It is quite astonishing: Viktor Orbán’s heyday in Hungary began when, following the end of massive currency speculation (carry trades) that had massively overvalued the Hungarian forint, the forint plummeted and left many homeowners who had taken on debt in foreign currencies (Swiss francs or Japanese yen) due to low interest rates in enormous difficulty. Orban promised that the state would absorb a significant portion of the speculative losses – and won.
Finance
Renegade Inc: A Universal Basic Income is capitulation to capitalism
While sovereign governments (those that issue their own currency) can certainly afford a UBI, simply throwing money at a problem, instead of addressing its root cause presents serious concerns. Read here
Austerity
Bill Mitchell: We can do something about neoliberalism
Bill Mitchell covers three topics rather succinctly in this blog: Democratic deficit in the EU, Greece and its newest catastrophic deal with Germany/EU, and the surprise Democrat primary results in New York yesterday. Read here
Economics
AutoCar – New car sales: UK records worst September since 1999
hip shortage continues to batter the industry, with registrations plummeting in a traditionally bumper month Read here
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