The “Markets” control of Sovereign debt of Greece and other Eurozone countries poses a threat to financial stability Recent data on the state of the global economy indicate clearly that the crisis is not over. Contrary to earlier   assessments it now appears that in the years to come the developed economies are bound to […]

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Trying to please the Markets will not work.  In a democracy public debt (in the domestic currency) is formally and institutionally the obligation of the nation to its citizens guaranteed by the very same citizens. The “citizen-creditor” is both the lender and the obligor. That is why the Bank of International Settlement, [BIS] which formulates […]

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