Essays
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 […]
ENDGAME: Europe’s time is up
, 24/05/2011
“If you gaze long into an abyss, the abyss will gaze back into you.” Friedrich Nietzsche’s infamous dictum has never had more purchase than in the current phase of the eurozone crisis. European leaders have been gazing for more than a year into the abyss of our continent’s triple crisis (banking crisis, debt crisis and […]
What is Mr Trichet on about? Denial versus a centrally planned debt conversion
, 23/05/2011
The ECB’s President has taken it upon himself to lead a ferocious campaign against the restructuring of the Greek debt. His resolute and singleminded opposition seems increasingly odd when projected against the background of a Greek sovereign debt whose dynamic is indisputably explosive. Is Mr Trichet simply a man in denial?
Ring-fenced Greece: The evolution of a false promise first to an incredible threat and, then, to a dangerous delusion
, 19/05/2011
It all started with a false promise: The Greek ‘bailout’ (i.e. a combination of a gargantuan, expensive loan and severe austerity) would contain the Greek debt mountain and would, in association with the establishment of the EFSF a few days later, ring-fence Greece thus preventing the crisis from spreading to Ireland and the Iberian peninsula.
On the Political Economics of Dominic Strauss Kahn's Political Death
, 16/05/2011
This post is about the economic and political significance of Dominic Strauss Kahn’s (DSK hereafter) arrest. It will say nothing about the merits or otherwise of the charges against Dominic Strauss Kahn, the IMF’s Managing Director. All cases of alleged sexual assault brought against high profile men place two equally important (yet often counter-opposed) demands […]
Clutching at straws: Europe's never-ending delusion feeds on Greece's unexpected 'growth'
, 14/05/2011
Did you hear the latest? Greece’s economy grew by 0.8% in the first quarter of 2011. This is, surely, good news. Except that, in fact, the Greek economy shrank by 4.6% in the first quarter of 2011.
Recent developments and the Modest Proposal: Interview with ForexStreet (Barcelona)
, 12/05/2011
Click here to go to the ForexStreet site, or read the interview below: