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Archives by Tag 'austerity'
Trying to Kill Social Security
RON JACOBS
It seems like every few months alarms are sounded warning US workers that Social Security is going bankrupt.  Oftentimes, the follow up to these alarms includes a warning that the only way to save the system is by turning all or part of the funds involved over to Wall St...
Left Threat Terrifies Bankers: Out of the Eurozone, Into Bankruptcy?
PATRICK COCKBURN
Athens As Greeks prepare to vote in the most important election in their history on Sunday, people in Athens fear they are facing a future full of uncertainty, poverty and violence. Well-publicized crimes help create an atmosphere of violence as the wealth...
Greed and the Pain in Spain
CONN HALLINAN
Nobel Laureate economist Joseph Stiglitz characterizes the Spanish bank bailout as “voodoo economics” that is certain “to fail.” New York Times economic analyst Andrew Ross Sorkin agrees: “By now it should be apparent that the bailout has failed—or at le...
The Spanish Hurricane
ERIC TOUSSAINT
All eyes are turned toward Spain and its banking sector. After Greece, Ireland, and Portugal, we may ask ourselves if the bailout plans are behind us or whether we are simply in the eye of the cyclone? We must remain lucid and recognize that the financial and banking cris...
The Real Retirement Crisis
ERIC LAURSEN
“The lifespan of any civilization can be measured by the respect and care that is given to its elderly citizens, and those societies which treat their elderly with contempt have the seeds of their own destruction within them.” ...
Economic Karma in Greece?
R. G. DAVIS
If the Greeks with some effort and success will say No to austerity then Syriza and Tsipras might have a good handle on the Banks and the EU. The Banks are necessarily caught in the grip of fright. and their own contradictions — they may have to bail out Greece. If ...
In the Eye of the Storm
LAURA CARLSEN
The hopes of Mexico’s president Felipe Calderon to have the European crisis under control before he presides over the G20 Summit have been dashed. Although the immediate threat of an economic meltdown has subsided, the crisis is far from over. Continued uncertainty in G...
The Bailout of Spain
MIKE WHITNEY
“The burden of recapitalizing insolvent banks or loss-making acquisitions of solvent banks will fall on Spanish citizens.” – Karl Whelan, economist at University College, Dublin. Before EU finance ministers approve ...
Austerity and Authoritarianism
SERGE HALIMI
Last month’s student protests in Quebec have made it clear, yet again, that austerity policies cannot be imposed except by authoritarian methods. More than a third of the students in the province struck after Jean Charest’s liberal (centrist) government decided to inc...
I’m So Bored by the Keynesians
JONATHAN M. FELDMAN
I’ve been listening to various Keynesian arguments lately and I find them boring.  In the United States, United Kingdom and Sweden, the Keynesians are critiquing the utter stupidity of the austerity agenda which is half a loaf in the battle for sanity.  Yet, the probl...
Another One Bites the Dust
MARSHALL AUERBACK
It might seem strange to invoke Freddie Mercury and Queen in the context of the eurozone, but it’s the first thought that springs to mind, as Brussels and the increasingly hapless ECB, continue to mismanage their way to financial and economic catastrophe. Yesterday, the...
Empty Talk From the G8
VIJAY PRASHAD
WHEN the Group of Seven (G7) was formed in 1974, its charge was to provide confidence to a global population uncertain about the major structural features in the world. The members of the G7 were Canada, France, Italy, Japan, the United Kingdom, the United States and West...
Beyond Indignation
DANIEL RAVENTOS and JULIE WARK
The present situation of Europe is such that it can only lead to further social and political polarisation. Less than five years ago things were so different that it seems as if we were living in another world. Since 2008 the living conditions of the great majority of Eur...
Jerry Brown’s Terrorizing Tactic
ANN ROBERTSON and BILL LEUMER
Current political developments in California highlight the gaping chasm that divides the established political process – which is routinely mislabeled as “democratic” – with the positions embraced by the vast majority of Californians. Unfortunately, Califor...
Two Days in a Forbidden City
JULIA Von STADEN
Frankfurt, Germany. It almost seemed as if the City of Frankfurt, Hessian Police and, after all, any court up to the Federal Constitutional Court (in German: Bundesverfassungsgericht, BverfG) went paranoid and hysterical all together and at once. What seem...
Failing Greece
MIKE WHITNEY
“Austerity has failed because Greek society has been destroyed, the production base has been dissolved. Our country has been in a deep recession for five consecutive years. This has never happened in Europe in peacetime.” –Alexis Tsipr...
The Austerity of the Affluent
P. SAINATH
Finance Minister Pranab Mukherjee’s stirring call for austerity tugs at the national tear ducts.  Prime Minister Manmohan Singh has pleaded for it in the past and watched his flock embrace it creatively. With the finance ministry even acting on Dr. Singh’s call in 20...
The Plan to Kick Greece Out of the Eurozone
MIKE WHITNEY
“Men and women of Greece, it is with a sense of dignity and patriotic duty, that we made the decision not to betray your hopes and aspirations…The pro-bailout parties did not simply want us to support a government that would impose more austerity, ...
Taking It to the Streets in Spain
DANIEL RAVENTOS and JULIE WARK
The citizens of Spain have taken to the streets and squares in great numbers to demand their rights. Estimates vary enormously. Spain’s right-wing government claims that 22,000 people came out in Barcelona in the demonstrations on 12th May while the organiser...
The Insanity of Austerity
MARSHALL AUERBACK
Austerity during a serious recession is economically insane. It is a pro-cyclical policy that makes the recession more severe. A more severe recession is a mass destroyer of wealth and quality of life. It is pure waste. It is the primary cause of dramatic increases in pub...
We’re All Greeks Now
ROB URIE
One of the joys of being American is that every new day is a clean slate—no history, no memories, no experiences, a complete blank. This may help explain why our national conversations serve their intended purposes while being entirely content-free. Newsflash to self-de...
The Seismic Results in Greece
ERIC TOUSSAINT
At the May 6 polls, the radical left-wing coalition Syriza becomes the second “party” in numbers of voters as it moves from 4.5% at the previous elections (2009) to 16.8% (52 MPs instead of 13). It is the first party...
Austerity Backlash
JACK RANDOM
The countries that are doing very well in Europe are the Scandinavian countries. Denmark is different from Sweden, Sweden is different from Norway – but they all have strong social protection and they are all growing. The argument ...
The Meaning of “Austerity Measures”
MIKE WHITNEY
The eurozone is slipping into a recession that could have been avoided. Had policymakers provided fiscal support for stricken countries in the South and guarantees on their government bonds, (as the USG does for US Treasuries) then their economies could have continued t...
Spain Marches Toward a Depression
MIKE WHITNEY
“Other countries have gone through similar experiences. Latin American countries suffered a lost decade after 1982, and Japan has been stagnating for a quarter of a century; both have survived. But the European Union is not a country and it is unlikely to su...