Readers, Wray's article pretty much speaks for itself.I've inserted one side comment within the text where he seems to indulge in a bit of hyperbolic "economist" humor, that would be totally confusing to most readers. It is a sort of like telling an "in" joke to a general audience. small taters, Tadit Anderson
Readers, this planned expenditure is a political fig leaf by the economically ignorant, in fear of the even more ignorant partisan echo chamber. As Eric indicates the amount is small compared to the actual need. And further, it will only put back to work a relativ ely small number of people and does absolutely nothing about establishing fair trade industrial policies to reverse the "Free Trade" outsourcing. Healthcare, Education, Pensions, and similar infrastructure programs are not even addressed.
Reader, regarding Wray's small praise it is largely a gambit by the Repugnants to distance their own major participation in creating the diasaster that is now the US economy. Note too that Wall Street is starting to distance themselves from the BHO PotUS economic wrecking crew as a consequence of their policies, notably endorsed by Wall Street. The meager awareness of the PotUS economic team's failure to intervene in a contructive fashion has forced BHO to declare a stronger interest in more financial reform.
"Funding Public Services is the Best Return Route to Prosperity" Jeffrey Thompson, PERI, Univ of Mass, Amherst 08/17/10
The New England states, can no longer afford to spend scarce resources on tax credits and other business giveaways. Instead, the region needs to focus its economic development efforts on rebuilding neglected infrastructure and improving education for people at all levels, from pre-school youngsters to older adult workers.
Those are the conclusions of a new study released today by economist Jeffrey Thompson of the Political Economy Research Institute (PERI) at the University of Massachusetts,
Readers, Randall Wray pretty much pegs it on several points including the short attention span of the media chorus and the public. Further, it is only possible in an environment where reactionary economics also known as Free Market economics because "Free" is such a cool and American sort word that it almost makes ya feel patriotic just to say it.
Entering a Death Spiral? Tensions Rise in Greece as Austerity Measures Backfire" By Corinna Jessen Der Spiegel
Readers, this response to the so called austerity measures was totally predictable in terms of the un-necessary harm inflicted and the appropriate response of resistance. It is as if that the so called policy geniuses are nearly all functionally dis-educated into profound stupidity. The absolute arrogance that such dys-functional policies would produce a benign result demonstrates the corruption of academia as well as the political influence of moneied grifters.
"Which Party Poses the Real Risk to Social Security’s Future?" Marshall Auerback, Posted at N.D. 2.0 08/16/2010
Hint: it’s not "the Republicans."
"Happy Birthday Social Security! A Refresher Course in Macroeconomics For Laurence Kotlikoff" By Yeva Nersisyan UMKC
No day goes by without some deficit hawk trying to spread fear among ordinary Americans about the looming fiscal crisis. One gets the impression that the hawks are competing with one another to see who can come up with the scariest scenario. And it seems to be working. A recent USA Today/Gallup poll found that 64% of those surveyed in the poll disapprove of president Obama's handling of the federal budget deficit. But Obama's discretionary stimulus has been very small relative to the magnitude of the crisis we are in, and as discussed here most of the deficit was due to automatic stabilizers.
Readers, by this time you will have noticed that I am in deep appreciation to Henry C.K. Liu. I have learned a great deal over the years from his efforts. He has certain very minor, in my opinion, shortcomings, and those details do not appear within his theoretical framework or in his reliance upon history as a teacher. His small faults appear in the absence of editing more than anything of substance. Into this article he mentions a piece of research supported by the US FDIC on the period of 1900 to 1930.
'To Viktor go the spoils: how Hungary is pioneering an alternative to austerity'Mark Weisbrot guardian.co.uk, 9 August 2010
Readers, while this a very good piece of news it is not nearly the full package of monetary reform that needs to happen. Now if the Hungarian government would get a crash course in post Keynesian macro-economics, maybe by visiting this website and then following up with various functional economists, they can grasp the theoretical validation beyond what seems to be primarily an ethical and political decision. The IMF has become,if wasn't intended to act this way from the beginning, a politicized shill for the speculative banking sector.