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Tag Archives: austerity
“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong
“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong With the nation’s household debt burden at $11.85 trillion, even the most modest challenges to its legitimacy have revolutionary implications. The legitimacy of a given social order rests on the legitimacy of its debts. Even in ancient times this was so. In traditional […]
Austerity and degrowth – dealing with the economic crisis and the ecological crisis together
Austerity and degrowth – dealing with the economic crisis and the ecological crisis together This article arises from increasing frustration and irritation about the way that the debate about Greece, and in general about austerity, is framed. My frustration is not only with the policy thugs who are implementing austerity, but also, to a degree, […]
EU’s Greek Debt Austerity Plan Rejected By The IMF
EU’s Greek Debt Austerity Plan Rejected By The IMF I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service […]
What Happens When Economists Talk Politics
What Happens When Economists Talk Politics As the “Varoufakis Files” provide everyone interested in the Greek tragi-comedy with an additional million pages of intriguing fodder -we all really needed that added layer of murky conspiracy, re: the Watergate tapes-, a different question has been playing in my head. Again. That is: Why are economists discussing […]
Eurozone Debt Just Keeps Rising—–What Austerity?
Eurozone Debt Just Keeps Rising—–What Austerity? The eurozone is supposedly in a state of recovery. However, in spite of that recovery, public debt and debt-to GGP levels are still rising. Austerity is difficult to find in any realistic sense. Please consider Eurozone Borrowing Rises to Record as Recovery Remains Weak. The European Central Bank’s programme of […]
The Dangers of European Dis-Union
The Dangers of European Dis-Union The “European Project” is under unprecedented stress from fissures both east-and-west (over the Ukraine crisis) and north-and-south (over the Greek and refugee crises) – and it’s unclear whether the Continent’s bureaucrats can keep the European Union from splintering apart, as Nat Parry explains. The near collapse of the Greek economy and the […]
Greece crisis: Banks reopen as government eyes return to normalcy
Greece crisis: Banks reopen as government eyes return to normalcy Stock market remains closed Greek banks opened their doors Monday for the first time in over three weeks, a move that the government hopes will help the economy get back to normal following a period dominated by fears over the country’s future in the euro. […]
Greece Is Now A Full-Blown Humanitarian Crisis – In 9 Charts
Greece Is Now A Full-Blown Humanitarian Crisis – In 9 Charts The people of Greece are facing further years of economic hardship following a Eurozone agreement over the terms of a third bailout. The deal included more tax rises and spending cuts, despite the Syriza government coming to power promising to end what it described as […]
Riots in Athens: EU’s Impending Collapse?
Riots in Athens: EU’s Impending Collapse? People move events. The Greek people are trying to shape their own history. They aren’t there yet—even the Left hasn’t quite joined them. But a coalescence of forces is on the horizon: either Syriza radicalizes or it will be left behind. Capitalism by its very harshness is creating its […]
Greece: Sound and Fury Signifying Much
Greece: Sound and Fury Signifying Much All of Europe, and insouciant Americans and Canadians as well, are put on notice by Syriza’s surrender to the agents of the One Percent. The message from the collapse of Syriza is that the social welfare system throughout the West will be dismantled. The Greek prime minister Alexis Tsipras […]
Why Greece Is The Precursor To The Next Global Debt Crisis
Why Greece Is The Precursor To The Next Global Debt Crisis The Eurozone fantasy will be one of the early casualties The one undeniable truth about the debt drama in Greece is that each of the conventional narratives—financial, political and historical—has some claim of legitimacy. For example, spendthrift Greeks shunned fiscal discipline: here’s an account […]
We Are All (or Should Be) Greeks Now
We Are All (or Should Be) Greeks Now Their ‘No’ vote splashes a spotlight on ugly austerity, and its powerful puppeteers. The temple of neo-liberalism and its ideology of social suicide in the interests of the banks has been breached. The hysteria in European capitals (particularly Germany) after the resounding “No” vote by the people […]
European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday
European Leaders Promise The Greek Debt Crisis Will Be Resolved One Way Or Another On Sunday The wait will soon be over. Greece submitted a final compromise plan to its eurozone creditors on Thursday, European finance ministers will meet on Saturday to discuss the proposal, and an emergency summit of all 28 EU nations on […]
Financial Nonsense Overload
Financial Nonsense Overload Kelly Hensing “Those whom the gods wish to destroy they first make mad” goes a quote wrongly attributed to Euripides. It seems to describe the current state of affairs with regard to the unfolding Greek imbroglio. It is a Greek tragedy all right: we have the various Eurocrats—elected, unelected, and soon-to-be-unelected—stumbling about […]
