Tag: Financial Crisis

One no, many yeses! The Greek Referendum

A victory for OXI would not just help restore a sense of dignity to Greece; it would strengthen the ground for anti-austerity struggles across Europe. Today, Greece has an opportunity to make history. The brave decision by Prime Minister Tsipras to call a referendum on the creditors’ inhumane ultimatums has turned the tables. The government’s…

The Greek Debt ‘Confidence Trick’

Greece’s best long term economic and budgetary policy lies in adopting the IPSAS accounting standard to kick start Greek job growth and rebuild its economic infrastructure.  As William Shakespeare said in Much Ado About Nothing, “Let every eye negotiate for itself And trust no agent.” As so it seems appropriate to cast our ‘eye’ upon…

Regulatory exceptionalism: the EU short selling ban

Is it really the case that the European Securities Market Authority and its reg­u­latory brethren are the market-facing vanguard of Europe’s auto-colonisation through financial stabilisation?  A much remarked upon feature of the Global Financial Crisis (‘GFC’) has been the recourse of governments to permanent states of exception, purportedly justified by the need to protect financial…

Critical Finance Law

Key Concept: An outline of a critical approach to conceiving and teaching finance law.Finance and teleology Critical finance law is the study of one of the most significant teloi of the modern era: the settlement of debt. Why is the settlement of debt a telos? Well it is perhaps no surprise that just as the…

Stop the neo-liberal crisis politics – dispossess the beneficiaries!

New international call to Blockupy from attac academic advisors and others. Reposted from www.stop-neoliberal-crises-politics.org (in DE, FR, IT, ES there): We are experiencing the deepest crisis of capitalism since the great depression of the 30s – and the European governments continue to pour oil on the fires! From the very beginning, some governments have prevented…

What follows farce?

At this week’s UK Treasury Select Committee hearing on the Budget of 2012, attendees were invited to draw parallels between George Osborne’s view of economics and the military stratagems of Field Marshall Haig. It seems that the British Chancellor of the Exchequer has followed Haig in believing that the best way to confound one’s enemies…

The Muppet Show

Greg Smith’s resignation letter in the New York Times yesterday, announcing a bridge-burning departure from his position as Executive Director of Goldman Sachs’ Equity Derivatives Division (Europe, Asia, Africa) certainly brought Wall St. to a relative halt. GS cancelled conference calls and the Goldman Flacks (PR goons) were rounded up to pour scorn on Mr. Smiths allegations as “unrecognisable”.

The importance of the letter was not so much it’s revelation of a eat-what-you-kill culture in which clients are the main course, not even the contention that somehow GS had changed culture – it hadn’t any more than any other investment bank since the Big Bang. The letter was important because it effectively took GS clients’ faces and slammed them against the restaurant window, through which they could now see their GS contact engaged in anthropophagia between raucous tales of how the current dish had of its own volition signed up to sit on the plate […]

Fiscal Crisis or the Neo-liberal Assault on Democracy

Of course, it is always possible, and very often the case, that the dominant media claims that a “fiscal crisis” has precipitated mass demonstrations, strikes, and new forms of political mobilization in Greece. Although it is true that there is fiscal crisis, it should not be understood as a periodic difficulty that a country or…

GFC2?

The inevitability with which global markets would fall off their to-date unrealistic levels did nothing to mollify the depth and panic of the spasms. It has become a truism that nothing in the structure of international finance has changed, save that the losses of private banks had been socialised, leading to the great weight of…

A Short Legal History of the Credit Crunch – Part 4 of 4

The suffering spreads Our notional executive’s assumption about how industry would help the banks and the economy out of the Credit Crunch was in one element correct.  Borrowers had bailed out the banks, but it was only by means of workers’ redundancies, the stripping of the products of their labour, and in not a few…

A Short Legal History of the Credit Crunch – Part 2 of 4

With the Credit Crunch in the finance sector now causing deleterious effects in the ‘real’ economy (see Part 1), concerned Finance Directors (“FDs”) turned to their relationship banks with a view to agreeing how best to muddle through what appeared to be a temporary dip caused by a problem in the arcane world of credit…

A Short Legal History of the Credit Crunch – Part 1 of 4

In this series of four articles this week I examine the course of the Credit Crunch from the perspective of the interface between the hyper-financialised world of collateral debt obligations and securitisation, and the more familiar world of industrial corporate debt.  It is at this nexus that many of the subsequent developments in the world…