Click here for the Guardian site)
Australia is a “plaything” of forces it cannot control as the world economy heads into another phase of the global financial crisis, according to the former Greek finance minister Yanis Varoufakis. Continue reading
Since the demise of Lehman Brothers in September 2008 and ensuing great financial crisis (GFC), it would seem rather obscenely that central bankers and monetary policy has been obsessed with “deflation”, rather than remedying the actual causes of the crisis itself. Is this a fair analysis?
In this article, aptly subtitled It’s lonely being the global policeman, Slavoj evokes a parallelism between the age of extremes that began as the British Empire was losing its grip with the present moment in history. Now that the Global Minotaur (quoting my book) is mortally wounded, “…the American century is over and we are witnessing the gradual formation of multiple centers of global capitalism”.
Zizek’s verdict? Faced with increasing uncertainty and mounting insecurity, “…the solution is not to be very careful and avoid risky acts—in acting like this, we fully participate in the logic which leads to catastrophe. The solution is to fully become aware of the explosive set of interconnections that makes the entire situation dangerous. Once we do this, we should embark on the long and difficult work of changing the coordinates of the entire situation. Nothing less will do.” Hear, hear!
The Global Minotaur: America, Europe and the future of the world economy is about to be published in French, as Le Minotaure Planétaire, by newly established, progressive publishing house LES ÉDITIONS DU CERCLE. Read on for a draft of the Preface I composed for this French edition (which is now added to the German, Spanish, Italian, Czech, Finnish and Greek editions)… [for the translation in French, click here] Continue reading
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 Century. (A Spanish translation is also available here.) Read on for the links to all 16 articles…
On 25th August, I had the honour of presenting the Finnish edition of The Global Minotaur to a splendid, and welcoming, audience at the University of Tampere. In this post you can listen to an interesting exchange on the state of the global and European economy, why Finns (along with citizens of other European ‘surplus’ member-states – but even more so than most others) ought to be very, very angry with their politicians (over the bailouts and overall handling of the Euro Crisis), on China’s future role etc. Continue reading
It is with great pleasure that I received the news from Finland that my Global Minotaur: America, Europe and the Future of the World Economy has just been published in Finland by the good people of Vastapaino Publishers. (Click here for their site.)
My Preface to this Finnish edition follows: Continue reading
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.)
Following 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…
Finland, like my homeland, Greece, is a small country at a treacherous geopolitical crossroads that traditionally inspired great anxiety amongst its people, but also instilled into their character considerable resilience. Unlike Greece, from the mid-1990s until fairly recently Finland succeeded in turning itself into a net exporting nation, ostensibly capable of powering its way into the ‘core’ of Europe’s monetary union. So, when in 2010 my country sank in a sea of debt, Finland ended up as one of the countries that, reluctantly, guaranteed the gigantic loans afforded to countries like Greece. Soon after, Finland fell into the second ‘dip’ of its post-2008 recession, where it still languishes today. Continue reading
By Dr Paul Tyson, Honorary Associate Professor, Department of Theology and Religious Studies, University of Nottingham.
A debate involving James K. Galbraith, Yanis Varoufakis and Jeff Sommers (in the role of moderator) took place on 24th February at the University of Wisconsin, Milwaukee in the context of the George Kennan Distinguished Lecture Series. An amateurish recording is available here. For ease of ‘navigation’, a list of topics (with their location on the recording’s timeline) is presented below.
Before the Crash of 2008, the dominant view amongst the world’s policy-making elites was that global imbalances were not a problem. The great and the good in Washington and in London, in Paris and in Frankfurt, at Davos and on the golf courses where deals of note are struck, dismissed as economically-illiterate moaning-minnies all those who dared warn against large current account imbalances. Caught up in the soothing fiction of the ‘Great Moderation’, and the toxic fantasy that finance had invented ‘riskless risk’, the powers-that-be were adamant that we were living in a ‘new paradigm’. Continue reading
The Crash of 2008 is often blamed on the Fed’s overly ‘loose’ monetary policy after 2001. In short, the argument goes, American monetary policy was too ‘loose’ for four years between 2002 and 2006; and too ‘tight’ once the Fed realised that it was presiding over an unsustainable boom. In this post the reader can read a long article (click here for the complete pdf) in which I debunk this simplistic, and fatally flawed, theory. Continue reading