Japan's Dire Message To Yellen: "Don't Raise Rates Soon" by Wed, 08/05/2015 - 21:00 0 SHARES We think it is more useful to compare economics and interest rates in the period since 2007 in the U.S. (The Great Recession) with the period since 1990 in Japan (Japan’s 2+ lost decades) as well as the…

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Germany’s austerity policy is driving the EMU towards collapse, and will have devastated Greece long before that. A Greek exit from the euro would benefit all of Europe—and is gaining increasing support from the Greek people, writes Costas Lapavitsas for Le Monde diplomatique's July issue. The…

by Tue, 08/04/2015 - 21:15 0 SHARES This week John Hussman’s pondering about the state of our markets is as clear and concise as it’s ever been. He starts off by describing the difference between an economy operating at a low level versus a high level. He’s essentially describing a 2% GDP economy…

Avun blogien aiheet vaihtelevat yhteiskunnallisesta keskustelusta ruuanlaittoon, hevosista kulttuuriin ja vaikkapa matkailusta pyykinpesuun – miltei siis koko ihmiselämän kirjon! Moniosaaja Hanna Suma

Former Greek Energy Minister Panayiotis Lafazanis is not voting in favor of a possible new deal currently under negotiation between the government and the country's creditors and he expects that fellow radical leftist MPs of ruling SYRIZA will do the same. Speaking to the press during a visit to the…

Down the road from my studio, in Melbourne’s northern suburbs, there is a small cafe next door to a tobacconist. Both are owned by Australians of Greek heritage. The week before the people of Greece voted on whether they wished to accept the new round of austerity measures demanded by the Troika…

Cartoon first published in Der Standard, June 19, 2015 | Oliver Schopf Opinion How a single currency has enfeebled a great continent. The idea underlying the European Union is to use economic mechanisms to achieve a political objective. At first, in the 1950s, the objective was post-war…

by Tue, 08/04/2015 - 12:46 0 SHARES It may be the great magic trick of the management consulting world: No matter how complex the situation and how iffy the outcomes may appear to be, just draw a two-by-two box for your client. Define what options to write on the x and y axes – and then the client…

Which will be the next eurozone domino to fall? With Greece enjoying a temporary lull in its apparently permanent crisis, we can take a moment to look around its neighborhood at other candidates for trouble. There are several — and the euro’s future looks far from bright. Greece ran into trouble…

Getty Images German Chancellor Angela Merkel is facing a challenge to her euro-zone policies not only by French President François Hollande, but also by her own finance minister. After the Greek bailout disaster, Paris, Berlin and Brussels want to reform the euro zone by creating an economic…

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OXFORD – Over the last few decades, the International Monetary Fund has learned six important lessons about how to manage government debt crises. In its response to the crisis in Greece, however, each of these lessons has been ignored. The Fund’s participation in the effort to rescue the eurozone…

No joke: Italian comedian Beppe Grillo is the leader of the second-most popular political party (Laura Lezza/Getty Images) What do you call a country that has grown 4.6 percent—in total—since it joined the euro 16 years ago? Well, probably the one most likely to leave the common currency. Or Italy,…

Alexis Tsipras will on Thursday face an unprecedented challenge to his authority, as the central committee of his governing Syriza party meets to discuss the prime minister’s plan to hold a snap election as soon as Greece signs up to a €86bn third bailout. After abandoning its earlier vows of unity,…

The capitulation of Greek Prime Minister Tsipras to the demands of the official creditors has split the Syriza coalition. About a quarter of the party refused to make the apparent U-turn with the Prime Minister. Those that were part of the cabinet have been replaced. However, they retain their seats…

Jul 29, 2015 Greeks and other Europeans may fault Yanis Varoufakis, Greece's former finance minister, for pursuing his agenda with too little politesse while in office. But the essence of that agenda was – and remains – largely correct. LONDON – From blaming him for the renewed collapse of the Greek…

If there is one man standing now for the ugly German, it is Wolfgang Schäuble. Ironically, the German finance minister is also the player in the current euro drama who is most dedicated to putting the joint currency on a sustainable footing. Tonnes of comments have been written in the last weeks…

The bizarre attempt to have me indicted me on… treason charges, allegedly for conspiring to push Greece out of the Eurozone, reflects something much broader. It reflects a determined effort to de-legitimise our five-month long (25th January to 5th July 2015) negotiation with a troika incensed that…

It has come to this. The first finance minister of a eurozone country to draw up contingency plans for a possible euro exit is under investigation for treason. Greece's chief prosecutor is examining c

Yanis Varoufakis has few friends in official circles these days. Greece’s outspoken former finance minister has long been loathed by his erstwhile eurozone counterparts, on whom he counterproductively impressed their mediocrity. Since he has been jettisoned by his prime minister, Alexis Tsipras, and…

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Statement by the Office of Yanis Varoufakis, former Minister of Finance, Member of Parliament, Hellenic Republic During the Greek government’s negotiations with the Eurogroup, Minister Varoufakis oversaw a Working Group with a remit to prepare contingency plans against the creditors’ efforts to…

Yanis Varoufakis has insisted he did nothing improper as part of a five-month clandestine project he ran as Greek finance minister that prepared for his country’s possible exit from the euro. The scheme, which was almost completed but not fully implemented, involved hacking into Greece’s independent…

The major of Stylida city and a lawyer filed lawsuits against former Finance Minister Yanis Varoufakis. The two blame the ex FinMin for “actions that led to economic measures” and “high treason”. A third complaint has been filed for the “hacking of taxpayers’ registration numbers (AFMs). A fourth…

A secret cell at the Greek finance ministry hacked into government computers and drew up elaborate plans for a system of parallel payments that could be switched from euros to the drachma at the "flic

Former Finance Minister Yanis Varoufakis has claimed that he was authorized by Alexis Tsipras last December to look into a parallel payment system that would operate using wiretapped tax registration numbers (AFMs) and could eventually work as a parallel banking system, Kathimerini has learned. In a…

By William K. Black Quito: July 7, 2015 It is often the moral and economic blindness of New York Times articles about the EU crisis that is most striking. The newest entry in this field is entitled “Now Europe Must Decide Whether to Make an Example of Greece.” That is a chilling phrase most…

Over the past few months the world has witnessed the short career of a Greek government vainly endeavouring to uphold an anti-austerity platform against the implacable power of the Eurozone’s financial institutions. Yanis Varoufakis, the former Greek Minister for Finance, was a central player in…

Once seen as an idealistic radical, Alexis Tsipras, Greece's leader, is emerging as something else entirely.Credit...Alkis Konstantinidis/Reuters ATHENS — On the eve of his election in January, Prime Minister Alexis Tsipras of Greece talked with pride about how his leftist Syriza party rejected “the…

ESPOO, Finland — Finland is, in many ways, the anti-Greece. Like Greece, it is geographically far from the core Western European powers of Britain, France and Germany. And like Greece, it uses the euro currency. But unlike Greece, it is a model of sound governance and responsible use of debt. Yet…

When the GFC emerged and confirmed what Modern Monetary Theory (MMT) proponents had been predicting for more than a decade, I initially thought that this might be the ‘paradigm-shift’ line in the sand with respect to economic theory and policy. The OPEC oil price hikes in the 1970s provided the…

Its the Friday lay day blog again and I am in a rush. Under the smokescreen of all the Greek drama that has played out on the World stage over the last week the bosses of the Eurozone released their – Completing Europe’s Economic and Monetary Union – (June 22, 2015), aka the Five Presidents’ report.…

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by Tue, 07/14/2015 - 12:26 0 SHARES Today's Dark Lords Of Finance In his Pulitzer-Prize-winning book, Lords of Finance , the economist Liaquat Ahamad tells the story of how four central bankers, driven by staunch adherence to the gold standard, “broke the world” and triggered the Great Depression .…

(Photo By Yanis Varoufakis says this deal "will be worse". Photo: Getty) Read the full Q&A transcript of our interview with Varoufakis here. Greece has finally reached an agreement with its creditors. The specifics have not yet been published, but it is clear that the deal signed is more punitive…