Monthly Archives: July 2016

Building a Progressive International – op-ed Project Syndicate

Yanis Varoufakis

Screen Shot 2016-01-28 at 16.54.28ATHENS – Politics in the advanced economies of the West is in the throes of a political shakeup unseen since the 1930s. The Great Deflation now gripping both sides of the Atlantic is reviving political forces that had lain dormant since the end of World War II. Passion is returning to politics, but not in the manner many of us had hoped it would.

The right has become animated by an anti-establishment fervor that was, until recently, the preserve of the left. In the United States, Donald Trump, the Republican presidential nominee, is taking Hillary Clinton, his Democratic opponent, to task – quite credibly – for her close ties to Wall Street, eagerness to invade foreign lands, and readiness to embrace free-trade agreements that have undermined millions of workers’ living standards. In the United Kingdom, Brexit has cast ardent Thatcherites in the role of enthusiastic defenders of the National Health…

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IMF: Confessing to the sin in order to repeat it

Yanis Varoufakis

Screen Shot 2016-07-31 at 13.53.56.pngYou have read about the most recent IMF confession over its immolation of Greece. The question is: Does it signal a change in policies? Do not hold your breath! Recent history is pointing to a repetition of the crime-against-logic first committed in 2012 – an IMF tactic of confessing to the sin in order to repeat it with impunity!

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A Friend of Order — Rene Magritte


Lucretia Borgia Reigns in the Vatican in the Absence of Pope Alexander VI — Frank Cadogan Cowper


The Friends — Gustav Klimt


Shopping for growth

Michael Roberts Blog

This week, at its July meeting, the US Federal Reserve Bank decided not to alter its current policy rate of interest – a rate that sets the floor for all interest rates for borrowing in the US and across the major economies.  Last December, the Fed hiked its policy rate from all-time lows because Fed chair Janet Yellen reckoned the US economy was “on a path of sustainable improvement”and she was “confident in the US economy”.

It was expected that the Fed would continue to raise its interest rate towards ‘normal’ levels this year.  However, contrary to Yellen’s prediction, US economic growth slumped in the first quarter, while the Chinese manufacturing powerhouse seemed to be in trouble (with growth slowing, debt rising and the yuan falling).  The world looked in a bad place; so the Fed baulked at further hikes.

After signs of slightly better economic data in…

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Rough Waves — Ogata Kōrin


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