That the Empire has struck back there is no doubt. Goldman Sachs’ Lloyd C. Blankfein just rewarded himself with $19 million bonus for 2010: the year during which he appeared in front of a Senate Committee, a court , an SEC investigation revealing in full technicolor the great variety in which GS broke the law, manipulated […]
Since Version 2.1 of the Modest Proposal was published here on 24th March, the demands on our time have been extraordinary. Thus, no posts. But the good news is that the Proposal has, since then, been received with considerable approval in various, largely unexpected, quarters. The Greek Trades Union Council (GSEE) have committed themselves to […]
By Yanis Varoufakis and Stuart Holland, 24th March 2011 Introduction to the new version of the Modest Proposal (to go straight to Version 2.1 of the Proposal, click here) The response to our Modest Proposal Version 2.0, of 10th March, has been overwhelming with more than 100 thousand downloads within a few days. As if […]
In yesterday’s FT, George Soros sided with two of three main policies in our Modest Proposal 2.0 and took a position largely in tune with our third policy. First, he agreed that the current euro crisis is significantly a banking crisis and, thus, adopted the policy (that the Modest Proposal 2.0 first made) that the […]
James Galbraith, in a private communication, raised a justified concern over my point that the US Treasury Secretary Tim Geithner imposed proper stress tests on the US banks in 2009 and proceeded with their recapitalisation – unlike the Europeans who are allowing Europe’s banks to be zombies for ever and ever. James told me that […]
In my last post, I compared the US and the EU approach to the post-2008 banking crisis, suggesting that Europe perpetuates the zombie state of its banks. Here are relevant extracts from Chapter 7 of my forthcoming Global Minotaur:
These are two questions posed by Jan Toporowski in a recent communication. In this post I offer brief answers:
I think that regular readers can predict my answer. It is the one that in fact any banker would, in a fit of honesty, give you: Non-performing loans must be deleted from the banks’ books. Same with derivatives that stand no chance of finding a market/buyer. These nonperforming paper assets weigh banks down and ensure […]
This post is for those of you who wanted to read my presentation of the Modest Proposal Version 2.0 at the conference on the Debt Crisis organised by the European Party of the Left, 12th March 2011, in downtown Athens. The text follows. (As it happened, a dearth of headphones meant that most of the […]
Did you know that the Greek government managed, through heroic and brilliant bargaining, to extract from the latest Eurozone Summit an agreement that the Tobin tax will, at long last, see the light of day – at least in the eurozone? Well, nor did I. But apparently, this is precisely what happened, if the Greek […]
In this post I continue my Q&A with Manos Makrakis on our Modest Proposal 2.0. Tomorrow I continue with some important points raised by Jan Toporowski.
Sad news from the EU summit (that the media are presenting as yet another ‘breakthrough’): Just heard the news that our EU leaders are making progress in reaching an agreement on extending the Greek EU-IMF loan repayments by a few years and reducing the interest rates for Ireland by 1%. The possibility of allowing the […]
A few months ago, Stuart Holland and I tabled our Modest Proposal for Overcoming the Euro Crisis. Then we gave it a redux for the New Year. As the Crisis is deepening, and in view of the forthcoming 25th March EU Summit which, we were promised, was meant to culminate into a Comprehensive Solution for […]
In today’s post I conlcude the region-by-region assessment of the impact of the Global Minotaur’s demise post-2008. Previsously, we delved into the triangular relationship between Japan, East Asia and the USA, recalled Germany’s peculiar engagement with the rest of Europe (see here) and, lastly, re-visited the eurozone crisis.
The region by region assessment of the impact of the Global Minotaur’s demise post-2008 today proceeds to an analysis of the eurozone crisis. Having just looked at the story of Germany’s European engagement (see here), and after having scrutinised the triangular relationship between Japan, East Asia and the USA), we are (I hope) ready for a […]