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Pleased to announce that the Czech edition of the Global Minotaur is now out
, 29/07/2013
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Don't mention the war? A reader's objection to Stuart Holland's piece, with a rejoinder
, 27/07/2013
A German reader objected most strongly to Stuart Holland’s reply to Mr Schuable’s Guardian piece and, in particular, to Stuart’s discussion of Gestalt Psychology plus his reference to the awful ‘Arbeit Macht Frei’ slogan. Here I present the reader’s objection in full. With a reply that I scripted.
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.
Debt, Guilt and German History: A Reply to Wolfgang Schäuble, by Stuart Holland
, 26/07/2013
On 19th July Mr Wolfgang Schäuble, Germany’s finance minister, published an article in The Guardian entitled We Germans don’t want a German Europe. Two days later I responded by annotating his article while colleague, co-author and friend Stuart Holland wrote the following reply (published in Il Foglio in Italian – click here). As it is a poignant article, I […]
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 […]
Can Greece get out of the Eurozone now? Should it? Comments on Munchau and Sinn
, 24/07/2013
Portuguese journalist Jorge N. Rodrigues noticed a revival in talk about a velvet divorce between Greece and the Eurozone. So, he asked me to comment on two articles in the Financial Times, one by Wolfgang Munchau the other by Hans-Werner Sinn. Here are my responses:
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, […]
THE ANNOTATED WOLFGANG SCHÄUBLE – Commentary on his Guardian article, 19th July 2013
, 21/07/2013
On 19th July Mr Wolfgang Schäuble, Germany’s finance minister, published an article in The Guardian entitled We Germans don’t want a German Europe. The article was written hours after Mr Schäuble left Athens, following a controversial visit during which he told Greeks to expect no relief and to stick to the script written three and a […]
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.
Interested in a new perspective on our troubled world? Witte de With presents WdW Review
, 18/07/2013
Allow me proudly to announce a new collaboration with Witte de With Center for Contemporary Art. Your truly and www.vitalspace.org are, as of now, the ‘Athens Desk’ of the Centre’s new WdW Review. For more…
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 on the Keiser Report (video)
, 12/07/2013
I always enjoy being interviewed by Max Keiser, despite our differences on a number of issues (the merits of the Gold Standard, Bitcoin – gold’s e’reincarnation), I beg to differ from him on his hypothesis that Greece fell to a well thought out conspiracy. There was no such thing. Just a badly designed common currency […]
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 […]
On Portugal's latest political crisis, and its ramifications: Interview for Expresso
, 04/07/2013
Click here for the interview in Portuguese – as published. Or read on for the original English text
Of Public Phones and Besieged Humans – Our first contribution to Witte de With's Review
, 01/07/2013
Witte de With Contemporary Art Centre, of Rotterdam, has just launched its Review, both electronically and in print. As part of this effort, WdW have established desks in Athens, Cairo, Istanbul, Jerusalem and Ramallah – five ‘ancient’ cities. vitalspace.org, founded by Danae Stratou and yours truly, was selected as WdW’s Athens desk. Our first contribution […]
"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.
Q&A on Greece, Portugal and Ireland – June 25th 2013
, 25/06/2013
A portuguese newspaper put to me a set of questions on the state of our PIGS. I list them here, together with my answers.
The United States and Europe have nothing to fear from a Syriza government: Our op-ed in the NYT
, 24/06/2013
Today’s New York Times features an op-ed by James Galbraith and myself on the reasons the US and Europe have nothing to fear from a Syriza government in Athens – and a great deal to benefit from. Our own title was “Why a Syriza victory is not against the interests of the United States or […]
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 […]
The Death of Direct Bank Re-capitalisation: Europe’s (newest) day of shame
, 21/06/2013
The idea was to de-couple the banking from the debt crisis. The reality is that they propose to do nothing of the sort.