4 posts tagged with austerity by the man of twists and turns.
Displaying 1 through 4 of 4.
Paul Krugman: Monetary and Fiscal Implications of Secular Stagnation Crooked Timber: If this is “secular stagnation”, I want my old job back The Global Bezzle – whence it came, where it went and why it matters (repost from 2011) [more inside]
The Great Hog-Eating Confederacy
Early Southerners ate a rather limited and unvarying diet. At table the famished guest seldom found more than bacon, corn pone, and coffee sweetened with molasses. Pioneering sociologist Harriet Martineau complained that “little else than pork, under all manner of disguises” sustained her during her visit to the American SouthFor the most part, slaves observed the same diet as poor white farmers. Though many kept gardens, and thus supplemented their rations of pork and corn with a wide variety of vegetables, they had otherwise little opportunity to augment their diet.. Another traveler griped that that he had “never fallen in with any cooking so villainous.” A steady assault of “rusty salt pork, boiled or fried … and musty corn meal dodgers” brought his stomach to surrender. Rarely did “a vegetable of any description” make it on his plate, and “no milk, butter, eggs, or the semblance of a condiment” did he once see.Christine Baumgarthuber is a writer for The New Inquiry and runs the blog The Austerity Kitchen. [more inside]
Philip Pilkington writes for naked capitalism: The Origins of Neoliberalism Part I: Hayek's Delusion
Hayek’s entire ideology and career had begun to come apart in the 1930s. His theories were shown to be inconsistent in the academic journals of the time and the practical implications of those theories had shown themselves to be both discredited and dangerous. A man in such a position only has two choices: he can either completely re-evaluate his ideas which, if they were held with unshakeable conviction and constituted a core component of his emotional make-up, as seems to have been the case with Hayek, would have likely resulted in a mental collapse; or, alternatively, he can engage in a massive repression, shut out reality and construct around himself a fantasy world.[more inside]
There's been a lot of talk in the US media about the "Fiscal Cliff" and the "Grand Bargain" What are they?
The "fiscal cliff" is a confluence of three legal changes taking effect Jan. 1: the expiration of a payroll-tax cut, the expiration of the Bush-era tax cuts, and the advent of mandatory spending cuts known as "sequestration."Fiscal Cliff 101: 5 Basic Questions Answered. What's Happening: Fiscal Cliff Explained [more inside]