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A Moment among the Minskians
The Straddler, Fall 2011. All content © The Straddler I The events leading up to and following the financial crisis in 2008 led to widespread deployment of the term “Minsky Moment,” used to describe the painful termination of what Hyman Minsky called “runaway expansion.” In boom times, according to Minsky, stable profit growth resulting from […] -
Research Project ReportDirect Job Creation for Turbulent Times in Greece
Countries in crisis round the world face the daunting task of dealing with abrupt increases in unemployment and associated deepening poverty. Greece, in the face of her sovereign debt crisis, has been hit the hardest. Remediating employment policies, including workweek reductions and employment subsidies, abound but have failed to answer the call satisfactorily. Direct public-service […] -
Research Project Report
Άμεση δημιουργία θέσεων εργασίας για μια ταραγμένη εποχή στην Ελλάδα
Σε όλο τον κόσμο, οι χώρες που βρίσκονται σε κρίση έχουν μπροστά τους το δύσκολο έργο της αντιμετώπισης των αυξανόμενων ποσοστών ανεργίας και της εμβάθυνσης της φτώχειας. Η Ελλάδα, η οποία αντιμετωπίζει μια βαθιά κρίση κυρίαρχου χρέους, έχει πληγεί σε πολύ μεγαλύτερο βαθμό από τις υπόλοιπες χώρες. Υπάρχει αφθονία πολιτικών απασχόλησης, από προγράμματα επιδότησης της […] -
Blog
Austerity for the Austere
In a new one-pager C. J. Polychroniou illustrates how dire the situation in Euroland is becoming, running briefly through the outlooks for Greece, Portugal and Ireland, Italy and Spain, Belgium, France, and Germany. From his entry on Italy and Spain (emphasis mine): Both nations are currently engulfed in debt flames (in spite of the fact [...] -
One-Pager No. 21Biopolitics and Neoliberalism
With the crisis in the eurozone threatening the integrity of the European Union itself. German Chancellor Angela Merkel continues to brush aside calls to permit the European Central Bank to act as lender of last resort, and she remains steadfast against suggestions for the issuing of a eurobond. Yet Germany does have a plan for […] -
One-Pager No. 21
Βιοπολιτική και νεοφιλελευθερισμός
Με την κρίση στην ευρωζώνη να απειλεί την ακεραιότητα της ίδιας της Ευρωπαϊκής Ένωσης, η Γερμανίδα καγκελάριος Αγκελα Μέρκελ συνεχίζει να απορρίπτει το κάλεσμα για την μετατροπή της ΕΚΤ σε δανειστή έσχατης ανάγκης και παραμένει σταθερά εναντίον των εισηγήσεων για την έκδοση ενός ευρωομολόγου. Ομως η Γερμανία έχει σχέδιο για την ευρωζώνη ακόμα και αν […] -
Blog
Slow Motion Disaster Speeding Up
In a recent interview Dimitri Papadimitriou talked about the EU leadership’s failure to prevent the euro crisis from entering its terminal phase and ran through the likely repercussions for the US financial system. Papadimitriou cites $3 trillion in exposure for US finance, half of which is mutual fund investments in European banks and sovereign debt—and [...] -
Blog
Confusion in Euroland
In a new one-pager, Dimitri Papadimitriou and Randall Wray team up to offer their take on the confusion that seems to afflict many approaches to the eurozone crisis. Government spending did not cause this crisis, they argue, and austerity will not solve it. Wray and Papadimitriou include this chart showing both government and private debt [...] -
Blog
End the Fed and Old Hickory
Randall Wray kicks off a discussion of the movement to reform or eliminate the Federal Reserve with a look at Andrew Jackson’s 1832 refusal to extend the charter of the Second Bank of the United States (effectively forestalling the creation of a central bank in the US): The basis of his objection to the US [...] -
One-Pager No. 20
Confusion in Euroland
As the crisis in Europe spreads, policymakers trot out one inadequate proposal after another, all failing to address the core problem. The possibility of dissolution, whether complete or partial, is looking less and less farfetched. Alongside political obstacles to reform, there is a widespread failure to understand the nature of this crisis. And without seeing […] -
One-Pager No. 20
Σύγχυση στην Ευρωχώρα
Καθώς η κρίση στην Ευρώπη επεκτείνεται, οι διαμορφωτές πολιτικής ξεφουρνίζουν τη μία ανεπαρκή πρόταση μετά την άλλη, ενώ καμία δεν αντιμετωπίζει το κύριο πρόβλημα της κρίσης. Η πιθανότητα μιας διάλυσης της ευρωζώνης, είτε εξ΄ολοκλήρου είτε μερικώς, μοιάζει όλο και λιγότερο εξωφρενική. Εκτός από τα πολιτικά εμπόδια που πρέπει να ξεπεραστούν, επικρατεί μεγάλη αδυναμία κατανόησης της […] -
Blog
Solvency First: A Workable Solution
In a new policy note Marshall Auerback argues that discussions of how to solve the euro crisis often conflate two distinct issues: solvency and insufficient demand. “Policymakers want the ECB to do both,” he writes, “but in fact, the ECB is only required to deal with the solvency issue. When you do that in a [...]