The America That Can No Longer Think, Politically

December 11th, 2013
in Op Ed, syndication

Written by

Obamacare is in limbo. Or is it not?

The problems with Obamacare are profound. For example, Obamacare is the biggest increment in Democratic Socialism since LBJ's Great Society and, if ever fully implemented, will surpass Medicare/Medicaid with its destructive financial burdens.

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Story -Telling: When Self comes to Mind

December 10th, 2013
in Op Ed

by Dirk Ehnts, Econoblog101

I have recently read some of La civilización del espectáculo by Mario Vargas Llosa. He argues that to lose your culture means to lose your self. Since I just finished reading a book on the self from a neurological perspective, I want to connect the two. In microeconomics, the homo oeconomicus is presented as something that, however abstract, resembles a human being. However, the recent crisis has shown that the use of this figure does not leave room for errors, mistakes, vices, and other human traits that have been instrumental in bringing about this crisis. As I will argue in the following, the way we live now cannot be separated from the problems we see in the real world. The financial crisis has not been an unlikely event, which would have come anyway, which is what certain risk management people would have us think.

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Why the Fed's 100th Birthday Could Be Its Last

December 9th, 2013
in Op Ed, syndication

Special Report from Money Morning

by Peter Krauth, Money Morning

On December 23rd, the Federal Reserve will turn 100 years old.

We can look back on its few successes... but its many failures far outweigh any positives it may have achieved.

What's at stake now is the Fed's future. And it looks bleak.

In fact, the Fed won't even exist in 100 years...

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Amend the Fed: We Need a Central Bank that Serves Main Street

December 8th, 2013
in Op Ed

by Ellen Brown, Web of Debt

December 23rd marks the 100th anniversary of the Federal Reserve. Dissatisfaction with its track record has prompted calls to audit the Fed and end the Fed. At the least, Congress needs to amend the Fed, modifying the Federal Reserve Act to give the central bank the tools necessary to carry out its mandates.

The Federal Reserve is the only central bank with a dual mandate. It is charged not only with maintaining low, stable inflation but with promoting maximum sustainable employment. Yet unemployment remains stubbornly high, despite four years of radical tinkering with interest rates and quantitative easing (creating money on the Fed's books). After pushing interest rates as low as they can go, the Fed has admitted that it has run out of tools.

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How to Exit Austerity, Without Exiting the Euro

December 8th, 2013
in Op Ed

by Rob Parenteau, NewEconomicPerspectives.org

First of all, if a government stops having its own currency, it doesn’t just give up ‘control over monetary policy’…If a government does not have its own central bank on which it can draw cheques freely, its expenditures can be financed only by borrowing in the open market, in competition with businesses, and this may prove excessively expensive or even impossible, particularly under ‘conditions of extreme urgency’…The danger then is that the budgetary restraint to which governments are individually committed will impart a disinflationary bias that locks Europe as a whole into a depression it is powerless to lift.

So wrote the late Wynne Godley in his August 1997 Observer article, “Curried Emu”. The design flaws in the euro were, in fact, that evident even before the launch – at least to those economists willing to take the career risk of employing heterodox economic analysis. Wynne’s early and prescient diagnosis may have come closest to identifying the ultimate flaw in the design of the eurozone – a near theological conviction that relative price adjustments in unfettered markets are a sufficiently strong force to drive economies back onto full employment growth paths.

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