Giles Fraser :

So, to recap: corrupt German companies bribed corrupt Greek politicians to buy German weapons. And then a German chancellor presses for austerity on the Greek people to pay back the loans they took out (with Germans banks) at massive interest, for the weapons they bought off them in the first place. Is this an unfair characterisation? A bit. It wasn’t just Germany.

James Galbraith on Greek Referendum

Worth reading.

Is Hungary Turning Fascist?

Bloody hell!

This isn't good at all. Sign the petition.

Europe’s Deadly Transition From Social Democracy to Oligarchy

Read this

I know I'm sounding like I'm just repeating the same story again and again. But what the hell else is there to do? This is now so blatantly happening. Another week, another story of a redistribution of wealth and power from the 99% (and government agencies that still have democratic responsibility to them) to the 1% wealthy elite.

So many people seem to vaguely perceive this. Many people are talking. But no one seems capable of stopping it.

Money quote :

This competition between banks and government explains the false accusations made that government credit creation is more inflationary than when commercial banks do it.

Austerity Bites

The reality of Greek austerity

European Stability Mechanism

Not sure how much of a conspiracy theory this is but if it's even half true - and right now it seems horribly plausible - it's another extraordinary coup for disaster capitalism. 

Post Democracy

Aditya Chakrabortty :

Until this weekend, Monti served as an adviser to the world's number one investment bank, Goldman Sachs. As for Papademos, his biggest political intervention before becoming prime minister was to argue against the recent eurozone deal to write off half of Greece's debts – it should, he claimed, be a far smaller discount, so as not to hurt banks. One man was a banker, the other defended their interests, and yet the claim is that they have shed those prejudices in the past few hours.

Seumas Milne :

No wonder nationalist anger is growing. And all this to deliver a death spiral of spending cuts and tax increases that are sending Greece ever deeper into slump and debt. It makes no sense. Unless it's understood that it's not the Greek economy that's being rescued, but European and US banks exposed to Greek debt. To protect the rentiers and prevent their own failures from seizing up the European credit system, Greece has undergone the deepest ever fiscal squeeze in a developed state without the possibility of any compensating monetary stimulus or devaluation – because of its euro membership.

What If Greece Exits?

The Guardian is pulling in opinions about what happens if Greece exits the Euro. Fascinating and disturbing.

Here are a couple of thoughts. What would happen if, instead of Greece, Germany unilaterally exited the Euro?

Presumably the value of the Euro would fall, Germany's reinstated Deutsche Mark might rise, it would pay a cost in exports. But, without Germany, perhaps the Eurozone could become more economically homogenous, with policies and devaluing currency more appropriate to its economic status.

A variation, what if the Eurozone was to split itself into two currency blocks? One of wealthier, industrial nations like Germany, France and the Netherlands. The other of the PIIGS and poorer Eastern European nations.  The zone would strive to retain much of its political and economic co-ordination, but the two currencies would be allowed to float against each other, giving a safety valve to tensions between the productivity of different blocks. 

The Great EU Debt Write Off

Read this :

This website presents the results of a simulation conducted by students at ESCP Europe Business School. The aim was to uncover the amount of interlinked debt between Portugal, Ireland, Italy, Greece, Spain, Britain, France, and Germany; and then see what would happen if they attempted to cross cancel obligations.

The results were astounding:

• The countries can reduce their total debt by 64% through cross cancellation of interlinked debt, taking total debt from 40.47% of GDP to 14.58%
• Six countries – Ireland, Italy, Spain, Britain, France and Germany – can write off more than 50% of their outstanding debt
• Three countries - Ireland, Italy, and Germany – can reduce their obligations such that they owe more than €1bn to only 2 other countries
• Ireland can reduce its debt from almost 130% of GDP to under 20% of GDP
• France can virtually eliminate its debt – reducing it to just 0.06% of GDP

Good overview of Greek crisis.

I'm reading some absolutely fascinating articles about neo-folk, apoliteic music and attempts to build a fascist, green, anarchist synthesis.

Very confusing and scary. Like Michael Barkun's "improvisational millennialism" without the flying saucers (yet).

Fits right in to conspiracy theories and netocracy though, doesn't it?

Further thought. Is hauntology a kind of left-wing apoliteic music? With the myths of a cosy, Reithian, paternal modernism replacing the the folk-tradition celebrated by the rightists?

Good analysis of Irish bailout.

Snow covered trees in Austria

Railway siding, somewhere on the Swiss / Austrian border.

Interesting story about European banks.

Why did more regulation in Europe not prevent the banks getting into the same mess as the US?