Greece’s Finance Minister: The revolving doors’ syndrome on steroids

Hardouvelis phtotNow that the bubble of the Greek success story has, thankfully, burst, it is perhaps apt to take a good look at the track record of Greece’s finance minister: the talented Mr Gikas Hardouvelis. Readers that harboured hopes of a Greek turn-around (against this blog’s repeated warnings) ought to brace themselves – the finance minister’s story is not recommended reading for the faint hearted…

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Egalitarianism’s Latest Foe: a critical review of Thomas Piketty’s Capital in the Twenty-First Century

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The Real-World Economics Review commissioned a number of us to write critical reviews of Thomas Piketty’s Capital in the 21st Century.  They include, beside the over-signed, David Colander, Edward Fullbrook (who must be credited for the whole issue), James K. Galbraith, Michael Hudson, Richard Koo, Richard Parker, Ann Pettifor, and Robert Wade – see below for links to their papers.

My own contribution is entitled Egalitarianism’s Latest Foe: a critical review of Thomas Piketty’s Capital in the Twenty-First CenturyRead on for the links to all 16 articles…

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Frances Coppola and Simon Wren-Lewis on the ‘Modest Proposal vs Austerian Federalists’

Screen Shot 2014-06-11 at 4.02.33 PMIn Whither Europe? The Modest Camp vs the Federalist Austerians James Galbraith and I attempted to chart the evolution of various plans to save the Eurozone. In that survey, we juxtaposed a Modest Camp (that includes our own Modest Proposal), whose philosophy is to promote a minimalist agenda for stabilising the Eurozone and ending its socio-economic crisis before Europe’s future can be discussed cooly and properly, against federalist plans (like those of the Piketty and Glienecker Groups) for political union. Our argument (also augmented here) was that the prescribed federalist moves are, by definition, austerian in logic and, thus, ultimately detrimental to Europe’s integrity and even its… soul.  Most recently, Frances Coppola and Simon Wren-Lewis, at the behest of Open Democracy (who published our original paper), responded to our musings. Here are their responses:

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Is Mr Draghi’s ‘turn’ significant? Is Germany ‘turning’? Can Europe escape its ‘iron cage’? Plus, on the Scottish currency plans – on Boom-Bust RT-tv

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[Jump to 3'20''] Erin Ade, RT’s Boom-Bust presenter, interviewed me yesterday on the state of Europe. We talked about the significance of Mr Draghi’s recent ‘intervention’, on whether Germany is about to change course, touched upon my article “Can Europe be saved without turning into an iron cage?” and briefly delved into Scotland’s proposal for a currency union with England if the Scots opt for independence on 18th September.

Discussing Scottish Independence and the demerits of a Sterling Union on KPFA Radio (Berkeley, CA)

ScotlandHere is a 25 minute radio interview on KPFA Radio (Berkeley CA) on the Scottish Independence question that will be decided by  Scottish voters on 18th September. (Click here and jump to 32’50” for the interview). The points raised are further supported by two previous posts: (a) Scotland Must Be Braver! and (b) If Scotland, why not Greece?

CAN EUROPE ESCAPE ITS CRISIS WITHOUT TURNING INTO AN IRON CAGE?

ON THE MODEST PROPOSAL’S POLITICAL, CONSTITUTIONAL AND ETHICAL DIMENSIONS

Rembrandt Europa[Image: Rembrandt's 'The Abduction of Europa']

This article is a sequel to an earlier piece entitled ‘Why is Europe not coming together in response to the Euro Crisis?’ and is best read in conjunction with this article (co-authored with James K. Galbraith) that compares our Modest Proposal for Resolving the Euro Crisis with alternative proposals for defeating the Euro Crisis. In what follows below , I argue that, as things stand, ‘political union’, ‘more Europe’, calls for a ‘Eurozone economic government’, or for a ‘Euro Chamber’ within the European Parliament, are not preludes to a democratic federal Europe. Instead, they are steps towards a postmodern European feudalism that is, in fact, the very antithesis of a democratic federation. The article concludes with an analysis of why our Modest Proposal offers Europe a rare chance to prevent the creation of a European iron cage in which what is left of our democracies must suffocate. Unlike all moves that are currently heralded as ‘baby-steps’ towards federalism, the Modest Proposal’s emphasis on ‘Europeanised Decentralisation’ is perhaps Europe’s best shot at a future consistent with the basic principles of a constitutional democracy.

 

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WHY IS EUROPE NOT ‘COMING TOGETHER’ IN RESPONSE TO THE EURO CRISIS?

EU disunityIn this article I ask a question on everyone’s lips: Almost everyone agrees that the Eurozone was a one-legged giant; a monetary union lacking a political ‘leg’ to stabilise it. If so, why has the Euro Crisis (which surely strengthened that view on the back of its ferocity and durability) not strengthen the hand of the federalists? Of those who were, supposedly, waiting to pounce upon any opportunity to create a United States of Europe? (This article was compiled from extracts of a keynote speech I have on 25th August 2014 at the University of Tampere, Finland, in the context of a conference entitled Power, Knowledge and Society.)   Continue reading

Discussing Austerity with Phillip Adams, on Late Night Live, ABC Radio National

In this podcast you can hear my discussion with Phillip Adams, on ABC Radio National Late Night Live, on fiscal austerity and its discontents. The backdrop for this interview was, naturally, the Australian Federal Government’s attempts to ‘sell’ its latest Austerity Budget to the Australian people. (Click also here for my OpEd on ‘Austerity comes to Australia’, that appeared on the ABC’s White Paper e’magazine.)

Austerity comes to Australia – OpEd, WHITE PAPER, ABC Radio National

Screen Shot 2014-08-22 at 11.18.49 AMFollowing the passing of an Austerity Budget by the Australian Federal Government, the editors of White Paper (ABC Radio National’s online magazine) commissioned me to write an OpEd on what lessons Australia should learn from the implementation of similar austerian fiscal policies in Britain and the Eurozone.

You can read my article by clicking here, or simply by reading on…

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The Metaphysics of Money – Guest post by Paul Tyson

cashRecently I was at a coffee shop, and to test a metaphysical hunch I asked a few of my fellow caffeinated confreres this question: “What is money?” They all gave answers along the following lines. Money is an arbitrary symbol of exchange value that we just make up in order to facilitate trade and investment. Money itself isn’t any thing but it is a collectively believed in fiction which operates as a very useful means of exchange.   Continue reading

Europe’s Crisis and the Rise of the Ultra-Right is the Left’s Fault

Nazis riseEurope’s appalling  handling of a euro crisis that was always going to happen, given its faulty architectural design,[1] has triggered an electoral result in the recent European Parliament elections that is a clarion warning that Europe is decomposing. And it is decomposing precisely because of the Left’s spectacular failure to intervene both during the construction phase of Europe’s economic and monetary union and, more poignantly, after the latter’s crisis had begun. Continue reading

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

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