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Položky označené s: Greece

.Wolfgang Streeck: the German economist calling time on capitalism - The Gardian

The political economist on Trump’s election, why we should be happy about Brexit and the crises facing western democracy.

“Before capitalism will go to hell, it will for the foreseeable future hang in limbo, dead or about to die from an overdose of itself but still very much around, as nobody will have the power to move its decaying body out of the way.” (...)

Why should the new oligarchs be interested in their countries’ future productive capacities and present democratic stability if, apparently, they can be rich without it, processing back and forth the synthetic money produced for them at no cost by a central bank for which the sky is the limit, at each stage diverting from it hefty fees and unprecedented salaries, bonuses, and profits as long as it is forthcoming – and then leave their country to its remaining devices and withdraw to some privately owned island? (...)

Eight years after Lehman Brothers keeled over and nearly took the entire banking system down with it, capitalism remains broken. British workers are suffering their most severe pay squeeze in at least seven decades. And even though politicians and the policymakers have pulled on every lever – cuts, investment, housing boom, hundreds of billions pumped into the markets – still the engine refuses to purr. The failure is international: the Bank of International Settlements, the central banks’ central bank, warned a few months ago that “the global economy seems unable to return to sustainable and balanced growth”. (...)

He sees the support for Brexit and Trump as stemming from the same source. “You have a growing group of all people, who, under the impact of neoliberal internationalisation, have become increasingly excluded from the mainstream of their society. (...)

But doesn’t he want something better than a new dark ages for his grandchildren? “If I am honest, now I am thankful for every passing year that is good and peaceful. And I hope for another one. Very short-term, I know, but those are my horizons.”

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Obrázek/fotografieBefore capitalism will go to hell, it will hang in limbo from an overdose of itself’ … Wolfgang Streeck.

Tags: #neoliberalism #capitalism #1% #inequality #unemplyment #jobless #brexit #greece #trump #democracy #eu #european union #the left #social democracy

Wolfgang Streeck: ‘Look at London – it’s a second Rome. This is what an empire looks like’

The political economist on Trump’s election, why we should be happy about Brexit and the crises facing western democracy
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skanda42 před 3 let
.Wolfgang Streeck: the German economist calling time on capitalism - The Gardian

The political economist on Trump’s election, why we should be happy about Brexit and the crises facing western democracy.

“Before capitalism will go to hell, it will for the foreseeable future hang in limbo, dead or about to die from an overdose of itself but still very much around, as nobody will have the power to move its decaying body out of the way.” (...)

Why should the new oligarchs be interested in their countries’ future productive capacities and present democratic stability if, apparently, they can be rich without it, processing back and forth the synthetic money produced for them at no cost by a central bank for which the sky is the limit, at each stage diverting from it hefty fees and unprecedented salaries, bonuses, and profits as long as it is forthcoming – and then leave their country to its remaining devices and withdraw to some privately owned island? (...)

Eight years after Lehman Brothers keeled over and nearly took the entire banking system down with it, capitalism remains broken. British workers are suffering their most severe pay squeeze in at least seven decades. And even though politicians and the policymakers have pulled on every lever – cuts, investment, housing boom, hundreds of billions pumped into the markets – still the engine refuses to purr. The failure is international: the Bank of International Settlements, the central banks’ central bank, warned a few months ago that “the global economy seems unable to return to sustainable and balanced growth”. (...)

He sees the support for Brexit and Trump as stemming from the same source. “You have a growing group of all people, who, under the impact of neoliberal internationalisation, have become increasingly excluded from the mainstream of their society. (...)

But doesn’t he want something better than a new dark ages for his grandchildren? “If I am honest, now I am thankful for every passing year that is good and peaceful. And I hope for another one. Very short-term, I know, but those are my horizons.”

Full article

Obrázek/fotografieBefore capitalism will go to hell, it will hang in limbo from an overdose of itself’ … Wolfgang Streeck.

Tags: #neoliberalism #capitalism #1% #inequality #unemplyment #jobless #brexit #greece #trump #democracy #eu #european union #the left #social democracy

Wolfgang Streeck: ‘Look at London – it’s a second Rome. This is what an empire looks like’

The political economist on Trump’s election, why we should be happy about Brexit and the crises facing western democracy
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The Greek crisis will flare up again. And why should it not?

With ongoing austerity and low demand, Greece was never going to manage any sort of growth or budget surplus.

Greece has ceased to make headlines. (...) there were fears that a crisis that had been steadily becoming more acute in the first half of 2015 could result in the single currency splintering.

That threat was removed by a deal that involved a humiliating climbdown by the Syriza-led government. Greece received a bailout, but with harsh conditions attached.

There were three obvious problems with that 2015 deal, which secured Greece its third bailout in five years. The first was that the new dose of austerity would make it more difficult for Greece to emerge from a slump just as severe as that which gripped the US in the 1930s. The second was that Greece’s creditors were making unrealistic assumptions for growth and deficit reduction. The third was that sooner or later the Greek crisis would flare up again. It was a case of when, not if. (...)

All that said, though, the first two predictions have come true. By last summer, Greece had suffered a five-year slump that was on a par with the damage caused to the US economy in the Great Depression. Yet the country’s creditors thought it was a good idea to suck even more demand out of the economy through spending cuts and tax increases. (...)

Unfortunately, lessons have not been learned. The 2015 bailout package assumes that Greece will run a budget surplus, once debt interest payments are excluded, of 3.5% of GDP year in and year out. The IMF, which now has a more realistic assessment of Greece than the commission or the ECB, says few countries have managed to sustain budget surpluses of this size, and that Greece could do so only by further cutting wages and pensions. The IMF also thinks “it is no longer tenable” to imagine that Greece can move from having one of the eurozone’s weakest productivity growth rates to the highest.

The IMF says that without debt relief, Greece’s debt could hit 250% of GDP by the middle of the century. Germany would prefer those discussions to be delayed until after its election in autumn next year. But the chances are that Greece will be back in the headlines before then.

Full article

Obrázek/fotografie

Tags: #greece #crisis #imf #ecb #debt #debt relief #growth #budget #euro #euro zone #eu #european union #troika #banks #dijsselbloem

The Greek crisis will flare up again. And why should it not?

With ongoing austerity and low demand, Greece was never going to manage any sort of growth or budget surplus
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Bert Ernste před 3 let od Diaspora
Obrázek/fotografie
For the first time in Greece a documentary produced by the audience. "Debtocracy" seeks the causes of the debt crisis and proposes solutions, hidden by the government and the dominant media.

Obrázek/fotografie @ Guitar Man 04/07/2015 17:33:44

▶ DEBTOCRACY (FULL - ENG Subs) - YouTube -

#greece #debtocracy #video #documentary #2011 #odiousdebt #eu
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harry haller (nerdpol.ch) před 4 let od Diaspora
#greece

#money only works as long as we believe in it. in that sense, #dollars and #euros are equal. but as brandon points out, the system is only held together by fantasy.

The U.S. And EU Will Collapse Regardless Of Economic ''Contagion''

A dishonest narrative is being perpetuated by the establishment that if Greece falls, defaults or leaves the EU, this could trigger a domino effect of other nations hitting a debt wall and following suit.
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cranston před 4 let od Diaspora
Global Justice Now : "Greece has been victim of some of the most brutal austerity of modern times, suffering mass unemployment, rocketing rates of suicide, murder, HIV infection, depression, drug use, and homelessness. But this great depression could have been avoided, if the lives of Greece’s people had been put before the profits of European banks. "

Article : http://www.globaljustice.org.uk/blog/2015/jun/19/why-we-must-stand-greece

Petition : http://www.globaljustice.org.uk/standwithgreece

Obrázek/fotografie

Obrázek/fotografie

#greece #Grèce #greek #GlobalJusticeNow

Why we must stand with Greece

In fighting against the most brutal austerity in Europe, the Greek people are engaged in a epic battle for the future of European democracy. All anti-poverty campaigners must stand with them.
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"~_° před 4 let od Diaspora

zobrazit v plné velikosti

In #Glasgow today, #Scotland United Against #Austerity rally, against the #Tory cuts and with solidarity to #Greece, who were presented as an example against austerity, the bankers and the #IMF.
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Vazelas99 před 4 let od Diaspora

Greece draws up drachma plans, prepares to miss IMF payment


Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.
#Greece #BOA #Austerity #Left #Banks #Default #Eurozone #Syriza #Debt

Via @David Scott

http://www.telegraph.co.uk/finance/economics/11513341/Greece-draws-up-drachma-plans-prepares-to-miss-IMF-payment.html

Telegraph.co.uk: Greece draws up drachma plans, prepares to miss IMF payment (Ambrose Evans-Pritchard)

"We may have to go into a silent arrears process with the IMF. This will cause a furore in the markets and means that the clock will start to tick much faster," the source told The Telegraph. Syriza's radical-Left government would prefer to confine its dispute to EU creditors but the first payments to come due are owed to the IMF .
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Sean Keene Ⓐ před 4 let od Diaspora
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