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Not a Matter of If, But When

Shawn Hattingh Monthly Review
The danger derives from the reactions of the ruling classes and their states to the crisis of 2008. The paths they chose to follow to save and even further their own wealth in the aftermath of the 2008 crisis have paved the way for a future crash that could dwarf the one of a decade ago.

The Bitcoin Hoax

Robert Kuttner Huffington Post
We should hardly be surprised that Bitcoin is on a wild speculative ride—that’s the essence of privatized credit creation.

Reform or Divorce in Europe

Joseph E. Stiglitz Project Syndicate
The worst-performing eurozone countries are mired in depression or deep recession; their condition is worse in many ways than what economies suffered during the Great Depression of the 1930s. The best-performing eurozone members look good, but only in comparison.This system cannot and will not work in the long run: democratic politics ensures its failure. Only by changing the eurozone’s rules and institutions can the euro be made to work.

Puerto Rico's Colonial Economy

Arthur Macewan Dollars and Sense
Dear Dr. Dollar: It seems like Puerto Rico’s economic and financial mess came out of nowhere. Until recently, there wasn’t much about Puerto Rico in the press, but what there was seemed to portray things as fine, with a generous amount of funds going to the island from Washington. Sometimes, Puerto Rico was held up as a model for economic development. So where did the current mess come from? —Janet Sands, Chicago, Ill.

Puerto Rico: The Crisis Is About Colonialism, Not Debt

Linda Backiel Monthly Review
Puerto Rico is in crisis. But the crisis is not about how to pay Wall Street. It is about the impact of centuries-long economic devastation on the men, women, and children—especially children—that live in Puerto Rico. While failure to pay the banks and the vultures makes headlines in the Wall Street Journal and the New York Times, the human misery caused by five centuries of colonialism does not.

Stiglitz: A Fair Solution to the Greek Debt

Joseph Stiglitz Project Syndicate
What is needed is not structural reform within Greece and Spain so much as structural reform of the Eurozone and a fundamental rethinking of the policy frameworks that have resulted in the monetary union’s spectacularly bad performance. Failure to restructure Greece's debt would be a failure of democracy and morality.

Confessions of an Erratic Marxist in the Midst of a Repugnant European Crisis

Yanis Varoufakis Yanis Varoufakis blog
Yanis Varoufakis is currently the Greek Minister of Finance. In this essay, posted to his website one year ago, he explains why he believes that radicals must work to stabilize the Eurozone on a more equitable basis so as to mimimize human suffering and to provide the time and space to develop a humanist alternative to Corporate Europe. He also describes the influence of Karl Marx on his views and asserts the necessity to embrace -- critically -- Marx's insights.
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