News from Paradise

Albistea Paradisutik

The Times: Greziako ikasleek sexua saltzen dute gazta pastel baterako, gose direlako.

The Times claims “Greek students sell sex for a cheese pie, because they’re hungry”

(a) Sei urteko finantza krisiak Greziako ikasleak kaleetara bidali ditu, ez austeritatearen aurkako protestetarako, sexurako baizik

Six years of crippling financial crisis have sent Greek students to the streets. However, not for anti-austerity protests but for sex. They allegedly “sell it very cheap,”  for the price of “a cheese pie or a sandwich,”  thus “offering the lowest prices of the industry across the Continent.”

Some women just do it for a cheese pie or a sandwich they need to eat because they are hungry,” Gregory Lazos , professor of sociology at Panteion University in Athens told The Times and spoke about the results of a study he conducted.

(b) Egindako estudioak 400 emakume ikertu ditu, hiru urtetan

Lazos conducted the study among 400 women working on the streets. The study has  lasted 3 years. Many of these women were students.

They sell sex for a piece of bread – so to say – “in order to eat or cover basic needs and extra expenses as they have no money,” The Times and Lazos on The Times claim.

(c) Greziako prostituten %80a greziar emakumeak dira, 17tik eta 20rako urtetakoak

80% of prostitutes in Greece are Greek women aged 17 to 20”.

(d) Sexurako prezioa jaitsi da 50€ 60 minutukotik 2€ 30minutukora

The price for sex has dramatically decreased from €50 euro for 60 minutes down to “€2 for half an hour.

From the 18,500 prostitutes who work mainly in the streets throughout the country, since most brothels operated without a license, the majority now are desperate Greeks.”

As KTG has only partial access to The Times due to the pay wall and picked up some additional information from Greek media that translated the article, it is not very clear when exactly the study has been conducted, its methodology and other scientific tools indicating “age”, “region” and other data. Neither did KTG manage to find out the percentage of students among the 400 case of women street workers. A percentage expected to be high enough to justify the article’s title.

(e) Krisia baino lehenago, ez zegoen greziar emakumeen arteko prostituzio joerarik

Gregory Lazos claimed further that before the economic crisis “there was not prostitution tendency among Greek women.” He stressed that “the phenomenon seems to grow at a steady and consistent pace.” Before the crisis the majority of prostitutes were women from Eastern Europe.

So, The Times and Gregoryy Lazos lived happily ever after, and the Greek women that used to be little Saints but now sell it and do it on the streets have finally something to eat. Not even a souvlaki, though. It costs €2.00 – €2.20 and has 23% Value Added Tax for having salt and spices on it. A small cheese pie can be bought for €1 – €1.20. So there is one euro left to cover basic needs and extra expenses…

No some Greeks wonder, why all the Greek films of the 50’s the 60′ and the early 70’s were featuring Greek women as prostitutes with the most famous one being Ilia (Melina Merkouri) in Never on Sunday. And some Greeks of the usual mean Greek category reckon all the fine young ladies in the noble bars and restaurants of certain high-class suburbs of Athens before the crisis… Ops! They were “escorts”.  – And because they were so many, the brothels emptied and did not renew their licenses – Just kidding!

(f) Zer azalpen emango lioke Nazioarteko Moneta Fondoko Lagarde andreak afera honi?

PS At least in the sex sector Greece seems have developed into a super competitive country I wonder, how IMF’s Lagarde would comment on this and if she would support the sector’s booming withe both her thumbs up.

Apocalipsis now?

(1) CUP eta aztiak (edo ‘agoreroak’)

Dos mesos perduts:

Junts pel Sí avisa la CUP que la paciència de la gent no és ‘infinita’:

Joan Tardà diu que ‘cada dia que passa sense acord és un triomf més pels nostres adversaris’:


Espai de dissidència

Endavant i Poble Lliure, qui és qui dins la CUP al parlament?

Més de 1.600 persones participaran al Debat Nacional de la CUP

Dotze cupaires diuen la seva a Twitter abans de la jornada de debat

La CUP no vol valorar l’oferta de JxSí i diu que la traslladarà al debat de diumenge


Antonio Baños: «Un debat amb 1.600 cupaires demostra que som una organització viva, no una organització dividida»

‘Dena aldatzen du horrek’

Filma: This Changes Everything, Naomi Klein eta Avi Lewis-ek eginda.

Bill Mitchell-en This Changes Everything in Friday lay day – George Osborne talks tough but is saved by ridiculous forecasts1

Mitchell-ek dioenez,

(a) Ondokoa ez da filmari buruzko iruzkinik egiteko, filmean azaltzen den mezuaz zertxobait esateko baizik2

(b) ‘Mezua’ ezker politikaz eta kapitalismo globalaz ari da3: global capitalism has rendered national boundaries irrelevant

(c) ‘Mezua’ren ondorioa: estatuaren ahalmena korporazio transnazionalek bereganatu du4

(d) Korolarioa: finantza globalizazioak estatuak zigortzen ditu ordainketa-balantzaren bitartez5

(e) Alta, hona Mitchell-en mezu argia: estatu subirano batek, bere moneta jaulkitzen duenak, ahalmena dauka korporazio transnazionalen abusuak kontrolatzeko6

Filma dela eta, maila lokalean gizarte taldeen garrantzia7 mezu nagusia da, ezker politikoak bereganatu ez duena8: izan ere, jendea korporazio oso boteretsua da9.

Filmean kasu bereziak ere azaltzen dira… austeritatearen ‘zatitu eta menderatu’ delakoaren ezaugarriak dituztenak10, non eta Grezian!

2 Ingelesez: “… I attended a screening of the new film by Naomi Klein and Avi Lewis – This Changes Everything – which is based on Naomi Klein’s book of the same name.

The book profiles several communities around the world who are fighting for climate justice against some of the large transnational corporations in the globe.”

3 Ingelesez: “One of the things that is very clear in the current research I’m doing for my next book on why the political Left has abandoned a progressive economic’s agenda in favour of weird compromises like the Third Way, New Labour, or rather variations which are now being referred to as austerity-light, neo-liberal stances, is that global capitalism has rendered national boundaries irrelevant.

4 Ingelesez: “As a consequence, the capacity of the State to implement domestic policies that advance the well-being of its citizens has been usurped by the power of trans-national corporations and the global supply chain.

5 Ingelesez: “The corollary is that the globalisation of finance has meant that a state that tries to buck against the corporate interests of these monolithic companies will be punished through the balance of payments (capital flight, currency sell-off, short-selling, and all the rest of the scary things that are alleged to accompany the wrath of these companies).

6 Ingelesez: “My next book will challenge that perception and argue instead that the State which issues its own currency retains the discretion and capacity to maintain full use of whatever productive resources the nation has and, ultimately, the power to curb the abuses of these trans-national corporations.

7 Ingelesez: “The film … demonstrates how abusive trans-national corporations can be brought to heel through organised, systematic and determined grass-roots actions at the local level.”

8 Ingelesez: “It was a very powerful message and one that the mainstream political Left parties have failed to grasp.”

9 Ingelesez: “What it tells us is that the political Left has to glean its support from progressive grassroots organisations and in turn reciprocate that support in the political process.

Ultimately, people are more powerful corporations, a point lost on the mainstream politicians, who think that appeasing the ‘markets’ is what political leadership is about these days.”

10 Ingelesez: “It was here that the divide-and-conquer characteristics of austerity came to the fore. The company appealed the decision in the Greek courts and were joined in the case by the unions that represented the gold mining workers.

The head of the workers’ union was quoted in the press as saying:

We’re awaiting the court’s ruling which we believe will vindicate us … People in Halkidiki are tired of being unemployed because of unfair decisions.

So it is clearly a case of one set of workers desperate for employment in an austerity-ridden nation undermining the well-being of other workers in the local community.

These sorts of conflicts intensify when a government fails to maintain sufficient employment for all and forces worker against worker.

Sektore balantzeaz hitz batzuk

Sektore balantzeaz luze idatzi dugu blog honetan.

Hona hemen tanta batzuk:

Stephanie Kelton: defizitak eta superabitak

Aurrekontu orekatua?

Aurrekontuz hitz bi (3)

QE, Europar Batasuna, inflazioa eta deflazioa…, Schäuble, progreak eta abar

Eta segituan gehigarri batzuk:

(a) Italian government is walking into the trap it set itself1

… the fiscal balance we might think of can be written as:

Fiscal Balance = Revenue – Spending.

Fiscal Balance = (Tax Revenue + Other Revenue) – (Welfare Payments + Other Spending)

We know that Tax Revenue and Welfare Payments move inversely with respect to each other, with the latter rising when GDP growth falls and the former rises with GDP growth. These components of the fiscal balance are the so-called automatic stabilisers.”

(b) Flow-of-funds and sectoral balances2

…some misperceptions about the derivation, meaning and application of the so-called sectoral balances framework that is used in Modern Monetary Theory (MMT) to help explicate the relationship between the government and the non-government sectors. Some of this confusion appears to be the product of a deeper misunderstanding of the difference between stocks and flows and relationships between flows in economics.


It should be clear that the sectoral balances framework combines accounting structures, which are derived from the national accounts framework used by statisticians to measure economic activity, and theoretical propositions, which seek to explain relationships between variables within the accounting structures. In other words, we need to understand both the accounting aspects that are true by definition as well as the underlying theoretical structures which drive the balances.”

(a) National income3

(b) Gross national product or gross national income measure4

(c) Sectoral balances form5

(d) MMT’s interpretation of the sectoral financial balances6

(e) Some conclusions7


The sectoral balances framework and the closely related flow-of-funds approach is an extremely useful analytical tool, which is very much underused by economists.

In one sense it is pure accounting. That provides useful insights in its own right. But to really use it as an engine for understanding and analysis we need to marry in theoretical conjectures that allow us comprehend how the balances respond to income shifts and how they correspond to different states of the economy.

3 Ingelesez: “First, we can measure the sources of spending that flow into the economy over a given period. Economists use the shorthand expression:

(1) Ingelesez: “GDP ≡ C + I + G + (X – M)

which says that total national income (GDP) is the sum of total final household consumption spending (C), total private investment including inventory accumulation (I), total government spending (G) and net exports (X – M).

Note the use of the mathematical symbol ≡ which denotes an Identity which is true by definition and the “equivalence … does not depend on the particular values of the variables”.

We often replace it with an equals sign (=) but we always know that this National Accounts Identity is an accounting statement which must always be true.

As it stands, the National Accounting Identity is not a theory.


The central role played by the principal of effective demand provides the causal link between expenditure and income.

It tells us that total income in the economy per period will be exactly equal to total spending from all sources but also the process involved that bring that equality into line.

We also have to acknowledge that financial balances of the sectors are impacted by net government taxes (T) which includes all taxes and transfer and interest payments (the latter are not counted independently in the expenditure Expression (1)).”

4 Ingelesez: “Further, … the trade account is only one aspect of the financial flows between the domestic economy and the external sector. We have to include net external income flows (FNI).

Adding in the net external income flows (FNI) to Expression (1) for GDP we get the familiar gross national product or gross national income measure (GNP):

(2) GNP = C + I + G + (X – M) + FNI

At this stage, we could get quite complicated and consider things like retained earnings in corporations and the like, but here we assume that all income generated ultimately comes back to households (after all the distributions are made).”

5 Ingelesez: “To render this approach into the sectoral balances form, we subtract total taxes and transfers (T) from both sides of Expression (2) to get:

(3) GNP – T = C + I + G + (X – M) + FNI – T

Now we can collect the terms by arranging them according to the three sectoral balances:

(4) (GNP – C – T) – I = (G – T) + (X – M + FNI)

The the terms in Expression (4) are relatively easy to understand now. The term (GNP – C – T) represents total income less the amount consumed less the amount paid to government in taxes (taking into account transfers coming the other way).

In other words, it represents private domestic saving.

The left-hand side of Equation (2), (GNP – C – T) – I, thus is the overall saving of the private domestic sector, which is distinct from total household saving denoted by the term (GNP – C – T).

In other words, the left-hand side of Equation (2) is the private domestic financial balance and if it is positive then the sector is spending less than its total income and if it is negative the sector is spending more than it total income.

The term (G – T) is the government financial balance and is in deficit if government spending (G) is greater than government tax revenue (T), and in surplus if the balance is negative.

Finally, the other right-hand side term (X – M + FNI) is the external financial balance, commonly known as the current account balance (CAD). It is in surplus if positive and deficit if negative.

In English we could say that:

The private financial balance equals the sum of the government financial balance plus the current account balance.

Note that by re-arranging Expression (4) we get the familiar sectoral balances equation:

(5) (S – I) – (G – T) – CAD = 0

Following our earlier discussion of the flow-of-fund approach made popular by the New Cambridge economists, we can re-write Expression (5) in this way:

(6) (S – I) = (G – T) + CAD

which the New Cambridge economists interpreted as meaning that government sector deficits (G – T > 0) and current account surpluses (CAD > 0) generate national income and net financial assets for the private domestic sector.

Conversely, government surpluses (G – T < 0) and current account deficits (CAD < 0) reduce national income and undermine the capacity of the private domestic sector to add financial assets.

Expression (6) can also be written as:

(7) [(S – I) – CAD] = (G – T)

where the term on the left-hand side [(S – I) – CAD] is the non-government sector financial balance and is of equal and opposite sign to the government financial balance.

This is the familiar MMT statement that a government sector deficit (surplus) is equal dollar-for-dollar to the non-government sector surplus (deficit).”

6 Ingelesez: “In summary, our interpretation of the sectoral financial balances is as follows:

1. (S – I) is the private domestic financial balance or the NAFA of the private domestic sector. If it is in surplus, then that sector is lending funds to the other sectors. If it is in deficit, then the private domestic sector is borrowing from the other sectors.

2. (G – T) is the government sector financial balance. If it is in surplus then the government sector is spending more than it is taking out of the economy in taxation and undermining the capacity of the two other sectors to accumulate net financial assets and vice versa.

3. CAD is the external sector financial balance. If it is in deficit then the national economy is borrowing from abroad and foreigners are accumulating financial asset claims and vice versa.

These are accounting statements. So in one sense, the claim that the sectoral balances is about accounting is factual. But of course it also is a highly limited conclusion.

At this stage, we know nothing about the state of the economy that would be associated with bringing these balances into line, nor do we know anything about where the economy has been and where it might be heading.

Further, we don’t know what motivates each of the financial balances accounted for.

At this point, to give traction to analysis we need to add theory. As noted above, once theoretical conjectures are included in the framework then we can start to explore causality, adjustment, and understand the state of the economy more fully, including the policy options that might drive the economy to where we want it to go.

The theoretical dimension of the sectoral balances framework takes this well beyond the accounting.”

7 Ingelesez. “So the income-expenditure model is a theoretical structure that conjectures that changes in these financial balances are driven by national income flows, which in turn, are driven by changing expenditure flows.

For example, there are various theories of household consumption expenditure but all of them suggest that consumption is determined positively by changes in disposable income. The response of consumption to a change in income is called the Marginal Propensity to Consume (MPC). It is normally hypothesised that the MPC will be less than one, so that the residual of disposable income not consumed will be positive. That constitutes saving.

So the private domestic financial balance (S – I) will increase, other things equal, when national income rises.

Similarly, taxation revenue (net of transfers) is considered to be a positive function of national income. So, other things equal, the government financial balance (G – T) falls when national income rises, and vice versa.

Imports are also considered to be a positive function of national income – so when national income rises we buy more locally- produced goods and more imported goods. So the external balance falls when national income rises, and vice versa, other things equal.

We could add more complex theoretical propositions to explain private domestic investment, exports, government spending, and net foreign income transfers. And indeed, larger macroeconomic models do just that.

But the point is that these theoretical conjectures allow us to hypothesise what will happen to the financial balances if there is an external event that leads to income changes.

For example, we might assume the government decides that the level of income is too low because spending is too low relative to full capacity spending and as a result unemployment is too high.

It introduces a discretionary increase in the deficit such that G – T rises. This stimulates national income via the expenditure multiplier process which increases disposable income, consumption expenditure, and household saving. It also stimulates increased import expenditure.

If nothing else changes, Private domestic net financial asset acquisition will increase and the external deficit will increase somewhat. The relationship between the sectoral balances will be maintained but national income will be higher and the net financial assets in the non-government sector will have changed.

More complex theoretical reasoning is obviously possible.

The accounting structures that underpin the sectoral balances framework allows to check logic. For example, if a politician says that the government and non-government should simultaneously reduce their debt levels (assuming neo-liberal public debt issuance strategies) then we know that is not possible. We don’t have to resort to theory to make those sort of conclusions.

But the accounting structures do not allow us to determine the validity of a political statement that says that austerity will stimulate growth. At that point we need theory and we can use the sectoral balances framework to draw inferences about which sectors will respond in which way when austerity is imposed.”

W. Molser: “O si allentano i Trattati, o si esce dall’Euro”

Warren Mosler: “O si allentano i Trattati, o si esce dall’Euro”


La disoccupazione è un crimine contro l’umanità

O si allentano le maglie garantendo la spesa a deficit (ascoltate le parole pronunciate sul debito), o si esce dall’Euro.

MoVimento 5 Stelle:

Il MoVimento 5 Stelle in Europa vuole trovare un piano B concreto ed efficace contro questo sistema malato: ha aperto il dibattito al Parlamento Europeo sul sacro totem dell’Euro. Lo abbiamo smitizzato, raccontando la verità di una moneta costruita male, e tagliata peggio. Abbiamo invitato personalità internazionali: Antonio Maria Rinaldi, Giandomenico Majone, Roger Bootle, Marco Cattaneo, Jacques Sapir.
E Warren Mosler, il padre ideatore della formulazione più recente della Teoria della Moneta Moderna.
L’Abbiamo intervistato per voi.

La Teoria della Moneta Moderna di Warren Mosler (

La Modern Money Theory è descrittiva. Descrive come le valute correnti funzionano. Descrive il tasso di cambio fluttuante contro il tasso di cambio fisso. Lo standard aureo è a cambi fissi e la Modern Money Theory lo descrive esattamente assieme al resto dei sistemi.
Oggi la moneta corrisponde a crediti d’imposta, tutto il resto è una deriva da questo concetto. La moneta è una cosa richiesta per pagare le tasse e questa funzione arriva solo dal governo. Non puoi sostenere l’occupazione con qualsiasi tipo di cambio fisso.
La politica della moneta a cambi fissi da tempo non riesce a sostenere l’occupazione. E per sostenere l’economia e il suo potenziale è necessario che tutti lavorino. Se lo scopo della tua politica è ottimizzare gli standard di vita, devi avere una valuta a cambio mobile.
L’economia ha delle restrizioni. Non è permesso crescere e offrire lavoro in modo produttivo. Le restrizioni sono il limite del deficit e il limite fiscale. Il 3% del deficit e il 60% debito/prodotto interno lordo.
Quello che bisogna fare è alzare questi limiti con gli strumenti della politica. Se l’economia si scalda troppo aggiusti questi limiti. Il problema è che l’Unione Europea è impossibilitata a farlo (ad esempio a concedere uno sforamento dell’8%).
Se lo facesse l’Italia non dovrebbe lasciare l’Euro. Qualora fosse negato lo sforamento dell’8% dovrete affrontare le conseguenze o uscire dall’Euro

Portugaleko egoera politikaz hitz batzuk

Hasierarako, ikus ondokoak:

Portugal: ezkutura itzuliko ote dira?

Portugal eta Islandia

Portugal eta Kanada

Gaur egungo egoeraz, ikus:

(a) The EU’s next headache is coming not from Greece but Portugal, as pro EU gov falls

(b) What is the Left Bloc?

(c) Full Contents of the Agreement between Socialist Party and Left Bloc

(d) “We will never fail on a Government that stops impoverishment and recovers people’s incomes

(e) Portugal: what happens next?

(f) The left(s) in Portugal: Between principles and power

After the Greek experience, did your attitude towards the European Union and the Euro change?

No, because our program already stated before that we wouldn’t accept any other sacrifices in the name of the Euro. That was already the political line since the last congress of our party, way before what happened in Greece.

(g) The people are looking forward to what we are going to change

Europako egoeraz eta ezkerraz hitz bi

uropar Batasunaz eta Europako ezkerraz maiz aritu gara blog honetan.

Oraingo sarrera honetan soilik zenbait erreferentzia emango dugu, nahi izanez gero, irakurleak jakiteko nora eta zertarako jo.

Bill Mitchell-en artikulua: European Left face a Dystopia of their own making1.

(a) Nola neoliberalek kontinentea bereganatu zuten

(b) W. Schäuble-k 2009 hartu zuen finantza ministerioko kargua

(c) 2012ko aldarrikapena

(d) 2013 eta austeritatea

So, the European Left has nowhere (progressive) to go – no room to manouvre.

(e) Europako ezkerra eta monetarismoa

(f) Mitterand eta Delors

(g) Globalizazioa eta ideologia neoliberala


(1) Mitchell-en Eurogunea: harrapatuta sistema monetario disfuntzional batean2

An orderly dissolution [of the Eurozone] would be possible and would minimise the losses that such a move would have.


The GFC demonstrated clearly that the monetary union as structured is incapable of delivering reasonable outcomes to the citizens of the Member States who surrendered their currencies and adopted the euro.”

(2) Mitchell-en European Commission forecasts – a denial of their only effective policy tool3

Greece is predicted to remain in recession at least until 2017 and it will still have an unemployment rate of 24.4 per cent in 2017 – thanks go to the national leadership of Syriza for that!

But it will have an external surplus by 2017 (courtesy of the massive slump in imports) and its fiscal balance will come in under the Stability and Growth Pact thresholds and the primary fiscal balance (net of interest payments) will be in massive surplus.

A fine way to run a country.”


Various commentators thought that the quantitative easing program would give the banks more money to lend and that would stimulate investment.

It was a myth that was dispelled in the 1990s when the Bank of Japan fell for the same myth that pervades the university macroeconomics textbooks.

Please read … 2009…Quantitative easing 101.”


The Eurozone remains wedded to the idea that its fortunes depend on world trade which is driven by factors they cannot control.

Staring them in the face is massive unemployment and fiscal policy which they can control. Their refusal to use the most effective growth policy tool available to them is a demonstration of their on-going failure.”

(3) Mitchell-en The massive Eurozone real income losses continue to mount4

Eurostat released the third quarter National Accounts data for Europe on Friday (November 13, 2015) – GDP up by 0.3% in the euro area and by 0.4% in the EU28 – which showed real GDP growth slowing in the Eurozone (down from the slug-like 0.4 per cent) and nations such as Finland and Estonia (one of the previous ‘poster children’ for austerity) heading into basket-case territory. Finland contracted by a sharp -0.6 per cent in the Third-quarter 2015 and has been in recession since the Estonia contracted by 0.5 per cent as did the beleaguered Greece. Portugal stagnated at zero growth. The so-called European recovery is looking distinctly wan! As at the third-quarter 2015, the Eurozone as a whole as still not reached real GDP levels equal to the peak in the March-quarter 2008. The overall 19 economy monetary union is still smaller than it was before the crisis began some 7.5 years ago. (…) A very damaging folly has been inflicted on the people of Europe as a result of the neo-liberal Groupthink that dominates policy making.


The European Parliament needs to take over the running of things and introduce policies that reflect the will of the people. The European Commission should be largely disbanded and made an administrative support for the Parliament.


As at the third-quarter 2015, Greece was 26.3 percentage points below the March-quarter 2008 peak and Italy was 9 percentage points below. As at the second-quarter 2015 (latest data), Spain was 5.3 percentage points below the 2008 peak, Finland was 6.6 percentage points below the 2008 peak, and Portugal was 6.5 percentage points below the 2008 peak. A host of other European nations are in similar parlous shape.

And that is only comparing the current level of real GDP with the March 2008 level. It says nothing of where the potential real GDP path would have taken these nations had the recession been avoided.”

(4) Mitchell-en Europako ezkerraren porrotaz5

The GFC clearly … demonstrated that the political positions held by both the left- and right-wing governments in the West with respect to economic policy were untenable. Both sides of politics in each major and country adopted versions of market liberalism where the overlap was more dominant than the differences. While the left maintained some emphasis on social policy and the right maintained an emphasis on individual freedom (which was more about corporate freedom than anything), the fact remains that these differences were blurred by the dominance of the free market approach in each of their platforms.


I deal with the rise of Monetarism and the impact it had on the French position concerning Europe, particularly the role that the Left would play in advancing the monetary union, in detail in my current book – Eurozone Dystopia: Groupthink and Denial on a Grand Scale (published May 2015).

As the Monetarist insurgency spread from American academic institutions (for example, the University of Chicago) into the mainstream political debate, big changes were also underway in French politics, which significantly altered economic policy, not only domestically, but also with respect to the European Project.


… in March 1983, the French were at the crossroads and the incompatibility of these competing ambitions was obvious.

At that point, France had a choice. It could retain its policy sovereignty and pursue its legitimate domestic objectives by floating the franc or remain within the EMS and subjugate its domestic policy freedom to the dictates of the Bundesbank.

Unfortunately, for the French and for Europe in general, they chose the neo-liberal path, however culturally alien this was to them.


In other words, the spread of Monetarist and its related neo-liberal ideas, seduced the politicians on all sides of politics and allowed a cozy relationship to form between the economic technocrats in the various agencies such as the European Commission, the IMF, the World Bank and the political classes.

This infestation spread through both the Right and the Left and has defined the demise of the latter as a progressive force in world politics.

1 Ikus

2 Ikus The Eurozone – being ‘trapped in a dysfunctional monetary system’:


Gauza onuragarritan gastatutako diruak on egingo du, gauza arriskutsutan gastatutakoak kalte egingo du, alferreko gauzatan gastatutakoak ez du ezer egingo. Gastatutako ez den dirua benetan ez da existitzen1.

(Money spent on useful things will do good, on dangerous things will do harm, on useless things will do nothing. Money not spent doesn’t really exist.)

1 Ikus LRWray | November 24, 2015

MEL: “Money spent on useful things will do good, on dangerous things will do harm, on useless things will do nothing. Money not spent can do harm.,”

Succinct, clear, powerful. Perfect. Use this often. It can be the subtitle for every paper written on MMT.

(We might want to tweak the final sentence as money not spent doesn’t really exist. I suppose it is like words not spoken–which still does make sense, and they can be harmful, too.)

Warren Mosler-en hitzaldi berria

Mintegi berria New Yorkeko Columbia Law School delakoan.

Gaia: Instability, Independence, and Interest Rates: Central Bank Machines1.

Edukia: This seminar explores the evolving functions, responsibilities, and theoretical frameworks of central banks in the post-2008 era2.

Mosler-ek aurretik egindako lana: Fed’s Currency Swaps – A Backdoor Way to Lower US Interest Rates3.

(Hitzaldia eman eta gero, bertan esandakoa jasoko dugu hemen bertan.)

2  Ingelesez: Ukitzeko puntuak hauek dira,

What is the relationship between central bank institutions and sovereign state power?

What role do international swap lines play in the future of global macroprudential regulation?

How do recent innovations such as interest on excess reserves and term deposits affect the interaction between monetary and fiscal policy?”


Espainia aurkeztu dute Europar Batasuneko susperraldiaren eredu moduan, ia mirakulu gisa, Mario Draghi-ren diru-inprimatze makina dela kausa.

Zein susperraldi? Begira diezaiogun alokairuen aldaketari, 2007tik honako alokairuen aldaketari.

Ikus What Recovery? Spanish Wages Tumble To Weakest Since 20071.

Badirudi ingeniaritza ekitatearen eta bono prezioen datu distiratsuen azpian dena ez dagoela hain ongi. Izan ere, Espainiako bataz besteko alokairua bere mailarik baxuenera jaitsi da 2007tik, eta 2009an langileen kopurua 19,3 milioi izan baziren ere, orain zenbaki horiek ere jaisten ari dira.

Finantza Ministroak emandako 2014ko datu ofizialei dagokienez, 16.900.000 langileei dagozkien errenta adierazpenek erakusten dute bataz besteko urteko alokairua 18.429€ dela.

Txostenak erakusten du fluktuazio gutxi 2008tik 2011ra, eta hasi zen jaisten 2012ko lan-indarraren erreformaren inplementazioarekin batera.

Ministroak dio jaitsiera hori ez dagokiela lanean ari diren langileen alokairuen jaitsierei, baizik eta berriki sorturiko enpleguek eskaintzen dutelako ordainketa gutxiagoa krisia hasi baino lehenago baino.

Hala ere, krisiak ez dauka inongo efekturik Espainiako irabazle handietan, zeren alokairu minimoa baino 10 bider gehiago irabazten dutenek ikusi baitituzte beren alokairuak igotzen. Kategoria honetan zeuden 127,706 pertsonak, 2014an bataz beste 148,824€ irabazi zituzten.

Gainera, ongi ordaindutako sektore horretan genero diskriminazioa argi dago. Alokairu minimoa baino 10 bider irabazten dutenen artean, emakumeek % 18 dira.

Beraz, hemen dugu beste ‘susperraldi’ bat enplegu kalitatearen jaitsieran eta parte-hartzearen tasaren kolapsoan oinarrituta… eta komunikabide nagusiak tituluekin jolasten ari diren (eta QE dela bide, EBZk erosten segitzen duen) bitartean dena da zoragarria.

Dena den, ‘susperraldi’ horretatik Kataluniak alde egin nahi du..