Portside

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.

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.

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.

New Jersey is among the prime specimens of post-recession America’s lasting political and economic malaise. . . . Most importantly, it’s a bellwether of who, in the final accounting, is going to foot the bills when things go wrong.

While some of the world's economic and political elite gathered in Davos, Switzerland for the annual World Economic Forum, a United Nations agency reported that there has been an increase in unemployment planet-wide of 28 million since the onset of the current economic crisis five years ago. One million jobs were lost in western capitalist economies last year alone and three million in the rest of the world.

New employment figures reveal young adults in the U.S. have nearly double (13.7 percent) the unemployment rate of the general population. We must face up to this moral crisis and demand the policies that will employ Millennials.