English European Crisis Greek Crisis Modest Proposal Politics and Economics Uncategorized

What Merkel’s Third Term Means for Europe

(This article was commissioned by The New Left Project – click here for the NLP’s site) A few days before the German federal election, the American commentator Bob Kuttner called upon German Chancellor Angela Merkel to use the election victory that was clearly in the making to change tack regarding the European Periphery. Focusing on […]

English European Crisis Guest Post Modest Proposal Uncategorized

Hollande and Merkel: Where Left is Right – guest post by Stuart Holland

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 […]

English European Crisis Greek Crisis Modest Proposal Politics and Economics The Global Minotaur: A theory of the Global Crisis Uncategorized

Why asymmetrical monetary unions are bound to fail (unless they feature an effective, extra-market surplus recycling mechanism)

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 […]

English European Crisis Modest Proposal Politics and Economics Uncategorized

Guilt, debt and interest rates: A comment on double moral standards

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 […]

English Modest Proposal Uncategorized

On the legality, mechanics and effectiveness of the Modest Proposal’s policy regarding the Eurozone’s debt crisis

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, […]

English European Crisis Modest Proposal Uncategorized

Debt Redemption, PSI&OSI versus our Modest Proposal: Q&A with Portuguese readers

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.

English European Crisis Modest Proposal Uncategorized

NEW: A Modest Proposal for Resolving the Euro Crisis, Version 4.0 – by Yanis Varoufakis, Stuart Holland and James K. Galbraith

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 […]

English Modest Proposal Politics and Economics Uncategorized

Taking stock of the Euro Crisis – a prelude to (the forthcoming) Version 4.0 of the Modest Proposal

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 […]