ATHENS – Imagine a depositor in the US state of Arizona being permitted to withdraw only small amounts of cash weekly and facing restrictions on how much money he or she could wire to a bank account in California. Such capital controls, if they ever came about, would spell the end of the dollar as a single currency, because such constraints are utterly incompatible with a monetary union. Greece today (and Cyprus before it) offers a case study of how capital controls bifurcate a currency and distort business incentives. The process is straightforward. Once euro deposits are imprisoned within a national banking system, the currency essentially splits in two: bank euros (BE) and paper, or free, euros (FE). Suddenly, an informal exchange rate between the two currencies emerges. Read more here
Jacobin Magazine honoured me with the publication of an interview that I gave to Francisco de Zarate, journalist and comic writer with the Argentine newspaper Clarin, and illustrated by Fernando Calvi. Thank you Francisco, Fernando and Jacobin. Click here for Jacobin’s site
The year 2015 did not begin – or end – as Yanis Varoufakis might have predicted. This time last year, having finished a busy academic term at the University of Texas in Austin where he was a visiting professor in economics, he had flown to Australia for a holiday. Varoufakis has a teenage daughter with his first wife – the pair now live in Sydney – and he was hoping, as he puts it, “to have a quiet time”.
For the Guardian’s site, click here. Or…
The English text of the answers I sent to L’Espresso follows. The interview covers the Spanish elections, the latest from Greece’s never ending depression and, more importantly, a foreshadowing of the pan-European movement (not party!) that will be launched in February – with a simple, but radical, agenda of democratising the EU. Continue reading
We are in the silly season of incessant list compilations – best movie of the year, worst dressed culture minister of the year, etc. Nonetheless, these rankings appeal to us because there is something to be said about looking back and taking stock. TIME magazine’s selection of Chancellor Merkel as its Person of the Year generated much debate.
It also generated many questions to me, from journalists the world over, on what I thought of Mrs Merkel’s selection and whom I would have voted for.
So, here is my answer: Continue reading
Paul Mason’s recently released four-part documentary #THIS IS A COUP, on the crushing of the Athens Spring, offers much food for thought. Paul and I have had many opportunities to discuss the issues it covers, including on stage in London in front of a magnificent audience. When the time comes, I shall publish my full account. But for now, here are some comments for each one of the four episodes, culminating to a general comment at the very end – see below. Continue reading
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On 26th October 2015 I had the pleasure of addressing the Cambridge Union on the theme: THE EURO CRISIS THROUGH THE LENS OF THE CAMBRIDGE TRADITION. The Union has just posted a video of the event. Also, click below for an audio version and here for a video of my talk at the Oxford Union, delivered only three days previously.
Answers from Richard Hell, Yanis Varoufakis, Karl Lagerfeld, Mikhail Prokhorov, Youssou N’Dour, Andreja Pejic and Yao Chen
Click here for the NYT site
Yesterday I delivered a TED Global talk in Geneva on the future of democracy and capitalism. While awaiting the video, here is the text of my talk. Continue reading
Q&A ABC tv Episode 43 – 23/11/2015
23 November 2015
- Yanis Varoufakis, Former finance minister of Greece
- Greg Hunt, Australia’s Minister for the Environment
- Geraldine Brooks, Author and journalist
- Anthony Albanese, Australia’s Shadow Infrastructure Minister
- Judith Sloan, Businesswoman, Academic and Columnist
- Tasneem Chopra, Chair, Australian Muslim Women’s Centre for Human Rights.
On the relation between academic freedom and policy making in the corridors of (European) power.
For the address at the… Cambridge Union, delivered three days later, click here.
For an audio, click here.