CLICK PHOTO OR HERE FOR THE VIDEO
There is little doubt that the OMT program has been Mr Mario Draghi’s (the European Central Bank’s dexterous-yet-severely-constrained President) greatest success story. In the summer of 2012 the euro was on the brink. Mr Draghi’s announcement of an intention to buy unlimited quantities of sovereign debt (Italian in particular) to stem the contagion in the bond markets sufficed: the run on the Periphery’s bonds ended even though Mr Draghi did not buy a single bond. 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?
Critical engagement is a form of praxis. But there comes a time when, to retain its relevance, critical thinking must transform itself into direct political action. Continue reading
A fresh interview offered to PROFIL (Austria) on why SYRIZA’ s proposals for Greece and for Europe are radical only to the extent that they are rational and therapeutic for the Eurozone as a whole. CLICK HERE (in German only I fear)
When the constitutional process of a proud European democracy seemed to be leading, quite properly, to elections (as was the case in Greece since the Fall), the European Commission, various governments and the commentariat-at-large intervened, presenting the prospect of elections (the crowning moment of the democratic process) as a disaster-in-the-making; as a calamity to be avoided at all cost. Continue reading
As 2015 is approaching, seemingly pregnant with crucial challenges for Europe, the euro and all those who have to live with it, I could not think of a better seasonal offering for readers of this blog than a suitable extract from my next book. I chose a piece that narrates, and interprets, the story of the first time the euro was proposed in the highest echelons of European decision making. Hope you enjoy it.
With wishes for a 2015 worth remembering fondly.
An Indecent Proposal
On 6th December, I was kindly invited by the editorial board of Science & Society (the oldest continuously published journal of Marxist scholarship worldwide) to deliver a keynote to its Editorial Board’s Annual Meeting. My talk was based on a recent critical review of Piketty’s Capital in the 21st Century which can be read here. To listen to my talk, click...
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!
In this powerful, balanced article, published today in conservative UK daily THE TELEGRAPH, Ambrose Evans-Pritchard makes important points on Greece and a prospective SYRIZA administration:
Events have rudely exposed the illusion that the Greek people will submit quietly to a decade of colonial treatment and debt servitude… Greece was sacrificed to buy time for the alliance, like the Spartans at Thermopylae. It was subjected to an unworkable economic experiment, in defiance of known economic science and principles. Europe’s leaders have betrayed their a special duty of care to Greece. They may at last have met their match in the ice-cool Mr Tsipras.
To read the whole article, click here.