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

The Modest Proposal in Toronto. Today, Monday 7th November, 16.00

7th November, University of Toronto: Invited to speak on The Euro and the European Crisis by the Munk School of Global Affairs at Toronto University. The advertisement states: “As the eurozone crisis is unfolding, threatening in the process to infect the global economy, the debate currently raging in Europe (on how to tackle the cascading defaults and insolvencies) […]

English European Crisis Uncategorized

CDS buyers, feminists and Marx: Odd bedfellows in the era of the euro crisis

“Here is our offer: Accept a 50% haircut on your Greek bonds. If you choose not to consent, and it is your prerogative not to, we shall give the green light to Greece to declare a 100% default.” This was in essence the deal that Mr Dallara accepted in the wee hours of the morning on […]

English European Crisis Uncategorized

A leveraged EFSF or an ECB-brokered debt conversion? Europe's recent scheme for resolving the crisis versus our Modest Proposal

In my recent ABC TV interview I suggested that the latest euro agreement (announced on 27th October 2011) was a triumph of Orwellian double-speak. They created discord and they called it agreement. In this post I want to unpick a crucial repercussion of this latest piece of  euro-fraud.

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Europe's newest Orwellian moment: On ABC TV's Lateline discussing the latest plan to save the euro

The ABC’s Lateline (Australia’s flagship news and current affairs evening tv program) afforded me the opportunity to delve into the details (or lack thereof) of the latest European effort to combat the euro crisis. For the transcript and video (kindly provided by the Australian Broadcasting Corporation)…

English European Crisis Greek Crisis Uncategorized

Another emblematic EU non-event: A first reaction to the latest EU 'agreement'

With the din of the debate on what the new EU anti-Crisis ‘agreement’ means in our ears, and after a long night of anxious observation of our leaders’ deliberations, it is terribly easy to lose sight of the only truth about this new twist in the euro crisis saga: There has been no agreement to […]

English European Crisis Uncategorized

Fixing Europe's Impossible Algebra

In simple arithmetic terms, European leaders have been struggling to patch up a €4 trillion gap (€1 trillion of potential bank re-capitalisations plus €3 trillion of stressed sovereign debt) by stretching a €250 billion patch (the EFSF’s remaining funds). In algebraic terms, they are bamboozled by the task of solving a system of two equations […]

English European Crisis Greek Crisis Uncategorized

The Snowflake That Started an Avalanche: Three recent interviews

With the eyes of a stunned world trained, yet again on Greece, the international media have returned to Athens. I keep suggesting to them that they are wasting their time. That the real game is happening elsewhere – in the corridors of the French and German banks, in the meetings between German officials and the […]

English Politics and Economics The Global Minotaur: A theory of the Global Crisis Uncategorized

Los Angeles Review of Books: On Yanis Varoufakis’s new theory of the global financial crisis, by Brian Collins

Brian Collins honoured us (myself and my co-authors Joseph Halevi and Nicholas Theocarakis) with a long, extremely kind review which he just published in the Los Angeles Review of Books:  Yanis Varoufakis, Joseph Halevi, and Nicholas Theocarakis, Modern Political Economics: Making Sense of the Post-2008 World, Routledge, July 2011. 552 pp. Yanis Varoufakis, The Global Minotaur: America, The […]

English European Crisis Uncategorized

Soros tries to snatch hope from the jaws of despair

George Soros has been saying much that is right about Europe for at least the past year. (I have had the opportunity to comment on his musing, mostly approvingly, on a number of different occasions – see for example here and here). His latest piece in the FT (A route-map through the eurozone minefield) is […]