“There are basically three stories about the euro crisis in wide circulation: the Republican story, the German story, and the truth.” Paul Krugman’s got the charts.
From Doug Henwood: “With the displacement of Greece’s elected government by Eurocrats acting in the interest of the country’s creditors, I thought this would be a good time to reprise the section of my 1997 book Wall Street that covers the New York City fiscal crisis of 1975, which was something of a dress rehearsal for the neoliberal austerity agenda that would go global in the...
“In 2008, White House Economic Adviser Christina Romer wrote a memo outlining a stimulus package as large as $1.8 trillion, only to have it buried by Chief Economic Adviser Larry Summers. Could it have saved the economy?” John Hudson surveys the yeas and nays for the Atlantic Wire. Of course, we’ve long known where Paul Krugman stands on this one.
From Vidor's "The Patsy"
“Struggling euro-zone economies like Greece, Portugal, Spain and Italy cannot cut their way back to growth. Demanding rigid austerity from them as the price of European support has lengthened and deepened their recessions. It has made their debts harder, not easier, to pay off. This is not an issue of philosophical debate. The numbers are in…. Why are Europe’s leaders so determined to deny...
“Though hardly a happy poet in the usual sense — born in Krakow in 1923, possibly the worst moment and place ever to arrive on this planet, with Hitler waiting to greet her on her sixteenth birthday and Stalin evilly coming along behind, how could she be? — Szymborska’s poetry had the gift of creating both the happiness of wisdom felt and the ecstatic happiness of the particulars of life...
#2 in the Black History Month series at newmanology: The Crisis, October 1919 Illustrator: Frank Walts