tag:blogger.com,1999:blog-2761684730989137546.post3743917004118030488..comments2024-03-28T20:28:01.733-04:00Comments on Mike Norman Economics: Greg Palast — Trojan Hearse: Greek Elections and the Euro Leper Colonymike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2761684730989137546.post-54333568831841270672015-01-21T12:30:00.669-05:002015-01-21T12:30:00.669-05:00Mundell is looking at it from the practical standp...Mundell is looking at it from the practical standpoint of power relationships more than economics. This betrays his ideology and intentions. Given the power structure under the existing system, cuts come mostly if not exclusively from workers rather owners and employers. Because forcing owners and employers to bear costs is "socialism."<br /><br />But with a correct view of the monetary system, none of this is operationally necessary anyway. The "necessity" is ideological.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-28803431320025437712015-01-21T07:12:46.303-05:002015-01-21T07:12:46.303-05:00Mundell is wrong to claim that in a common currenc...Mundell is wrong to claim that in a common currency system “the only way nations can keep jobs is by the competitive reduction of rules on business.”<br /><br />In such a system, uncompetitive countries DO HAVE TO cut their costs SOMEHOW OR OTHER. And a “reduction of rules on business” is a possible way of doing that, especially if those rules are defective.<br /><br />However, an alternative and not too painful way to cut costs is to reduce everyone’s income in money terms: that’s employees and employers’ incomes. Since wages are a significant contributor to the cost of living, that cut in wages, at least in theory, does not equal a big cut in real living standards.<br /><br />That all equals internal devaluation. However, the latter certainly tends to be more painful that devaluing the currency of a monetarily sovereign country.Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-79238256550863353012015-01-20T18:25:33.299-05:002015-01-20T18:25:33.299-05:00Thanx MRW. Fixed now.Thanx MRW. Fixed now.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-8310175782927019552015-01-20T17:08:28.746-05:002015-01-20T17:08:28.746-05:00Your second link is wrong. Here's the right on...Your second link is wrong. Here's the right one:<br />http://www.theguardian.com/commentisfree/2012/jun/26/robert-mundell-evil-genius-euroMRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-18549057491726798792015-01-20T16:59:22.207-05:002015-01-20T16:59:22.207-05:00Dr. Alain Parguez at Rimini in February 2012 gave ...Dr. Alain Parguez at Rimini in February 2012 gave the longer history, and it was even more sinister. Listening to his talk is very difficult. I had to speed it up with software, then I spent the better part of four months, whenever I had the time, verifying every word.<br /><br />I'll have to read this before I comment. Mundell may have been used, in the sense that he was pliable.MRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.com