Books English Politics and Economics The Global Minotaur: A theory of the Global Crisis Uncategorized

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

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 […]

Books English Politics and Economics The Global Minotaur: A theory of the Global Crisis Uncategorized

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

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 […]

Books English Politics and Economics The Global Minotaur: A theory of the Global Crisis Uncategorized

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

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 […]

Books English Politics and Economics The Global Minotaur: A theory of the Global Crisis Uncategorized

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

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 […]

Books English Politics and Economics The Global Minotaur: A theory of the Global Crisis Uncategorized

The Global Minotaur as a most peculiar Global Surplus Recycling Mechanism

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 […]

Academic English Politics and Economics Uncategorized

A late night discussion with Richard Holbrooke remembered

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 […]

English Essays Politics and Economics

Cutting our noses to spite our faces

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 […]