Posts Tagged ‘bailout real economy’
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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Posted in Battle for Europe | Tagged: bailout real economy, european banking union, Greek crisis, Michel Barnier, Tsipras government, Yanis Varoufakis | Leave a Comment »
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
Guardian
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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Posted in Battle for Europe | Tagged: bailout real economy | Leave a Comment »
Posted by seumasach on October 17, 2010
Interview with Thomas Geoghegan
Terrence McNally
AlterNet
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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Posted in Battle for Europe | Tagged: bailout real economy | Leave a Comment »
Posted by seumasach on April 7, 2009
Please click on this link for these absolutely indispensable, masterly interviews:
Lara Hanna’s Blog
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Posted in Revolution in Iceland | Tagged: bailout real economy, Defend Iceland!, Destruction of real economy, iceland and IMF, Leave the IMF!, Revolution in Iceland | 2 Comments »
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: bailout real economy, Destruction of real economy, economic collapse, financial collapse, Obama agenda, stop the bailout | 1 Comment »
Posted by seumasach on December 11, 2008
Michael Hudson
Counterpunch
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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Posted in Financial crisis | Tagged: bailout real economy, financial collapse | 1 Comment »
In These New Times 