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Norman Bailey
Norman Bailey - ArtykułyFrom the financial debt to a new slavery
Written with Dr Alexander Mirtchev
Debt, n.: An ingenious substitute for the chain and whip of the slavedriver.” — Ambrose Bierce, The Devil’s Dictionary
In the year 1204, the doughty knights of the Fourth Crusade entered Constantinople by stealth and thoroughly looted what was then the wealthiest city in the world. Their plunder allowed them to pay [...]
The Search for A New Global Equilibirium
written with Dr Alexander Mirtchev
For as long as there has been the systematic issuance of currency, there have been governments keen to control that currency. Some policies, of course, have been effective, while others decidedly less so.
Exemplary of the latter category is the attempt of the Roman emperor Diocletian (284-305 AD) to find a solution [...]
Venezuela’s economy “enhanced” by Iran – a semi economic insight
After Brazil’s recent foray into global diplomacy to deal with a nuclear Iran, the U.S. government was none too pleased. Much closer to home, Iran is laboring hard to make its presence felt in the Western Hemisphere — and has found an ally in Venezuela. Norman Bailey argues this relationship could be dangerous for the [...]
Sławomir Skrzypek in memoriam
The deceased president of the National Bank of Poland, Slawomir Skrzypek will be remembered by many American economists for his excellent management of Polish monetary policy during the period 2007 to 2010, when he died tragically in the airplane crash that killed the president of Poland and a large group of his closest collaborators.
The best [...]
Bush and Obama programs for recovery do not work
Two aspects of the ongoing “recovery” from the “Great Recession” are surfacing widely in the press and other public fora and casting doubt on the ongoing process. One is the increasing questioning of whether or not there is, in fact, a recovery for the large majority of the population, which is still plagued by unemployment, [...]
US government spent $8.57 for every dollar saved!
One of the developments that have been taking place in the United States for several years has been drastically accelerated since the middle of 2008, and that is the amount of control over the economy that the state has been accumulating.
One of the major U.S. think tanks has calculated that currently about 60,000,000 Americans are [...]
Double dip recession not excluded
The Obama Administration is taking a very dangerous chance in trying to force through the health care reform legislation through the use of a parliamentary procedure normally used only on unimportant matters. If it does not succeed, it will look weak and foolish (the original House bill passed [...]
US GDP growth won’t have effect on unemployment
The past week has been full of economic events, such as:
1. The report of the Congressional Budget Office (CBO) on the budget outlook.
2. The president’s State of the Union address.
3. The defeat in the Senate of the proposal for the formation of a budget commission to recommend ways of reducing the deficits and eventually the [...]
Americans are afraid of inflation
The very surprising election of a Republican to replace Senator Edward Kennedy, who died, in Massachusetts, one of the most Democratic states in the United States, is an indication of the degree to which the American people are becoming dominated by two emotions: the first is the sense that although the figures show the great [...]
IMF: Threat to world economy: financial conditions tightened too soon by central banks
The Managing Director of The International Monetary Fund (IMF) at a luncheon meeting today made the following remarks:
The greatest danger to the world economy in the near future is that governments and central banks may tighten financial conditions too soon.
The cleansing of the financial system must be be completed or another financial crisis is very [...]
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