ATHENS -- The IMF and Greece's other creditors have assumed that massive fiscal contraction has only a temporary effect on economic activity, employment and taxes, and that slashing wages, pensions and public jobs has a magical effect on growth. This has proved false. Indeed, Greece's post-2010 adjustment led to economic disaster -- and the IMF's worst predictive failure ever.
BERLIN -- The combination of Grexit and Brexit, and its consequences not just for the stability of the eurozone, but for the continued existence of the EU, is probably the greatest danger that Europe has faced since the Cold War's end.
Using data on economic recessions, I take a look at how long growth periods have been after recessions, and to see when the latest economic boom will likely come to an end. You're probably thinking "Economic boom? When did that take place?"
We have to remember that the same banks responsible for so much of the financial strife, confusion, and crisis are guided by social forces. When we believe our financial systems are beyond our control, we neglect our responsibility to those most impacted by its flaws.
Many who look to understand the incredible wealth gap are quickly lost in the exclusive language of finance. When it comes to the inner workings of financial institutions, the rise and fall of markets, the tangled web of international debt, or even just our own personal finances, most of us are lost. In short, we are financially illiterate.
Since last year there has been much talk of possible financial stress stemming from increased debt leverage in non-financial corporates of emerging markets economies. A recent study has brought to light some key evidence on the Latin American case.
Naturally, the President's recent pitch for a major expansion in community college funding has been greeted with equal parts praise and criticism.
Syriza's call for a "European debt conference" to renegotiate the current loan debt is certain to provoke policy conflict, but may also facilitate broader discussion which may, in the best case, benefit EU integration in resolving an untenable Greek debt situation.
The same forces that are dramatically increasing the world economy's productive potential are largely responsible for the adverse trends in income distribution. Digital technology and capital have eliminated middle-income jobs or moved them offshore, generating an excess supply of labor that has contributed to income stagnation precisely in that range. A more muscular response will require an awareness of the nature of the challenge and a willingness to meet it by investing heavily in key areas -- particularly education, health care and infrastructure.
Once a nation turns its back on a resolute determination to cultivate moral deservedness, political and financial superintendency passes to those who gain power illegitimately--a fact described eloquently by President Theodore Roosevelt.
Foreclosures, lay-offs, medical bills, and perpetual unemployment have left millions of Americans particularly vulnerable since the great recession. ...
No one should be surprised that the American people are economically insecure and anxious. Seven in 10 voters said the nation's economy is in bad shape. Voters who said the economy was important to them voted 2 to 1 for Republicans.
Remarkably, Goldman Sachs, one of the richest, most powerful, politically connected (aka Government Sachs) too-big-to-fail Wall Street banks, has demonstrated a Teflon-like ability to bounce back from egregious misdeeds, if not outright illegal conduct, and horrible publicity.
Now, America has long been an exceptionally redemptive society. Even if you screw up really badly, if you are willing to reflect long and hard, learn from your mistakes, and demonstrate a commitment to a larger purpose than your own ego, you can emerge on the other side and begin anew.
This settlement sends a strong message that banks that prey on customers and investors will be held accountable. I will continue to investigate financial institutions that bend the rules for their own benefit, and pursue equal justice for all New York families.
Here's a story that resonates with so many layers of bitter irony that it's hard to know where to begin. So we'll start with the headline: "Citi Foundation to Help Teens Find 'Pathways to Progress.'"