Category Archives: Fiscal Statements

France has received its orders from the masters

The 19 Member States of the Eurozone cover some 4,422,773 km2 of territory, much of that is densely populated. The geographic area of Australia covers 7,682,300 km2 and is mostly sparsely populated. The reason density matters is because it impacts … Read the rest of this entry »

Posted in Eurozone, Fiscal Statements | 10 Comments

Being lectured about the problem by those who created the problem

There are many examples of high profile players in the political arena trying to revise history and reinvent themselves to suit the new climate they are operating in. Tony Blair is a notable example in recent months where he sought … Read the rest of this entry »

Posted in Fiscal Statements, Framing and Language, US economy | 17 Comments

A credit rating agency spinning its usual nonsense

There is a lot of talk among the economics journalists about the impending collapse of China, apparently drowning in mountains of unsustainable debt. Don’t hold your breath. The Chinese government fully understands its capacity as the monopoly issuer of its … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements | 13 Comments

Australian government in contractionary bias when stimulus is needed

This will be my only commentary on last night’s fiscal statement (aka ‘the budget’) from the Australian Treasurer unless I make another one. There were few surprises and lots of tricks all aimed at presenting a government that has abandoned … Read the rest of this entry »

Posted in Fiscal Statements | 10 Comments

Big business wants government to cut funding them immediately (if only)

Maybe the Australian Government should examine all its contracts with the biggest 121 companies in Australia and cancel them. Perhaps it should, where these companies provide public infrastructure consider setting up not-for-profit public companies to compete against the private 121 … Read the rest of this entry »

Posted in Economics, Fiscal Statements | 13 Comments

Amazing what politics does to people

In 2012, while unemployment and underemployment was still at elevated levels after rising in the early days of the GFC, non-government spending was weak, the external deficit was around 4 per cent of GDP, real GDP growth remained well below … Read the rest of this entry »

Posted in Economics, Fiscal Statements, Politics | 18 Comments

Australia’s household debt problem is not new – it is a neo-liberal product

One of the defining features of the neo-liberal era has been the buildup of private debt, particularly household debt. The banks and policy makers all assured us that this was fine because wealth was being built with the debt until, … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements | 25 Comments

The ECB should not become a fiscal agent

On November 29, 2016, Mario Draghi, the President of the ECB wrote to Mr Jonás Fernández, a Spanish European Parliament member in reply to a request for clarification from the Chairman of the EP’s Committee on Economic and Monetary Affairs … Read the rest of this entry »

Posted in Central banking, Eurozone, Fiscal Statements | 22 Comments

Market manipulation and electricity blackouts

Australia is suffering the conjunction of a number of events in recent weeks which demonstrate the poverty of the neo-liberal approach that governments on both sides of the political fence have followed over the last three decades. Electricity prices are … Read the rest of this entry »

Posted in Climate change, Economics, Fiscal Statements, Politics | 14 Comments

Another Milton Friedman legacy bites the dust

Milton Friedman and his gang at Chicago, including the ‘boys’ that went back and put their ‘free market’ wrecking ball through Chile under the butcher Pinochet, have really left a mess of confusion and lies behind in the hallowed halls … Read the rest of this entry »

Posted in Economics, Fiscal Statements | 10 Comments