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Archives by Tag 'debt'
Europe’s Deadly Transition From Social Democracy to Oligarchy
MICHAEL HUDSON
The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to ...
There Will Be Blood
MARSHALL AUERBACK
Another week to go before the euro blows up, or so we’re told again for the thousandth time. More likely is that the ECB does barely enough to keep the show on the road, fiscal austerity continues and riots intensify on the streets of Madrid, Athens, Rome and Paris.  L...
Debt Slavery – Why It Destroyed Rome, Why It Will Destroy Us Unless It’s Stopped
MICHAEL HUDSON
Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to “take the multitude into their...
One Bank to Rule Them All
MIKE WHITNEY
On Wednesday, the Federal Reserve and the central banks of Canada, England, Japan, Switzerland, and Europe launched a coordinated monetary intervention aimed at easing interbank lending in the eurozone. While the emergency action sent stocks into the stratosphere, it did ...
A Self-Inflicted Recession Threatens World Economy
MARK WEISBROT
The economic news out of the eurozone is getting worse every day, and so is the contagion to the rest of the world. The OECD (Organization for Economic Co-operation and Development), the club of 34 mostly high-income countries, has now lowered its projection for eurozone ...
An Irreversible Slide?
MIKE WHITNEY
“In every crisis there’s a point of no return….I’m increasingly convinced we’ve already passed that point of no return in Europe. The banks won’t lend to each other, the Germans won’t do Eurobonds, and the ECB won’t act as a lender of l...
Sucker Punched By Speculation
ALAN FARAGO
This terrible idea will not die: that the only way to revive the US economy is to reduce mortgages on homes and property purchased at speculative values. The fact that so many homeowners (like me) did not buy more house than they could afford, did not buy into the specula...
De-Fault Is Ours
STEVE FRASER
In 1729, when Ireland had fallen into a state of utter destitution at the hands of its British landlords, Jonathan Swift published a ...
Just Another Goldman Sachs Take Over
PAUL CRAIG ROBERTS
On November 25, two days after a failed German government bond auction in which Germany was unable to sell 35 per cent of its offerings of 10-year bonds, the German finance minister, Wolfgang Schaeuble said that Germany might retreat from its demands that the private bank...
Germany’s “Failed” Bond Auction
MIKE WHITNEY
“We are caught, it seems, in one of those self-reinforcing loops that almost always presage a collapse.” – Michael Pettis, China Financial Markets Germany’s “failed” bund auction on Wednesday was a...
Student Loan Fury in the Occupy Movement
BRIAN McKENNA
Young people in the U.S. now recognize that the university has become part of a ponzi scheme designed to place on students an unconscionable amount of debt while subjecting them under the power of commanding financial institutions for years after they grad...
Misanthropy’s Holiday
KATHLEEN PEINE
It’s not exactly “The Gift of the Magi” -the inevitable Black Friday footage that so marvelously serves to reinforce the notion that Americans are simply a cloudy plague of consumer beasts. And in most ways that really is what the country has become. Feeding on ...
Past the Point of No Return
MIKE WHITNEY
“Eurozone banks’ demand for European Central Bank funding surged to a two-year high on Tuesday, as fast spreading sovereign debt worries left lending markets virtually frozen and  the ECB the only available funding option for many institutions....
This Stupid Democracy Thing
PETER LEE
It’s finally become clear to everyone the key problem in the current Eurozone crisis is just too much democracy. Pesky voters opposed to austerity measures get in the way of efforts to cut government expenditures in order to reduce deficits and make repayment of ...
Cheers as Gain-through-Pain Crowd Take Aim at Italy
MARSHALL AUERBACK
The markets are again in free-fall and, once again, a lazy Mediterranean profligate is to blame.  This time, it’s an Italian, rather than a Greek.  No, not Silvio Berlusconi, but his fellow countryman, Mario Draghi, the new head of the increasingly spineless European ...
Economic Mismanagement in Europe
MARK WEISBROT
Some of us have been warning for months about the cri...
Bankers Crush Greek Democracy
DEAN BAKER
Greek Prime Minister George Papandreou touched off a firestorm last week when he proposed putting the austerity package designed by the “troika” (the I.M.F, the European Central Bank and the European Union) up for a popular vote. The idea that the Greek people might d...
Ten Million Families Sliding Toward Foreclosure
SHERWOOD ROSS
Of the 55-million families with mortgages, 10.4-million of them “are sliding toward failure and foreclosure”—a tragedy that will depress the U.S. housing market for years to come, a result of too many houses for sale and too few buyers. ...
How Capitalism Flopped
DEEPAK TRIPATHI
In the struggle against global laissez faire capitalism that has brought the current economic collapse, protesters won an important victory last week in Britain, while stalemate continued in Greece. The alliance between the church, the main financial district called the C...
Is Super Mario Printing Already?
MIKE WHITNEY
“Italy’s borrowing costs have spiked higher towards levels that forced Greece, Ireland and Portugal to be bailed out. The yield on Italy’s ten-year bond is up another 0.32 percentage point at 6.43 percent, a new euro-era high. A yield above 7...
Egypt and the IMF
ERIC WALBERG
The Popular Campaign to Drop Egypt’s Debts was launched at the Journalists’ Union 31 October, with a colourful panel of speakers, including Al-Ahram Centre for Political & Strategic Studies Editor-in-Chief Ahmed Al-Naggar, Independent Trade Union head Kamal Abbas,...
Let’s Bail Out Ourselves!
DOUG NOBLE
“It’s not that we don’t have demands… We speak them with our struggle. Our movement is made up of people fighting for jobs, for schools, for debt relief, equitable housing, and healthcare… We are  … democratic, fierce, and unwaveri...
Casino Capitalism and Higher Education
HENRY GIROUX
The state of uncertainty…is a joint product of ignorance and impotence—the two dragons which the Enlightenment heirs of St. George promised , resolved and tried hard to kill, or at least to chase away from the...
Desperate Students
Rev. JESSE L. JACKSON
The sign at the Occupy Wall Street demonstration revealed the struggles of America’s young: “A B.A., $30,000 in student debt and no job.” Young people are graduating from college into the worst jobs market since the 1930s while carrying record levels of student debt...
No Party For Europe
DEAN BAKER
Jean Claude Trichet will be retiring as head of the European Central Bank at the end of the month. He will step into retirement having wreaked the sort of destruction on the European economy that hostile powers can only dream about. Tens of millions of people across the e...