tag:blogger.com,1999:blog-5908830827135060852.post8852717264082213524..comments2024-03-01T02:40:14.946-05:00Comments on Bond Economics: Whither Greece?Brian Romanchukhttp://www.blogger.com/profile/02699198289421951151noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-5908830827135060852.post-29622921166937853082015-12-02T12:52:39.514-05:002015-12-02T12:52:39.514-05:00This comment has been removed by a blog administrator.Ibrahim Anarunoreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-1933049937778695562015-11-29T04:08:31.767-05:002015-11-29T04:08:31.767-05:00This comment has been removed by a blog administrator.Anonymoushttps://www.blogger.com/profile/04886583331445625242noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-44129262504449439122015-08-25T03:55:18.314-04:002015-08-25T03:55:18.314-04:00This comment has been removed by a blog administrator.Dr Purva Piushttps://www.blogger.com/profile/05883980841903455890noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-77973129622118066152015-07-07T09:30:59.877-04:002015-07-07T09:30:59.877-04:00I have a new post entitled "Greek Loan Repaym...I have a new post entitled "Greek Loan Repayment" found at<br /><br />http://mechanicalmoney.blogspot.com/2015/07/greek-loan-repayment.html<br /><br />The post is mostly a comment on a Ralph Musgrave post found at<br /><br />http://ralphanomics.blogspot.co.uk/2015/07/varoufakiss-questionable-surplus.html<br /><br />I use an example to question whether we really want Greece to repay it's loans. Limiting the punishment to requiring a balanced government budget may be the most desirable paradigm.Roger Sparkshttps://www.blogger.com/profile/01734503500078064208noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-42394661359045335212015-07-07T08:17:14.582-04:002015-07-07T08:17:14.582-04:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-51507564797653159572015-07-07T07:13:28.049-04:002015-07-07T07:13:28.049-04:00I believe that Greece could invoke various emergen...I believe that Greece could invoke various emergency powers (for example, essentially seize control of the Bank of Greece) and then go to the court to justify the action. The government would be the one taking the actions to avert greetings; the court case would just act as a fig leaf.Brian Romanchukhttps://www.blogger.com/profile/02699198289421951151noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-61436335216119559952015-07-07T03:31:42.797-04:002015-07-07T03:31:42.797-04:00"it is unclear whether that would stand up in..."it is unclear whether that would stand up in court."<br /><br />Given that nobody is going near a court, much less working out how they would enforce a judgement the point is a moot one. <br /><br />It looks to me like nobody thinks they can get an injunction and make it stick before the ECB delivers the killed blow. NeilWhttps://www.blogger.com/profile/11565959939525324309noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-78861626266261349262015-07-06T20:01:46.850-04:002015-07-06T20:01:46.850-04:00"Even if there are some temporary movements i..."Even if there are some temporary movements in Keynesian direction from a policy standpoint, the mode of thought will not change any time soon. "<br />It's just not going to happen Brian. Seriously.<br />This whole thing is totally mad. All this for what? Call me pessimistic but the future is going to be really bad.<br />Look at the rise of FN in France and similar parties.<br />I see no move away from neoliberalism. It is entrenched.Randomhttps://www.blogger.com/profile/04445772572707818311noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-7391562717317212652015-07-06T18:58:08.566-04:002015-07-06T18:58:08.566-04:00It may be that I am not following the details of e...It may be that I am not following the details of euro economic data closely enough, but it seemed to me that German growth was still "acceptable" (using relatively low modern standards). On the other hand, French data are more worrisome, which could help drive a split in the EU consensus.<br /><br />But as Bill Mitchell discusses at length in his book, groupthink is heavily entrenched in the euro area. Even if there are some temporary movements in Keynesian direction from a policy standpoint, the mode of thought will not change any time soon. All I would hope for is less doctrinaire policy for a period of time.Brian Romanchukhttps://www.blogger.com/profile/02699198289421951151noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-89186617500509470612015-07-06T18:51:49.086-04:002015-07-06T18:51:49.086-04:00My phrasing was possibly too loose, what I should ...My phrasing was possibly too loose, what I should have written was that the conversion is temporary. In the same way that "there are no athiests in foxholes", one can argue that "there are no austerian politicians during recessions". Pretty well everyone was throwing stimulus at the wall in 2008, hoping that it would stick, and I still feel that the reaction would be the same if there was a coordinated downturn. Once it looked like growth would return, I expect that the old habits would come back.<br /><br />Although there will be calls for labour market reforms (as always), I would still expect the emphasis to be on tax cuts, and subsidies for investment.Brian Romanchukhttps://www.blogger.com/profile/02699198289421951151noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-19037143969166864612015-07-06T16:58:49.571-04:002015-07-06T16:58:49.571-04:00"The euro area would be driven into complete ..."The euro area would be driven into complete disarray if Germany's trade-driven growth strategy goes into reverse."<br />It already is in disarray and nobody questions neo liberalism.Randomhttps://www.blogger.com/profile/04445772572707818311noreply@blogger.comtag:blogger.com,1999:blog-5908830827135060852.post-14521074747050794102015-07-06T16:46:12.721-04:002015-07-06T16:46:12.721-04:00"A collapse in demand emanating out of China ..."A collapse in demand emanating out of China will reconvert a lot of hardline austerians into Keynesians, as was the case in 2008. This might allow the eurozone to come up with an economic plan that might actually work."<br />Don't think this is likely. More likely the Germans will loosen fiscal policy whilst forcing hard line austerity on the rest of the eurozone.<br />And the US GOP will want a recession before the 2016 elections, which I think they will likely win in a landslide.<br />If there is a recession in the near future, the neoliberals "will not let a good crisis go to waste" and use it to abolish min wage and other supply side "reforms" to "increase jobs."<br />Another recession would be a gift to them.Randomhttps://www.blogger.com/profile/04445772572707818311noreply@blogger.com