A crisis Paul Krugman was born to cover
The ironies are piling up so fast, and becoming so surreal, that I’m almost at a loss for words. Fortunately Paul Krugman isn’t, and makes some very good points. After quoting Mario Draghi on the...
View ArticleBen Bernanke 1999, Adam Posen 2011
Here’s Ben Bernanke in 1999: Needed: Rooseveltian Resolve Franklin D. Roosevelt was elected President of the United States in 1932 with the mandate to get the country out of the Depression. In the end,...
View ArticleIs it 1936 already?!?!?
Well that didn’t take long. I have to admit that when I made this prediction eight days ago I didn’t really expect it to happen so fast: The great irony of the Depression period is that by 1936 things...
View ArticleThe myth at the heart of internet Austrianism
This post is not about Austrian economics, a field I know relatively little about. Rather it is a response to dozens of comments I have received by people who claim to represent the Austrian...
View ArticleMoralizing about money, moralizing about cultures
I’ve been trying to do a sort of Clintonesque triangulation, where I accept a good bit of both sides of the euro-debate, but not all. In other words, the current crisis is caused by both dysfunctional...
View ArticleNo Mr. Stiglitz, Ben Bernanke does not agree with you
Joe Stiglitz has a new article, where he continues to develop his rather unconventional view of business cycles. Is his theory a real theory or a demand side theory? I can’t quite tell, maybe one of...
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Brad DeLong finds “coherence” in the Greenwald-Stiglitz Depression model
The following isn’t Brad DeLong’s entire summary of Greenwald-Stiglitz, but it gets at the central assumption: However, even though I do not fully buy it I do think I understand the argument. And I do...
View ArticleWe all know how it developed.
Matt Yglesias has a post describing how Hjalmar Schacht cleaned up after not one but two monetary policy disasters: I was reading recently in Hjalmar Schacht’s biography Confessions of the Old Wizard...
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The Great Depression
My book on the Great Depression is officially being released on December 1st. At that time I plan to do a few posts discussing the book. But since some have already received copies, I thought it...
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Irving Fisher and George Warren
I am currently a bit over half way through an excellent book entitled “American Default“, by Sebastian Edwards. The primary focus of the book is the abrogation of the gold clause in debt contracts,...
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