This Sunday, 25 January, Greeks will vote in parliamentary elections of potentially historic importance, with Alexis Tsipras’s Syriza coalition currently ahead in the opinion polls. But according to Frédéric Lordon, Germany’s grip on the situation and the Greek radical Left party’s own inconsistencies might condemn it to some painful acrobatics.
For a long time Europe has been caught in a constitutional trap of its own making, with its neo-liberal treaties offering just two ways out of the current impasse: 1) the financial collapse of the European project, under the weight of its own internal contradictions; or 2) some political mishap coming along that will overthrow the whole system. The ECB’s announcement of the OMT programme  has avoided the first of these eventualities – for now – which leaves the second. And that’s the reason why the ‘European-institutional party’ has come to see democracy not as a normal state of political life but rather as a permanent source of threats – and it thinks itself justified in using any means necessary to stamp them out.
Capital is always about growth and it necessarily grows at a compound rate. This condition of capital’s reproduction now constitutes, I shall argue, an extremely dangerous but largely unrecognized and unanalysed contradiction.
Most people do not well understand the mathematics of compound interest. Nor do they understand the phenomenon of compounding (or exponential) growth and the potential dangers it can pose. Even the dismal science of conventional economics, as Michael Hudson shows in a recent trenchant commentary, has failed to recognize the significance of compounding interest on rising indebtedness. The result has been to obscure a key part of the explanation for the financial disruptions that shook the world in 2008. So is perpetual compounding growth possible?
We know how hard it is to shop for gifts for your parents, or your sister's fiancé, or that anti-social co-worker you picked for secret santa. So we've made it easy with our top picks from the Verso catalog for everyone in your life.
Plus every title is 50% off with FREE shipping for the rest of December!
For more inspiration check out our FREE e-book sampler with highlights from our 2014 list, including pieces from Arundhati Roy, Benjamin Kunkel, Gabriella Coleman, Nadya Tolokonnikova, Shlomo Sand, Walter Benjamin and Slavoj Žižek.
HOW TO RADICALIZE THE BABY BOOMERS IN YOUR LIFE