{"id":5394,"date":"2012-09-05T22:09:42","date_gmt":"2012-09-06T02:09:42","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5394"},"modified":"2012-09-05T22:09:42","modified_gmt":"2012-09-06T02:09:42","slug":"the-work-of-john-maynard-keynes-shows-us-that-counter-cyclical-fiscal-policy-and-an-easing-of-austerity-may-offer-a-way-out-of-the-eurozone-crisis-europp","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/05\/the-work-of-john-maynard-keynes-shows-us-that-counter-cyclical-fiscal-policy-and-an-easing-of-austerity-may-offer-a-way-out-of-the-eurozone-crisis-europp\/","title":{"rendered":"The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of the Eurozone crisis. &#124; EUROPP"},"content":{"rendered":"<p>Simon Wren-Lewis, professor at Oxford University and a Fellow of Merton College, says the ECB failed to undertake quantitative easing at the appropriate time because of mis-diagnosis of the problem:<\/p>\n<blockquote><p>The story told by many is that the Eurozone crisis is a result of fiscal profligacy in some countries, and the need to put that right quickly because of market pressure. This account misses two essential underlying causes of the crisis, which have to be recognised if a solution is to be found. The first missing element &#8230;.. private sector demand was too strong, encouraged by large capital inflows from abroad and real estate bubbles&#8230;..The second key feature of the current crisis is also a result of excess private sector demand in periphery countries, and that is a banking crisis.<\/p>\n<p>&#8230;&#8230;There is an underlying pattern behind Eurozone policy errors. They reflect a view that macroeconomic difficulties are primary due to bad government decisions, while private sector decisions within a free market environment do not create problems. Whatever label we want to give this view (Ordoliberal or Anti-Keynesian), it is the fundamental cause of the current Eurozone crisis. Its persistence despite all the contrary evidence allows the crisis to continue and threatens the integrity of the Eurozone itself.<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/blogs.lse.ac.uk\/europpblog\/2012\/08\/23\/keynes-counter-cyclical-fiscal-policy\/\">The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of the Eurozone crisis. | EUROPP<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Simon Wren-Lewis, professor at Oxford University and a Fellow of Merton College, says the ECB failed to undertake quantitative easing at the appropriate time because of mis-diagnosis of the problem: The story told by many is that the Eurozone crisis is a result of fiscal profligacy in some countries, and the need to put that &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/05\/the-work-of-john-maynard-keynes-shows-us-that-counter-cyclical-fiscal-policy-and-an-easing-of-austerity-may-offer-a-way-out-of-the-eurozone-crisis-europp\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of the Eurozone crisis. &#124; EUROPP&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[962,1305,2831],"class_list":["post-5394","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-debt-crisis","tag-eurozone","tag-quantitative-easing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of the Eurozone crisis. &#124; EUROPP - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of the Eurozone crisis. &#124; 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He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1p0","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":1631,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/28\/socgen-ecb-will-have-to-act-ambrose-evans-pritchard\/","url_meta":{"origin":5394,"position":0},"title":"SocGen: ECB will have to act &#8211; Ambrose Evans-Pritchard","author":"ColinTwiggs","date":"October 28, 2011","format":false,"excerpt":"Albert Edwards from Soci\u00e9t\u00e9 G\u00e9n\u00e9rale said the ECB will have to act, over a German veto if necessary. \"The increasingly frenzied attempts of eurozone governments to persuade financial markets that they can draw a line under this crisis will ultimately fail.\" \"The impending threat of a euro break-up will force\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1905,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/15\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\/","url_meta":{"origin":5394,"position":1},"title":"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)","author":"ColinTwiggs","date":"November 15, 2011","format":false,"excerpt":"FT reports: The president of Germany\u2019s powerful Bundesbank has firmly rebuffed international demands for decisive intervention in the bond markets by the European Central Bank to combat the eurozone debt crisis, warning that such steps would add to instability by violating European law. Bundesbank president Jens Weidmann told the Financial\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1204,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/07\/mervyn-king-on-global-currency-imbalances-and-quantitative-easing\/","url_meta":{"origin":5394,"position":2},"title":"Mervyn King on global currency imbalances and quantitative easing","author":"ColinTwiggs","date":"October 7, 2011","format":false,"excerpt":"SkyNews interview with BOE governor Mervyn King: Mervyn King on global currency imbalances and quantitative easing. Compare his view on QE to the German view as voiced in Der Spiegel.","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/9-BR6KQtxZ8\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4694,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/24\/quantitative-easing-and-the-lack-of-responses-in-bond-yields\/","url_meta":{"origin":5394,"position":3},"title":"Quantitative easing and the (lack of) responses in bond yields","author":"Colin Twiggs","date":"June 24, 2012","format":false,"excerpt":"...When the Fed was performing quantitative easing, treasury yields rose as the economy recovered and inflation expectation rose. On the other hand, treasury yields fall when the Fed was not performing quantitative easing as the period without quantitative easing coincided with the weakening of the economy as well as the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10850,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/09\/richard-koo-revitalizing-the-eurozone-without-fiscal-union-april-2012\/","url_meta":{"origin":5394,"position":4},"title":"Richard Koo: Revitalizing the Eurozone without Fiscal Union, April 2012","author":"ColinTwiggs","date":"September 9, 2014","format":false,"excerpt":"Richard Koo in a 2012 paper identifies 3 challenges facing the eurozone: The current crisis in the eurozone consists essentially of two macroeconomic problems and one capital flow problem. The first macro problem is profligate government spending, as exemplified by Greece. In such cases austerity is required: the government must\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2564,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/buiter-no-politically-feasible-route-to-sustained-growth-for-many-years-to-come-credit-writedowns\/","url_meta":{"origin":5394,"position":5},"title":"Buiter: no politically feasible route to sustained growth for many years to come | Credit Writedowns","author":"ColinTwiggs","date":"December 6, 2011","format":false,"excerpt":"Citigroup chief economist Willem Buiter: There really is no politically feasible route back to sustained economic growth through monetary and\/or demand stimulating policies for the EA, the UK, the US and Japan, for many years to come. As regards demand stimulus, expansionary fiscal policy will not be punished by the\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5394"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5394\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}