Why and how the global monetary system is failing, why it is too late to stop, what will come next, and why the crisis is only financial – not commercial.
OECD Leading Indicators – Reliable?
When currencies fail to adjust something else has to give.
Michael Hudson’s presentation for the session “The Challenge of Deleveraging and Overhangs of Debt II: The Politics and Economics of Restructuring” at the Institute for New Economic Thinking’s (INET) Paradigm Lost Conference in Berlin.
A common denominator runs throughout recorded history: a rising proportion of debts cannot be paid.
The share of the BRICS in global GDP (at PPP) will rise from around 25% currently to about 30% in 2016.
Just like its mythological predecessor, our Global Minotaur kept the world economy going for decades…
If one assumes as I do that no leader on either side of the Atlantic has the courage to face the music, then there can be little reason for optimism in 2012.
Presentation of Yanis Varoufakis’ book «The Global Minotaur: America, the true causes of the world economy and the future of the world economy.»
Fundamentals and incentives point the way to an optimistic outcome for the majority.
The argument for the dollar and against gold is simplistic, and I will evaluate it against the four-stage collapse I see ahead for the Western currencies.
Brazil’s net public sector and, to a lesser extent, gross GG debt has declined in recent years. The risk profile of the debt has also improved markedly in terms of susceptibility to financial markets shocks. However, by the standards of the more advanced emerging markets, gross government financing requirements remain significant and the maturity of the domestic debt stock is of relatively short duration. Thus Brazil needs to accelerate the reduction in the public debt ratio, including the stock of domestic debt, in order to reduce interest rates. This will ultimately require both shorter-term fiscal adjustment and longer-term structural reforms.