In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bailout real economy’

Yanis Varoufakis: Greece is Finished

Posted by seumasach on February 19, 2015

Varoufakis’ thinking is perfectly in tune with that of Michel Barnier, the European commissioner who devised the EU’s banking union plan. The three main points of Varoufakis’ plan correspond to those of the banking union which will come into full force by the end of 2015, Those are, firstly, a “bail in ” of the banks instead a “bail out”, whereby creditors and shareholders of the banks take the rap rather than taxpayers. This process to be overseen at pan-European level rather than at the level of the nation states. Secondly, mutualisation i.e. Eurobonds and , thirdly, reconstruction of real economy through an pan-European investment programme. It is the opposition of the City of London to this “dirigiste” project drawn up by the avowed Gaullist, Barnier, which accounts for the fact that no one hears anything of it. What Greece is doing now should help bring it centre stage and shift the balance of power in Europe away from atlanticist-style finance capital towards precisely such a centralized and dirigiste model.

Naked Capitalism

26th June, 2012

Yves here. Yanis just posted an interview with ABC (Australia’s BBC) which describes how Greece cannot be salvaged. Its fate will be determined at the eurozone level, and its possible outcomes range from bad to awful. You can watch the conversation here. Transcript below:

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French steelworkers warn blockade is a last stand to save the industry

Posted by seumasach on October 6, 2012

This could prove a key struggle. What is at stake is whether Europe continues on the path to destruction Anglo-Saxon style through ever greater financialization or starts to rebuild the real economy and channel investment into basic industries


6th October, 2012

In a valley lashed by wind and rain in the industrial heartland of north-east France, steelworkers blockading the local foundry see their action as a last stand to save their jobs, their factory, their region’s economy – even the entire French steel industry.

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Why Germany has it so good — and why America is going down the drain

Posted by seumasach on October 17, 2010

Interview with Thomas Geoghegan

Terrence McNally


14th October, 2010

While the bad news of the Euro crisis makes headlines in the US, we hear next to nothing about a quiet revolution in Europe. The European Union, 27 member nations with a half billion people, has become the largest, wealthiest trading bloc in the world, producing nearly a third of the world’s economy — nearly as large as the US and China combined. Europe has more Fortune 500 companies than either the US, China or Japan.

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Michael Hudson and John Perkins on Icelandic TV

Posted by seumasach on April 7, 2009

Please click on this link for these absolutely indispensable, masterly interviews:

Lara Hanna’s Blog

Posted in Revolution in Iceland | Tagged: , , , , , | 2 Comments »

The Upcoming Political Crisis in Washington

Posted by seumasach on March 10, 2009

David Gordian

Global Research

9th March, 2009

In recent days we have seen even mainstream Democratic figures as Joe Stiglitz and Paul Krugman sound the alarm on what seems to be uncertainty in the Obama administration. Stiglitz, Krugman et al. are following in their essential critique a path well worn over the past few weeks by a range of commentators to be found as much among the Austrians as those on the liberal-to-left part of the spectrum. The fundamental point is, of course, that it is now clear to all but the militantly unreflective that Obama can – perhaps – save the Real economy or – perhaps – save Finance (i.e. Bank bond- and shareholders), but certainly not both. The increasing, but still relatively gentle, criticism of Stiglitz, Krugman and their ilk is owing to the fact that it is becoming all too clear that Obama is still unwilling to engage Finance in what might turn out to be the greatest intramural fight capitalism has ever seen.

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Posted in Financial crisis | Tagged: , , , , , | 1 Comment »

Obama’s Favoritism- Wall Street, Not the Auto Industry

Posted by seumasach on December 11, 2008


Michael Hudson


8th december, 2008

There is a strange double standard in President-elect Obama’s largesse with the public purse when it comes to Wall Street’s banks and insurance companies as compared to his more exacting stance toward bailing out the U.S. auto industry. In his December 7, 2008 interview with Meet the Press he set conditions for an auto industry bailout, but said nothing about setting similar conditions for the financial sector. His words regarding Detroit could just as well have been directed at Wall Street. But they were not.

“I think that the Big Three U.S. automakers have made repeated strategic mistakes. They have not managed that industry the way they should have. … What we have to do is to provide them with assistance, but that assistance is conditioned on them making significant adjustments. They’re going to have to restructure, and all their stakeholders are going to have to restructure. Labor, management, shareholders, creditors – everybody’s going to recognize that they have–they do not have a sustainable business model right now. And if they expect taxpayers to help in that adjustment process, then they can’t keep on putting off the kinds of changes that they, frankly, should have made 20 or 30 years ago.”

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