The European Union’s problem is substance, not narrative

open Democracy

by Marko Bucik

The European Union’s problem is substance, not narrative

First, ‘pro-Europeans’ should take a step back and reflect more broadly on how our societies are affected by today’s EU. Some people are made worse off. There are people who do not care about roaming charges. In fact, there are even many people who care little about freedom of movement. These are the people most likely to vote for those demonized ‘populists’ on the rise. They have a radically different perception of the EU that is not necessarily entirely misplaced. For them, the EU is turning into a powerful framework enhancing a race to the bottom, where only few win and many lose.

Second, ‘pro-Europeans’ should stop obsessing with narratives and start worrying about substance. The political sustainability of the current EU is not being questioned because of a missing European Obama, but because of its core competences and ideology. Even for simple things. For example, look at the perfectly legal ‘Double Irish With a Dutch Sandwich’ tax avoidance scheme and try to explain to a random person why the EU does little to prevent such blatant depletion of public budgets, but imposes stiff rules for public intervention in struggling companies. Similar discrepancies abound and the lesson for real ‘pro-Europeans’ should be to fix them, not spin them.

Third, ‘pro-Europeans’ need to accept that the only solution in the long run is systemic. In fact, unless the EU becomes associated with benign things again, little hope remains that it will be able to survive the onslaught of ‘populism’, both from the right and the left. Its competences and policies that cause suffering, or benefit only a few, need to be balanced with something more substantial than Erasmus and cheap roaming. If not, the little popular trust that EU has left will, slowly but surely, disappear and give ground to more radical calls for its terminal deconstruction.

Posted in English | Lisa kommentaar

Rebellion is brewing against the political elite that has ruined Europe

Rebellion is brewing against the political elite that has ruined Europe

‘The idiot in Brussels’ and his like may keep their jobs for now, but trust is evaporating fast….

….Elsewhere, the political analyst runs into difficulty. In defiance of logic, the expected anti-European revolt is simply not happening. Take the example of Spain, which has suffered terribly during the past five years and where youth unemployment is more than 50 per cent. One would expect a revolution – and yet there are no anti-European parties that are worthy of the name. Exactly the same applies to Portugal, which has suffered almost as badly during the eurozone crisis.

A paradox is at work. It was only towards the end of the last century that Spain and Portugal emerged from dictatorships, while the former Iron Curtain countries have emerged from Communist rule even more recently. For them, the European Union represents a deeply cherished respectability. These countries seem happy to exchange the formal apparatus of dictatorship for the European Union’s emerging anti-democratic system.

The EU has always been at heart an elite project. It has been defined by rule from above, made deliberately unintelligible to the average citizen. Its first architects, having lived through the fascism of the Thirties and the horrors of the Second World War, indeed had excellent reasons for distrusting democracy and the popular will……

Posted in Estonian | Lisa kommentaar

I can’t see the point in doing economics, or any social science, without values.

The Failure of Orthodox Economics: An Interview with L. Randall Wray


…..I can’t see the point in doing economics, or any social science, without values. I think the financial system is there to serve a public purpose. If it was not then there should be absolutely no government assistance and backup to the financial system. But we recognize that the financial system has to serve a public purpose and that is why we have a variety of backstops for the financial system. We have deposit insurance in case the assets are bad. We have lender of last resort in case there are problems of liquidity. We have lots of tax-advantaged schemes so that savers get a tax advantage, which encourages them to save more and run stuff through special tax advantage type savings schemes, retirement accounts, and so on.   We do all that because we think there is a public purpose in the financial system…….

Posted in English | Lisa kommentaar

London Bridge is falling down, falling down, falling down…….

Economic orthodoxy is going down … even if most economists don’t yet know it

…….But young economists, I hope, will think for themselves, read and explore, find out about agent-based models and what they can do, and make up their own minds. The DSGE approach really does look like The Titanic of economic methodology. Its taking on water, its bow already looming high in the air. Don’t let your career go down with it.

Posted in English | Lisa kommentaar

Ahto Lobjakas Euroopa Parlamendi valimistest

Ahto Lobjakas: mis on tegelikult kaalul Euroopa Parlamendi valimistel?

…….Paar konstruktiivsemat näpunäidet valijale.

Esiteks: ärge minge hääletama, kui te ei tea, millised on kolm suurimat fraktsiooni praeguses (ja ilmselt järgmises) europarlamendis ning kes on nende juhid. Muidugi, see probleem on lihtsalt lahendatav, siinkohal ka otsingumootorita – fraktsioonid on suuruse järjekorras ja koos liidritega: Rahvapartei (Jean-­Claude Juncker), Euroopa sotsialistid (Martin Schultz) ning liberaalid (Guy Verhofstadt).

Ma siiski ei ütle ette, millised on parem- ja millised vasakpoolsed. Te võite muidugi öelda, et mis sest Euroopast, me tunneme ju Eesti kandidaate – aga sel juhul ohverdate te valides ühe nime jumalatele, kellega teie suhe pole oluliselt teine kui Taara-kummardaja oma tuhande aasta eest. See ei oleks euroopalik valik.

Valima ei ole tohi minna ka siis, kui te usute, et üks kolmest mehest saab valimisvõidu korral Euroo­pa Komisjoni presidendiks. Teisisõnu ELi peaministriks – kui EL oleks riik, komisjon oleks valitsus ja … parlament oleks parlament. Seda pole neist paraku ükski.

Kes iganes neist valimised võidab, saab Euroopa Komisjoni juhiks vaid siis, kui ta sinna määravad ELi liikmesriikide juhid. Parlament saab vaid selle otsuse osas seisukoha võtta. Ta võib otsust mitte toetada, aga peab sel juhul arvestama võimalusega, et liikmesriigid võtavad temaga ette midagi väga ebameeldivat. Ühesõnaga, lihtsam on helistada Taavi Rõivasele.

Kuna Eesti saadab europarlamenti kuus saadikut 751st, siis mõni sõna ka Euroo­pa poliitilisest kontekstist. Palju räägitakse parem- ja vasakäärmusluse tõusust. Mõlemad tõusevad võlakriisi tõttu: paremäärmuslus rikastes riikides rahakulu ja immigratsiooni pärast; vasakäärmuslus vaestes riikides rahapuuduse ja veel vaesemate sisserände pärast väljastpoolt Euroopat.

Mistõttu, kui te ikkagi lähete 25. mail valima, siis üks viimane nõuanne: lugege Euroopa lehti (näiteks Le Monde’i, Frankfurter Allgemeinet, Svenska Dagbladetit jt) ning hääletage ainult sellise kandidaadi poolt, kes räägib sellest, millest need lehed kirjutavad. Muidu saadate Euroopasse meie mehe (või naise) metsast – ja sellest ei oleks kasu ei Euroopale ega metsale.

Mõistlik jutt Lobjakaselt. Kuna EL on majandusliit, siis minu jaoks on olemas keskne küsimus neil valimistel ja sellest lähtuvalt olen ära otsustanud, kas valima minna või mitte.

Posted in Estonian | Lisa kommentaar

Tagasiteed pole

Need, kes arvavad, et integreerumisega on liiga kaugele mindud ning nüüd peaks sammukese tagasi astuma, et EL säiliks pikas plaanis, on lootusetult eksinud. Niisugust asja ei ole, et saab sammukese tagasi astuda ja liikmesriigid võivad äraantud võimu kuidagi tagasi saada. No põhimõtteliselt saab, aga see on umbes sama realistlik nagu liiduvabariigid said NSVL-ust välja astuda vabatahtlikult. Kirjade järgi ju said küll.

UK Reclaiming powers from the EU not possible say EU chiefs

European Commission vice-president Viviane Reding recently stated:

“There will be no repatriation of EU powers. It is not our problem; it is not us making the demands. You are either ‘in’ or ‘out’.”

EU Commission President Jose Manuel Barroso has warned in the past that plans to retrieve powers to member states are doomed to failure saying:

“What is difficult, or even impossible, is if we go for the exercise of repatriation of competences because that means revising the treaties and revision means unanimity. From my experience of 10 years, I don’t believe it will work.”

On the Andrew Marr show today (16/02/2014) Mr Marr asked Mr Barroso how the negotiations were going so far. Mr Barroso revealed that:

“so far the British government has not put any proposal for a new treaty or for some changes. In fact the government of Britain as such has not put forward any proposals so far. No negotiations so far.”

Posted in English, Estonian

The Future of Europe: An Interview with George Soros

The Future of Europe: An Interview with George Soros

…….George Soros: If you mean that the euro is here to stay, you are right. That was confirmed by the German elections, where the subject was hardly discussed, and by the coalition negotiations, where it was relegated to Subcommittee 2A. Chancellor Angela Merkel is satisfied with the way she handled the crisis and so is the German public. They reelected her with an increased majority. She has always done the absolute minimum necessary to preserve the euro. This has earned her the allegiance of both the pro- Europeans and those who count on her to protect German national interests. That is no mean feat.

So the euro is here to stay, and the arrangements that evolved in response to the crisis have become established as the new order governing the eurozone. This confirms my worst fears. It’s the nightmare I’ve been talking about. I’m hopeful that the Russian invasion of Crimea may serve as a wake-up call. Germany is the only country in a position to change the prevailing order. No debtor country can challenge it; any that might try would be immediately punished by the financial markets and the European authorities…….

……Soros: In the process of negotiations, the so-called banking union has been transformed into something that is almost the exact opposite: the reestablishment of national “silos,” or separately run banks. This is a victory for Orwellian newspeak……..

Posted in English

I am sorry but these people have no idea what causes unemployment

10 Social Innovation Projects To Tackle Unemployment In Europe


Posted in English

Economics textbooks teach a “mythological” story about what banks do

Economics textbooks teach a “mythological” story about what banks do, claims former bank regulator Lord Adair Turner

Lord Adair Turner, who was the chairman of the UK Financial Services Authority from 2008-2013, gave a brief but hard-hitting speech last week, where he claimed that university textbooks were teaching a ‘mythological’ story about what banks do. Speaking on a panel at the INET “Human After All” conference in Toronto, he made a number of strong points:

  • The much activity in the financial sector is not useful to the economy, and that we should discard the pre-crisis belief, held by most economists, that a bigger financial system is always beneficial for the economy
  • That the idea that banks take money from savers and lend it to borrowers is wrong. In fact, banks create new money when they lend.
  • That the idea that the function of modern banks is to invest in businesses is ‘mythological’. In reality, lending to businesses is often below 15% of the loans that banks make. Instead, most of the money they create (by lending) goes into property bubbles and financial markets………………
Posted in Estonian

Euroskepticism in Hungary and Europe


Pilt | Posted on by

American Democracy? In name only?


Major Study Finds The US Is An Oligarchy

…..Moreover, because of the strong status quo bias built into the US political system, even when fairly large majorities of Americans favour policy change, they generally do not get it.”

The positions of powerful interest groups are “not substantially correlated with the preferences of average citizens,” but the politics of average Americans and affluent Americans sometimes does overlap. This is merely a coincidence, the report says, with the interests of the average American being served almost exclusively when it also serves those of the richest 10%…….


Posted in English

Mis nägu on kapitalism?

miss a paymentSirp, Rainer Kattel

Mis nägu on kapitalism?

…..Üht ja õiget kapitalismi ei ole
Changi ladusas ja otsekoheses stiilis kirjutatud raamatu tees on iseenesest lihtne: hoolimata sellest, mida neoliberaalsed teoreetikud ja poliitikud on meile viimased aastakümned rääkinud, ei ole tegelikult nii teoreetilises kui praktilises mõttes olemas ühte ainsat ja õiget kapitalismi. Kapitalismi on teoreetiliselt käsitletud väga mitmeti ning eriti lihtne on näidata, et kapitalism on võtnud väga erinevaid vorme. Ka praegu on raske ette kujutada, et Hiinas ja Soomes valitseb sama majanduslik ja poliitiline ühiskonnakorraldus. Ometigi on mõlemad (suhteliselt) edukad, lihtsalt erinevad kapitalismi vormid.
Ka Eestis on sageli sellelaadset neoliberalismi kriitikat valesti mõistetud: Chang ei taha kapitalismist loobuda, vaid paremat kapitalismi ehitada. Nii üritabki ta näidata 23 asja, mida neoliberaalid on meile jutlustanud, kuid mis tema arvates on lihtsalt valed.



Mõned markantsemad näited. Chang alustab kõige fundamentaalsema vastuväitega: vaba turgu kui sellist pole olemas ja pole kunagi olnudki. Ei pea just väga tähelepanelikult turgude toimimist jälgima mõistmaks, et kõik turud põhinevad alati kokkulepetel, reeglitel ja seadustel. Ka need turud, kus riigil puudub igasugune roll (nt börsid olid kunagi puhtalt erasektori nähtus), põhinevad reeglitel ja kokkulepetel (kuidas, kes, millega kaubelda saab). Ilma kokkulepeteta ja reegliteta ei ole turg võimalik.
Nende kokkulepete kohta, mis puudutavad laiemat ringi inimesi, kasutame aga ühte teist sõna – poliitikat……..

Posted in Estonian

email tuttavalt


Dear Friends,


Our book, The Contradictions of Austerity: The Socio-Economic Costs of the Neoliberal Baltic Model, is available for order and will be released May 8th.  The book is already receiving some critical acclaim from those who have reviewed the book draft.  I include those comments below.


Charles and I thought the upcoming Debatte conference on `Crises and Resistance in Central and Eastern Europe’ in Warsaw on November 22 & 23, 2014 might prove a good opportunity to assemble our group and have a panel discussion on the book and the implications of the Baltic ‘miracle’ for Europe’s Social Model in ’new’ and ‘old’ Europe. 


We would welcome your thoughts on the matter.


Best wishes,


Charles & Jeff

Praise for The Contradictions of Austerity
On the 5th of June 2012 world economic leaders came together in Riga, Latvia, to drink champagne and eat canapes while toasting Latvia’s recent economic success. And what had Latvia done to deserve such adoration? It had dealt with the implosion of a patently unsustainable foreign currency debt financed bubble economy by slashing state expenditures faster and further than anyone had thought possible. And the payoff? A quadrupling of debt in four years. As much as a fifth of the labor market living abroad. Persistently high unemployment for those that remained. And a new economic model that relies upon Russian tax evasion and remittances as a major sources of revenue. Somehow the attendees that night, and in the press reports thereafter, forgot that side of the Baltic Miracle. Sommers and Woolfson (and their colleagues) have provided us with the definitive correction of record.
 –Mark Blyth: Professor of International Political Economy at Brown University and author of Austerity: The History of a Dangerous Idea
This book promises to become the defining study on the impact of austerity in the Baltics, otherwise known as the ‘Baltic miracle.’ The Baltic miracle has been heralded by partisans of neoliberal austerity as demonstrating the success of their economic therapy, despite the pain for the affected populations.  As these carefully argued and well-documented studies reveal, if this ‘miracle’ counts as success, one would hate to imagine what failure might be.  As the editors rightly argue, the import of these incisive inquiries is also “a stark warning” to the European Union, and the world, as the neoliberal assault steadily demolishes the social model that was Europe’s great contribution to modern civilization.
 –Noam Chomsky: Institute Professor of Linguistics & Philosophy at MIT and co-author of Manufacturing Consent

The crisis of 2008 put Europe’s Periphery in a state of civil war between those who had not caused the crisis, and were asked to pay for it, and the few who had caused it but insisted on remaining in power. The Baltic countries were the first battleground on which the powers-that-be fought for their survival wielding the lethal weapon of austerity. They “made a desert,” “called it peace,” and then exported it to Ireland and Europe’s South hidden behind claims of “success” in the Baltics. Never before has spectacular economic policy failure been so effectively re-packaged as “success” and pressed into service so as to enfeeble, humiliate and usurp a whole Continent. By deconstructing the “official version” of austerity’s effects on the Baltics, this book contributes greatly to those who care for Europe and for the truth.

 –Yanis Varoufakis: Professor of Economic Theory at the University of Athens & Visiting Professor at the Lyndon B. Johnson School of Public Policy at the University of Texas. Author of the Global Minotaur: America, Europe and the Future of the Global Economy.
This is a book by scholars of great integrity and independence, who have spent years on the ground in the Baltics or close by.
 –James Galbraith: Lloyd M. Bentsen Jr. Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Policy at the University of Texas. Author of the forthcoming The End of Normal: The Great Crisis and the Future of Growth.
This book offers a detailed, knowledgeable, concise and exceptionally clear examination of the impact of the global crisis on the Baltic countries. ‘Austerity’ has had a severe and wholly regressive impact upon women, the poor, the young and the old, and upon farmers, students, civil servants and anyone unconnected with the top layers of capital, the state and the ruling (financial) elites. The experience of the Baltic countries reveals the social and economic disasters which have befallen Europe in the wake of the global crisis. This book carries a warning and an alternative, and it should be read by everyone with an interest in the future of Europe.
 –Alfredo Saad Filho: Professor of Development Studies, SOAS, University of London and co-editor of Economic Transitions to Neoliberalism in Middle-Income Countries
The Contradictions of Austerity promises to be a hugely important contribution in the current debate over the future of Europe. As the outline correctly points out, while all eyes are focused on the turmoil in Greece and other southern nations in the EU, the truly devastating parable has been unfolding in the Baltic countries. It is imperative that the Aslund apologia be challenged and decisively rebutted, a task for which the contributors to The Contradictions of Austerity are very well qualified. Their work is extremely well researched and compellingly presented.
—Alexander Cockburn: the late editor of CounterPunch commenting on the book proposal and authors’ research on austerity in the Baltics
Jeffrey Sommers
Associate Professor of Political Economy & Public Policy
Senior Fellow, Institute of World Affairs
University of Wisconsin-Milwaukee
Posted in English

Turn That Frown Upside Down: A Heartwarming Tale of Debt and Deficits in the Modern Economy

Posted in English | Tagged

Diletant Andro Roos räägib rahast

h/t to Eesti Panga Prussakas

Ei hakkagi kõiki vigu siin välja tooma. Mis kohe silma hakkas oli raha koguse endogeensuse mittemõistmine ja sellest tulenevalt rahakordajast rääkimine. Kuulasin sinnamaani, kus ta rääkis, et toodetakse mingi x kogus õunu ja nüüd raha kogus suureneb, kuid õunu ei toodeta rohkem ja ta teatas selle peale, et inimeste elukvaliteet nüüd halvenes. Ei halvenenud, õunu toodeti ja tarbiti ikka samapalju ja hoolimata sellest, et võis inflatsioon toimuda. Keskmiselt inimeste elukvaliteet ju ei langenud. Tegemist on võhikuga rahanduses ja lõpuni ma ei kuula sellist soga. siin on video Bank of England’ilt, mida soovitaks Andro Roosil vaadata:

Kui kõnekeeles on raske inglise keelt mõista härra Roosi jaoks, siis siin on link dokumendile, kus rahaloomeprotsessi kirjeldatakse Bank of Englandi poolt

Another common misconception is that the central bank determines the quantity of loans and deposits in the economy by controlling the quantity of central bank money
— the so-called ‘money multiplier’ approach. In that view, central banks implement monetary policy by choosing a quantity of reserves. And, because there is assumed to be a
constant ratio of broad money to base money, these reserves are then ‘multiplied up’ to a much greater change in bank loans and deposits. For the theory to hold, the amount of
reserves must be a binding constraint on lending, and the central bank must directly determine the amount of reserves. While the money multiplier theory can be a useful way of introducing money and banking in economic textbooks, it is not an accurate description of how money is created in reality. Rather than controlling the quantity of reserves, central banks today typically implement monetary policy by setting the price of reserves — that is, interest rates.

Selgub, et see ei toimu nii nagu Andro Roos seda kirjeldab. Mul on muidugi kurb, et inimene, kes rahandussüsteemis ei orienteeru, hakkab mingisugust üritust vedama nagu ühistuline pangandus. Ega meil ju palju inimesi ei ole, kes rahanduses aktiivsed oleksid. Meele teeb mõruks pealiskaudsus, inimesed ikka eksivad, aga keegi ei süvene. Kui keskpangad ja rahakordajad on liiga keeruline, siis see ju ometi ei tohils liiga keeruline olla, et kui esimesel perioodil toodeti ja tarbiti võrdne kogus õunu, mis teisel perioodil, siis ju elujärg ei halvenenud. Niisuguseid lihtsaid loogikavigu on pea kõik majanduskommentaarid täis.


Posted in Estonian

God did not die; he was transformed into money

In each other we trust: coining alternatives to capitalism

…..Thanks in large part to Occupy’s critique of global finance, the publication of David Graeber’s influential Debt: The First 5,000 Years, a resurgent interest in a non-dogmatic re-reading of Marx, and the tireless (albeit not very revolutionary) advocacy of heterodox monetary reform groups like Positive Money and the New Economics Foundation, the money question finally appears to have been liberated from the suffocating scene of anti-Semitic conspiracy theorists, right-libertarian gold bugs and anarcho-capitalist “currency cranks” to which it had hitherto largely remained confined. At last, an international project is starting to take shape to research and experiment with concrete alternatives, laying the groundwork for a world in which the means of production are held in common and both the form and creation of money are subject to direct-democratic control by newly empowered communities of users……..

Kindlasti soovitan lugeda kogu artikkel läbi. Asi on selles, et poliitikute peale lootma jääda ei saa ja kuigi bitcoin on nurjunud projekt, on ta siiski teerajajaks selles vallas. Alternatiivsed süsteemid saavad väga edukalt tegelikult töötada. Kas nad tulevad ja kuna, mina ei tea. Eestis paistavad tegelema alternatiivvaluuta teemaga vandenõuteoreetikud enamasti ja antisemiitidest “money cranks”, et eriti lootustandev meil selle teemaga ei paista olevat. Samuti ei hakka ma siin selles blogis sellega süviti tegelema, et mis ja kuidas, kuna MMT seletaminegi on osutunud minu jaoks ülejõukäivaks ülesandeks. Kel lähemalt huvi on asja vastu, see peab ikka ise ingliskeelseid materjale lugema. Me võime olla peatselt algava revolutsiooni tunnistajaks, kus kogu ühiskond muutub tänu sotsiaalvõrgustikele ja seal loodavale krediidile. Võib olla liialdan ja kõik läheb vana rada edasi, aga märgid viitavad sinnapoole liikumist praegu.

Posted in Estonian | 1 kommentaar

Maamaksu krediidid

Mul on üks idee välja käia, mida ma oma tuttavalt hiljuti kuulsin. Idee iseenesest ei räägi fiat raha vastu, kuivõrd poliitilise süsteemi vastu ehk, fiat rahandussüsteem teenib eliidi huvisid ja mingisugune täistööhõive, majanduse õitseng jne ei paista seda eliiti huvitavat. Asi ei ole ka mitte ainult selles, et kõik poliitikud oleksid ükskõiksed nende teemade suhtes, isegi kui mõni ei ole, siis permanentselt võimule ta ei jää. Heaks tunnistuseks selle kohta on see, et sõja ajal saavutatakse riigis täistööhõive tavaliselt, sest sõja võitmisest on poliitiline eliit huvitatud. Hea küll, idee ise on järgmine:

Lugejale ei tohiks võõras olla kontseptsioon, et kinnisvara puhul loeb asukoht. Mõni asukoht on palju väärtuslikum kui teine. Näiteks, kui sinu äri on hea asukohaga, siis see toob sulle palju rohkem kliente ja seega ka sissetulekut kui halva asukohaga äri. Seda võib nimetada asukoha eeliseks.  Riik hakkab väljastama maamaksu krediite, mis võimaldab ümberjagamist parema asukohaga maaomanikelt viletsama asukohaga maaomanikele. Maamaksu maksmist aktsepteerib riik nüüd nendes krediitides.  Asja võib nii korraldada, et kõik maaomanikud saavad võrdselt neid krediite, kuid maksumäärad on erinevad(isegi nii võib korraldada skeemi, et ka mitte maaomanikud on kaasatud). Hea asukohaga maaomanik peab rohkem maksma. Maaomanikul peaks olema ka võimalus rahas maksta juhuks,  kui näiteks viletsama asukohaga maaomanikud otsustavad neid krediite kõrvale panna tuleviku tarbeks. Samas võiksid need krediidid olla ka väga vabalt maksevahendiks näiteks korteriüüri maksmisel. Arveldusühikuks võiks näiteks olla üks maamaksu krediidiühik=üks euro.

Mis mulle kõige rohkem meeldib selle idee juures? See, et vahendaja on ära võetud vahelt ja poliitikud ei saa seda süsteemi otseselt kuritarvitada. Jah, nad saavad määrata maksumäärad ja seega selle, kui palju ümber jagatakse niiviisi, kuid nad ei saa eelarveauke hakata kuskil lappima ja vaeste inimeste elujärge kahjustama sellega. Mis sina arvad? Anna teada.

Posted in Estonian

Kindlalt hävingu poole

Siim Kallas rahaliidu reeglitest: süsteem järele ei anna

Siim Kallas, kes lisaks transpordivoliniku ametile täidab praegu ka Euroopa Komisjoni rahandusvoliniku kohuseid, ei näe võimalust, et euroala reeglites jälle järeleandmisi tehakse, kui raamid mõnele suurele riigile kitsaks jäävad.

Sellist soovi – veel kord ajapikendust saada, väljendas Prantsusmaa president Francois Hollande aprilli alguses värske valitsusremondi ajal.

“Komisjoni seisukoht on võrdlemisi jäik,” ütles Kallas, kes teemat nädalavahetusel Washingtonis toimunud IMFi ja Maailmapanga aastakoosolekul Prantsusmaa ministriga arutas. “Seda ruumi järeleandmist teha ei ole.”……

Mis on pikaajalises plaanis vaadates ilmselt kõige positiivsem. Kui ECB ei oleks järeleandmisi teinud ja hädas olnud võlgnikriikide võlga ostnud, siis täna meil enam eurot poleks, vähemasti praegusel kujul. Me elame huvitaval ajal. See on ajastu, mida iseloomustab rohke info kiire kättesaadavus kõigile, samas on see mõttestampide ajastu, kus kõigesse suhtutakse äärmise pealiskaudsusega.  Sellisest pealiskaudsusest lähtuvalt tehakse oma järeldused, kujundatakse maailmavaade, luuakse poliitiline programm jne.

Posted in Estonian

Ross pensionist

Märten Ross: eilse tulu ja homse lootuse lõksus

Nüansse on veel. Kuid on imelik, kuidas ka nooremad inimesed ülistavad mõnede riikide pensionisüsteeme pelgalt tänase pensioni põhjal. Vaevumata isegi küsima, mismoodi sealseid defitsiite katta kavatsetakse.


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Warren Mosler, Riccaro Bellofiore, Andrea Terzi and Stefano Lucarelli at University of Bergamo

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Thousands protest in Paris against austerity

Thousands protest in Paris against austerity

Led by several parties of the radical left, the protesters sent a message to President Francois Hollande that they had ‘enough’ of austerity and that it was time for a change in policy.

Thousands of people protested in Paris on Saturday calling for a change in the austerity policies of President Francois Hollande.

The Left Front, whose principle components are the French Communist Party and the Left Party, led the demonstration that declared “Hollande, enough!” and rallied “against austerity’ and for ‘equality and the distribution of wealth”.

At the head of the march were the leaders of the Left Front, Pierre Laurent (PCF) and Jean-Luc Mélenchon, and their guest of honor, Alexis Tsipras, Greece’s main opposition leader and candidate of the radical European left for the presidency of the European Commission……..

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Broad Tent Post Keynesianism

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Sebe hakkab militaartehnikat tootma

Sebe hakkab militaartehnikat tootma

«Asutasime kaitsetehnikale suunatud ettevõtte Milrem, mis keskendub militaartehnika kompetentsi arendamisele. Tootmises on liikuvaks juhtimispunktiks kohandatud sõidukid, arendamisel on ka nii pääste- kui ka militaarülesanneteks sobivad juhita roomiksõidukid,» ütles Sebe juhatuse liige Kuldar Väärsi.

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Only the ignorant live in fear of hyperinflation

Only the ignorant live in fear of hyperinflation

Some years ago I moderated a panel at which a US politician insisted that the Federal Reserve’s money printing would soon cause hyperinflation. Yet today the Fed’s main concern is rather how to get inflation up to its target. Like many others, he failed to understand how the monetary system works.

Unfortunately ignorance is not bliss. It has made it more difficult for central banks to act effectively. Fortunately the Bank of England is providing much needed education. In its most recent Quarterly Bulletin , its staff explain the monetary system. So here are seven fundamental points about how it really works as opposed to how people think it does…….

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The World According to Modern Monetary Theory

The World According to Modern Monetary Theory

Looking past money to the sovereign power that makes it valuable

Too often the origins of our economic ills are cloaked by a mystical reverence for some autonomous money spirit. The economists behind Modern Monetary Theory (MMT) seek to lift money’s veil by studying the specific actions that occur as money is created, circulated, and destroyed.

For those seeking a grand, unifying sociopolitical economic theory, MMT will disappoint. But as an analytic tool, MMT clarifies who holds genuine power—sovereignty—within society, and how they organize the money system to serve their interests. Unsurprisingly, this is often a story of tremendous cruelty and exploitation……

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