DiEM25
Interviewed by Robert Wright on the Euro Crisis
, 18/06/2012
Extensive interview with Robert Wright (author of The Evolution of God, Nonzero) on the Euro and Greek Crisis – for bloggingheads.tv. Click here.
Greek Election Result: An assessment
, 18/06/2012
Greek voters gave their contradictory verdict: While 55% voted for parties that stood explicitly against the ‘bailout’ terms and conditions, a pro-’bailout’ government is about to be formed – such is the nature of Greece’s electoral system (which rewards the largest party with a bonus of 50 additional MPs in the 300 seat chamber). The […]
Message to the BBC and assorted international media on this Greek Election Day: Try to recover your journalistic principles even at the eleventh hour!
, 17/06/2012
Over the past 48 hours, as Greek voters are mulling over their options prior to entering the polling stations, the international media have indulged in a frenzy of disinformation and scaremongering. Gone is the nuanced reporting of the BBC, nowhere to be seen the critical approach to the Euro Crisis that the rest of the […]
Ponzi Austerity: Interviewed on the Keiser Report
, 15/06/2012
Max Keiser and Stacy Herbert interviewed me, on the Keiser Report, on my notion of Ponzi Austerity, with particular reference to Spain, Ireland and Greece. Watch the video below and let me know what you think. But before you watch it, allow me to state one disagreement of mine with Max and Stacy’s interpretation. Max […]
Is the ECB's Target2 critical for the euro's future? A debate between Felix Salmond and Marshall Auerback
, 14/06/2012
Following Marshall Auerback’s guest post on the problem with Target2, and how it can potentially lead the German Constitutional Court to throw a spanner in the works of the euro system, Felix Salmon published an interesting article arguing that all this fuss about Target2 is the result of a misunderstanding of what Central Banks do […]
GERMANY’S CONSTITUTIONAL CONUNDRUM: Guest post by Marshall Auerback
, 13/06/2012
Hans-Werner Sinn, president of Germany’s Ifo Institute and the director of the Center for Economic Studies at the University of Munich, has taken to the pages of the NY Times to explain why Berlin is balking on a further bailout for Europe. Amongst the points that Sinn makes against German sharing in the debt of the [...]Euro-Australia: An instructive counter-factual
, 12/06/2012
In this counter-factual history I narrate (in ‘real time’) the disintegration that would have befallen the Federation of Australia if, in 1901, its founding fathers had used the Eurozone as a template. (A piece commissioned by www.theconversation.edu.au)
Spain’s Blood Wedding, Ireland’s Muted Rage, Europe’s tragedy
, 10/06/2012
Federico Garcia Lorka’s 1932 play The Blood Wedding (Bodas de Sangre) focused on a wedding that, in the end, never took place. It symbolised the long shadow cast by a hidden crime upon the nation’s dallying with the prospect of deliverance. It also foreshadowed the tragic events that consumed, not just the playwright, but the […]
In conversation with Rob Johnson (INET Chairman) on the Global Minotaur, the Slump, US and Europe
, 08/06/2012
A few weeks ago, while in New York, Rob Johnson (Chair of the Institute of New Economic Thinking) invited me to their offices where we recorded a conversation on my The Global Minotaur, the true causes of the Crash of 2008, the reasons why the global economy cannot find its poise after that momentous Crash, […]
Solidarity Euro-Style: Finnish loans, ECB bond purchases, EFSF tough love and assorted horror stories from the postmodern Euro-Workhouse
, 07/06/2012
The world seems convinced that Europe, perhaps under duress, put together a large Solidarity Fund (the EFSF) for the purposes of helping the fiscally-stricken Eurozone member-states avoid bankruptcy once they were frozen out of the money markets. The criticisms waged at this type of ‘solidarity’ centred on two issues: First, that the Fund’s size was […]
Discussing SYRIZA with Die Zeit
, 06/06/2012
Syriza handelt verantwortungsvoll Der deutsche Steuerzahler solle sich über die radikale Linke in Griechenland freuen, sagt der Ökonom Yanis Varoufakis im Interview. Das Land sei nicht reformunwillig. ZEIT ONLINE: Herr Varoufakis, die Griechen wollen mehrheitlich den Euro behalten, wählen aber mit Syriza und ihrem Spitzenkandidaten Alexis Tsipraseine Partei, deren Pläne zu einem Austritt aus der Währungsunion führen könnten . […]
Why Europe should fear Fine Gael-like ‘reasonableness’ much, much more than it fears Syriza
, 03/06/2012
The establishment view in Europe is that the problem is too much debt (by profligate countries like Greece) and, therefore, that the solution must involve (a) austerity and (b) structural reforms (which increase the competitiveness of the weaker states). The problem, however, is that the establishment view is profoundly mistaken and, as a result, the […]
Italy’s Own Goal: Guest post by Joseph Halevi
, 03/06/2012
The Eurozone’s idiocy is obvious to all those with eyes and ears. It can be witnessed anywhere we turn these days: from the evolving bank run to the non-debate on eurobonds. Joseph Halevi, friend, co-author and serial guest of this blog, just sent me a missive that offers new insights into our continent’s infinite inanity: […]
Reply No. 2 (YV2) to Kantoos Economics on the merits of the Modest Proposal
, 01/06/2012
Kantoos Economics (KE) just posted the first installment of a reply to my long rejoinder to his original comment on our Modest Proposal.[1] Two are the main point raised by KE, and to which I respond below: One concerns the tradeoff between (a) maintaining market pressure on member-states to keep their public debt under wraps […]
From Ponzi Growth to Ponzi Austerity
, 31/05/2012
Austerity is meant as a belt-tightening exercise the purpose of which is to reduce debt. Pure and simple. Of course, for austerity to work one of the following two conditions must hold.
It is (un)official (but true): Spain is the fourth fallen Eurozone member-state
, 29/05/2012
When the Spanish Prime Minister declared that the Spanish state would save Bankia while at the same time admitting that Spain could not raise the cash to do it, two were the plausible explanations of how this feat was to be achieved.
A reply to Kantoos Economics on the merits of the Modest Proposal
, 28/05/2012
Kantoos Economics recently honoured me with an invocation to its readers to read my musings on the Euro Debacle, and to judge them critically. I thank Kantoos Economics for a simple reason:
What does bank recapitalisation mean? An exchange with Joseph Halevi
, 27/05/2012
In reaction to my Le Monde piece, Joseph Halevi (my close friend and co-author) send me an email, regarding the meaning of bank re-capitalisation, that started as short exchange which you, dear reader, may find of interest. Any comments?
A Paradox of Risk Aversion is haunting the global economy: Rob Johnson’s poignant warning against both bubbles and austerity
, 26/05/2012
We keep forgetting that every Crisis, like a coin, has two faces. One is the mountain of debt and losses that is crushing states, people and banks. The other is an equally imposing mountain of accumulated savings that are to ‘frightened’ to fund investment, thus remaining idle and frittering away. Keynes famously invoked the Paradox […]
For Europe’s sake Greece must renege on its bailout commitments – my op-ed in Le Monde
, 25/05/2012
Le Monde commissioned me to write an op-ed explaining my view that it is in Europe’s interest that Greece resists the ‘terms and conditions’ of its bailout package while staying within the eurozone. In effect, to explain why there is no contradiction between (a) the Greek people’s determination to stay in the eurozone, and (b) […]
Fiscal Waterboarding versus Eurobonds: Misrepresenting the latter to effect the former
, 24/05/2012
They came. They talked eurobonds. They left in a miff. Why?
On ABC Radio National's 'The World Today', interviewed by Eleanor Hall
, 21/05/2012
This morning I visited the ABC’s Ultimo studio for three interviews on (what else?) Greece and the eurozone. Here is one of them (the other two were for ABC TV). For the ABC’s website page, which includes the audio and the transcript, click here. The full interview (too long to broadcast on live radio) can […]
Guest Post: Today Germany is the big loser, not Greece – by Marshall Auerbach
, 20/05/2012
Just before the Crisis erupted, in April 2010, with Greece falling into the troika’s embrace in May 2010, I had written an article (A New Versailles haunts Europe) to argue that Germany was about to commit the error that the winners’ of World War I had committed by imposing upon Germany the Versailles Treaty. It was […]