Essays
Need a reminder of our era's political deficit? Here is a glimpse (dating to 1936)
, 24/09/2011
While we are lamenting our leaders’ lack of political will, nous and courage, it is both helpful and a little sad to compare and contrast the politicians in charge during this Crisis of ours with the generation of political leaders whose spirit was steeled during the previous Crisis, that of 1929. With no further ado, […]
A Crisis of Capitalism: Guest post by Riccardo Bellofiore
, 23/09/2011
Last Wednesday, The Guardian published a piece by friend and colleague Riccardo Bellofiore entitled A Crisis of Capitalism. Here I paste an extended version of that piece, which also mentions our Modest Proposal. Enjoy!
The Global Minotaur versus the Age of Greed: A debate on the ABC Radio National's Late Night Live, chaired by Philip Adams
, 19/09/2011
Since the late 80s one of my daily pleasures has been to listen to Late Night Live, the ABC Radio National's daily program in which Philip Adams, the renowned Australian film maker, author and public intellectual reviews the current political, social and cultural climate, talks to authors about a great variety of interesting books (that [...]Guest Post: Jerry Goldstein is sure of a Greek default, cannot see the eurozone breaking up but can see no way out of the mire either
, 12/09/2011
GUEST POST by Jerry Goldstein, ex City banker and regular correspondent of this blog I see the probability of Greece defaulting at 1, on a scale of zero to one. But I do not necessarily think this is sufficient to cause a breakup of the eurozone. Whilst a Greek default will cause volatility to spike […]
CATHARSIS DENIED: The tragedy of 9/11 ten years on
, 28/08/2011
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 […]
And the winner is… (The final verdict on our mini competition on Liberty, Justice and Crisis is in)
, 25/08/2011
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 […]
The Modest Proposal as the last shot left in the eurozone’s barrel: Guest post by George Krimpas
, 20/08/2011
The term ‘eurobond’ is bandied about ever so lightly. This is dangerous.
The Minotaur in the Room: Announcing the London launch of my new book on the true causes of the ongoing global economic tumult – 1st September 2011
, 09/08/2011
In London on Thursday 1st September at 18.30? Why not join us in the launch of The Global Minotaur at the Bookmarks bookshop , 1 Bloomsbury Street? Aditya Chakrabortty (of The Guardian) will introduce the book. (Click here for a pdf of the invitation) Meanwhile, here is a piece that sums up the reasons why this […]
James Galbraith on the European Project's critical moment
, 09/07/2011
James Galbraith kindly sent me the following piece, commissioned by DW, with the premission to reproduce it here. It is both a timely and an astute piece entitled Unless it’s reformed, Europe’s project is doomed. Enjoy:
Liberty, Justice and Crisis: A competition for readers
, 07/07/2011
Two days ago, my MPhil students, sat their end of First Year final examination in a course entitled Economics as a Social Science (offered in the context of UADPhilEcon). I thought you might be interested to see the ‘cruel’ questions I set for them. Would you care to provide answers? Perhaps we can have a […]
When French Folly and German Naiveté unite against Greek debt: Another sorry episode of how not to deal with a systemic crisis
, 28/06/2011
While crises are the laboratory of the future, the euro crisis is proving more like the alchemist’s lair. Back in November, the brilliant idea was touted, with considerable fanfare, of having the EFSF buy (at a discount) Greek and Irish bonds in the secondary market (in order to effect a non-default haircut). Despite the excitement […]
The Penny Is Dropping: Mervyn King, Daniel Gros, Jim O'Neill, and the increasing relevance of the Modest Proposal
, 26/06/2011
This blog has been risking its readers’ sanity by repeating ad nauseam, and in a myriad different guises, the claim that the euro crisis is, at root, a chain of bank insolvencies causally attached to another (derivative) chain of member-state insolvencies. And that, as such, all attempts to deal with the resulting Crisis by rivers […]
Misleading Parliaments: The essence of Greek Bailouts Mk1 & Mk2
, 20/06/2011
Misleading parliament is, in normal times, frowned upon by the political class. Misleading several parliaments at once is, on the other hand, the current state of play in the European Union.
Making amends: Restoring the voice of an Irish activist (which I had, unwittingly, played a part in suppressing)
, 20/06/2011
In my previous post, I mentioned a debate between Daniel Gross, a German based colleague and myself. (You can hear it here – beginning on the 38th minute). Well, in saying that, I was as guilty as the BBC anchor of silencing a fourth voice on that program. That of Kate Bopp, an Irish activist, […]
Beyond the Crisis: Markets, planning and a utopian vision (inspired by the American National Football League)
, 15/06/2011
The Crisis, especially in Europe (not to mention Greece), is all consuming. Every day our minds are highjacked by its latest twist. Today, here in Athens, a general strike has temporarily suspended the news’ cycle and given me a few moments to reflect. I thought that today’s post, reflecting this… reflective moment, should transcend that […]
The Greek Crisis and the Threat to Political Liberalism: A cautionary tale for Ireland, Portugal, the whole of Europe
, 12/06/2011
If 1929 has taught us anything, it is that a major (capital ‘c’) Crisis poses a lethal threat to (a) currency unions (e.g. the Gold Standard then, the euro today) and (b) political liberalism. The latter threat has, so far, featured only as a projection (see here for a relevant argument), rather than an observed […]
Open letter to the Greek Prime Minister
, 06/06/2011
Dear George, A few days after the 2009 election that brought you to power, you told your cabinet in a televised meeting: "We are anti-authoritarians in authority". Most of your cabinet, men and women who had been craving authority for years, looked at you incredulously, while your detractors mocked you. You seemed rather lonesome at [...]A Manifesto for Modern Political Economics: Extracts from our new book
, 05/06/2011
For the past few years, Joseph Halevi, Nicholas Theocarakis and your blogger have been working on a book whose twin (megalomaniac) purpose was: (a) To highlight the inherent error that parmeates economic thinking (of all guises and forms) while reclaiming all the lost truths that political economists hit upon at some point or rather, and […]
Saviour of Last Resort: The Modest Proposal as the Eurozone’s last line of defence
, 02/06/2011
In his pivotal article in yesterday’s Financial Times, Martin Wolf put the matter starkly: “The eurozone, as designed, has failed.” Paul Krugman quickly added this chilling allegory to Wolf’s detailed argument: “If you ask me, the water level has now dropped so far that the fuel rods are exposed. We really are in meltdown territory.” […]
Greece, Europe and the Global Economy: A debate with readers
, 31/05/2011
My last post (in which I suggested that Greece will never be pushed out of the euro) generated a spirited debate with readers and friends who chipped in their views on this and related matters. Rather than allowing these exchanges to stay within the margins of the previous post’s Comments section, I reproduce them here […]
When push comes to shove? Exposing the incredible threat of Greece's forced exit from the eurozone
, 30/05/2011
A Damocles’ Sword is, supposedly, hanging over Greece. We are told (even by the Greek EU commissioner) that Greeks must either accept that their country will be run, and micromanaged, by a committee of foreign creditors or else that Greece will be kicked out of the eurozone. This threat is founded upon (to put it not […]
Privatisation Without Representation: European democracy's last gasp
, 24/05/2011
Once upon a time, the crying call for parliamentary democracy was: No taxation without representation. Centuries passed and the democratic right to representation in all debates prior to taxation decisions was won. Then came the idea that Europe’ peoples should join together, forming a European Union in order to demonstrate to the rest of the […]
Eurozone countries are like a group of climbers roped together: Remember where you read this allegory first?
, 24/05/2011
The Financial Times today reports on something John Wraith, fixed income strategist at BofA Merrill Lynch, said regarding the manner in which contagion is spreading within the eurozone economies. “It is like a group of climbers roped together. As Greece slips, it pulls down other countries such as Spain and Italy.” Precisely. But readers of […]