Paul Krugman and Loanable Funds

November 24th, 2013
in Op Ed

Why Does Paul Krugman Still Think in Terms of Loanable Funds?

by Dirk Ehnts, Econoblog101

It is a little bit disappointed to see Paul Krugman still married to the loanable funds theory (my highlighting):

So with all that household borrowing, you might have expected the period 1985-2007 to be one of strong inflationary pressure, high interest rates, or both. In fact, you see neither - this was the era of the Great Moderation, a time of low inflation and generally low interest rates. Without all that increase in household debt, interest rates would presumably have to have been considerably lower - maybe negative. In other words, you can argue that our economy has been trying to get into the liquidity trap for a number of years, and that it only avoided the trap for a while thanks to successive bubbles.

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JFK Blown Away after 50 Years

November 23rd, 2013
in Op Ed

by Reverse Engineer, Doomstead Diner

Discuss this article at the Conspiracy Table inside the Diner

J.F.K. blown away, what else do I have to say? -Billy Joel

Half a Century has passed since JFK got Blown Away on the Parade Route in Dallas. I was 6 years old when this occurred, it was directly before my family moved to Brasil and I was in a 1st Grade Classroom in a Public Skule in Kew Gardens Queens. My recollection is that they rolled in a Black & White TV set into the classroom and I watched the early Newz Reports come in, but I am not 100% sure of that recollection. I am pretty sure though I watched the rest of the coverage done by Walter Cronkite on CBS Newz the rest of the day when I got home.


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Three of the Last Pillars of the Dollar Crumble

November 22nd, 2013
in Op Ed

by LEAP/Europe 2020, Leap2020.eu

“It was night, and the rain fell; and, falling, it was rain, but, having fallen, it was blood.”

These words of Edgar Allan Poe (1) apply perfectly to the slow process of global dislocation now in progress, where seemingly innocuous events – like the “rain” – combine to undermine the foundations of an international system that is dying, hence the “blood.” If the process is slow, if the events seem trivial, it is paradoxically because the crisis is the first truly global systemic crisis, one much deeper than the one in 1929, affecting all countries and overwhelming the heart of the system.

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The Sovereign Right To Be Poor And Inefficient

November 21st, 2013
in Op Ed

Written by

It should be a fundamental right of nation states to be badly managed, poor and inefficient if that is what the majority of the people seem to want.

The people probably don't see it quite this way. They may know very well that the country is not as rich and efficient as some other countries, which they would like to emulate, but they nevertheless remain very attached to the customs, inherited ideas and institutions of the country. The forces of inertia are always strong; change comes but it comes gradually.

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Grossekoalitionseurozonen arbeitsgruppe: No Changes

November 21st, 2013
in Op Ed

by Dirk Ehnts, Econoblog101

The German newspaper taz.de reported last week that the working group concerned with the euro crisis has led to no new results. "We will do everything to let Europe leave the crisis strengthened", the joint paper says. There is a little bit more:

"Damit Europa dauerhaft einen Weg aus der Krise findet, ist ein umfassender politischer Ansatz erforderlich, der Strukturreformen für mehr Wettbewerbsfähigkeit und eine strikte, nachhaltige Haushaltskonsolidierung mit Zukunftsinvestitionen in Wachstum und Beschäftigung in sozial ausgewogener Weise verbindet."

The euro crisis is not over and is about to get interesting

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