Grexit would be the result of a deliberately destructive strategy. Yet the Greek refusal to continue with the self-defeating, ruinous austerity policies is a completely rational and democratic choice.
Statement of Mark Blyth Eastman Professor of Political Economy The Watson Institute for International Studies and Brown University Before the Committee on the Budget United States Senate Hearing on “The Benefits of a Balanced Budget” March 11th 2015
The new loans represented not a bailout for Greece but a cynical transfer of losses from the books of the private banks to the weak shoulders of the weakest of Greek citizens.
The Eurozone’s economic policies failure is only one side of the coin. The most serious outcome is the disregard of the democratic principles which the postwar European project – and German social partnership - sought to enshrine.
Today it should be the moment to think in terms of natural gas, the fuel with almost no exhaust, if compared with any other fuel, and therefore the best instrument to organise an orderly passage to the future energy systems.
Greece was the perfect opportunity to apply the rules of the European right, that is the balanced budget and the reduction of wages: Now we know the dismal results.
Federal Reserve policy is absolutely critical for attainment of full employment. Moreover, the Fed is actually legally mandated to pursue policies that promote maximum employment with price stability.
