Books
Hollande and Merkel: Where Left is Right – guest post by Stuart Holland
, 22/09/2013
Rather than the claim of German finance minister Wolfgang Schäuble that the rest of Europe needs austerity to be able to compete (The Guardian, July 19th), François Hollande was right to say in an interview with Le Monde (September 3rd) that Europe should stop apologising for the Eurozone crisis and its failure to recover growth and […]
The Modest Proposal as a Trojan Horse for the dreaded transfer union: Guest post by Hubert Marcks
, 17/09/2013
To all those who can’t help but feeling that an external surplus recycling mechanism as described in the modest proposal would just be an appeasing technical term for the dreaded transfer-union and that it would condemn the deficit countries into eternal servitude, I would like to point to an example within the mother of all […]
A modest objection to the Modest Proposal: Debt write offs instead of the Modest Proposal
, 17/09/2013
Jordi Angusto sent me the following missive regarding our Modest Proposal. To which both Stuart Holland and I respond below.
Why asymmetrical monetary unions are bound to fail (unless they feature an effective, extra-market surplus recycling mechanism)
, 15/09/2013
Asymmetrical monetary unions, wherever and whenever tried in combination with free trade and deregulated capital movements, ended up in tears and retribution. The Gold Standard, the various pegs between domestic currencies and the US dollar (S.E. Asia, Argentina, Mexico etc.), the ERM (European Exchange Rate Mechanism), the Eurozone that followed the latter’s collapse etc. they […]
Interviewed by ARENA PUBLICA: Estados Unidos ha destruido la economía social
, 06/09/2013
(For the ARENA PUBLICA’s website click here)
Global Banks as exporters of Permanent Credit Crunches to Peripheral Economies: The case of Mexico
, 05/09/2013
The speech below was delivered on 29th August 2013 at ITAM, Mexico City, in the context on a conference on planned financial sector reforms in Mexico; organised by IMEF (the Mexican Institute of Finance Executives), in collaboration with UNIFIM (a confederation of Mexican owned financial institutions). For an audio of my talk click For the text…
Was Chancellor Merkel right (about Greece)?
, 02/09/2013
Is Chancellor Merkel right when she recently said: “Greece should not have been admitted into the euro area”?
In Mexico City
, 30/08/2013
Just a quick note for regular readers to explain my recent ‘silence’. I am in Mexico City, invited by Adalberto Palma, CEO of UNIFIM (a confederation of Mexican owned financial institutions, and IMEF (the Mexican Institute of Finance Executives), to participate in the current debates on Mexico’s forthcoming financial sector reforms. A major tussle has […]
Looking back on the Global, European and Greek (post-2008) crises: Interview with D. Polymenopoulos
, 17/08/2013
Dimitris Polymenopoulos interviewed me recently on behalf of Greek-American newspaper The Greek Star. Click here for the original source or read on…
David Laibman reviews The Global Minotaur
, 06/08/2013
David Laibman, editor of Science & Society (the oldest academic journal of Marxist scholarship), has recently authored a review of The Global Minotaur.
The Germany Europe and the World Need – my article in HANDELSBLATT
, 29/07/2013
A few months ago, I wrote an article under the title ‘Europe Needs an Hegemonic Germany’. Handelsblatt, the respected German daily, has now picked it up and published it on 24th July 2013. (Many thanks are due to Stephen Richter, of The Globalist, for his copy-editing and support. And for posting a version of this […]
Pleased to announce that the Czech edition of the Global Minotaur is now out
, 29/07/2013
Click here or on the icon below
Guilt, debt and interest rates: A comment on double moral standards
, 27/07/2013
Moralising is not a good foundation for macroeconomic policy, especially at a time of Crisis. Still, moral objections to sound policy recommendations must be taken seriously as they have the potential to prevent their adoption, with terrible consequences for all. Here, I respond to a Portuguese reader’s question regarding double standards in the moral assessment […]
Six critical responses to the Modest Proposal – now with our rejoinders
, 26/07/2013
Following his article on the Modest Proposal 4.0, Jorge Nascimento Rodrigues invited six economists to comment on it. Here are their responses. With rejoinders added by myself and Stuart Holland.
More on the debt conversion policy in Modest Proposal 4.0
, 26/07/2013
Portuguese readers have returned (see this and this, for the original Q&As) with two more questions on the Modest Proposal‘s limited debt conversion policy (with which we believe the Eurozone’s debt crisis could be dealt a decisive blow). I do not understand quite well the “moral “ difference between mutualizing the debt above Maastricht rule […]
On the legality, mechanics and effectiveness of the Modest Proposal’s policy regarding the Eurozone’s debt crisis
, 22/07/2013
Our Q&As on aspects on the Modest Proposal 4.0 continue here with a barrage of pertinent questions posed by a Slovak reader. They concern our recommended Limited Debt Conversion Programme (Policy 2 here) with which we believe the Eurozone’s debt crisis can be resolved. (Tomorrow’s post continues the conversation turning to the issue of moral harazed, […]
Debt Redemption, PSI&OSI versus our Modest Proposal: Q&A with Portuguese readers
, 20/07/2013
The debate on the Modest Proposal 4.0 is hotting up. Here are comprehensive answers to queries from Portuguese readers of Exrpesso magazine concerning debt haircuts, the European Stability Mechanism, the differences between a Debt Redemption Fund and our Modest Proposal etc. My answers were later incorporated into this comprehensive story by Jorge Nascimento Rodrigues.
Q&A on the Modest Proposal's policies involving the ECB and the EIB
, 20/07/2013
A reader has sent us a set of questions regarding Modest Proposal 4.0 and, in particular, (a) the role of the ECB in converting the Maastricht compliant part of member-state public debt, and (b) the EIB’s involvement in our Investment-led Recovery Program. His questions allow us to clarify the proposed policies.
NEW: A Modest Proposal for Resolving the Euro Crisis, Version 4.0 – by Yanis Varoufakis, Stuart Holland and James K. Galbraith
, 15/07/2013
For a year now, Europe has been lying to itself, pretending that the Euro Crisis has been, more or less, resolved. It is now clear that the Euro Crisis is alive and well and threatening Europe with disintegration, permanent damage, widespread poverty, a loss of democratic legitimacy and a swing toward misanthropy. Our Modest Proposal […]
Taking stock of the Euro Crisis – a prelude to (the forthcoming) Version 4.0 of the Modest Proposal
, 11/07/2013
This blog was initially established to discuss the global crisis of 2008 and, in particular, to promote our Modest Proposal for Resolving the Euro Crisis. As Version 4.0 of the Modest Proposal is being prepared (and will be published early next week), it is perhaps time to take stock of almost four years of Euro […]
"Europe's house is on fire. No room for complacency." – Keynote by James Galbraith at the European Parliament
, 28/06/2013
On June 27, James Galbraith keynoted a conference at the European Parliament entitled “Achieving Europe,” sponsored by the parliamentary socialists and social democrats. Listen here. Brief closing statement here.
EUROPE UNHINGED – Article in the European Financial Review
, 23/06/2013
The following article was commission by the European Financial Review which just published it online – a hard copy version of the periodical is also out soon. It is based largely on the ideas in my Global Minotaur. For the EFR’s site click here.
The Australian Dollar, China's Bubble, QE Exit and the Eurozone: Guest Post
, 22/06/2013
I just received an interesting letter from a colleague who authorised me to share its essence with you, but without revealing his identity. The views expressed are his own and, though I do not agree with his conclusion, I believe this short letter should be essential reading for all those of us who follow the […]