Sep 01 2015

The Washington Post and the Federal Reserve Cult

Federal Reserve Bank of Chicago (photo: TonyTheTiger/Wikimedia)

According to Federal Reserve Board cultists, the Fed sets interest rate policy solely for the good of the country. Those of us who live in the reality-based community know that the Fed is hugely responsive to the interests of the financial sector.

Aug 24 2015

The Stock Market Is Not the Economy

Shanghai Stock Exchange (cc photo: Aaron Goodman)

The stock market is not even in principle supposed to be a measure of economic activity. It is supposed to represent the present value of future profits.

Aug 03 2015

‘Puerto Rico Is an Artificial Economy’

CounterSpin interview with Ed Morales on Puerto Rican debt crisis

Ed Morales

“Economically, Puerto Rico is almost like a wholly owned subsidiary of the US economy, and various laws inhibit it from making decisions to develop their own economy.”

Jul 16 2015

The Minimum Wage–and Other Left Ideas Washington Post Might Find ‘Lame’

Scott Walker (photo: State of Wisconsin)

Wisconsin Gov. Scott Walker denounced the left for not having any real ideas for workers. In his Washington Post column The Fix, Philip Bump largely endorsed this perspective.

Jul 10 2015

Costas Panayotakis on Greek ‘No’ Vote, Rachel Nolan on Dominican Displacement

New York Post: Greek Tragedy

The New York Post headline “Greek Tragedy: Nation Commits Economic Suicide” was only yelling what was spoken elsewhere: that Greek voters invited ruin with their “No” vote on an austerity referendum.

Jul 06 2015

After Greece Cuts a Quarter of Its Budget, WaPo Asks if It’s Willing to ‘Trim Spending’

Greek Voters

from 2010 to 2015, Greece has cut government spending from roughly 13 billion euros to 10 billion euros–a cut of 23 percent.
In the Washington Post’s eyes, though, Greece has not yet demonstrated the willingness to “trim its spending”

Jun 30 2015

Confusing Lending and Spending at the New York Times

Protest at Greek parliament building (photo: Marko Djurica/Reuters)

A New York Times headline refers to “trillions” of dollars being spent by central banks. In fact, central banks have not spent this money, they have lent this money, mostly by buying government bonds.

Jun 26 2015

NYT Warns Greece to Accept Endless Depression–Because Default Might Be Painful

Argentine protest (photo: Alejandro Kaminetsky/Reuters)

While the process of switching currencies will never be painless, it must be compared to the pain associated with an indefinite period of unemployment in excess of 20.0 percent, which is almost certainly the path associated with remaining in the euro on the Troika’s terms.