Italy, Greece and Europe after the European Parliament elections: An interview with Alessandro Bianchi

ITALY_GREECEHow the current policies of the Brussels-Berlin-Frankfurt triangle are based on a propaganda campaign reflecting continuing Crisis Denial and why they constitute an attempt to create a new financial bubble  – Why SYRIZA is a pro-European progressive party, in contrast to UKIP and Ms Le Pen’s FN – What should we expect of the new Italian government and why there is important room for an alliance between Italy and a SYRIZA-led Greek government. In conversation with Alessandro Bianchi of L’Antidiplomatico (click here for the Italian version) Continue reading

A lesson in democracy for Mrs Merkel (and her merry Merkelites around the Eurozone) by Alexis Tsipras, SYRIZA’s leader

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Alexis Tsipras, leader of Greece’s largest political party (SYRIZA), and the European Left’s candidate for the Presidency of the European Commission, has just given Mrs Merkel (and her merry disciples around the Eurozone) an important lesson in democracy.

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A Europe of One Extreme: Interviewed by Thomas Fazi on the European Parliamentary Election outcome

Europe went to the polls last weekend. Here is my take on the election results – in an interview with Thomas Farzi (author of The Battle for Europe: How an Elite Hijacked a Continent – and How We Can Take It Back).

- What’s your general take on the results of the European elections? Continue reading

QE for infrastructure investment could be ECB’s alternative to ‘pushing on a string’ – Tom Bowker, Central Banking Journal

Screen Shot 2014-05-19 at 3.34.06 AMTom Bowker, of the Central Banking Journal and centralbanking.comhas written about my proposal that the ECB’s Quantitative Easing program should be aimed at purchasing bonds issued by the European Investment Bank/Fund as part of an Investment-led Recovery Program for the Eurozone as a whole.  Continue reading

How should the ECB enact Quantitative Easing? A proposal

eurosThe ECB has no alternative to enacting some form of Quantitative Easing (QE) in order to prevent deflationary expectations from setting in fully. Core inflation has already reached a level that, even according to Mr Draghi’s own pronouncements on 24th April, should have already triggered off QE. (See also Wolfgang Munchau’s well argued case here.) However, the ECB’s governing board is finding it hard to agree on what assets the ECB ought to buy. In this post I suggest a simple answer to this debilitating question.

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Is Europe Reforming? At the Bellwether Economist Conference

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On 15th May, the Bellwether Economist Conference (see program) posed the broader question “Who will fill the funding gap?” and the narrower but crucial question “Is Europe Reforming?” In this post the reader can find/hear my contribution in lieu of an answer to the second question, as well as to questions on how the ECB should practise quantitative easing, how the Greek debt crisis ought to have been handled etc. Continue reading

How the Greek Banks Secured an Additional, Hidden €41 billion Bailout from European taxpayers

bailoutIn 2013 Greek taxpayers borrowed from the rest of Europe’s taxpayers €41 billion to pump into the Greek banks. This is well known. What is not known is that, also in 2013/4, the Greek banks received an additional, well hidden, €41 billion bailout loan from Greek and European citizens. This bailout was never authorised by any Parliament or even discussed in public anywhere in Europe.
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Sleepless in Europe – in Huffington Post

merkelSome weeks ago I heard Arianna Huffington deliver a talk, in Austin, on sleep deprivation and the terrible decisions that it leads to. This made me recall that all the awful decisions of our European leaders (and there were so many of them) were reached at around 4.00am. I mentioned that to Arianna and she invited me to write a post for Huffington Post. Here it is… Click here for the Huffington Post site or… Continue reading

Europe’s slide into deflation, and what to do about it – Interviewed for Jornal de Negócios by Jorge N. Rodrigues

deflationEurope is in the clasps of the deflationary forces that resulted directly from its inane handling of the Eurozone crisis. In this interview, I discuss deflation and low-flation and suggest a particular form of quantitative easing that, unlike the Fed’s or the Bank of England’s QE, will not reinflate the bubbles of the financial sector but, instead, will help recycle idle savings into productive investments in Europe’s real economy. Continue reading

EUROBANK: Another scandal re-packaged as part of the Greek Success Story

eurobankEurobank is an apt example of Greek ingenuity. Its name is a coup in itself.[1] Beyond semantics, however, and coming to recent developments, Eurobank is a wonderful example of the Greek establishment’s ingenious efforts to defraud Greek and European taxpayers, and then to proclaim a glorious Greek Success Story, weeks before the European Parliament elections. (You have already seen, here, the other plank of this campaign, also known as the Greek primary ‘surplus’…) Continue reading

‘European Progressive Policy Initiative’ endorses the Modest Proposal’s four main policies

Screen Shot 2014-05-01 at 1.16.35 PMA group of noted international economists (including Joseph Stiglitz, Peter Bofinger and Stefanie Griffith-Jones), known as the European Progressive Policy Initiative (EPPI), has issued a policy paper that endorses the main planks of our Modest Proposal for Resolving the Euro Crisis 4.0.

EPPI was assembled in 2013 by Europe’s social democratic alliance in the European Parliament. This is significant, given the social democrats acquiescence to the Merkel-led toxic policies, which are causing Europe to fragment. Coming, as it does, a few weeks before the European Parliament Election, this policy document flags the potential for breaking the stranglehold over European politics of the indefensible ‘official EU position’, i.e. the toxic trio of claims that:  Europe is on the mend – Austerity is working – Europe has taken important steps in shoring up the Eurozone’s institutions).
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A rejoinder to ELSTAT’s & EUROSTAT’s defence of the New Greek Statistics

ELSTAT, the official Greek statistical service, has put out a document in response to my post unveiling, what I call, their New Greek Statistics over the calculation of the Greek government’s primary budget outcome for 2013. In addition, Eurostat gave an informal response to various journalists who took the matter to them. Full marks for defending the indefensible.  Continue reading

Europe and Greece in Review: Interviewed by Michael Maier for Deutsche Wirtschafts Nachrichten

europa abductionInterviewed by Dr. Michael Maier for Deutsche Wirtschafts Nachrichten:

For the interview in German, as published on the DWN site,

  • Click here for PART A , on the Ukrainian crisis
  • Click here for PART B, on Greece and the Eurozone

For the whole interview in English,…

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New Greek Statistics: Athens, again, ready to confess to the sin to claim the glory

sinIt is official! The Greek government now confirms that the much lauded Greek government primary surplus for 2013 was a mirage created by the return of Greek Statistics (see this recent post). And also that the statistical trickery involved had the full approval of Eurostat, of the troika, of Berlin etc. The ‘confession’ has come in the form of the deafening silence in response to the revelation that approximately €5 .4 billion was taken off government expenditure through the discovery of a non-existent ‘white hole’ in the government’s revenues. Yesterday, a tweet from a spoof account in the name of a Finance Ministry official reminded me that the New Greek Statistics are highly reminiscent of the Old Greek Statistics… Continue reading