billy blog Wed 2010-05-19 12:57 EDT

Naked Keynesianism

New York Times columnist and Nobel Prize winner Paul Krugman occasionally brushes up against an understanding of how the macroeconomy works. Some people actually have said to me that he does get it but chooses for political purposes not to disclose a full understanding of the basic principles of Modern Monetary Theory (MMT). Well in his most recent column -- We're Not Greece -- published May 13, 2010, I think you can conclude that when left to his own devices he doesn't have a clue about what is really happening in the macroeconomy. So today, we are exposing his mainstream (neo-classical) keynesian nakedness -- he is now naked and without clothes...

Billy Blog; Naked Keynesianism.

Thu 2009-09-17 10:36 EDT

Milton Friedman and the Economics of Empire

Greg Grandin

Excerpt from Greg Grandin's Empire's Workshop. (Milton Friedman, Chile, Arnold Harberger, General Augusto Pinochet's military government, shock treatment) Not only had Nixon, the CIA, and ITT, along with other companies, plotted to destabilize Allende's "democratic road to socialism," but now a renowned University of Chicago economist, whose promotion of the wonders of the free market was heavily subsidized by corporations such as Bechtel, Pepsico, Getty, Pfizer, General Motors, W.R. Grace, and Firestone, was advising the dictator who overthrew him on how to complete the counterrevolution -- at the cost of skyrocketing unemployment among Chile's poor. The New York Times identified Friedman as the "guiding light of the junta's economic policy," while columnist Anthony Lewis asked: if "pure Chicago economic theory can be carried out in Chile only at the price of repression, should its authors feel some responsibility?"

economic; Empire; Milton Friedman.

Thu 2009-02-26 00:00 EST

Bankrupted by a pact of Gordon Brown | Columnists | News Of The World

Bankrupted by a pact of Gordon Brown, by Nelson Fraser | Columnists | News Of The World; Britain risking bankruptcy due to ``unholy alliance between politicians and bankers''

bankrupt; columnist; Gordon Brown; news; pact; world.