Whether or not the Olympics in Brazil go off without any serious difficulties is actually an open question. There have been some athletes refusing to attend due to concerns over the Zika virus, while police and firefighters greeted travelers flying into the country through Rio’s airport with a sign that said “Welcome to Hell.” There are rumors reported in the [...]
Michal Kalecki was a Polish economist whose work in the 1930’s earned him (for what it may be worth) the distinction of being Keynes before Keynes. In other words, because Kalecki was publishing papers and giving lectures in Polish rather than English, his arrival at the same conclusions and outlooks before Keynes in the UK was largely unnoticed. He was [...]
When categorizing intuition about the real economy, it is often regarded as a combination of both structural and now cyclical problems. There was, as yet, no true recovery owing largely to factors that continue to linger beyond historical comparisons about what “should” have occurred in and after the Great Recession. Some economists refer to deleveraging especially of households as that [...]
The FOMC has been talking, so we hear, about changing “forward guidance” to indicate a potential rate hike sooner rather than later. They had already changed the basis of “forward guidance” back in September which largely negated what forward guidance actually meant. The concept is only pliable in the manner in which monetary theory has to follow “rational expectations.” Whenever [...]
It was bound to happen as the monetary affairs throughout the world “tighten.” The Swiss National Bank (SNB) had tied its fate, with good reason, to that of broader Europe but made the assumption that the ECB could accomplish both economic and financial goals. In 2011, that meant pegging the franc to the euro and using the SNB’s balance sheet [...]
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