POLITICO: Interview

Screen Shot 2015-09-23 at 09.40.18VAROUFAKIS TOLD YOU SO

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Back-to-back speeches by Yanis Varoufakis & John McDonnell (audio)

YV speaking at PCS meeting 2015-09-14 at 08.19.59

This audio was recorded (apologies for the iffy quality) at the PCS fringe meeting at this year’s TUC Conference in Brighton – Saturday 12th September 2015. A few hours later it was announced that John McDonnell was selected, by Jeremy Corbin, as Shadow Chancellor

European countries must support the United Nations’ proposals for sovereign debt restructuring! – Open letter to the UN by 19 economists

On September 10, the United Nations General Assembly will vote on nine principles concerning the restructuring of sovereign debts. Abiding by such principles would have avoided the pitfalls of the Greek crisis, in which political representatives gave in to creditor demands despite their lack of economic sense and their disastrous social impact. This public interest resolution must be supported by all European states and brought into the public debate.  Continue reading

Democratizing the Eurozone – a Project-Syndicate op-ed

ATHENS – Like Macbeth, policymakers tend to commit new sins to cover up their old misdemeanors. And political systems prove their worth by how quickly they put an end to their officials’ serial, mutually reinforcing, policy mistakes. Judged by this standard, the eurozone, comprising 19 established democracies, lags behind the largest non-democratic economy in the world.

Following the onset of the recession that followed the 2008 global financial crisis, China’s policymakers spent seven years replacing waning demand for their country’s net exports with a homegrown investment bubble, inflated by local governments’ aggressive land sales. And when the moment of reckoning came this summer, China’s leaders spent $200 billion of hard-earned foreign reserves to play King Canute trying to hold back the tide of a stock-market rout.

Compared to the European Union, however, the Chinese government’s effort to correct its errors – by eventually allowing interest rates and stock values to slide – seems like a paragon of speed and efficiency…

Read more at http://www.project-syndicate.org/commentary/eurozone-democratic-deficit-by-yanis-varoufakis-2015-09#ZKZPRaM6pufC9oqB.99