In this interview James Galbraith explains our Modest Proposal for Resolving the Euro Crisis, argues that the Eurozone’s dismantling is a bad idea, discusses money and debt (in the context of Modern Money Theory) and, finally, comments on current developments in the US social economy. The interview was conducted by Roger Strassburg Continue reading
A conversation with Phil Pilkington on Europe’s disgraceful triumphalism regarding Ireland’s ‘exit’ from its ‘bailout’
Contrary to conventional wisdom, Ireland was never bailed out and, moreover, it is nowhere near escaping the debt prison to which it was confined by its, supposed, ‘bailout’. Continue reading
The Modern Greek Studies Association (MGSA) kindly invited me to deliver its 2013 Keynote, at the MGSA biannual Conference held at Indiana University. I grabbed the opportunity to speak auto-biographically and to place the Greek and global crises in a broader context of the discursive battles raging within economics. You can listen to the talk below, click here for a pdf copy or read on for a web version of the text… Continue reading
On 12th November 2013 Economists for Peace and Security convened a workshop in Washington DC to discuss Jobs, Investment and Rebuilding America: An economic and national security agenda. In that forum we heard Jason Furman, Chair of the Council of Economic Advisors, deliver a passionate speech in defence of social security and welfare provisions against the encroachments of austerity and debt fetishism. In that same context I was asked to address the question: Does Europe pose a threat to US and global recovery prospects? Here is an audio of what I had to say:
For a while now I have been arguing that Europe’s policies for reducing the public debts of fiscally stressed member-states can be described as a Ponzi austerity scheme. In this post I attempt precisely to define ‘Ponzi austerity’. Continue reading
Eves Leterme was one of two keynote speakers in our “Can the Eurozone be saved?” conference at the LBJ School of Public Affairs, University of Texas at Austin. Not only the OECD’s Deputy Secretary General but also a former Prime Minister of Belgium, indeed he was at the helm of the Belgian government at the time when the Eurozone Crisis occurred and the ‘bailouts’ were enacted, he was perfectly qualified to address our conference on its theme. Interestingly, he spoke from the heart and he related his personal anxieties, even agonies, during the months he was Prime Minister of a country in the eye of the Eurozone storm. Mr Leterme’s speech is available here in full. He is introduced first by Dean Bob Hutchings (of the LBJ School) and by myself.
On 30th October, in its Report to Congress on Economic and Exchange Rate Policies, the US Treasury took a swipe at Germany, accusing it of exporting economic depression to the rest of Eurozone and, indeed, to the global economy. The German Finance Ministry responded the next day with a statement that: “There are no imbalances in Germany that need correction. On the contrary, the innovative German economy contributes significantly to global growth through exports and the import of components for finished products.” There are few occasions in any argument where one side is completely right and the other comprehensively wrong. This is one of them! The US Treasury is spot on and the German response, unwittingly, confirms this. In this post I summarise the analytical foundation (as I see it) of the US Treasury position; a position that, incidentally, this blog has been putting forward (and analysing) for years. In brief, I shall be showing that to succeed, the current German policies must destroy whatever balance is left in the global economy. And given that, ultimately, it cannot succeed, it is bound to wreck further Europe’s Periphery and to deliver an unwanted deflationary shock to the global economy. Continue reading
ABC Radio National’s ‘Big Ideas’ program has now broadcast my talk entitled The Dirty War for Europe’s Integrity & Soul (original broadcast: 30th October, 20.05 Sydney time). [Click here for details of the lecture.]
For the complete transcript click here – please note that the ABC (to fit in both the talk and the discussion the followed in 55 mins) edited out an important analytical part concerning the history of the European Union (which I use to explain why the current crisis is not resulting in a move toeard further union/integration).
Lastly, here is an earlier interview on the contents of the same lecture with Philip Adams on the ABC RN’s Late Night Live (recorded on the eve of my talk).
Economists for Peace and Security is organising a workshop on Jobs, Investment, and Rebuilding America: Economic and National Security Issues. It will take place at the Hyatt Regency, Washington DC, Capitol Hill. The keynote speech will be delivered by Jason Furman, Chair of the US Council of Economic Advisers. My involvement will concern the economic and financial risks that the Eurozone imposes upon the rest of the world. For the complete program… Continue reading
European Political Leaders and Policy Experts to Meet for Two Days in Austin to Discuss
The LBJ School of Public Affairs of the University of Texas at Austin will host a two-day conference on the fate of the Eurozone on Nov. 4 and 5. “Can the Eurozone Be Saved?” will convene European political leaders and policy experts to examine alternative policies to keep the Eurozone intact.
The meeting will feature: Continue reading
Inaugural ‘Europe Public Lecture’, UWS, State Library of New South Wales, Sydney
On 23rd October 2013, I was honoured by the Department of History of the University of Western Sydney with an invitation to deliver their inaugural Europe Public Lecture. The event took place in the State Library of New South Wales, in Sydney. The talk will be transmitted by ABC Radio National’ ‘Big Ideas’ program on 30th October (watch this space for a link). You can also hear this interview, on the theme of my talk, with Philip Adams on Late Night Live. Read on for the full transcript of the talk… Continue reading
Last night I had the pleasure of sitting in LNL’s studio with Philip Adams discussing some themes from a talk I am about to give tonight at the State Library of New South Wales on ‘The Dirty War for Europe’s Integrity and Soul’. Here is the podcast:
Next Wednesday evening, the 23rd of October, I shall be delivering The Inaugural Europe Lecture of the University of Western Sydney at the State Library of New South Wales. (Please note that till then postings will be rudimentary.) The talk itself will be entitled “The Dirty War for Europe’s Integrity and Soul” (For details click here). I plan to give an angry but, at once, nuanced and temperate talk. A talk by an ardent European who is livid that Europe is unravelling. Continue reading
On Saturday 12th October, I was interviewed by Geraldine Dooge for the ABC Radio National’s program ‘Saturday Extra’ on the theme of Greek claims on Germany for wartime reparations and on a strange ‘loan’ that was extracted from the Greek government by the Nazi authorities. You can hear the interview here:
Read on for an analysis of the wartime Greek loan to Germany and for a proposal on how to settle two thorny issues (the settlement of that loan and the inevitable. impending haircut of Greek debt) at once… Continue reading
A few weeks ago, I began doing something which I hadn’t done since my College days – I did some reading of and about John Maynard Keynes. Among others, I am just finishing the book “The Battle of Bretton Woods” by Benn Steil. And I am amazed! Two principal issues dominated the negotiations lead by Keynes on the UK side and by Harry White on the US side, namely: the flow of trade and the flow of capital as a result of a new monetary system. Continue reading