Greece has a Private Debt Crisis and We Can Blame the Troika

By Lara Merling, The Greek public debt debacle and the bailout received by the government from the European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) – referred to collectively as the “troika” – has been making headlines for years. However, very little attention has been paid to the debt … More Greece has a Private Debt Crisis and We Can Blame the Troika

Reform or Revolution: European Social Democracy and the Roots of the Eurozone Crisis

Pt. 3 of “European Social Democracy and the Roots of the Eurozone Crisis;” see Part 1 here and Part 2 here. By Alejandro Reuss, A deep crisis of global capitalism, its seeds sown in part by a dramatic deregulation of finance, Wolfgang Münchau of the Financial Times notes, would seem tailor-made for a revival of … More Reform or Revolution: European Social Democracy and the Roots of the Eurozone Crisis

The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class

By Servaas Storm, The Great Financial Crisis of 2008 deeply scarred the U.S. economy, bringing nine dire years of economic stagnation, high and rising inequalities in income and wealth, steep levels of indebtedness, and mounting uncertainty about jobs and incomes. Big parts of the U.S. were hit by elevated rates of depression, drug addiction and ‘deaths … More The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class

New Book by Yanis Varoufakis: Adults In The Room – My Battle With Europe’s Deep Establishment

From Penguin: Varoufakis sparked one of the most spectacular and controversial battles in recent political history when, as finance minister of Greece, he attempted to re-negotiate his country’s relationship with the EU. Despite the mass support of the Greek people and the simple logic of his arguments, he succeeded only in provoking the fury of … More New Book by Yanis Varoufakis: Adults In The Room – My Battle With Europe’s Deep Establishment

Austerity never ends: Orthodox Economists say wages are too high

Originally posted on Systemic Disorder:
No, you can’t really make this stuff up: Orthodox economists continue to tell us that the reason for ongoing economic stagnation is that wages and unemployment benefits are too high. Yes, that’s right. You haven’t suffered enough. Given that orthodox economics (or “neoclassical” or Chicago School, if you prefer alternate…