Toward an escape from pseudo-Keynesianism: Obserwator Finansowy

Polish newspaper Obserwator Finansowy just published an article, drawing upon some arguments of mine and of Sanjay Reddy, of the New School, (amongst others) canvassing for an escape from what passes erroneously as Keynesian ideas about the ongoing crisis. Use Google Translate. It works well (in this case). 


  • Very glad to see this discussion published in Poland. The message needs to penetrate every country in Europe. I was particularly interested in the percent of expenditures by age groups as I have long believed that in the US Social Security has saved the economy from serious downturns multiple times since 1955.

  • As I have been saying, this debate is partially about the geriatrics (wanting to preserve advantage at any cost) and the unrepresented.

    As to the reinstating Keynes case with some improvements, let’s do it.

    As a non-economist, I don’t care if I belong to the right economic theory tribe or use the right branding in signaling to others that I am worth listening to.

    All I care is that we fix this problem once and for all. Going the route of economic theory, I believe it to be a wasted effort since this is a 100% political problem.

    Yianis’ Modest Proposal (immodest to some) is good enough for me. But without political change we are spinning our wheels.

    IMHO, this is a case of inequity and of an undemocratic process at work. Our objective ought to be one: defeat the Beast of Berlin so that we can breath again. And so we will; by the grace of God we will. I am sure of such.

  • I found some data that shows how important Greece has become for the German car industry:

    Newly registered *German* cars in Greece in February:
    – VW 422
    – Audi 106
    – BMW 89
    – Mercedes 58
    – Porsche 0
    Total registered cars (all countries) in Greece 2011 was 100.000.
    To put this into perspective: Germany produces about 500.000 cars per month (in Germany).

    • soon Italy,Portugal,Spain,Ireland etc will be equally important…and im afraid…not only for the car manufacturing sector….just wait and see…

  • Mr. Varoufaki, I heard you speak on Monday at Public at the book presentation of End of the Euro. I have also read your Global Minotaur and read your newsletter daily. At Public, I didn’t have the chance to pose to you directly the question closest to our hearts: “Within the context of your global perspective, could you briefly propose in point form the 4 or 5 integrated steps required which ‘could’ lead Greece out of the cul-de-sac of its present colonial status”. Thank you in advance.

  • Now folks, let me show how easy it is for Greece to get out of her predicament.

    Assume the lady in the video represents Greece, and John Stamos represents Merkel.

    Now, I am asking you: How come Greece(or Europe in this matter) can’t do the same? It’s so simple.

  • One question out of personal interest: I am looking for a country that has no tax on income from dividends. I want to do a 1 year sabbatical in a foreign country and make it as tax efficient as possible.

    I found that in Eruope Malta and Greece have no tax on dividends according to wikipedia. Is this still the true for Greece. The dividends would come from a foreign entitiy of which I am the owner.

    • Wikipedia says that there are tax exemptions for dividend payouts coming from Greek companies.I believe you wont have an exemption since you say they will come from a foreign entity.

    • I guess that can be said for all involved countries plus the EU and Eurocrats!