Mercury Rising 鳯女

Politics, life, and other things that matter

Heresy in the temple

Posted by Charles II on September 10, 2015

Nasos Koukakis, CNBC:

The austerity imposed on Southern Europe after 2010 has led many famous economists to ban together and address the structural weaknesses of the monetary union. Some even have gone a step further by supporting European protest parties and leftist governments, demonstrating their opposition to the austerity policies.

Among them are Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz; Jeffrey Sachs of Columbia University; James Galbraith of the University of Texas at Austin; and Thomas Piketty, professor at the Paris School of Economics.

In a joint letter, these acclaimed thinkers have asked the General Assembly of the United Nations today to back fundamental debt crisis principles concerning the restructuring of sovereign debts. The goal: to establish a legal framework for debt restructuring, allowing each state to solve its debt problems without risk of financial collapse and loss of sovereignty.

these economists have called for a relaxation of austerity, debt restructuring and investment-induced recovery. They are sharp critics of Germany’s commitment to budgetary discipline.

[John] Geanakoplos, an economist of Greek heritage [and James Tobin Professor of Economics at Yale] , believes that restructuring the public and private debt may eventually lead to smaller losses for the lenders.

2 Responses to “Heresy in the temple”

  1. jo6pacjo6pac said

    On this topic I would like to see this happen instead of that wonderful dead uncle milton freidman program Austerity but the powers to be are in control at this time.

    O/T but you might like this.

    http://cleantechnica.com/2015/09/10/californias-first-commercial-solar-desalination-plant-offering-shares-through-dpo/

    • Charles II said

      a fully solar-powered desalination plant in the Central Valley, which is expected to be able to produce up to 1.6 billion gallons (5000 acre-feet) of water per year, with virtually zero liquid discharge. The HydroRevolution℠ process is said to allow for a 90% recovery rate, with the remaining brine being treated further to isolate the salt and mineral byproducts for industrial applications.

      Great link, Jo! I’ll promote that to a headliner.

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