Political Economy

Jeff Sommers and Michael Hudson in Russia discussing the Euro future with journalist Matthew Lynn.

Greece’s chance of default in the next five years has soared to 98 percent. The day of reckoning is now close at hand.

David Blanchflower believes that Europe’s dithering has been fatal to the EMU. In an interview with Bloomberg Television, he said that Europe had an opportunity to get ahead of the sovereign debt crisis when it was just Greece. But now he…

It is high time politicians in Berlin to started to recognise that fiscal austerity is not the be all and end all of the policy issues they now face. Ireland is applying fiscal austerity, but this alone may well not be enough. A better…

The mood in Germany is still about cutting Greece loose to save Italy and Spain

Clearly, Stark sees the monetisation path the ECB is on as not at all compatible with thee ECB’s mandate. Separately, the noises coming out of the German governing coalition show exasperation with the progress in Greece. Edward Hugh writes…

The Greek tragedy in several acts would appear to be approaching a climactic moment. The warnings coming out of Berlin all week have been hard to ignore: “Greece either puts up or shoves off” would seem to be the blunt message being…

The ruling by the German Constitutional Court does allow the EFSF to operate as planned. Most commentators have focused on this. However, the language of the decision means there can be no eurobonds and no “supra-national” fiscal agent…

This does not augur well for the euro zone. In the past few months, I have become negative on the euro zone’s chances of survival. I no longer believe the political imperatives for the euro zone will be enough to overcome the politics of…

Warren Mosler has three proposals specifically designed to get sales up to make sure business has a good paying job for anyone willing and able to work. He arguess that's good for businesses and all the people who work for them and says…