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Dr. Draghi Prescribes a Dose of Deflation for Spain as his latest Quack Cure

By       Message William K. Black, J.D., Ph.D.       (Page 3 of 3 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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They also never bring up the alternative of a true fiscal stimulus.  (Both WSJ articles use the word "fiscal," but neither of them even mentions the alternative of a fiscal stimulus involving spending on the eurozone's tremendous unmet needs and a jobs guarantee program.)  The NYT article is so disgraceful that it does not even mention the unemployment (that exceeds Great Depression levels in Spain, Italy, and Greece or any of the resultant human suffering).  We know why the troika-trolls want human suffering to disappear from the narrative, but since it should be the overwhelming focus of any article about these topics we have to ask why journalists continue to display such malign malpractice no matter how many times we spell out in detail the errors.

We know why the "there is no alternative" (TINA) chorus is desperate to avoid discussing the obvious, long-proven alternative to failed austerity.  What is incomprehensible is why U.S. financial journalists continue to parrot the troika-trolls and TINA-twits without even approaching the degree of critical thinking and knowledge about the economy that our freshmen undergraduate students are required to display to succeed in their first test in their first course in macroeconomics.

UMKC's offer still stands.  We'll hold a free two-day seminar for a group of journalists who want to learn the basics of macroeconomics and critical thinking necessary to write in this field.

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William K Black , J.D., Ph.D. is Associate Professor of Law and Economics at the University of Missouri-Kansas City. Bill Black has testified before the Senate Agricultural Committee on the regulation of financial derivatives and House (more...)

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