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….
- “Labor Day” Links: Rand Wilson, Steve Early, Jeannette Wicks-Lim September 1, 2014
- Thursday Links: Boots, Salaita, Kalamazoo, etc. August 28, 2014
- Friday Links: Gaza, Ferguson, Argentina, and unemployment August 22, 2014
- Wednesday Links August 13, 2014
- Martin Khor: The Gaza Carnage Must Stop August 5, 2014
at a 30% discount.
TagsAdidas Alejandro Reuss Barry Alvarez Bill Barclay Bill Black billionaires Cambridge Controversy co-ops CPEG Darwin BondGraham David Brooks Detroit Doug Henwood education education reform Fiscal Cliff Gaza Harris v. Quinn Henry George Hobby Lobby inequality interest rate swaps Israel James K. Galbraith Jason Stanley libor May Day Phil Gasper poverty prison gerrymandering private equity public schools recovery Robert Solow Ron Baiman Sarah Blaskey Steven Pressman sweatshops taxes Thomas Piketty ultra-right unions University of Wisconsin William K. Black Wolf Richter