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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 […]

What should we do with Europe's zombie banks?

, 16/03/2011

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 […]

The Minotaur’s Global Legacy, Part E – The rise of China

, 08/03/2011

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 Minotaur’s Global Legacy, Part D – A brief history of a very European debacle

, 07/03/2011

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 […]

The Minotaur’s Global Legacy, Part C – Germany's Europe

, 06/03/2011

The  region by region assessment of the impact of the Global Minotaur’s demise post-2008 continues in today’s post  with a close look at Germany and its attempt to remould Europe in its image. (The last posts looked at developments in the triangular relationship between Japan, East Asia and the USA).

The Minotaur’s Global Legacy, Part B – Wounded tigers: Japan, America and the South East Asian crisis

, 05/03/2011

Today I continue with a region by region assessment of the impact of the Global Minotaur’s demise post-2008. The last post looked at Japan. This one focuses on the nexus between Japan, SE Asia and the USA

The Minotaur's Global Legacy, Part A: The Dimming Sun

, 03/03/2011

On 25th March, European leaders have promised us a comprehensive solution to the eurozone risis. I am not holding my breath but, at the same time, I am redrafting the Modest Proposal for resolving the crisis. It will appear in this blog next week. In the meantime, I return to my Global Minotaur theme. The […]

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

, 22/02/2011

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 […]

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

, 18/02/2011

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 […]

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

, 16/02/2011

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 […]

The Global Minotaur as a most peculiar Global Surplus Recycling Mechanism

, 15/02/2011

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 […]

A late night discussion with Richard Holbrooke remembered

, 14/12/2010

It was summer of 2003. The setting was the island of Kos, a stone’s throw from the Turkish coast. Richard Holbrooke was participating at that year’s Symi Symposium organised by George Papandreou, then Greece’s Foreign Minister, currently Prime Minister. Though not a participant in that symposium (which also featured notables like Bill Clinton, Segolen Royal […]

Wikileaks' Precursor and Unsung Foe of Neoliberal Economics

, 11/12/2010

A tribute to Daniel Ellsberg, whose analytical work exposed the Achilles’ Heal of toxic economics forty seven years before the Crash of 2008, and whose courageous leaking of the Pentagon Papers stunned the world by exposing thousands of documents revealing the US government’s lies about Vietnam.

Cutting our noses to spite our faces

, 30/11/2010

The trouble with austerian logic is that it is grossly illogical. It does not even make sense in terms of the logic of microeconomics, let alone that of macroeconomics. Consider the current conundrum facing Greece and Ireland, the eurozone’s set of failed states (so far): Both countries have been forced to slice 10% off government […]

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