IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-137-29799-0_8.html
   My bibliography  Save this book chapter

The Euro Crisis and the Job Guarantee: A Proposal for Ireland

In: The Job Guarantee

Author

Listed:
  • L. Randall Wray

Abstract

It is now more than clear that highly indebted members of the European Monetary Union will not be able to service their debt. There is no alternative to debt relief. A few of Europe’s leaders finally have started to recognize this inconvenient fact. However, they are not likely to approve any generalized approach to saving Europe. Instead, they want to drag out a resolution as long as possible because any admission of the full scope of the problem means that most of the big banks are hopelessly insolvent. So they will first deal with Greece and watch as the crisis slowly but surely spreads to the bigger nations—Italy and Spain will be next. Meanwhile, they impose deathly austerity on the debtors trying to squeeze the last drops of blood to feed what reporter Matt Taibbi calls the blood-sucking vampire squid (he refers to Goldman Sachs but the description fits all the biggest banks).

Suggested Citation

  • L. Randall Wray, 2013. "The Euro Crisis and the Job Guarantee: A Proposal for Ireland," Palgrave Macmillan Books, in: Michael J. Murray & Mathew Forstater (ed.), The Job Guarantee, chapter 7, pages 161-177, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-29799-0_8
    DOI: 10.1057/9781137297990_8
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Stephanie Bell & L. Randall Wray, "undated". "The War on Poverty After 40 Years: A Minskyan Assessment," Economics Public Policy Brief Archive ppb_78, Levy Economics Institute.
    2. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    3. L. Randall Wray, 1998. "Modern Money," Macroeconomics 9810002, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andrea Rucska & Csilla Lakatos, 2021. "Population Stress Reactions in North-East Hungary during the Pandemic," European Journal of Marketing and Economics Articles, Revistia Research and Publishing, vol. 4, January -.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. L. Randall Wray, 2011. "Lessons We Should Have Learned from the Global Financial Crisis but Didn't," Economics Working Paper Archive wp_681, Levy Economics Institute.
    2. L. Randall Wray, 2011. "Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn," Economics Public Policy Brief Archive ppb_120, Levy Economics Institute.
    3. Brett Fiebiger & Scott Fullwiler & Stephanie Kelton & L. Randall Wray, 2012. "Modern Monetary Theory: A Debate," Working Papers wp279, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. L. Randall Wray, 2012. "Keynes after 75 Years: Rethinking Money as a Public Monopoly," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 15, Edward Elgar Publishing.
    5. Pavlina R. Tcherneva, 2012. "Beyond Full Employment: The Employer of Last Resort as an Institution for Change," Economics Working Paper Archive wp_732, Levy Economics Institute.
    6. Hernando Matallana, 2009. "The Struggle Over the Real Wage In the Monetary Production Economy," Documentos CEDE 5271, Universidad de los Andes, Facultad de Economía, CEDE.
    7. Zdravka, Todorova, 2009. "Employer of Last Resort Policy and Feminist Economics: Social Provisioning and Socialization of Investment," MPRA Paper 16240, University Library of Munich, Germany.
    8. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
    9. Dimitri B. Papadimitriou & Greg Hannsgen & Gennaro Zezza, 2007. "The Effects of a Declining Housing Market on the U.S. Economy," Economics Working Paper Archive wp_506, Levy Economics Institute.
    10. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 139-155, January.
    11. L. Randall Wray, 2011. "The Dismal State of Macroeconomics and the Opportunity for a New Beginning," Chapters, in: John B. Davis & D. Wade Hands (ed.), The Elgar Companion to Recent Economic Methodology, chapter 19, Edward Elgar Publishing.
    12. Lawn, Philip, 2011. "Wake up economists! - Currency-issuing central governments have no budget constraint," MPRA Paper 28224, University Library of Munich, Germany.
    13. Stephanie Bell & L. Randall Wray, "undated". "The War on Poverty After 40 Years: A Minskyan Assessment," Economics Public Policy Brief Archive ppb_78, Levy Economics Institute.
    14. Botta, Alberto, 2012. "Conflicting Claims in Eurozone? Austerity’s Myopic Logic and the Need of a European federal union in a post-Keynesian Eurozone Center-Periphery Model," MPRA Paper 41700, University Library of Munich, Germany.
    15. Eric Tymoigne, 2006. "An Inquiry into the Nature of Money: An Alternative to the Functional Approach," Economics Working Paper Archive wp_481, Levy Economics Institute.
    16. C. Sardoni & L. Randall Wray, 2007. "Fixed and Flexible Exchange Rates and Currency Sovereignty," Economics Working Paper Archive wp_489, Levy Economics Institute.
    17. John King, 2009. "Social Democratic and Socialist Policies," Working Papers wp191, Political Economy Research Institute, University of Massachusetts at Amherst.
    18. Dimitri B. Papadimitriou & Greg Hannsgen & Gennaro Zezza, 2007. "Cracks in the Foundations of Growth: What Will the Housing Debacle Mean for the U.S. Economy?," Economics Public Policy Brief Archive ppb_90, Levy Economics Institute.
    19. Strachman, Eduardo, 2009. "Implementing inflation targeting in Brazil: an institutional analysis," MPRA Paper 15131, University Library of Munich, Germany, revised May 2009.
    20. L. Wray, 2006. "Keynes's Approach to Money: An Assessment After Seventy Years," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 34(2), pages 183-193, June.

    More about this item

    Keywords

    Exchange Rate; Interest Rate; Government Spending; European Central Bank; Full Employment;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G01 - Financial Economics - - General - - - Financial Crises
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-137-29799-0_8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.