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Friday, September 23, 2016

Short of Lying. The prevalence of bullshit in political communication

Short of Lying. The prevalence of bullshit in political communication



... all the key contributors to the debate agree that political
communication is one of the main contexts in which the phenomenon occurs.
Frankfurt (2005: 22) singles out politics as one of his prime suspects from where to
expect continuous emanation of bullshit...

Wednesday, September 21, 2016

FRB: IFDP Note: Debt Statistics a la Carte: Alternative Recipes for Measuring Government Indebtedness

FRB: IFDP Note: Debt Statistics a la Carte: Alternative Recipes for Measuring Government Indebtedness

1. Introduction
According to Eurostat, the Greek government owed Euro 317 billion in debt at the end of 2014. This is equivalent to more than 177% of GDP, 387% of tax revenue and amounts to almost Euro 30,000 per person. This seems like a very large sum. For comparison, of the other highly indebted European countries that received financial assistance, Portuguese government debt amounted to 130% of GDP while Irish government debt amounted to 110% of GDP.
As a result of these large debt numbers, there have been increasing calls for debt relief to be offered to Greece and, in some cases, also to the other highly indebted countries of Europe......

EconPapers: The Pitfalls of External Dependence: Greece, 1829-2015

EconPapers: The Pitfalls of External Dependence: Greece, 1829-2015

Abstract: Two centuries of Greek debt crises highlight the pitfalls of relying on external financing. Since its independence in 1829, the Greek government has defaulted four times on its external creditors - with striking historical parallels. Each crisis is preceded by a period of heavy borrowing from foreign private creditors. As repayment difficulties arise, foreign governments step in, help to repay the private creditors, and demand budget cuts and adjustment programs as a condition for the official bailout loans. Political interference from abroad mounts and a prolonged episode of debt overhang and financial autarky follows. We conclude that these cycles of external debt and dependence are a perennial theme of Greek history, as well as in other countries that have been "addicted" to foreign savings.