The world economic crisis has led to such a deterioration of the health of public finances worldwide that the recent World Economic Outlook
(WEO) of the IMF has the apt title “Coping with High Debt and Sluggish
Friday, 19 October 2012
Written by Luca Lombardi
It is often said that central bankers 80 years ago were responsible for
creating the Great Depression. Constrained by their commitment to the
gold standard, they failed to ease monetary policy (cutting interest
rates) fast enough, say the economists, thus turning a crisis into a
Depression. But that is not the real reason.
Tuesday, 03 July 2012
Written by Rob Sewell
A spectre is haunting Europe – the spectre of capitalist crisis.
Events are moving at lightning speed. This slow-motion train wreck has
suddenly speeded up. Each day we come closer to a Greek default and its
exit from the euro. Squeezed by foreign bankers, demanding their pound
of flesh, ordinary Greek people are being pushed to the limit. They are
being reduced to a state of wretchedness and indignity.
Monday, 28 May 2012
Written by Socialist Appeal
The latest “decisive” EU
has signally failed to do so – just like all the previous “decisive”
and “final” summits. As in previous meetings, within days the results
were declared completely unsatisfactory by the markets. These gatherings
of EU heads of state are now a thoroughly debased currency. Nothing has
changed except that the national contradictions are sharper and more
insoluble than previously thought.
Saturday, 17 December 2011
Written by Daniel Morley
variation on the demand to “tax the rich” is the call for a tax on
financial transactions, otherwise known as a “Financial Transactions
Tax” (FTT), “Tobin Tax” (after the Nobel economics laureate, James
Tobin, who first proposed the idea in 1972), or “Robin Hood Tax” (i.e.
taking from the rich and giving to the poor).
Friday, 09 December 2011
Written by Adam Booth