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Cool:
On austerity: Elizabeth Warren supports increased Social Security at a new poverty policy site at the Center for American Progress, TalkPoverty. Signs of an austerity trap in the U.K. continue, with the FT reporting yesterday on an unexpectedly large budget gap in the U.K. after years of fiscal tightening. From Bill Mitchell’s Billy Blog: Some history of monetarist ideas and their unfortunate influence in the U.K. and especially its central bank. Also, a free book chapter download from his latest published book, Eurozone Dystopia.

Older, but still on austerity: Think deficit spending is inevitably the knee-jerk response in most of the world?: At Prime (Policy Research in Macroeconomics), Ann Pettifor points to disturbing neglect of aggregate demand issues on the part of the g18 finance ministers at a recent summit, as clouds once again brew for a crisis.

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Less austere:

I mentioned a new genre in film not long ago. The official website for Boom Bust Boom, the new Terry Jones documentary on Hyman Minsky, premier financial crisis theorist.  The film sounds like a very different example of the financial crisis genre represented also by The Big Short. Of possible interest to local readers, the new movie is now opening in New York.

A few interesting musings and charts from Calculated Risk based on the U.S. Financial Accounts data for the 4th quarter, 2015, which came out on Thursday. The data set provides balance-sheet-type information for the U.S. economy. In recent years, many economies have experienced a protracted type of downturn sometimes dubbed as “balance-sheet recessions” by Richard Koo and others. With large amounts of debt on balance sheets, spending remains in the doldrums until it is worked off or otherwise eliminated through “deleveraging.”

Billy Blog, which was mentioned above, was one of two new entries added to our “links” page this week. In a big week for European macro policy, we also added mainly macro. We hope to not leave anyone out, and additions inevitably represent simply what we happen to have run across. Keep us up to date with your own posts.

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