Germany’s president and former IMF head Hoerst Koehler has added his voice to the rising condemnation of the financial sector’s role in the global economic downturn. Referring to finance markets as a “monster that has to be put back in the closet,” Koehler went on to criticize the “irresponsibility” of bankers who, despite the horrific effects of that irresponsibility, receive “bizarrely high salaries.” Originally interviewed by the tabloid Stern newspaper, the German business paper Handelsblatt also noted that Koehler must declare his candidacy soon for a second term. Germany has seen a wave of strikes in this calendar year, and labor militancy in Germany may well have contributed to the recent intransigence of the European Central Bank where interest rate cuts are concerned (in other words, the ECB, fearing that German workers in particular are beginning to demand wages that offset inflation, is more reluctant to lower interest rates in the face of economic downturn, unlike the Fed, which doesn’t seem to fear US workers’ wage demands as much). Too bad Koehler wasn’t running for a spot on the European Central Bank’s monetary committee….
- The Euro “Recovery” in Real Time (in Case You Missed It) July 11, 2014
- Monday Links July 7, 2014
- Report on Working Families Summit, Plus One More Link June 26, 2014
- Monday Links June 23, 2014
- The Mouse That Wouldn’t Die: How a Lack of Public Funding Holds Back a Promising Cancer Treatment June 6, 2014
at a 30% discount.
TagsAdidas Alejandro Reuss Barry Alvarez Bill Black billionaires Cambridge Controversy Co-opoly co-ops Darwin BondGraham David Brooks disenfranchisement economic growth education education reform entitlements felony disenfranchisement Fiscal Cliff Grand Bargain Grand Betrayal Heidi Garrett-Peltier homelessness Homelessness Marathon inequality interest rate swaps Jeremy Alderson libor middle class Phil Gasper poverty presidential election prison gerrymandering private equity public schools radio Sarah Blaskey Shift Change small business Steven Pressman sweatshops taxes Third Way Thomas Piketty ultra-right University of Wisconsin William K. Black