Harvard economists Carmen Reinhart and Kenneth Rogoff once concluded that economies stall when debt reaches 90 percent of GDP. A recent paper from Amherst College points out important holes in the Harvard paper's conclusions—and, in turn, the austerity playbook. "This study, on which so much of the austerity agenda, so much of our actual politics...so much of what they've based their argument on," Nation writer John Nichols says, "as the Harvard economists acknowledge, contains significant mistakes." Nichols joins KPFA radio (about 7 minutes into the show) to discuss the nuts, bolts and implications of the new findings.
What does American trade policy have to do with the ongoing Bangladeshi factory fires? Read William Greider's analysis.