English Essays

The Road to Bankruptocracy: How events since 2009 have led to a new mode of reproduction

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, […]

English Essays

Of Debts and Faultlines: Greece and the Euro Crisis in a Global Context

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 […]

English Essays

The Crash of 2008 – lest we forget

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 […]

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The fifth of the Global Minotaur's Handmaidens: Toxic economic theory

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 […]

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

The Minotaur’s Handmaidens Part B: The Wal-Mart business model and Wall Street’s toxic money

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 […]

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The Minotaur's Handmaidens Part A: Mergers and take overs, Hedging and Leverage

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 […]

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The Global Minotaur as a most peculiar Global Surplus Recycling Mechanism

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 […]

English Essays

What attracted so much capital to New York, prior to 2008? The Global Minotaur’s charms

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 […]

English Essays

Surplus recycling, currency unions and the birth of the Global Minotaur

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 […]

English Essays

What is a Surplus Recycling Mechanism? An idea going back to Bretton Woods

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 […]

English Essays

My Merkel, right and wrong

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 […]

English Essays

The Euro Crisis as a Crisis of European Democracy

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 […]

English Essays

A Panorama of the European Crisis

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.

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The Global Minotaur is finished…

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 […]