In one sense Greece was finished the moment the Great Recession cut its growth rate (in the second quarter of 2009) from among the highest in Europe to almost zero.
A new think tank is in town with a heartfelt mission to save Europe. Its name: Council for the Future of Europe. It was set up recently by über-rich Nicolas Berggruen, a German entrepreneur who, commendably, is left dissatisfied by his billions and wants to spend part of them to create a better world. (See […]
Back in 1930, a policy pamphlet was published, one either inspired or even written by John Maynard Keynes. Its title: We Can Conquer Unemployment. We mobilised for war. Let us now mobilise for prosperity! Why is this relevant?
Last Friday, 2nd September, a day after the launch of The Global Minotaur, ScotlandUnite, the trades union, invited me to their London offices where they kindly interviewed me on a number of issues, including the book. Here is the video of what I had to say about The Global Minotaur: America, the True Origins of […]
by Yanis Varoufakis and Stuart Holland Ever since the Crisis erupted, Europe’s leaders have reacted to the suggestion that eurobonds are sine qua non with a familiar repertoire of responses. First came denial of the need for eurobonds, coupled with a snub for those who proposed them. More recently, we witnessed depression at the realisation […]
Hour long radio interview (91.5FM WNYE New York, broadcasting across NY, NJ, CT, and PA) in which I discussed the euro crisis, explained why eurobonds are essential as long as they are not guaranteed by the eurozone’s member-states, and argued in favour of the continuing appeal of the Modest Proposal (click here for the Levy Institute […]
The death of innocents haunts the living until each death is individuated, every last moment is narrated, all personal stories are woven into some unified, cathartic account. During the past ten years, much of the haunting has been lifted by superb reconstructions of the last phone calls, the self-denying rescue efforts, the struggle to escape […]
When Lenin alighted on 3rd April 1917 at Petrograd’s Finland Station, a train was set in motion that upstaged, and eventually overturned, the Mensheviks’ plan for an ‘evolutionary’ path from absolute Tsarism to some form of social democracy. Ironically, it took a Finnish social democrat (newly elected finance minister Jutta Urpilainen) to derail once and […]
Back on 7th July I invited readers to submit short pieces on Liberty and Justice, in the context of the present crisis. The prize on offer was a signed copy of a recent book (entitled MODERN POLITICAL ECONOMICS: Making sense of the post-2008 world, jointly scribbled by myself, Joseph Halevi and Nicholas Theocarakis). The time […]
In this half-hour interview (jump to 29′ 10”) Doug Henwood gave me an opportunity to lay bare the pieces of the euro crisis jigsaw puzzle but also to expand upon the inter-connections with the global crisis and its US menifestation in particular. Any comments?
The term ‘eurobond’ is bandied about ever so lightly. This is dangerous.
The context: In the middle of a mighty bushfire the fire brigade just held a summit between its chief fire fighters (Mrs Merkel and Mr Sarkozy) to discuss the importance of biodiversity, leaving the flames to destroy the forest. Italy and Spain are collapsing. The EFSF, the only institution that was set up to deal […]
George Soros, in his recent FT article, puts forward three proposals toward arresting the euro crisis. One and a half of these are spot on. The remaining (one and a half) range from the ill-thought to the catastrophic. Here is why I think this:
When the Modest Proposal argued, a year ago, in favour of a debt management system, for the eurozone as a whole, with the ECB at its centre, the general response was that it was a good idea containing a major flaw: the suggestion that the ECB issues its own eurobonds (for the purposes of financing […]