austerity

Spanish Workers Get the Message Sent by Greece

by on February 20, 2012

Thousands protest Spain’s new labor reforms

Labor “reforms.”  Giggle.  Nice euphemism for stripping workers of their rights:

Hundreds of thousands of protesters were marching throughout Spain on Sunday in the first large-scale show of anger over new labor reforms that make it easier for companies to fire workers and pull out of collective bargaining agreements.–Priyanka Boghani, Associated Press

Yes, because in a country with 23% unemployment (!) firing people is …
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Video: Paul Mason Reports from Greece

by on February 19, 2012

The BBC’s Paul Mason reports.

There’s no future for us. We can’t dream. We can’t live.


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Greece In The Gibbet

by on February 18, 2012

Finance achieves today what military invasion used to do in times past. So the new mode of warfare is financial, not military. It’s much cheaper and it’s much safer–for the country doing the attack.
-Michael Hudson


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Greece–Why Neoliberalism is an Enemy to Democracy

by on February 17, 2012

Greece bailout: Eurozone calls for tighter oversight

Having forced unprecedented budget cuts on the Greeks, the EU “troika” (grim humor in that name, again) are demanding that the Greek government abrogate democracy.  Oh, they are more genteel than to demand that outright, but listen to the conspiracy the EU is demanding of the Greek political parties against their own voters:

The “troika” of institutional lenders – the EU, the International


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Austerity Burns

by on February 17, 2012

Excellent photos series from clashes in Athens at The Atlantic.


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Bill Moyers Essay: Who Shipwrecked Our Economy?

by on February 15, 2012


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Greece–Pushed Off a Cliff

by on February 15, 2012

Greece and the return of the economic ‘death spiral’

“Stimulus worked, simple as that.”–David Blanchflower, The Guardian

Facts are facts, and Blanchflower shows (for the umpteenth time) that those economies that avoided “austerity” are climbing out of the “lesser depression.”  Those that followed the advice of the budget scolds?

If we take the first quarter of 2008 as the start of the recession, output is still markedly lower in Denmark


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“Real Despair” Sweeps Through Greece as Severe EU-IMF Austerity Measures Cripple Nation

by on February 14, 2012


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EU to Greece–Twist Some More, Maybe You Can Join Colombia up on the Cross

by on February 10, 2012

Greece bows to new austerity measures – but still a bailout deal is not finalised

 

Despite announcements in Athens and Frankfurt that Greece’s government had yielded to savage new terms from the eurozone to qualify for the bailout, it was unclear whether the complex new rescue package would be finalised at the parties’ meeting in Brussels.

“Savage new terms.”  But these new terms, savage though they might be, are


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The Summers Memo and Collective CYA Commences

by on January 25, 2012

The Summers Memo

This document is the ur-text of economic policymaking for the Obama Administration.–Ryan Liza, The New Yorker

Yes, of course it is.  And what it shows is that Larry Summers, that living embodiment that the Peter Principle is no impediment to a truly gifted incompetent (I mean seriously, how do you manage to get fired from Harvard?  Has that ever happened), seriously under-estimated the seriousness of the economic …
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The Class War as It is Really Fought–Group of Vulture Capitalists Shaking Down Greece

by on January 18, 2012

via The Independent,

Greek rescue blocked by hedge fund greed

 

A group of hedge funds is threatening to block a last-ditch attempt to save Greece from defaulting on its huge debt pile, unless they are guaranteed a significant payout.

At least the Establishment Press is calling it “greed” instead of “a reasonable return on investment.”

 …
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The Roots of Austerity

by on January 2, 2012

In the midst of 2011′s transition from the Great Recession to a global economic slump, this site has highlighted lucid and accessible analysis from Steve Keen, David Harvey, Costas Lapavitsas, Nouriel Roubini, and Richard Wolff. Capitalism Is the Crisis is a feature length documentary that synthesizes such analyses, using short interview clips with leading critical thinkers such as Naomi Klein, Chris Hedges, Leo Panitch
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