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Archives by Tag 'austerity'
The Cult of Incompetent Bankers
The world financial system had another serious scare last week. The immediate issue was the prospect that the euro could break up. With the debt crisis spreading from smaller countries such as Greece and Ireland to the eurozone giants of Spain and Italy, events were again...
Crisis and Class Struggle in the Eurozone
To understand the situation in the countries at the periphery of the European Union, four countries within the Eurozone, Portugal, Ireland, Greece and Spain, we have to understand the political context they have in common. All of them were governed by fascist or fascist-l...
Deathwatch for the Euro?
Forget about the S&P downgrade, which has had ZERO impact on the global equity markets. The downgrade was supposed to mean that it would be more likely that the US government would not be able to pay its debt than previously assumed.  If the markets took this warning...
Tea and Snake Oil
The Tea Party, mutant spawn of the Republicans, held their spineless parents and the nation hostage during the debt ceiling crisis, and is now demanding an even greater ransom. Flushed with what they mistakenly believe is success, they have launched an all-out assa...
“Listen Up, Europe … This is Our Fight”
Madrid. At midnight on Saturday, July 23rd, the bells atop the municipal building on Madrid’s Puerta del Sol sounded the new day. It was a lonesome sound: despite the many thousands gathered below, no one seemed to hear. Their hands were waving in th...
A Bloody Awful Question of Liquidity
When they can get you asking the wrong questions they don’t have to worry about the answers – Thomas Pynchon, “Proverbs for Paranoids,” Gravity’s Rainbow It is a dangerous form of treatme...