asterisk2a + economists   12

Yanis Varoufakis: »MONEY AND POWER«, Public Lecture 2015-11-04
3rd bailout loan $0 went to Greece. All to pay off banks. extend & pretend. 1st: ~90% went to the banks. [...] ESM does not exist [...] banking union plan not progressing at all. //&! Yanis Varoufakis @Oxford Union - - ACADEMIA LACKS ANTI-ESTABLISHMENT ATTITUDE! Because going against the grain has become anti-reputation. [...] it's all about expectations, predictions about where S&P500 will be in 12 months. [...] regression between theory and reality. economists have never been humble. [ see Wall Street cottage factory of analysis and prediction shops ] [...] if you torture the data and model enough it will confess. [< EU monetary union based on theory ] [...] [34:00] Brussels is technically incompetent and will not reform itself. I am a libertarian marxist. Schumpeter. true creative destruction. great wealth currently created - all going to 1%. = not humanitarian. not democratic. [...] 41:00 Q&A, <48:50> gov budget not same as household budget; George Osborne.
bank  crisis  banking  crisis  European  Election  2014  sovereign  debt  crisis  austerity  Grexit  Yanis  Varoufakis  Tsipras  Syriza  Brussels  Wolfgang  Schäuble  Angela  Merkel  GFC  Great  Depression  credit  crisis  credit  creation  Super  Cycle  debt  overhang  liquidity  trap  ECB  Troika  MarioDraghi  economic  history  Richard  Koo  leverage  recovery  deflation  deflationary  Fiscal  Pact  Schuldenbremse  Germany  underinvestment  Super  Rich  reflate  reflation  Generationengerechtigkeit  1%  oligarchy  plutocracy  No  Representation  Career  Politicians  balance  sheet  recession  Euro  Gold  Standard  ESM  IMF  OECD  banking  union  EEA  Economics  Academia  Academics  Economists  Scholars  Soziale  Marktwirtschaft  income  distribution  inequality  Gini  coefficient  Gesellschaft  society  Yanis  Varoufakis  financial  crisis  economic  model  econometrics  social  theory  monetary  union  Chicago  School  poverty  economic  history  austerity  George  Osborne  David  Cameron  UK  nasty  party  Richard  Koo  macroeconomics  macroeconomic  policy  macroprudential  policy  aggregate  demand  Capital  Expenditure  income  tax  receipts  deflation  deflationary  Universal  Basic  class  warfare 
april 2016 by asterisk2a
Economics as a pluralist liberal education - Royal Economic Society
Last year we published a report which provided evidence-based analysis of the shortcomings of economics education at the University of Manchester with a foreword by Andy Haldane, Chief Economist at the Bank of England (2014). In it we demonstrated that economics education at the University of Manchester fails to provide graduates with the skills and qualities the University publicly states it will provide. It has never been our argument that Manchester has special problems — on the contrary, our argument is that the problems we have identified are widespread across universities.1 We are now in the process of carrying out a curriculum review of economics education at universities across the UK.2 A key part of the Post-Crash Economic Society’s mission is to go beyond criticism and to put forward well thought out proposals for reform. //&! - post-crash economics.
economics  economic  history  austerity  monetary  theory  monetary  policy  fiscal  policy  GFC  economists  Chicago  School  free  market  self-regulation  dogma  ideology 
march 2016 by asterisk2a
George Osborne warns of further spending cuts in Budget - BBC News
[ LOL! ] But recent figures showing the UK economy was smaller than expected meant savings must be found in his Budget statement on 17 March, he said. [...] Mr Osborne said he would rather look for extra cuts now than risk breaking his own manifesto commitment to achieve a surplus in the budget by the end of this Parliament. The chancellor did not completely rule out raising taxes in the event of a further slowdown in growth, but said that now was not the time for "significant" tax hikes. [...] I'm absolutely clear we've got to root our country in the principle that we live within our means and that we have economic security." [...] "whole purpose of our economic plan was to have a budget surplus. [...] we got big challenges at home to make the economy more productive even as more people get work. [ because having part of your budget in the property bubble is so productive ] [...] I will do what is required to keep our country safe and secure." [ NOT CHANGING PLANS ie U-TURN ]
UK  secular  stagnation  austerity  Richard  Koo  Japan  economic  history  dogma  ideology  IMF  OECD  ChristineLagarde  economists  Paul  Krugman  Joseph  Stiglitz  Robert  Reich  David  Cameron  Tories  nasty  party  recovery  aggregate  demand  Conservative  macroeconomic  policy  microeconomic  policy  fiscal  policy  monetary  policy  Mark  Carney  BOE  City  of  London  HMRC  tax  evasion  tax  avoidance  self-employment  corporate  tax  rate  Service  Sector  Jobs  working  poor  multiplier  precarious  work  Precariat  low  pay  low  income  tax  credit  housing  benefit  income-based  JSA  Zero  Hour  Contract  Contractor  wage  stagnation  stagnation  DWP  Iain  Duncan  Smith  skills  gap  STEM  productivity  output  gap  Manufacturing  industrial  policy  neoliberalism  neoliberal  trickle-down  economics  Chicago  School  JohnMaynardKeynes  keynes  Keynesianism  Pact  Schuldenbremse  Wolfgang  Schäuble  Angela  Merkel  European  Union  property  bubble  apprenticeships  value  creation  added  value  underinvestment  productive  investment  infrastructure  investment  competitiveness  marginal  cost  energy  price  energy  policy  Hinkley  Point  C  nuclear  power  nuclear  waste  subsidies  subsidizing  corporate  welfare  lobbyist  lobby  Lobbyin 
february 2016 by asterisk2a
What Really Caused the Crisis and What to Do About It - YouTube
"There are not perfect markets, and there is no perfect planner. [...] we will never arrive at perfect solutions. [...] market will never allocate perfectly ... [...] market will always tend to lend to property and land, and less into productive means (businesses = risk of 100 loss, land or property ... you have a loss when you sell it. << China, UK ) [...] not all credit is good credit. [...] need for macroprudential policy to dampen bubbles bc rate hikes could dampen normal non-speculative area of economy. ie loan to value limits [...] interest rate setting is blunt hammer that people though is the magic wand along the line of self-regulation, free market, neoliberalism and trickle-down [...] GFC can be traced back to the 60-70's - macroecon + micro with absurd assumptions (ie rational expectations, equilibriums, no bubbles) & math & pure theoretical base (no empirical analysis ie of what banks really do ie greed) = makes job of economist as policy advisor real easy.
bank  crisis  JohnMaynardKeynes  keynes  Keynesianism  book  Richard  Koo  aggregate  demand  austerity  liquidity  trap  deleveraging  balance  sheet  recession  debtoverhang  GFC  recovery  secular  stagnation  western  world  dogma  ideology  underinvestment  productive  investment  infrastructure  investment  monetary  policy  monetary  theory  trickle-down  economics  neoliberalism  neoliberal  budget  deficit  economic  history  credit  bubble  output  gap  productivity  inflation  targeting  nominal  GDP  targeting  asset  allocation  economics  investment  banking  zombie  banks  retail  banking  financial  product  CDS  CDO  hunt  for  yield  VAR  risk  aversion  deflationary  deflation  ZIRP  NIRP  QE  debt  monetisation  debt  monetization  Glass-Steagall  self-regulation  regulators  regulation  leverage  margin  trading  property  bubble  arbitrage  speculative  bubbles  asset  bubble  UK  USA  Europe  ECB  Fed  BOE  zombie  consumer  squeezed  middle  class  zombie  corporations  NPL  junk  bond  realestate  macroprudential  policy  mortgage  market  equilibrium  disequilibrium  Economist  economists  Adair  Turner  hayek 
february 2016 by asterisk2a
Germany won’t spare Greek pain – it has an interest in breaking us | Yanis Varoufakis | Comment is free | The Guardian
Debt restructuring has always been our aim in negotiations – but for some eurozone leaders Grexit is the goal [...] To frame the cynical transfer of irretrievable private losses on to the shoulders of taxpayers as an exercise in “tough love”, record austerity was imposed on Greece, whose national income, in turn – from which new and old debts had to be repaid – diminished by more than a quarter. It takes the mathematical expertise of a smart eight-year-old to know that this process could not end well. [...] In my first week as minister for finance I was visited by Jeroen Dijsselbloem, president of the Eurogroup (the eurozone finance ministers), who put a stark choice to me: accept the bailout’s “logic” and drop any demands for debt restructuring or your loan agreement will “crash” – the unsaid repercussion being that Greece’s banks would be boarded up. [...] Wolfgang Schäuble, decided that Grexit’s costs were a worthwhile “investment” as a way of disciplining France et al,
Yanis  Varoufakis  debt  restructuring  debt  jubilee  Super  Cycle  sustainable  sustainability  Great  Depression  Greece  Grexit  lost  decade  lost  generation  PIGS  Troika  Germany  France  IMF  Angela  Merkel  ChristineLagarde  European  History  Wolfgang  Schäuble  Thomas  Piketty  ECB  MarioDraghi  Leadership  European  Union  Insolvenzverschleppung  insolvent  insolvency  austerity  economic  policy  folly  policy  error  Career  Politicians  No  Representation  dogma  ideology  propaganda  Lügenpresse  bailout  zombie  banks  populism  manufactured  consent  media  conglomerate  corporate  state  Jeroen  Dijsselbloem  Jean-Claude  Juncker  Eurogroup  EFSF  ELA  EuropeanSystemicRiskBoard  systemicrisk  toobigtofail  TBTF  too  big  to  jail  referendum  PIIGSFB  PIIGS  FrancoisHollande  academia  academic  academics  carmenreinhart  kennethlewis  Alexis  Tsipras  Syriza  Wall  Street  crony  capitalism  Podemos  Indignants  Indignados  occupywallstreet  fairness  GFC  recovery  economic  model  trickle-down  economics  economic-thought  shared  economic  interest  profit  maximisation  shareholder  value  economists  economic  damage  short-term  thinking  short-term  view 
july 2015 by asterisk2a
Fraud Caused the 1930s Depression and the Current Financial Crisis | zero hedge
Professor William K. Black writes:

The original Pecora investigation documented the causes of the economic collapse that led to the Great Depression. It ... established that conflicts of interest and fraud were common among elite finance and government officials.


James Galbraith recently said that "at the root of the crisis we find the largest financial swindle in world history", where "counterfeit" mortgages were "laundered" by the banks.

The decisive role that "accounting control frauds" played in driving the current crisis is clear. The FBI warned of an "epidemic" of mortgage fraud in 2004 and predicted that it would cause an economic crisis if it were not stopped. The mortgage lending industry's own experts reported that "liar's" loans were "an open invitation to fraudsters" and fully warranted their name -- "liar's" loans -- because fraud was endemic in such loans.
fraud  USA  economy  gwbush  politics  FHFA  FBI  2010  greatrecession  greatdepression  economists  foreclosure  greenspan  alangreenspan  ZIRP  fiscal  policy  history 
october 2010 by asterisk2a
Währungskrise: Britische Ökonomen erwarten Euro-Crash - SPIEGEL ONLINE - Nachrichten - Wirtschaft
doch die Einschätzungen, die einige von ihnen derzeit äußern, sind selbst für ihre Verhältnisse dramatisch: Der Euro kämpfe derzeit seinen Todeskampf, so lautet der Tenor einer Umfrage des britischen "Daily Telegraph" unter 25 Wirtschaftsexperten. Ohne radikale Änderungen könne die Gemeinschaftswährung schon sehr bald zugrundegehen.

Zwölf der 25 britischen Experten geben der Währungsgemeinschaft in ihrer aktuellen Form höchstens noch fünf Jahre. Acht glauben an die Stabilität des Euro, fünf wollten sich nicht festlegen. Noch vor einem Jahr hätte kaum jemand an einen möglichen Untergang der Gemeinschaftswährung geglaubt, schreibt die Zeitung. Doch die Verwerfungen der letzten Wochen und düstere Worte von Bundeskanzlerin Angela Merkel, "Existenzkrise" hä

Strukturprobleme die Explosion ihrer Schulden eindämmen können.
EMU  Euro  Europe  angelamerkel  sarkozy  PIIGS  history  greatdepression  fiscal  monetary  policy  ECB  trichet  june  2010  uk  economists  survey  greece  spain  portugal  ireland 
june 2010 by asterisk2a
Economists See 1-in-3 Chance of Another Bubble - Real Time Economics - WSJ
Twenty respondents said commodities posed the biggest risk of another bubble, while 24 chose emerging markets — 13 pointed to equities in those nations and 11 said real estate was the most likely risk. Treasurys, high-yield bonds and U.S. equities were the top choices of less than five economists each.

Though the economists put odds of another bubble in the next 24 months at 36% on average, there was a wide variance of opinion, ranging from 0% to 100%. Even among economists who saw better than even chances, there was no clear agreement on where a bubble would materialize.
bubble  2009  2010  prediction  economists 
november 2009 by asterisk2a
Bruegel | Home
Bruegel is a European think tank working in the field of international economics. Established in 2005, Bruegel is independent and non-doctrinal. It seeks to contribute to European and global economic policy-making through open, fact-based and policy-relevant research, analysis and debate. Bruegel’s governance and funding model is unique. Its membership includes EU governments and leading international corporations. Its day-to-day work is carried out at arm’s length from members’ interests.
thinktank  research  reference  economics  jobs  jobmarket  economists  policy  economic  academia  academics 
august 2009 by asterisk2a

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