This guest blog post has been written by Louis-Philippe Rochon.
You can follow him on Twitter @Lprochon
Harper’s recent incarnation as an anti-terrorist crusader has caught many Canadians by surprise. Harper is spending considerable political energy beating the drums of war against terrorists, and introducing a far-reaching, and much condemned, bill aimed at restricting . . . → Read More: The Progressive Economics Forum: ROCHON: Harper in closet over the economy as Canada heads toward another recession
In a recent CBC blog post, Louis-Philippe Rochon assesses the current state of the Canadian economy.
The link to the blog post is here.
Follow him on Twitter @Lprochon.
This piece was originally published at the Globe and Mail’s online Report on Business feature, EconomyLab.
There are two reasons why it is difficult to comment on the legacy of a finance minister.
1) It is a tremendously challenging job, anywhere, any time. Stewarding one of the largest economies in the world through a . . . → Read More: The Progressive Economics Forum: Flaherty’s Legacy: Ideological, reckless and just plain lucky
The IMF’s latest delivery of the World Economic outlook contains an interesting analysis of the current “non” recovery in terms of a divergence between fiscal and monetary policy, the first between restrictive and procyclical in nature and the second being accommodating and reinforcing a financial expansion. As argued here by the IMF economists who worked . . . → Read More: The Progressive Economics Forum: Great Divergence or Financialized recovery ?
… in Portugal.
Portugal’s Prime Minister announced on Friday that the government would raise workers’ social security contribution rates from 11% to 18% (about one month’s salary)… and decrease companies’ contribution rates from 23.5% to 18% in the same breath. The usual need for job creation is invoked as justificaion for the move… an . . . → Read More: The Progressive Economics Forum: Another push for jobs by shifting the tax burden on workers…
Readers of this blog will have hopefully read my report “The big banks big secret” which examines the $114 billion that Canada’s banks received during the 2008-09 financial crisis. Its major finding was that at some point three of Canada’s five big banks had received support worth more than their market capitalization, or the value . . . → Read More: The Progressive Economics Forum: Complete details of 2008-09 Bank Support
Until quite recently, it seemed that the global economy was set for an extended period of stagnation, lacking an obvious engine of growth in the advanced economies as households deleveraged, as governments imposed harsh fiscal austerity programs, and as corporations failed to see any good reason to invest significantly in new capacity. Relative optimists could . . . → Read More: The Progressive Economics Forum: A New Stage of the Crisis?
I am enjoying Tom Palley’s new book – and would post an enthusiastic review except for the fact that I have been unable to find the time to finish it. Certainly a very clear-headed take on the fundamental economic – and political – transformations that will have to take place if we are to escape . . . → Read More: The Progressive Economics Forum: From Financial Crisis to Stagnation
The CCPA today released my report: “The Big Banks Big Secret” which provides the first public estimates of the emergency funds taken by Canadian banks. The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of Canada, as well as quarterly . . . → Read More: The Progressive Economics Forum: The Big Banks’ Big Secret