Looking at 2012

The turmoil in Europe and the implications for the rest of the global economy makes it look like the Mayans were correct in their dismal predictions for 2012. The growing probability of a dismemberment of the common European currency could lead to massive deleveraging, capital controls and protectionism. On one hand, globalization created an economic […]

Turkey’s Current Account Deficit and economic reform

It is very easy to see the lagging Turkish productivity I discussed in this week’s Hurriyet Daily News column, which was also posted here at the blog,  thanks to the excellent explanation by Murat Ucer of Global Source / Turkey Data Monitor. He also links the problem to the current account deficit, the country’s Achilles’ […]

Prioritizing Turkey’s reform agenda

I have finally finished catching up: Below is my latest Hurriyet Daily News column, which you can also read at the Daily News website. I have another detailed addendum, with an explanation of the links between the country’s Achilles heel, which is the current account deficit, and reform, among other things. However, I have already […]

Is the OCC the Most Corrupt US Bank Regulator?

As much as I’m fond of the name “Naked Capitalism,” I am beginning to wonder whether a more accurate description of this blog’s beat might be “Naked Corruption.” Our continuing discussion of the Office of the Comptroller of the Currency’s foreclosure whitewash reviews serves as an object lesson. The Fed and the Treasury are pilloried […]

Four Whoppers of 2011

The Big Lie is the gift that keeps giving: No. 1. “The financial crisis was caused not by Wall Street but by the federal government, namely Fannie Mae (FNMA) and Freddie Mac.” This is a convenient argument made by conservatives trying to gut regulation of Wall Street (or attack Freddie “consultant” Newt Gingrich), one that […]

The Year in Review: Fantastical Pseudo Economics

Since the media are full of “year in review” pieces, I thought I’d make a contribution of my own. One of the best things about being a blogger is being able to comment quickly on the most outrageous, nonsensical assertions presented in the guise of analysis. Here are my “ten best” (actually — most hilariously […]

What Really Caused the Crisis?

I was looking at some employment data and was reminded of this figure: This figure shows that construction employment reached a peak in April, 2006 and started descending thereafter. The housing recession was on, but remarkably employment in the rest of the economy continued to grow through early 2008. In fact, layoffs and discharges did […]

Thinking Optimistically for the Year Ahead

As 2011 comes to a close, the risk of a new economic recession in the U.S. looks low. Or at least lower than it was a few months ago. Not everyone agrees, but you’ll have no trouble rounding up dismal scientists who think that better days are coming. For instance, 20 economists polled by CNN […]

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