James Galbraith: No Return to Normal

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James Gal­braith has writ­ten a very good analy­sis of the cri­sis and why the poli­cies being fol­lowed in the USA (and, by impli­ca­tion, here) will not work.

I repro­duce some extracts here to give you a flavour of the arti­cle, but I rec­om­mend a read of the full paper in the Wash­ing­ton Monthly–thanks to blog mem­ber War­ren Raft­shol for bring­ing it to my atten­tion. The empha­sis added to some points is mine.

It’s just a flesh wound…”

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It seems we’ve moved from Stan­ley Kubrick to John Cleese. Rory Robertson’s reply to my “Rory Robert­son Designs a Car” post reminds me of one of my many favourite scenes from Monty Python, the fight between King Arthur and the Black Knight:

King Arthur: [after Arthur’s cut off both of the Black Knight’s arms] Look, you stu­pid Bas­tard. You’ve got no arms left. 

An interview on BNet Australia

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Bnet Aus­tralia has just posted an inter­view with me by Phil Dobbie.

The inter­view is linked here, and I’ve also tried to post it to my pod­cast feed using a new Word­Press plug in.

Can sub­scribers to the Debt­watch pod­cast please let me know whether this turns up in their iTunes, etc.? I don’t get any con­fir­ma­tion of whether the post­ing suc­ceeds or not.

Debtwatch No. 32: Is Rudd the new Whitlam?

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 A quick quiz: when did Australia’s biggest pri­vate debt bub­ble burst?

A young Gough Whitlam

A young Gough Whitlam

If you con­sider the rate of increase of debt, the cor­rect answer is “in mid-1973″. The bub­ble started to expand a year before Whit­lam  came to power, and its col­lapse dur­ing Whitlam’s term was the real–but at the time, unappreciated–cause of the eco­nomic cri­sis that undid his government.

And you think I’m ornery? The Dahlem Report

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My rail­ing against the eco­nom­ics pro­fes­sion on this blog might give you the impres­sion that I’m a lone wolf, tak­ing on the eco­nom­ics pro­fes­sion single-handedly. I’m pleased to say that’s not the case; though the rebels are out­num­bered by the True Believ­ers in neo­clas­si­cal eco­nom­ics, there are many aca­d­e­mic econ­o­mists who are crit­i­cal of the eco­nomic orthodoxy.