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Socialist candidate Benoît Hamon’s campaign is now at an impasse, because he couldn’t see that the neoliberal fox would refuse to accommodate to the socialist hen, while Mélenchon takes an opposing strategy, write Cédric Durand and Razmig Keucheyan. First published in Libération. Translated by David Broder.
Elections were for long time rather boring. Carried forth by a liberal wind, there was a seamless exchange of office between the self-assured Right and the lightweight Left — these wholehearted converts to market modernisation — in the eternal present of capitalism. Capitalism had been made master of a globalised space and a financialised time. Endemic unemployment, consumerist exultation and terrorist/criminal horror made up the three dramatic extremes of a little game buzzing along, spiced up only by the candidates’ antics or the scenes made by betrayed friends.
First published in Le Monde. Translated by David Broder.
No European sovereign, no real budget; no budget, no viable economic policy. As long as Europe does not break out of this dilemma, the Eurozone will remain mired in the vicious circle of stagnation, resentment, and conflicting responsibilities. If a budgetary federalism is out of reach, it is crucial that we can adjust exchange rates in order to give dynamism to growth and employment. And this requires leaving the currency union.
"If I told you eight years ago that America would reverse the great recession, reboot the auto industry, and unleash the greatest stretch of job creation in our history ... you might have said our sights were set a little too high." Thus boasted the former US president Barack Obama in his farewell address. But is the financial crisis really behind us? Has the strategy implemented to save the banks not, on the contrary, created the conditions for the next conflagration? Cédric Durandwrites.
An abbreviated version of this article appeared in the February 2017 Le Monde diplomatique. Translated by David Broder.
Figure 1: GDP growth in the advanced economies
Happy anniversary! On 2 April 2007, New Century Financial Corporation entered into liquidation. The collapse of this US real estate investment company — the second biggest provider of the now-infamous subprime mortgages — fired the starting gun on a financial crisis bigger than any the world had seen since 1929. Ten years on, capitalism is still yet to recover from this major shock. Growth is sluggish, under-employment endemic and the extreme monetary policies implement by central banks are reaching their limits.