a familiar refrain: “Europe needs to take responsibility for its own mistakes.” This is what we’ve been hearing from the PM, from Jim Flaherty and various other
Continue readingImpolitical: The world ponies up to the IMF
The IMF released this table at the end of the G20 yesterday showing pledges received over the past few months by countries around the world to increase IMF resources: That’s quite a list. 37 countries including 15 of the G20 have now contributed to the IMF fund seeking to build
Continue readingThe Progressive Economics Forum: Canada, the IMF and the G20
The Harper government decided to attack Thomas Mulcair on the issue of Canadian support for additional IMF resources to deal with the euro area crisis, implying that Canadian taxpayers should not be asked to “bail out” a rich area of the world. As recounted in Macleans here, on June 8,
Continue readingDrive-by Planet: SYRIZA leads in final Greek poll: Tsipras firm on rejecting bailout
A final poll before the Greek election on June 16 has the radical left SYRIZA in front of the pack. Greek law bans the publication of any new polls in the 2 weeks before elections. A Public Issue poll for the Kathimerini newspaper puts SYRIZA at 31.5, New Democracy at
Continue readingImpolitical: Flaherty’s no to the IMF
From Canadian Press last night: “Flaherty digs in heels on calls to pony up more bailout money for euro zone.” Jim is all talk to the hand, Eurozone: Finance Minister Jim Flaherty had some tough talk on Thursday for the 17 euro zone countries, saying Canada and other non-euro nations
Continue readingThe Progressive Economics Forum: Fiscal Austerity and Growth
This may come as a bit of a shock to Andrew Coyne and Jim Flaherty, but even the IMF are warning in their most recent fiscal policy update that austerity in the advanced economies is going too far, and will dampen growth. Indeed, they even suggest that too much austerity
Continue readingRedBedHead: Greece: You Say You Want A Revolution?
It’s hard to make sense of the hubris and cruelty of European Union leaders towards Greece, unless their goal is to goad the Greek population into overthrowing their government. Why else would they demand from the Greeks ever greater levels of austerity, poverty and unemployment and then, when the government
Continue readingAccidental Deliberations: New column day
Here, on the Wall government’s insistence that public-sector cuts are the answer no matter what the question – and the cautionary tale we should draw from their Irish model. For further reading…– The CP documents Wall’s latest demand for austerity at any price.– Paul Krugman has done plenty of work
Continue readingThe Progressive Economics Forum: The IMF and Austerity
Today’s IMF economic update further downgrades growth projections, including here in Canada where growth in 2012 is forecast to be just 1.7%, down from the IMF’s September forecast of 1.9%. That is well below the just released Bank of Canada forecast of 2.0%, and clearly implies rising unemployment. On fiscal
Continue readingAlex's Blog: The Price Of Austerity
Austerity, we have been told repeatedly by pundits and political leaders, is the defining issue in these uncertain times, the solution to our economic challenges. We have been given fair warning that the next federal budget will be first about cuts – cuts to government even as we continue to
Continue readingPolitics and Entertainment: Five Lumps of Coal for Canada’s Economy
The recent IMF Report on Canada prompts me to remind everyone of some startling figures about the Canadian economy: 1) The private and federal debt combined ratio to GDP is an astonishing 203%. 2) The jobless rate in November is 7.4%, the worst in 5 months. 3) Youth unemployment is
Continue readingImpolitical: Harper government flips and flops on Europe
Yesterday: “Canada could pay into IMF Europe fund, Flaherty says.” Hmmm, maybe they should have been a little more open-minded initially. Here in early November was Harper’s shortsighted message at the G20: “Harper says no Canadian money for European bailout.” Harper was pretty definitive at the time: “We see absolutely
Continue readingCanadian Progressive World: New study dispels myths about public sector pay
OTTAWA – December 14, 2011: There is no evidence the average pay of public sector workers in Canada is consistently higher than comparable occupations in the private sector, reports a new study released today by the …Read More
Continue readingImpolitical: Shortsighted
This may come back to bite: “Harper says no Canadian money for European bailout.” Pay some now or will we be paying much more later? We’ll see. Great photo accompanying that story too. That look on Obama’s face as he interacts with Harper is priceless.
Continue readingThe Progressive Economics Forum: Recovery Demands Increase in Labour’s Share
The just-released 2011 ILO World of Work Report is a must read for progressive economists. Released on the eve of the G-20 meetings, the report underlines the gravity of the current global employment situation and warns of the need to put job creation first if we are to avoid a very extended period of high […]
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