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Europe is blowing itself apart over Greece – and nobody seems able to stop it
Europe is blowing itself apart over Greece – and nobody seems able to stop it Prime Minister Alexis Tsipras never expected to win Sunday’s referendum. He is now trapped and hurtling towards Grexit Like a tragedy from Euripides, the long struggle between Greece and Europe’s creditor powers is reaching a cataclysmic end that nobody planned, […]
The Pope’s Letter: Neoliberalism and Fukushima
The Pope’s Letter: Neoliberalism and Fukushima Japan’s Social Disintegration Japanese sociologist and Tokyo Metropolitan University professor, Shinji Miyadai argues that European nations progressed from the communal self-governance of food to the communal self-governance of energy after World War II. Miyadai compares Europe’s post-war developments with those of post-war Japan in his article entitled ‘Pitfalls of […]
The Greece and Eurozone Crisis Made Simple
The Greece and Eurozone Crisis Made Simple One can go into long convoluted explanations but, as I see it, there are two basic problems, one leading into the other. The more superficial problem is that in a single currency zone without the option of devaluation purchasing power will drain to the more competitive countries. To […]
There is Only One Way Out For Greece
There is Only One Way Out For Greece Brussels has been dead wrong. The stupid idea that the euro will bring stability and peace, as it was sold from the outset, has migrated to European domination as if this were “Game of Thrones”. Those in power have misread history, almost at every possible level. The […]
Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks
Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks In March 2010, two months before the announcement of the first Greek bailout, European banks had €134 billion worth ofclaims on Greece. French banks, as shown in the right-hand figure above, had by far the largest exposure: €52 billion – this was 1.6 […]
Welcome to Blackswansville
Welcome to Blackswansville While the folks clogging the US tattoo parlors may not have noticed, things are beginning to look a little World War one-ish out there. Except the current blossoming world conflict is being fought not with massed troops and tanks but with interest rates and repayment schedules. Germany now dawdles in reply to […]
With Yanis Gone, Now Troika Heads Must Roll
With Yanis Gone, Now Troika Heads Must Roll Now that Yanis Varoufakis has resigned, in the kind of unique fashion and timing that shows us who the real men are, it’s time to clear the other side of the table as well. The new finance minister, Euclid Tsakalotos, should not have to face the same […]
Greece Votes NO – Let The Chaos Begin…
Greece Votes NO – Let The Chaos Begin… The result of the referendum in Greece is a great victory for freedom, but it is also threatens to unleash unprecedented economic chaos all across Europe. With almost all of the votes counted, it is being reported that approximately 61 percent of Greeks have voted “no” and […]
Greek Citizens Vote “No” on a Bailout Offer that no Longer Exists
Greek Citizens Vote “No” on a Bailout Offer that no Longer Exists An exercise in futility has just ended in Greece, with its population voting down an offer that has expired almost a week ago already. Given the futility of the referendum, its outcome was actually irrelevant from a formal perspective – once the verdict […]
Greece and Global Class War
Greece and Global Class War Then By 2008 the neoliberal project that had been propelled by bullshit, wishful thinking and copious quantities of bank money freed from any pretense that it could ever be repaid was coming unwound. The same ‘favor’ that American mortgage lenders had done communities of color and exurbs in the U.S. […]
Privately Owned Greek Media Line Up With The One Percent Against The Greek People
Privately Owned Greek Media Line Up With The One Percent Against The Greek People The latest report from Greece indicates that the privately owned Greek media have taken a stand against the Greek people and for the One Percent: Yesterday’s demonstration in favor of ‘No’ in Syntagma Square of Athens had gigantic proportions and great […]
As the Eurozone Teeters, the IMF Does Something Weird
As the Eurozone Teeters, the IMF Does Something Weird Wolf here: the IMF’s job is to bail out holders of sovereign bonds issued in a currency the issuer doesn’t control and can’t devalue (Mexico issuing bonds in dollars, Greece issuing bonds in euros). These bondholders are mostly banks. In a debt crisis, the IMF bails out these banks by […]
Greece, China, and Russia – a Plan B for Greece
Greece, China, and Russia – a Plan B for Greece If the Greeks were to vote ‘No’ what would happen next? Well no one can say. But here is a quick thought on what I hope the Greek government might have been exploring if they are excluded from the euro. It’s just food for thought […]
Behind the Greek Crisis
Behind the Greek Crisis Exclusive: The usual narrative of the Greek economic tragedy is that the country is paying for its past profligacy, but there is deeper back story of political repression fueled by major powers intervening in Greece and contributing to a dysfunctional political system, recalls ex-U.S. diplomat William R. Polk. Focusing exclusively on the monetary […]
The Greek People Should Vote No
The Greek People Should Vote No Greece has defaulted on its 1.3 billion euro payment to the International Monetary Fund and the euro zone is still intact, but nobody has any clear idea about what will happen after next Sunday’s referendum. Prime Minister Tsipras and Finance Minister Yanis Varoufakis, a game theory expert, have […]
