Posts Tagged ‘James M Buchanan’


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The Great Greek Default


Tuesday February 7th, 2012   •   Posted by Emily Skarbek at 10:27am PST   •   1 Comment

Just last October, Greece received a huge injection of bailout funds to help avert bankruptcy but the country remains on the brink of default. Greek Prime Minister Lucas Papademos plans to gather the nation’s political leaders in an attempt to garner consensus on the necessary budget cuts. But the party chiefs have only agreed…
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Why the U.S. Debt Ceiling Is Dangerous


Sunday January 22nd, 2012   •   Posted by Emily Skarbek at 10:43am PST   •   3 Comments

My colleague Jeff Hummel pointed out an interesting blog post by Ted Levy where he asks the question: what’s the point of the debt ceiling? Levy shows that since the debt ceiling was created in 1917, it has been raised over 100 times, 8 times in just the last ten years. In fact, Congress…
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The Wrath of Keynes


Wednesday November 16th, 2011   •   Posted by Emily Skarbek at 7:45am PST   •   4 Comments

James Buchanan and Richard Wagner begin their book Democracy in Deficit by explaining that prior to the absorption of Keynesian economics, the conventional wisdom of Adam Smith prevailed. Adam Smith had observed that: “What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom.” This…
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Alternative Debt Solutions: Intergovernmental Debt and Asset Sales


Wednesday July 6th, 2011   •   Posted by Emily Skarbek at 5:51am PDT   •   5 Comments

Ron Paul has gone public with proposals for the Fed to destroy $1.6 trillion in government bonds that it is currently holding. As The New Republic’s Dean Baker reports, such a plan might be a way around the impass that has mounted on the Hill. Aside from the practicalities of politics, Paul’s plan is…
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