We had one central bank – the Bank of Japan – defying the consensus of central banks, the IMF, and taking on the financial markets and holding interest rates unchanged for the duration of this episode to date.
Austerity
Bill Mitchell: Dr Die Schwarze Null still not thinking beyond more austerity
Wolfgang Schäuble is the person who personified the so-called ‘die schwarze null’ (Black Zero) while finance Minister. His conduct as finance minister was an instrumental element in extending the GFC across the Eurozone. He is […]
Austerity
Bill Mitchell: The ‘fiscal contraction expansion’ lie lives on – now playing in Italy – Part 1
“Pathetic was the first word that came to mind when I read this article – The Italian Budget: A Case of Contractionary Fiscal Expansion? – written by Olivier Blanchard and Jeromin Zettlemeyer, from the Peter […]
Geopolitics
AP: Germany pledges big military aid package to Ukraine as Kyiv puts 2026 defense needs at $120 billion
Germany on Wednesday pledged more than $2 billion in military aid for Ukraine, as the government in Kyiv signaled that it would need $120 billion in 2026 to stave off Russia’s nearly four-year all-out war. […]
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