Archive | July, 2010

  • Greece and the IMF: Who Exactly Is Being Saved?

      Excerpt: Importantly, the initial collapse and following standstill in economic activity and nominal levels of GDP is also extremely bad news for the strategy of fiscal consolidation itself.  On the one hand, to keep on servicing interest payments (see above), nominal debt will continue to go up.  On the other hand, nominal GDP goes […]

  • Obama: Setting Uribe in Motion

    Eneko Las Heras, born in Caracas in 1963, is a cartoonist based in Spain.  This cartoon was published on his blog . . . Y sin embargo se mueve on 27 July 2010.  Cf. Hugh Bronstein, “Colombia Taking Venezuela Rebel Accusation to OAS” (Reuters, 17 July 2010); “Chávez advierte que EE.UU. está detrás de acusaciones […]

  • When the Wrong Politics Is in Command . . .

    Politics, a blind piper, is followed by Economy, followed by the Media, followed by those who follow the Media. . . . Fahd Bahady is a Syrian cartoonist.  This cartoon was published in his blog on 13 July 2010; it is reproduced here for non-profit educational purposes.  The text above is an interpretation of the […]

  • Kenneth Rogoff Is Wrong on Debt and Deficits

    In much of the world, including the United States and Europe, a debate is taking place about whether the government’s first responsibility should be to reduce unemployment — which is at elevated levels — or to reduce government deficits and debt.  Many of the arguments for deficit reduction are simplistic, based on ignorance, or ideologically-based. […]

  • “Secularism . . . a Really Interesting Problematic”: A Conversation with Joan Wallach Scott

    DKK: Joan, because people know you as many things — as a theorist of gender, as a cultural historian, as an inveterate advocate for academic freedom and defender of the rights of the professoriate — I’m curious how you would describe yourself to someone who had never met Joan Scott. JWS: That’s really hard . […]

  • Capitalism as a Cultural System?

    Joyce Appleby.  The Relentless Revolution: A History of Capitalism.  New York: W.W. Norton, 2010.  $29.95.  Pp. xii, 494. Joyce Appleby, who taught U.S. history for many years at UCLA, presided over both the Organization of American Historians and American Historical Association, and served her term as professor-in-exile among the Brits at Oxford, comes to the […]

  • BBC Lies

      This video was first released by KolahStudio on 5 August 2006.  For more information, visit <>. | Print  

  • Monopoly Capital Blocks Rational Policy of Wage-led Growth

      Paul Jay: So we’ve been talking about macroeconomic policy, the G-20, austerity.  And there was one little line in the G-20 document I thought was interesting, and it’s sort of buried in amongst everything.  It said countries could facilitate wages going up proportional to productivity, which is rather interesting, ’cause it’s the only time […]

  • The Seasons

    Artavazd Peleshian, born in 1938, is an Armenian filmmaker.  USSR: Yerevan Film Studio, 1975. | Print

  • Sending a Message, Setting a Precedent: Nuclear Powers vs. Iran, Brazil, Turkey, and Other Emerging Powers

      In international politics, if an action seems reckless or callous and the ones taking it are not certified loonies, usually it’s because it was made to look that way, on purpose.  To send a message. Take Israel’s attack in international waters on a civilian flotilla that resulted in the death of nine Turkish passengers. […]

  • House Republicans Introduce Resolution Supporting Israel’s Use of Military Force against Iran

    FYI, on 22 July 2010, the worst lunatics in the mad House introduced H.RES. 1553: Expressing support for the State of Israel’s right to defend Israeli sovereignty, to protect the lives and safety of the Israeli people, and to use all means necessary to confront and eliminate nuclear threats posed by the Islamic Republic of […]

  • Egypt the Protected

    Group photo of all the people of Misr El Mahrousa, Egypt the Protected Abdallah Ahmed is an artist based in Cairo, Egypt.  He blogs at .  This cartoon was published in his blog on 24 January 2009 under a Creative Commons license.  The text above is an interpretation of the cartoon by Yoshie Furuhashi.  | […]

  • Alternatives to Fiscal Austerity in Spain

    Executive Summary: This paper looks at the planned austerity measures in Spain, the rationale for the spending cuts and tax increases, likely outcomes for future debt-to-GDP ratios, and the probable results of alternative policies. It is widely believed that Spain got into trouble because of the over-expansion of government spending.  However, during the economic expansion […]

  • ‘God Helps Those Who Help Themselves’: Interview with Norman G. Finkelstein, Part 2

    What is the British government’s role in the conflict?  It is officially committed to the international consensus two-state settlement, but what has our record been in practice? It’s been awful.  Britain doesn’t have an independent role — it just does what the US tells it to do.  On the other hand, the struggle is easier […]

  • The Myth of Conflict-Free Diamonds

    The issue of “blood diamonds” has once again made the news: Farai Maguwu, Director of Zimbabwe’s Mutare-based Centre for Research and Development (CRD), languishes under the long arm of Zimbabwe’s laws on alleged charges related to his research on Zimbabwe’s Marange mines.  According to a confidential 44-page report produced by investigators mandated by the Kimberley […]

  • Inhabitants

    Artavazd Peleshian, born in 1938, is an Armenian filmmaker.  USSR: Minsk Film Studio, 1970.  About Inhabitants, Peleshian said: “Many people were offended or insulted by We.  After that experience, I was mad at mankind and decided to make a film about animals.  Animals don’t get upset, but at the same time, by focusing on them, […]

  • A Dual Task

    As we have pointed out on more than one occasion in this space, the government deficit is far from being a primary trouble spot.  In fact it serves as an important counteracting force to the prevailing stagnation.  On the other hand, the business community here and abroad sees the deficit, presumably because of its effect […]

  • The Fed Can Just Hold Mortgage-Backed Securities, Reducing Interest Burdens

    The NYT portrayed the Fed as facing a serious dilemma in dealing with its portfolio of mortgage-backed securities (MBS).  It argued that it can either start selling them now and risk slowing the economy or wait until the economy has recovered more and risk losing money by selling them in a higher inflation environment. There […]

  • Between Iran and Turkey

    The decrepit Arab establishment gets jealous as Iran and Turkey woo the Arab people. Fahd Bahady is a Syrian cartoonist.  This cartoon was published in his blog on 23 July 2010; it is reproduced here for non-profit educational purposes.  The text above is an interpretation of the cartoon by Yoshie Furuhashi.  | Print

  • The Keynesian Cure

    J. Bradford DeLong calls for “more aggregate demand.”  Some of the responses: “More debt!  Let’s party!”  “Maybe we should stop looking for ways to keep moving at locomotive speeds.  Take a walk for a while.”  “So, the levees have failed and flooding has ensued.  Your plan is to pump like mad then rebuild in the […]