This and that for your Tuesday reading.- Harry Leslie Smith writes about how an increasingly polarized city such as London excludes a large number of its citizens from meaningful social participation:(A)usterity has diminished the opportunity of the yo… . . . → Read More: Accidental Deliberations: Tuesday Morning Links
BC Hydro has been announcing profits each year and that enables it to pay a dividend to the province, although it has to borrow the money to make the transfer. I argue here that the profits are questionable. In 2006, the company had $423 million in net… . . . → Read More: In-Sights: Appearance of profit, when there is none
This devastating information from Erik Andersen, an economist and widely recognized expert on government and Crown Corporation financing:You will note the unbelievable increase in BC Hydro’s debt since Christy Clark took over, due largely to payoffs to… . . . → Read More: In-Sights: Erik Andersen on BC Hydro debt
Miscellaneous material to start your week.- Miles Corak argues for a “second-chance” society to make up for the damaging effects of inequality – though I’d argue that while he has the principle exactly right, it’s worth defining it as “no person left b… . . . → Read More: Accidental Deliberations: Monday Morning Links
Miscellaneous material for your mid-week reading.- Karl Nerenberg weighs in on the Libs’ choice to direct billions of dollars toward higher-income individuals, rather than working to help Canadians who need it:The Liberals are now in power, and have ju… . . . → Read More: Accidental Deliberations: Wednesday Morning Links
Off-grid, self-reliant living is a rapidly growing phenomenon and popular movement – so popular that there is now a cable TV show devoted to it, called something like, Off-Grid House Hunters, on HGTV. It only makes sense. Cut your expenses and improve your quality of life, while lowering stress and saving the planet? Of course! […]
PHOTOS: Former premier Ralph Klein, now elevated to sainthood by the neoliberal cargo cult, celebrating the retirement of Alberta’s debt in 2004, never mind the mess the infrastructure was in. Below: Alberta Finance Minister Joe Ceci, Canadian economist Jim Stanford and Wildrose Finance Critic Derek Fildebrandt, with, bottom, his old debt-trailer. Anyone remember Ralph Klein’s […]
The post Give a thought to Alberta’s approaching budget day: there’s little to gain and plenty to lose from ‘debt free’ government appeared first on Alberta Politics.
The audio file below is a recording of my time with Ian Jessop August 13. We talk about bcIMC, provincial debt and other matters.
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Asorted content for your weekend reading.
- Ezra Klein talks to Bernie Sanders about how to build a more fair economy in the U.S. and around the globe. And Lynn Parramore interviews Tony Atkinson about the options available to rein in economic inequality – and why we should be working on putting them in place: LP: Some of the possible prescriptions you discuss, such as a basic income for all citizens, may sound radical, but you point out that they are actually already implemented as policy in many countries in various ways. Are ideas like basic income getting more (Read more…)
In a rather surprising turn of events today, the IMF has released a statement demanding debt relief for Greece. This vindicates Varoufakis’ position that Greek debt was unsustainable, positions the IMF against Germany and its allies, and finally brings the IMF into line with its own research – research that has been leaking out over the past couple of weeks. I haven’t had a chance to go over the details, but the New York Times has published the full text, copied below.
GREECE: AN UPDATE OF IMF STAFF’S PRELIMINARY PUBLIC DEBT SUSTAINABILITY ANALYSIS
Greece’s public debt has become highly unsustainable. (Read more…)
Filed under: Eurozone crisis Tagged: Austerity, debt, Eurozone Crisis, Greece, Syriza
How Europe Played Greece.
Filed under: Greece Tagged: Austerity, debt, Eurozone Crisis, Greece
Illegal, Illegitimate, Odious and Unsustainable Debt – Transform Network.
Given the resounding victory for the ‘No’ campaign in the Greek referendum, it is of interest to take a look at the Syriza led debt audit published a few weeks ago.
Filed under: Debt, Greece Tagged: debt, Eurozone Crisis, Greece, Syriza
Hansard, May 28, 2015 The notion of a Debt-free British Columbia — hard to imagine when you’ve seen $135-billion increase in debt and contractual obligations under the B.C. Liberal watch. But somehow, in the fantasy world of the B.C. Liberals, you can make the assertion that we will be debt-free; you just don’t have to realize it.
It’s these assertions of reality that, I think, have most British Columbians perplexed. You say we’re going to be debt-free, yet the prospect of that is not even remotely on the horizon. You say we’re going to be the most (Read more…)
The audio file below is a recording of my time with Ian Jessop May 26. We talk about credit rating agencies, provincial debt, contractual obligations, resource taxation and transit funding but we don’t deliver BC Liberal talking points like many others in media.
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Honest BC Liberals would pointed to the giant pile of debt and say, "We built that." http://t.co/Rvi0G6LUoI
— Norm Farrell (@Norm_Farrell) May 26, 2015
. . . → Read More: In-Sights: Farrell and Jessop on CFAX1070
Miscellaneous material for your mid-week reading.
- Toby Sanger takes a look at Canada’s balance sheets and finds that both households and governments are piling up debt while the corporate sector hoards cash: (A)ll the recent handwringing over rising household and debt levels ignores one critical point: any one person’s financial liability is someone else’s financial asset. Across all the sectors in the economy (households, corporations, governments and non-residents) in the national balance sheet, net borrowing and lending all balance out to zero.
The rising income share of the top one percent has been startling (and also echoed in increasing (Read more…)
Canadian Press, April 7, 2013: [Premier Christy] Clark told a Vancouver Island economic summit her government’s highly touted September 2011 jobs plan — with its focus on increased trade with China and Asia and promoting liquefied natural gas exports, new mines and exploring innovations in technology and agri-foods — was working.
Vancouver Sun, April 15, 2013: There was Premier Christy Clark Monday, dedicating herself to the goal of a “debt-free British Columbia,” and telling reporters that debt reduction has always been “a central value for me.”
As a central part of her campaign, Christy Clark promised more (Read more…)
Miscellaneous material to start your week.
- Lonnie Golden studies the harm done to workers by irregular schedules. And Matt Bruening comments on how Missouri, Kansas and other states are passing draconian restrictions on benefits by trying to get the middle class to envy the poor.
- Meanwhile, Scott Santens expands on the connection between increasing automation and a basic income which could ensure that people displaced from jobs by technological advancement aren’t left without a livelihood. And Sara Mojtehedzadeh talks to Guy Standing about a basic income as a means of relieving against reliance on precarious work: What is (Read more…)
The Fredericton Daily Gleaner published an op-ed I wrote about how the province doesn’t have a structural deficit, despite the government claiming it does. The commentary piece is behind a pay wall so I’ve copied it below.
Last month, CUPE New Brunswick also published a paper I wrote on this issue, Deficit Déjà Voodoo: is New Brunswick really headed off the fiscal cliff? It and a presentation I gave, another blog post and other background material are also available through this post.
Want to know a secret? There is no structural deficit
By Toby Sanger
The New (Read more…)
This is a guest blog post from Louis-Philippe Rochon.
Follow him on Twitter @Lprochon.
What a tumultuous few weeks we witnessed in Greece. Though the victory of Syriza was ill-received in particular in Germany and the European Central Bank, it was nonetheless a resounding victory for democracy. This victory may now spill into other countries and give much credence in particular to the Spanish Podemos party.
Moreover, recent German threats to throw Greece out of the Euro zone only further masks what is increasingly becoming evident: the Euro is a flawed and poorly designed institution that condemns Europe and (Read more…)
Over at the blog of the Institute for New Economic Thinking, Ottawa U professor Mario Seccareccia has given an interview titled “Greece Shows the Limits of Austerity in the Eurozone. What Now?”
The interview can be read here.
During the 2013 BC election, Liberals talked frequently of “Debt-Free B.C.” The party platform included this:
No conscious person will be surprised when I state the performance has fallen short of the promise. It’s a liberal shortage. Consider the actual numbers versus the promise displayed above:
Liberals and their allies from the world of crony-capitalism claim the government party provides superior financial management. That may well be true for those in the business of extracting metals, minerals and fossil fuels, selling electricity to the province at multiples of its market value or running consulting and public relations operations. (Read more…) . . . → Read More: Northern Insight / Perceptivity: Performance short of promise
Over at Ricochet, I’ve transcribed my podcast interview with Yanis Varoufakis, economist and Syriza candidate in tomorrow’s Greek elections. With Syriza looking to get the most votes and possibly an outright parliamentary majority, I asked Yanis about the Greek economy, Syriza’s economic plans, his views on what these mean for Europe and how we can expect Greece to take its place in Europe come Monday. Here is the interview in full.
Michal Rozworski: I know this is an enormous topic but what is the current economic situation on the eve of the elections in Greece? Can you give a kind of snapshot?
Yanis (Read more…)