Some revelations come as little surprise. It’s not really news that some politicians love money and like to spend time with those who have lots of it. Or that they sometimes behave like a caste that is above the law. Or that the tax system favours the affluent, and that the free circulation of capital enables them to stash their cash in tax havens. ...

Though Margaret Thatcher is no longer among the living, her ideology lives on. That ideology – known today as neoliberalism, “free market fundamentalism” in a phrase coined by George Soros – is strikingly unique. Apart from religious beliefs, is there any example of an ideology that has been so thoroughly disproven yet maintains an aura of respectability? The basic premise of neoliberalism – that “free mark ...

TheRealNews Costas Lapavitsas: Cyprus should let the private banks fail and create a public bank that focuses on strengthening the real economy.     Latest News on Cyprus: Cyprus PM threats for resignation and Referendum [GR] http://thepaper.gr/%CE%B8%CF%81%CE%AF%CE%BB%CE%B5%CF%81-%CE%B3%CE%B9%CE%B1-%CE%B3%CE%B5%CF%81%CE%AC-%CE%BD%CE%B5%CF%8D%CF%81%CE%B1-%CF%84%CE%BF-%CE%BA%CF%85%CF%80%CF%81%CE%B9 ...

Consider it a mea culpa submerged in a deep pool of calculus and regression analysis: The International Monetary Fund’s top economist today acknowledged that the fund blew its forecasts for Greece and other European economies because it did not fully understand how government austerity efforts would undermine economic growth. The new and highly technical paper looks again at the issue of fiscal multipliers ...

 The New York times LONDON — Last month, the European Commission’s top economic official in Brussels, Olli Rehn, received an intriguing e-mail. Greece, under pressure from its European creditors, wanted to retire some of its debt by buying back its bonds at a deep discount to their face value. A senior executive at Deutsche Bank proposed that Europe take a tough negotiating stance toward private hedge funds ...

A new letter was sent today signed by more than 20 organizations that belong to the European Water Movement to Commissioner Olli Rehn and the European Commission after the very late response of his directorate (over a year!) on their first letter. Our concerns are shamelessly confirmed since in this text, it is clearly stated that the Commission policy is indeed to impose the privatization of water services ...

No wonder the protesters are back. They are angry at the backdoor rewriting of the social contract Ha-Joon Chang   Rioters beat a policeman during a rally against government austerity measures in Athens. Photograph: John Kolesidis/REUTERS Throughout the 1980s and 90s, when many developing countries were in crisis and borrowing money from the International Monetary Fund, waves of protests in those count ...

This debit crisis is following same path as one 30 years go. Time to rethink how economics is taught to avoid another lost decade. Monday marks a significant anniversary in recent economic history for it was on this day in 1982 that Mexico announced a moratorium on its international debts. The default marked the start of what became known as the third world debt crisis. Three decades later that crisis is no ...

In Niger, the IMF’s loans have done more harm than good as ordinary people have had to pay the price for reckless lending. Christine Lagarde’s crass comments on Greece have caused an understandable furore in that country. But in Niger, there must be just as much contempt for the IMF director. For in dismissing the plight of mothers in Greece, Lagarde also said she felt more sympathy for “the little kids fro ...

It's clear that punishing the poor will only deepen the recession – so why are the IMF technocrats intent on further austerity? During an official visit to the LSE in November 2008, the Queen asked a professor why economists had failed to predict the financial crash, the most dramatic event in recent economic history. The professor's answer is not known. A year later, after a British Academy seminar, eminen ...