By John Weeks, Drugs and much of the food we eat are required to carry health warnings. It is unfortunate that the authorities do not set a similar requirement for economic journalism. In today’s Financial Times (10 October), the reader encounters an article with the title “UK public finances near bottom of IMF league table”. … More Babbling budget: IMF Clearing ground for more austerity
By Maxximilian Seijo, a graduate student in the Humanities & Cultural Studies Department at the University of South Florida. On November 15th, 2017, Paul Ryan spoke on the House floor in support of the Foundations for Evidence-Based Policymaking Act. He said: I want to especially thank Senator Patty Murray for her willingness to work together … More Reclaiming the Tax: Foregrounding the Public Covenant
By Yilmaz Akyüz. From Oxford University Press: Starting in the early 1990s many emerging and developing economies (EDEs) liberalized their capital accounts, allowing greater freedom for international lenders and investors to enter their markets as well as for their residents to borrow and invest in international financial markets. Despite recurrent crises, liberalization has continued and … More New Book: Playing with Fire – Deepened Financial Integration and Changing Vulnerabilities of the Global South
By Lara Merling, The Greek public debt debacle and the bailout received by the government from the European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) – referred to collectively as the “troika” – has been making headlines for years. However, very little attention has been paid to the debt … More Greece has a Private Debt Crisis and We Can Blame the Troika
By Sandy Brian Hager, The history of class conflict, power and inequality in the United States has always been intimately bound up with the public debt. Already during the War of Independence (1775-‘83), revolutionary forces accumulated debts of $54 million, and a difficult task for the first Secretary of the Treasury, Alexander Hamilton, was to … More The Rise of the American Bond-holding Class
By Dirk Bezemer and Michael Hudson Why have economies polarized so sharply since the 1980s, and especially since the 2008 crisis? How did we get so indebted without real wage and living standards rising, while cities, states, and entire nations are falling into default? Only when we answer these questions can we formulate policies to extract … More Dirk Bezemer & Michael Hudson: Finance Is Not the Economy
By Mark Weisbrot, Jake Johnston, and Julia Villarruel Carrillo This paper looks at Brazil’s unusually high interest rates. Brazil has the fourth-highest interest burden in the world on its federal debt (out of a total of 183 countries). The paper finds that this is not a result of known risk factors, but rather is due to unusually … More Brazil’s Enormous Interest Rate Tax: Can Brazilians Afford It?