Lakeside Diner

By: Wednesday April 18, 2012 4:45 am

A variety of links to articles/interviews/speeches on current issues that may be of interest.

 

The Washington Post Gets Out Extra Whitewash for Piece on the IMF and Greece

By: Wednesday March 7, 2012 9:35 am

The Washington Post had a front page fluff piece on the IMF of the sort that would be expected in a paid advertisement. The IMF had enormous sway in determining economic policy in developing countries in the decades of the 80s and the 90s, especially in Latin America where many countries were following the Washington Consensus neo-liberal model. This led to two decades of dismal economic growth and weak progress on social indicators like health care and education measures.

Day of Deals: Greek Bailout Terms Reached

By: Thursday February 9, 2012 6:30 am

This must be the day when everything gets sewn up into neat little packages. The Greek government has announced a deal has been reached to secure their second bailout, though one junior partner has not confirmed agreement. The head of the European Central Bank is saying a deal has been done as well.

Greece Asked to Destroy Itself In Exchange for Bailout

By: Monday February 6, 2012 9:30 am

Greek bailout talks have deadlocked again, but at the moment the culprit is not the hedge funds seeking a higher payout on the distressed debt they bought, but the “troika” of the EU, ECB and the IMF. They gave Greece a Monday deadline to accept bailout terms. And those terms, frankly, are totally insane.

European Leaders Begin to Get Religion on Effects of Austerity

By: Thursday February 2, 2012 10:59 am

David Ignatius offers two cheers for Mario Draghi, the head of the ECB, for giving away super-cheap money to bankers. These pundits love their banking daddies, don’t they? Ignatius does realize, however, that the real problems in Europe are beside the point of the banking debt crisis. The problem is he thinks the real problem is the lack of an enforceable fiscal union.

Lakeside Diner

By: Wednesday January 25, 2012 4:45 am

A variety of links to articles/interviews on current topics that may be of interest.

Lakeside Diner

By: Tuesday January 24, 2012 4:45 am

A variety of links to articles/interviews on current topics that may be of interest.

Eurozone Busily Decimating Member Countries

By: Monday January 16, 2012 8:20 am

When Standard and Poor’s downgraded nine European countries last Friday, they said plainly that European leaders were blinding themselves to the full crisis, ignoring the trade imbalances between core and peripheral Euro nations. But Germany’s Merkel doubled down on austerity, which has created a depression in Greece, with huge risks of default.

Larry Summers’ Poor Memory on the IMF

By: Friday December 9, 2011 2:15 pm

The trade deficit between the United States and the rest of the world was the major imbalance in the global economy in the last decade. It created the gap in demand that was filled by the stock bubble in the 90s and the housing bubble in the last decade. It is striking that the Post’s opinion pages are only open to people who try to conceal this fact rather than economists who try to explain this history to readers.

Britain Vetoes EU Treaty on Fiscal Consolidation

By: Friday December 9, 2011 10:45 am

Earlier in the week, I wrote about how David Cameron wanted to use his leverage as a non-Eurozone member of the EU to wring concessions as a condition of signing treaty changes. At the EU summit, he presented his aims: basically, softening a financial transaction tax that the other countries in Europe want, and other policies that protect British banks. Because you need all 27 members of the EU on board with the preferred fiscal policies that really only affect the 17 countries in the Eurozone, Cameron thought he had the power to hold out. So Cameron vetoed the revisions to the Treaty of Lisbon. And then the Eurozone leadership, essentially France and Germany, went around Britain and negotiated a bunch of Eurozone side deals.

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