The greatest swindle of modern times is the massive ‘bait and switch’ perpetrated on the publics of Europe by their governments on behalf of their banks. What we refer to today as the ‘European Sovereign Debt Crisis’ began largely as a private sector financial crisis when too big to fail banks got caught with too many worthless assets on their books in 2008, write Mark Blyth and Abraham Newman.
Politicians deftly, and all too quickly, turned this into a crisis of the public sector by profligate governments, ironically. While the story of fiscal irresponsibility has some plausibility in the Greek case, it simply isn’t true for much anyone else. In short, ballooning public debt is a consequence of the financial crisis, it is not a cause of it. It occurred when the debt of the private sector was transformed into public sector debt via bailouts, lost revenues, lower growth, and higher transfers...
At first glance, everyday life seems not to have changed in Istanbul. The streets are congested; people hurry to the ferry or the bus. For weeks, there has been no terror attack. Nevertheless, there are some visible changes. There are much more policemen in the streets. In some days, the Istiklal Caddesi, the main shopping street on the European side, seems to be under a state of siege. At every street corner, there is police van with the blue light switched on.
Recent disturbing trends in international finance have particularly problematic implications, especially for developing countries. The new United Nations report, World Economic Situation and Prospects 2017 (WESP 2017), is the only recent report of a multilateral inter-governmental organization to recognize these problems, especially as they are relevant to the financing requirements for achieving the Sustainable Development Goals (SDGs).
The Trump government signals unequivocally the end of international US hegemony. An international hegemon is able to define rules that find relatively broad acceptance internationally and plays a role in safeguarding international economic stability. The Trump government announced measures that go against the present economic rules while not proposing new ones.
The global deficit in quality jobs and deteriorating economic conditions in a number of regions threatens to undo decades of progress in poverty reduction, warns a new report by the International Labour Organization (ILO), the World Employment and Social Outlook (WESO) 2016.
Weakening of workers' rights in most regions is being aggravated by severe crackdowns on freedom of speech and assembly, according to the 2016 Global Rights Index. Restrictions on freedom of speech and assembly, including severe crackdowns in some countries, increased by 22%, with 50 out of 141 countries surveyed recording restrictions.