To all of you who told me over the years that I’m so full of hot air I should be blogging… this is for you! I finally got around to it.
To take the bare look off it, I’ve posted some initial content – articles from my monthly column in SIPTU’s newspaper ‘Liberty‘.
For giving me the opportunity to write in my own voice, thank you to Jack O’Connor, Frank Connolly, and Scott Millar.
Watch this space.
Writing in this column two months ago, I suggested that Treaty change would be needed to save the Euro. Where once such talk was taboo, it is now clear that we are faced with such constitutional change, irrespective of the UK position. A real fiscal union would involve transfers to those regions for whom a one-size-fits-all monetary policy is inappropriate. What is in prospect is not a fiscal union, however, but an austerity club.
European leaders have finally realized the need for bold reform, but they’ve completely missed the point. The Eurozone crisis is less about members’ debts, and more about their competitiveness. Continue reading
Barack Obama knows that his 2012 re-election chances may hinge on his ability to tackle unemployment which has remained stubbornly above 9%. With the US purse strings in the vice-grip of a US Congress controlled by a Republican Party with a deficit fetish, he knows better than to expect help from this quarter.
If more fiscal stimulus is impossible, whether because of real funding constraints, as in Ireland, or because of purely political constraints, as in the US, then the next best approach is to get more bang from the government buck. It is this concept, formally known as the ‘balanced budget multiplier’, that underpins President Obama’s latest jobs plan. Continue reading