The simple truth unpalatable to Eurozone authorities is that small peripheral EU economies and even big economies like Spain and Italy, are victims, not designers of the liberalised financial architecture that was built way back in 1992, repeating earlier twentieth century failed experiments that
Understanding capitalism's elastic production of money and moving on beyond Adam Smith and 'fractional reserve banking' - Ann Pettifor reviews Geoffrey Ingham's Capitalism
The IMF may be quietly ackowledging the failures of stringent fiscal consolidation but much damage has already been done. With over a thousand economists and a wealth of evidence at their disposal a mea culpa is long overdue.
In the struggle between Argentina and a "vulture fund", a New York judge has sided with the vultures. It's a move that could have significant consequences in Europe. Public pressure may yet force a turning point: the introduction of an agreed process for sovereign default.
European leaders need to abandon the fetters that chain them to the interests of private wealth, and threaten European disintegration.
"A single day, 9 August 2007, will go down in history as ‘debtonation day' - the beginning of the end of the deregulation and privatisation of finance that
It is a small measure of the dramatic financial meltdown of 2007-08 that leading representatives of western liberal capitalism ransacked the past for reference-points to convey its scale. The "
The last week has changed everything. A series of extraordinary events in the United States - from the collapse of Lehman Brothers to the forced sale of Merrill Lynch, from
The collapse of Lehman Brothers and the forced sale of Merrill Lynch which took shape over the weekend of 13-14 September 2008 have confirmed the scale and gravity of the
We now know that on 9 August 2007 - which I called "debtonation day" - central bankers and regulators finally woke up to the scale of bad debts
Japan hosts the G8 summit in the northern island of Hokkaido on 7-9 July 2008 at a time when its prolonged period of deflation and economic failure have rendered its
On 9 August 2007, globalisation's rickety financial levees were broken by a storm-surge of debt, invisible to most punters, but scary enough to frighten bankers. This debt includes
