Today I am continuing the narrative of my forthcoming book The Global Minotaur. The last post on the matter chronicled the Crash of 2008 (for all the previous posts on the Minotaur click this archive). My chronicleended abruptly and arbitrarily toward the middle of 2009. It reads like a breathless horror story. Unlike its Hollywood equivalents, […]
On Thursday 24/2, a one day workshop was organised by the European Union Studies Centre and the National Seoul University (S. Korea) at the latter’s campus in Seoul. The title of the workshop was: Crisis and the future of European Integration: Implications for Asia. I was honoured with an invitation to open the workshop. Here […]
So far (see the category The Global Minotaur), we have seen examined the constituent parts of the peculiar global surplus recycling mechanism of the second postwar phase (to which I have given the label Global Minotaur). We saw how it caused financialisation and the global imbalances that everyone is talking about today. Then, all of […]
The last two posts examined four important contributors to the Global Minotaur: to America’s astonishing pre-2008 capacity to attract financing from the capital surpluses of the rest of the world sufficient for the purposes of funding its expanding twin deficits. They were, in turn, (a) the mergers and acquisitions drive, (b) hedging and leverage, (c) The Wal-Mart business model […]
In The Minotaur’s Handmaidens Part A, my last post, I looked at two important contributors to the Global Minotaur: to America’s astonishing pre-2008 capacity to attract financing from the capital surpluses of the rest of the world sufficient for the purposes of funding its expanding twin deficits. These two contributors were, on the one hand, the […]
The last post presented the Global Minotaur as a peculiar, yet powerful, Global Surplus Recycling Mechanism (GSRM). Now, I move on to a discussion of the various submechanisms by which the US twin deficits managed to attract financing from the capital surpluses of the rest of the world so that this strange GSRM could operate […]
Continuing with the story of the Global Minotaur, today’s post looks at it as a most peculiar Global Surplus Recycling Mechanism .(to get up to speed on what this mechanism might be all about, click here) Following the collapse of the Global Plan in 1971, by the end of the 1970s America’s twin deficits had started […]
My last post introduced readers to the Global Minotaur, the dynamic by which America’s twin deficits became a mighty ‘beast’ that performed to crucial functions after 1971: First, they provided Japan and Europe with the requisite demand for their industrial surpluses. Secondly, to finance these deficits (US government and trade deficits), the United States managed […]
In yesterday’s post, I began to tell the tale of how the USA planned and implemented a Global Plan for the world economy, placing the US administration at the heart of a global Surplus Recycling Mechanism. Today, I have two offerings: One is a brilliant paper by George Krimpas which states the case for such […]
In yesterday’s post I claimed that Mrs Merkel is right on almost everything except that she seems unaware of the fact that her own wishes will only come true if our currency union is equipped with something that I called a Surplus Recycling Mechanism (SRM). What is an SRM? And why am I saying that […]
Mrs Merkel is right on a number of counts and unless the rest of us, Europeans, acknowledge the strength of her case, there will be no progress in sorting out the mess otherwise known as eurozone. The trick will be to grant her her dues but, also, to point out the logical conclusion of her […]
In a few hours, our European leaders will emerge from their meeting, with a, supposedly, comprehensive package by which to deal with the euro crisis. Personally, I am not holding my breath. It is not that such a package is hard to put together (goodness knows this blog has made a meal of the availability […]
As Europe awaits with bated breath tomorrow’s ‘Comprehensive Solution’ to the European crisis, my good friends and colleagues Riccardo Bellofiore and Joseph Halevi kindly offered the following thoughts on the subject.
Regulars of this blog will know that 31st January 2011 was my deadline for finishing my new book, THE GLOBAL MINOTAUR: America, the True Oirigns of the Financial Crisis, and the Future of the World Economy. Well, I missed my deadline. By two hours and thirty six minutes! As deadline misses come, it was not […]
The BBC Radio 4 program Broadcasting House (a Sunday morning magazine program), hosted this radio essay of mine. The text is also available here.