New building of the European Central Bank in Frankfurt Main, Germany by Norbert Nagel, 2014 The 4th February late-night decision by the European Central Bank to reject Greek bank collateral for monetary policy operations will, I confidently predict, precipitate not just a run on Greek banks; not just greater price instability across the Eurozone – …
The ECB Has Shaken The Eurozone’s Utopian Foundations Read More »
(Image source: Bloomberg Businessweek) I am posting below my latest contribution to openDemocracy published on May 28. In an open letter to the leaders of Europe, I argue that they need to abandon the fetters that chain them to the interests of private wealth, and threaten European disintegration: “On May 15th, in what can only …
An open letter to the leaders of Europe: Abandon the Euro’s ‘gold fetters’ Read More »
I appeared on Al Jazeera’s ‘Inside Story’ yesterday to discuss Greece and was joined by Greek Journalist Matina Stavis and Political Analyst George Kapopoulos. During the panel discussion I stated that: “The Troika are trying to ensure that the money goes straight to the creditors to prevent Greece from defaulting, but in doing so they …
Last week I gave a talk in Brussels at a debate moderated by Pierre Defraigne, Executive Director of the Madariaga – College of Europe Foundation. It was A Citizen’s Controversy with Lars Feld, Professor of Economic Policy at the University of Freiburg and Member of the German Council of Economic Experts. Below is my slideshow …
Reining in Public Debts or Challenging Democracies? Read More »
I appeared on Newsnight last night, to discuss the Eurozone crisis – and Greece in particular. (You can watch it with the BBC’s iPlayer..our slot is about 7 minutes into the show.)
Simultaneously posted on the Huffington Post US > As mayhem breaks out on stock markets; as Eurozone banks freeze up; and as the global financial system approaches a frightening ‘danger zone,’ the champions of the globalised ‘free market’ and of the Euro are in search of a scapegoat. Instead of accepting that it is the …
So, five of the world’s biggest central banks have decided on co-ordinated action to bail out – once again – the European private banking sector. In other words, central bankers are hoping to shore up private bankers, help their defer their losses, and prevent them being disciplined by market forces for their reckless lending to …
The austerity brigade is rattled. Young Daniel Knowles over at the Daily Telegraph is so worried, he has had to rise to the defence of the Treasury and Office for Budget Responsibility – and then resorts to proposing Greece’s economic strategy for the UK. Why? Because orthodox economic ideology has been challenged by none other than Daniel’s …
Knowles needs to listen more carefully to ‘hero’ Clinton on deficit reduction Read More »
The olive grove harvest. Image source: www.oxfam.org As a follow-up to yesterday’s post on Greece: the Greeks are doing the one thing that hurts bankers most – they’re turning down invitations to their party. In my book, ‘The coming first world debt crisis‘ I tried to spell out what actions individuals could take to defend …
Unemployment poster ‘jobless men keep going, we can’t take care of our own’, 1931. We write to encourage you – to urge you on in your resistance. In your defiance, you understand Greece is slave to the interests of private wealth. You must understand too that it is private wealth that needs Greece. Greece does …
An open letter to the people of Greece: restore the Drachma Read More »
