The European Question – On ABC Radio National’s Late Night Live

LNLIn this radio interview I am talking with Norman Swan (standing in for Phillip Adams) on Europe in the light of the recent European Parliament elections. Click here for the ABC RN site or just click on the player below:  

 

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  • What will be left of the Greek society and economy in the years required for a European New Deal to take effect (if it ever happens)? The Greeks need to take action now. Here in the USA there is the example of the North Dakota State Bank, which keeps capital within the state for investments, and which is credited for making North Dakota the only state not to suffer an economic downturn and a spike in unemployment. The Greek government has put taxpayers on the hook for the billions it has borrowed to recapitalize private banks, with paltry results in the form of new investments. (I assume that the banks are investing this capital abroad instead.) So, why not establish a public Hellenic investment bank to put this capital toward rebooting the economy? We also need to disestablish the Bank of Greece, which seems to be working at cross purposes to the interests of Greeks who are not connected to the economic elite.