debating progressive politics in Europe and beyond
Very interesting interview on the state of the global economy by the World Bank with Joseph Stiglitz. Not sure why the sound is so bad but you can still understand what he is saying: Interview with Prof. Joseph Stiglitz from World Bank on Vimeo. If you want to get the full whack you can also watch Stiglitz’ lecture on the same [...]
In the political discussions about the origins and causes of the current Eurozone debt crisis the rules of the Stability and Growth Pact often play a prominent role. Also yesterday, when the German Bundestag voted on the proposed Euro rescue fund, the Pact was regularly cited. Let me be clear: this discussion is misguided as the [...]
The possible collapse of the euro threatens the future of social democracy, not only in Europe but also throughout the world. Yet many on the left have silently welcomed the euro crisis because European Monetary Union (EMU) has been seen as a critical part of the neoliberal project that dominated world order over the past [...]
Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation. They need to regain control, and they need to do so now. Three bold steps are needed. First, the governments of the eurozone must agree in principle on a new [...]
Former US Treasury Secretary Lawrence Summers had a good line at the International Monetary Fund meetings this year: governments, he said, are trying to treat a broken ankle when the patient is facing organ failure. Summers was criticizing Europe’s focus on the second-order issue of Greece while far graver imbalances – between the EU’s north [...]
The letter sent by ECB President Trichet and his successor (and current head of the Bank of Italy) Draghi to the Berlusconi government calling for reforms in return for a resumption of bond purchases by the central bank has been made public. It starts with “At the current juncture, we consider the following measures as [...]
After successfully bailing out banks and adopting a first wave of economic recovery measures, the authorities of the European Union (EU) and its member states began to impose draconian, anti-social austerity plans from the beginning of spring 2010. These plans stem from an increasingly coordinated policy at the EU level, which is entering a new [...]
Thus far 2011 has not been a good year for progressives. The daily sight of the White House seeking elusive accommodations with Tea Party-inspired Congressional Republicans has not been an edifying one. Prior to and during the debt ceiling crisis, all the drive, all the issue framing, all the assertiveness in the pursuit of solutions, [...]
France, which now holds the presidency of the G-20, has chosen reform of the international monetary system as its main priority for the Cannes summit in November. But is the issue worth the time and energy officials will devote to it? And where can such discussions lead? When French President Nicolas Sarkozy announced his G-20 [...]
Rather than the terms “peace and reconciliation”, “freedom and emancipation”, discussion on Europe today is dominated by terminology from the modern financial economy like “rescue package”, “stability mechanism”, “debt rescheduling” and “government bonds”. Europe has changed from a continent of values and principles to a straightforward place of business where exchange rates, prices, and the [...]
The Arab Spring is a historic moment of opportunity for the Middle East — as well as Europe — that must not be wasted. Who could have imagined even a year ago that the Arab Spring would blow a fresh wind across the Middle East, opening minds and hearts to new possibilities. Now in the [...]
Seems like only yesterday conservative nabobs of negativity predicted America’s ballooning budget deficit would generate soaring inflation and crippling costs of additional federal borrowing. Remember Standard & Poor’s downgrade of the United States? Recall the intense worry about investors’ confidence in government bonds — America’s IOUs? Hmmm. Last week ten-year yields on U.S. Treasuries closed at 1.83 [...]
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