Robert Reich: The leaders of the Street and big business may now have to wake up to a reality they’ve tried to avoid — that the central economic problem of our time isn’t the long-term budget deficit but the immediate deficit in aggregate demand.
Steven Hill: So according to Krugmanomics, taking on too much debt is not the problem – it’s not being able to pay the debt that is the problem. And Krugman’s solution, apparently, is to be able to depreciate your currency and/or default on your debts, leaving the creditors holding the bag.
Guy Laron: Though protesters in Cairo are clamoring for democracy, the underlying cause of the demonstrations may be the economic plight of the Egyptian middle class, according to historian Guy Laron. In this essay, Laron traces the roots of that economic plight back to the 1952 coup that brought the current military regime to power.
Tom Degan: The sad, pathetic truth of the matter is that on the evening of Tuesday, November 4, 1980 I got so falling-down intoxicated, I voted for the man just as a joke. A failed, “B” movie actor in the White House? That ought to be good for a nice, long chuckle , I thought.
John Blue: Chattel slavery may be gone for good, but today’s economic slavery may be little better; with the too-high unemployment and foreclosure rates and union membership ever declining, a lot of people “owe their soul to the Company store” and who among them is so bold to challenge their bondage?
Steven Hill: One of the qualities holding Greece back from enjoying the benefits of a more modern economy is its reliance on an informal economy of family and social networks which too often translates into nepotism, back room deals and tax dodging. But during an economic crisis like this, those networks become valuable