It was only a matter of time I suppose but the IMF is now focusing its nonsensical ‘growth friendly austerity’ mantra on Japan. In a recent interview, the former Portuguese Finance Minister now in charge of the IMF’s so-called ‘Fiscal Affairs Department’, Vitor Gaspar claimed that Japan is now in a precarious position and must…
European Union
It’s Wednesday, and as usual I scout around various issues that I have been thinking about rather than write a consolidated analysis on one topic. Today, I consider the question of why the EU elites are spending billions supporting the Ukraine government against Russia. They claim that Russia poses a major threat to European freedom…
It’s Wednesday and we have discussion on a few topics today. The first relates to the new agreement between the European Parliament and the European Council that was announced on February 10, 2024, which purports to reform the fiscal rules structure that has crippled the Member States of the EMU since inception. The reality is…
I have received several E-mails over the last few weeks that suggest that the economics discipline is finally changing course to redress the major flaws in the curricula that is taught around the world and that perhaps Modern Monetary Theory (MMT) can take some credit for some of that. There has been a tendency for…
In May 2023, when the British Office of National Statistics (ONS) released the March-quarter national accounts data (first estimate), which showed that real GDP grew by only 0.1 per cent in the first quarter and a rate equal to the December-quarter 2022, the critics were out in force. Brexit this. Brexit that. Graphs were created…
Last week (September 13, 2023) in Brussels, the President of the European Union delivered her annual – 2023 State of the Union Address. We all know that these events are spin-oriented and the leader of the 27-nation bloc is hardly going to come out and talk the arrangement down. But this was an election speech…
‘EU and Mercosur leaders ignore the voice of the people to push forward with toxic deal’ declared the Stop EU – Mercosur campaign alliance, a coalition of more than 450 organisations from Latin America and Europe, including trade unions, farmers organisations, social movements, animal activists and environmentalists. The alliance held a two-day meeting in Brussels on 17 and 18 July in parallel to the summit of EU leaders and leaders from the Community of Latin American and Caribbean States (CELAC), at which a conclusion of the highly controversial EU – Mercosur ‘free’ trade agreement was also discussed. Around 80 representatives of Stop EU – Mercosur members from Latin America and Europe gathered in Brussels to discuss the problems with the proposed treaty, explore alternatives as well as co-ordinate their strategies to stop that treaty to be concluded, ratified and implemented. In this blog post, I will report on several key conclusions by the Stop EU – Mercosur alliance.
I have been avoiding keeping up-to-date with the Irish national accounts over the last several years for reasons that I documented in this blog post – Ireland – not as rosy as the official story might suggest (January 2, 2018). Ireland has been held out as the poster nation for the Eurozone boosters because of…
Yesterday, the – Flash Germany PMI – was released, which shows that “German business activity” has fallen “at fastest rate since May 2020”. Also released was the – Flash Eurozone PMI – which revealed that “Eurozone business activity contracted at an accelerating pace in August as the region’s downturn spread further from manufacturing to services”,…
Winemakers from the Goon region of South Australia are today celebrating after international trademark laws were changed to allow only cask wine from the region to be labelled as “Goon”. “If you want to release a “Goon” style cask wine... Read More ›