Albeit in a highly nuanced way, the IMF has called on the G-20 to temper short-term fiscal austerity now that the global economy “has entered a dangerous phase.” In their submission to the October 14-15 meetings of G-20 finance ministers, the IMF call for medium-term fiscal consolidation plans to “create more policy space for near-term […]
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RedBedHead: Harper’s Unearned Economic "Credibility"
It’s one of those “truths” in politics that is beyond questioning, like the “necessity” of an independent (i.e. free from democratic controls) central bank, but which, like everything else has evolved from a time when it wasn’t actually the truth. I’m,…
Continue readingCuriosityCat: IMF’s Christine Lagarde’s Maggie Thatcher moment
Once more, the world is poised on the brink of a vicious recession, and once more, it seems that the political leaders cannot pluck up the courage to take the right steps.But is this true?The Cat thinks this is the more likely explanation of the stasis…
Continue readingDeSmogBlog: Global Financial Leaders Recommend Cutting Fossil Fuel Subsidies
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Global financial institutions including the International Monetary Fund and the World Bank have released a new set of recommendations for G20 countries to meet their goal of providi…
Continue readingThe Progressive Economics Forum: Global Imbalances
The IMF World Economic Outlook notes that the desired process of rebalancing global demand from countries with large trade deficits (notably the US) to countries with large trade surpluses (notably China) is not going very well. Relatedly, it points out just how difficult it is for increased demand in developing economies to offset stagnant or […]
Continue readingThe Progressive Economics Forum: Inequality is bad for business
In August Canadian Business magazine published my article on why inequality is bad for business. It is produced in full below. Last week the International Monetary Fund, not well-known for left-leaning n\views, released a series of articles entitled “Why Inequality Throws Us Off Balance”. One of the papers is by Andrew Berg and Jonathan Ostry […]
Continue readingThe Progressive Economics Forum: The Myth of Expansionary Austerity
As the US and Europe turn from stimulus to fiscal austerity, claims are heard that spending cuts actually stimulate economic growth. That is the argument heard, not just from the Republicans in the US Congress, but also from the Obama Administration who have pretty much stopped listening to even mainstream macro-economists. And it is the argument […]
Continue readingLeDaro: Christine Lagarde – IMF Chief on US debt ceiling
Christine Lagarde supports Obama on raising the debt ceiling for the United States. If this is not done, she says the impact would be disastrous for the US and the rest of the world, including for financial markets. She was a former Minister of Finance…
Continue readingWorld Headlines Review: Greek Sovereign Debt Crisis a Sovereignty Crisis
Greek Parliament, Syntagma Athens – by kouk News outlets around the world have focused heavily on the so-called Greek Sovereign debt crisis this week. The proposed solution–an IMF loan package requiring “austerity measures” and a fire-sale of public assets–has sparked massive unrest in the capital, where people from all walks
Continue readingRedBedHead: Greek Austerity Vote Is Just The Beginning
There was a certain amount of hand-wringing by the business press and politicians internationally that the PASOK government of Greece might not be able to pass the second austerity package in a year. However, it seemed unlikely that more than a handful…
Continue readingWorld Headlines Review: Egypt Rejects IMF, Revolution Lurches Forward
by Jonathan Rashad Egyptians have evaded a great pitfall in their quest for freedom, democracy and sovereignty in their rejection this week of loan proposals from the IMF. Nations across the world, especially in Africa, have time and again during periods of turmoil been tempted into bailouts and loan deals
Continue readingPolitics, Re-Spun: Greece at a Crossroads
Now that the Greek government has survived a confidence vote in Parliament, the stage is set in Greece for further confrontations ahead of next week’s decision on the new “austerity” plan demanded by the “troika” – the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Union (EU). While the origins of […]
Continue readingExcited Delirium: How Canada Can Cut About $3 Billion – The Easy Way
Funding to the IMF should be cut off.
Continue readingThe Progressive Economics Forum: Do Wages or Profits Lead Growth?
Earlier this month, I served as the discussant for a presentation by Engelbert Stockhammer, an economics professor from Kingston University in London. He was speaking at a conference organized by the workers’ representation to the International Labour Organization (ACTRAV). Stockhammer reviewed two antithetical strategies for economic growth. The pro-labour strategy aims to increase wages by […]
Continue readingWorld Headlines Review: Riots and Disparity: Rome, London and Toronto
International headlines in the last two weeks have reported a massive amount of social unrest and unsettling news across the developed world, including riots and economic data which on the surface may appear discordant and unrelated, but are united as part of larger political and economic trends. Fees Protest, by
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