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	<title>Thought du Jour</title>
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	<link>http://larrywillmore.net/blog</link>
	<description>Semi-daily posts, related largely to economics and government policy</description>
	<lastBuildDate>Wed, 08 Feb 2012 14:34:51 +0000</lastBuildDate>
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		<title>&#8220;catastrophic austerity&#8221; in Greece and in Weimar Germany</title>
		<link>http://larrywillmore.net/blog/2012/02/08/catastrophic-austerity-in-greece-and-in-weimar-germany/</link>
		<comments>http://larrywillmore.net/blog/2012/02/08/catastrophic-austerity-in-greece-and-in-weimar-germany/#comments</comments>
		<pubDate>Wed, 08 Feb 2012 14:33:31 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[History]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3897</guid>
		<description><![CDATA[The Financial Times has published an interchange of letters responding to a single sentence that Martin Wolf included in his column last week. The sentence, referring to German insistence on fiscal discipline in vulnerable eurozone countries, is the following. This attempt to vindicate the catastrophic austerity of Heinrich Brüning, German chancellor in 1930-1932, is horrifying. [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/08/catastrophic-austerity-in-greece-and-in-weimar-germany/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>defining &#8216;Keynesian&#8217;</title>
		<link>http://larrywillmore.net/blog/2012/02/07/defining-keynesian/</link>
		<comments>http://larrywillmore.net/blog/2012/02/07/defining-keynesian/#comments</comments>
		<pubDate>Tue, 07 Feb 2012 15:42:49 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Keynes]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3894</guid>
		<description><![CDATA[Jonathan Portes argues that the label &#8216;Keynesian&#8217; has become politicised, resulting in sterile political debate and needlessly high levels of unemployment. He describes three definitions of &#8216;Keynesian&#8217;. Definition 1 is &#8216;anyone who doesn&#8217;t believe the Treasury View&#8217;, the doctrine that it is impossible for fiscal policy to affect aggregate demand &#8220;because the government needs to [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/07/defining-keynesian/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Rowe on retirement</title>
		<link>http://larrywillmore.net/blog/2012/02/06/rowe-on-retirement/</link>
		<comments>http://larrywillmore.net/blog/2012/02/06/rowe-on-retirement/#comments</comments>
		<pubDate>Mon, 06 Feb 2012 14:20:18 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Pensions]]></category>
		<category><![CDATA[ageing]]></category>
		<category><![CDATA[Nick Rowe]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3890</guid>
		<description><![CDATA[By saving, and by paying taxes to support government pensions for retirees, we smooth consumption over our lifetime. In striking contrast, we don&#8217;t smooth our &#8216;consumption&#8217; of leisure, taking much of it in one large chunk (known as &#8216;retirement&#8217;) in the last years of life. Nick Rowe asks, Why? If real interest rates were higher [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/06/rowe-on-retirement/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Andrei Shleifer on transition from communism</title>
		<link>http://larrywillmore.net/blog/2012/02/05/andrei-shleifer-on-transition-from-communism/</link>
		<comments>http://larrywillmore.net/blog/2012/02/05/andrei-shleifer-on-transition-from-communism/#comments</comments>
		<pubDate>Sun, 05 Feb 2012 17:01:33 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Political Economy]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3888</guid>
		<description><![CDATA[Recently, I was asked by the organisers of the IIASA conference to mark the 20th anniversary of the beginning of economic reforms in Eastern Europe and former Soviet Union to comment on the lessons of transition. &#8230;. [H]ere is my top-seven list. First &#8230;. Economic transformation takes time. Second, &#8230; have faith – capitalism really [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/05/andrei-shleifer-on-transition-from-communism/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<item>
		<title>an early proponent of universal pensions</title>
		<link>http://larrywillmore.net/blog/2012/02/05/an-early-proponent-of-universal-pensions/</link>
		<comments>http://larrywillmore.net/blog/2012/02/05/an-early-proponent-of-universal-pensions/#comments</comments>
		<pubDate>Sun, 05 Feb 2012 16:36:03 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[History]]></category>
		<category><![CDATA[Pensions]]></category>
		<category><![CDATA[Universal Transfers]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3885</guid>
		<description><![CDATA[Tom Paine in 1795 called for the creation of a pension for everyone from age 50, financed from an estate tax. The proposed pension, he wrote, was &#8220;not charity but a right, not bounty but justice&#8221;. [Government must] create [from the proceeds of a 10% inheritance tax] a national fund, out of which there shall [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/05/an-early-proponent-of-universal-pensions/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>stimulus for manufacturing</title>
		<link>http://larrywillmore.net/blog/2012/02/05/stimulus-for-manufacturing/</link>
		<comments>http://larrywillmore.net/blog/2012/02/05/stimulus-for-manufacturing/#comments</comments>
		<pubDate>Sun, 05 Feb 2012 15:35:47 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Political Economy]]></category>
		<category><![CDATA[Urban and Regional Economics]]></category>
		<category><![CDATA[Paul Krugman]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3881</guid>
		<description><![CDATA[Berkeley economist Christina Romer writes that there is no convincing reason for the United States government to single out its manufacturing sector for special treatment. Everyone seems to be talking about a crisis in manufacturing. Workers, business leaders and politicians lament the decline of this traditionally central part of the American economy. President Obama, in [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/05/stimulus-for-manufacturing/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>capitalism and the Bible</title>
		<link>http://larrywillmore.net/blog/2012/02/04/capitalism-and-the-bible/</link>
		<comments>http://larrywillmore.net/blog/2012/02/04/capitalism-and-the-bible/#comments</comments>
		<pubDate>Sat, 04 Feb 2012 20:35:02 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[religion]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3877</guid>
		<description><![CDATA[Catherine Rampell&#8217;s readers provide her with examples of anticapitalist passages in the Jewish Bible. As described in Leviticus 25, every 50th year is a jubilee year, during which slaves are freed and property is returned to its original owner. Debts are forgiven even more frequently. Just as God rested on the seventh day, I.O.U.’s get [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/04/capitalism-and-the-bible/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>government repression and natural disasters</title>
		<link>http://larrywillmore.net/blog/2012/02/04/government-repression-and-natural-disasters/</link>
		<comments>http://larrywillmore.net/blog/2012/02/04/government-repression-and-natural-disasters/#comments</comments>
		<pubDate>Sat, 04 Feb 2012 16:13:33 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Political Economy]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3866</guid>
		<description><![CDATA[University of St. Gallen (Switzerland) economist Samia Costa measures the effect of government repression on mortality from natural disasters and finds it to be an inverted U. Countries at each end of the repression distribution suffer fewer casualties. Countries whose citizens are mildly repressed experience greater mortality from natural disasters. Natural disasters have been a [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/04/government-repression-and-natural-disasters/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>banks also suffer stigma</title>
		<link>http://larrywillmore.net/blog/2012/02/03/banks-also-suffer-stigma/</link>
		<comments>http://larrywillmore.net/blog/2012/02/03/banks-also-suffer-stigma/#comments</comments>
		<pubDate>Fri, 03 Feb 2012 13:41:21 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3863</guid>
		<description><![CDATA[Many living in poverty fail to apply for government benefits because of stigma attached to them. You might think that banks do not feel similar shame. Think again. Germany&#8217;s largest bank, Deutsche, refuses to access cheap loans on offer from the European Central Bank (ECB) because this might damage its reputation. Josef Ackermann, the CEO [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/02/03/banks-also-suffer-stigma/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>banker warns of growing inequality</title>
		<link>http://larrywillmore.net/blog/2012/02/03/banker-warns-of-growing-inequality/</link>
		<comments>http://larrywillmore.net/blog/2012/02/03/banker-warns-of-growing-inequality/#comments</comments>
		<pubDate>Thu, 02 Feb 2012 23:07:41 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=3848</guid>
		<description><![CDATA[Swiss banker Josef Ackermann (born 1948) warns of a &#8220;social time bomb&#8221; from growing wealth and income inequality. He is CEO of Deutsche Bank and also heads the Institute of International Finance, an association of the world&#8217;s largest financial institutions. Josef Ackermann &#8230; told the BBC that bankers had a responsibility to be philanthropic with [...]]]></description>
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		<slash:comments>0</slash:comments>
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