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Robert E. Prasch
Robert E. Prasch is Professor of Economics at Middlebury College where he teaches Monetary Theory and Policy, Macroeconomics, and American Economic History. His most recent book is How Markets Work: Supply, Demand and 'The Real World' (Edward Elgar, 2008).

Entries by Robert E. Prasch

To Reform the NSA, Slash Its Budget

(1) Comments | Posted January 23, 2014 | 1:24 PM

Thus far, the "debate" over the breadth and depth of the National Security Agency's (NSA) overreach has exclusively addressed its programs -- what it does, what it is authorized to do, its institutionalized contempt for our Constitution, etc. However, as citizens and voters, we must understand that this discussion is...

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The 'Lessons' That Wall Street, Treasury, and the White House Need You to Believe Five Years After the Collapse of Lehman Brothers

(6) Comments | Posted September 20, 2013 | 4:14 PM

Five long and eventual years have passed since the demise of the once venerable firm of Lehman Brothers. To mark the occasion, Wall Street, the United States Treasury Department, the White House, and their several political proxies and spokespersons have taken to the mass media to instruct the public in...

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All We Are Saying Is Give Greece a Chance

(11) Comments | Posted June 19, 2013 | 9:53 AM

Six years after the onset of the global financial crisis, the Greek economy is still in decline. Last year it fell by over 5 percent. On a per capita basis, Greek incomes have fallen by over 14 percent since the onset of the crisis. To get a sense of how...

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Blaming the Victims: Mario Draghi on Mass Unemployment in Europe

(18) Comments | Posted March 19, 2013 | 10:49 AM

A couple of days ago, President of the European Central Bank Mario Draghi "gave EU leaders a crash course in Macroeconomics." Reuters' report correctly summarized it as a lecture "about labor costs." The "takeaway" was that all would be well in Europe if its largely centrist or center-right...

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The Economic Vision of Obama's Second Term: The "Grand Bargain" or Prosperity Through Austerity

(8) Comments | Posted February 11, 2013 | 11:57 AM

The president gave a rousing speech yesterday before the annual retreat of the House Democrats. As is appropriate for such an occasion, his speech was light on details, with the focus on his vision of the priorities for the upcoming Congress. Immigration reform and gun control were only briefly mentioned...

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Social Security: What Is At Stake? Why Now?

(2) Comments | Posted December 28, 2012 | 4:38 PM

In the midst of the manufactured pseudo-crisis known as the "Fiscal Cliff," Social Security has, yet again, been placed on the chopping block. For the second time in little over a year, the Obama Administration has made a preemptive offer to change the formula for adjusting...

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What to Look for After the Election: Social Security Under Assault

(9) Comments | Posted September 24, 2012 | 7:19 PM

Should Mitt Romney and Paul Ryan win the election, they will undoubtedly push for non-trivial reductions in Social Security benefits under the thin pretext that it will be help to close the deficit and restore fiscal balance over the long term (it will not, as Social Security is...

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The Obama Administration, the 49 State Mortgage Settlement, and the Spin: A Study in Shamelessness

(68) Comments | Posted August 24, 2012 | 3:00 PM

For some time it has been common knowledge that the Obama Administration has not filed charges against a single prominent "bankster." Moreover, let us note that this has not been the unfortunate consequence of an oversight or simple omission. Heading off the filing of serious criminal charges has...

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President Obama's Speech and the Unemployed: Why Now?

(100) Comments | Posted September 4, 2011 | 7:30 PM

With Labor Day here, football season is upon us and the baseball playoffs are around the corner. Yet the buzz in Washington D.C. is all about the President's forthcoming speech on unemployment. Undoubtedly, sports coverage will be detailed and in-depth. History, fact, and causal statements will feature prominently in the...

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Dealing With the Unemployment Problem

(16) Comments | Posted June 14, 2011 | 2:44 PM

President Obama has, reportedly, been frustrated with his administration's failure to devise insightful or innovative ways to resolve the problem of lasting and persistent unemployment. Let us review the record. He began by continuing the previous administration's bank bailout programs where the Treasury and Federal Reserve directly and indirectly supplied...

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Supply-Side Economics in Fact and Fancy

(13) Comments | Posted May 9, 2011 | 1:47 PM

Supply-side economics is a hearty perennial, one that closely follows the election cycle. Every four years ambitious Republican politicians (and not a few 'centrist' Democrats) rediscover that the wealthy would like to pay less in taxes. But the rhetoric of politics does inhibit the wealthy, their kept intellectuals, and paid...

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Join a World-Wide Bank Run in December -- Move Your Money

(84) Comments | Posted November 24, 2010 | 3:03 PM

"A spectre is haunting Europe." Its not the revolution that Karl Marx supposed would come about. Nor is it Parisian students and workers taking to the streets as in May 1968. It is the vision of hordes of Europeans striking back at those who caused the 2008 financial crash. This...

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Shadow Elite: On the Trail of "Government Sachs"

(41) Comments | Posted February 18, 2010 | 6:58 AM

This week, the New York Times detailed Goldman Sachs' machinations in Greece's project to obscure billions in debt, as the country skirted the budgetary limits it was obliged to meet as a member of the European Union. Sordid as it was, it was only one more example of...

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