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we categorize compound risks as : temporary eg wuhan virus early 2020 and ongoing - nominations welcome - chris.macrae@yahoo.co.ukEnter subhead content here

temporary

wuhan (corona) virus- best source caixin global daily (b)  

ongoing

risk that world's number 1 AI robot has searched erronous sources on 2030-irreversible extnction risks to species - source sophia digital cooperation with un (geneva and hong kong are 2 epicentres of this world trade - fortunately geneva is metahub for world healthtelecoms and nuclear risks including birthplace of worldwide see world record jobs creatpr berners lee )

risk of not being linkedin to supercity coalition challenges - example 1 first supercity to make public trabsport so convenient that private vehicles are voted as anti-social - source nhk ; nations studnets not being linked in to global sd scholars networks -see osun.app ; 

forest fires

australia

california

amazon

water and storm crises

50 small island nations

japan 

 

 

some samples cx global as at 1/26/20

Caixin Summit: Science and Health - Caixin Global

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2018年11月18日 - Wuhan Virus Update: China Confirms Human-to-Human...Some have been beaten, or even murdered, by ...F...

Caixin Global - Latest Business and Financial News on China, ...

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Caixin Global provides the latest China news headlines on politics, economy, business and finance with insight and in-depth analysis.

Caixin Global - Latest Business and Financial News on China, ...

Caixin Global provides the latest China news headlines on politics, economy, business and finance with insight and in-depth analysis.

english.caixin.com/world/ 

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the west's biggest risk across aerica and west europe os now giving brighst or most passionate colege stodemnts same chmace to solve sdgs as was afforded by kennedy to let 10000 moon race

 the most open opportunity to value graduate studnts more than silos of expensive professors was announced by geroge soros at world economic forum jan 2020 - here are some extracts as well as twotter lists of people helping students be the sdg generation

 

Mr. Soros, who has given more than $32 billion over the past 30 years to education and social justice causes, added. “We are looking for farsighted partner institutions who feel a responsibility for the future of our civilization, people who are inspired by the goals of OSUN and want to participate in its realization.” 

The Central European University (CEU), which Soros founded, and Bard College will form the core of the new network. They will partner with Arizona State University, a world leader in distance learning, and other institutions around the globe, such as the American University of Central Asia in Kyrgyzstan and BRAC University in Bangladesh.

“We can’t build a global network on our own,” said Mr Soros. “I hope that those who share this vision will join us in making it a reality.”     

Leon Botstein, president of Bard College who will serve as chancellor of OSUN, said: “OSUN is the most transformative initiative in higher education I have witnessed in my career. It promises robust and diverse partnerships, and innovation extending critical inquiry, research, and scholarship on an international scale. I want to express my gratitude to Mr. Soros and the Open Society Foundations for their vision and confidence.” 

DAVOS, Switzerland—George Soros, the billionaire hedge fund manager-turned-philanthropist, said he was committing $1 billion to fund a loose network of universities around the world to help educate young people and promote “personal autonomy.”

Mr. Soros, 89 years old, used his annual dinner and speech at the World Economic Forum here to announce the initiative, calling it the most important one of his life.

Soros...

TO READ THE FULL STORY  https://www.wsj.com/articles/soros-commits-1-billion-to-educational-initiative-11579819163

 

 

----- Forwarded message -----
From: George Soros <info@georgesoros.com>
To: "chris.macrae@yahoo.co.uk" <chris.macrae@yahoo.co.uk>
Sent: Friday, 24 January 2020, 07:00:04 GMT-5
Subject: $1 Billion Gift

 
 
 

Dear Friends and Colleagues,


Last night George spoke at the World Economic Forum in Davos. The full text of his remarks is available here.
 
Although there was an unfortunate delay with the Bloomberg live stream the speech can be viewed in its entirety on Bloomberg's Facebook and Twitter page.

Among the highlight of his remarks was his announcement of a $1 billion gift to start the Open Society University Network. You can get details here.

 
Best regards,
Michael Vachon

 

 

Davos, Switzerland, January 23, 2020

   

We live at a transformational moment in history. The survival of open societies is endangered and we face an even greater crisis: climate change. It is threatening the survival of our civilization. These twin challenges have inspired me to announce the most important project of my life here tonight.

As I argue in my recent book, In Defense of Open Society, in a revolutionary moment the range of possibilities is far wider than in normal times. It has become easier to influence events than to understand what is going on. As a consequence, outcomes are unlikely to correspond to people’s expectations. This has already caused widespread disappointment that populist politicians have exploited for their own purposes.

Open Society has not always needed defending as it does today. Some forty years ago, when I got engaged in what I call my political philanthropy, the wind was at our back and carried us forward. International cooperation was the prevailing creed. In some ways it prevailed even in the crumbling and ideologically bankrupt Soviet Union – remember the marxist’s slogan “workers of the world unite”? In contrast, the European Union was in the ascendant and I considered it the embodiment of the open society.

But the tide turned against open societies after the crash of 2008 because it constituted a failure of international cooperation. This in turn led to the rise of nationalism, the great enemy of open society.

***

In the middle of last year I still cherished some hopes that there would be another reversal towards international cooperation. The European parliamentary elections produced surprisingly favorable results. Participation increased by 8%—the first uptick since the Parliament was established. More importantly, the silent majority spoke up in favor of greater European cooperation.

But by the end of the year my hopes were dashed. The strongest powers, the US, China and Russia remained in the hands of would-be or actual dictators and the ranks of authoritarian rulers continued to grow.

The fight to prevent Brexit—harmful both to Britain and to the EU—ended in a crushing defeat.

Nationalism, far from being reversed, made further headway. The biggest and most frightening setback occurred in India where a democratically elected Narendra Modi is creating a Hindu nationalist state, imposing punitive measures on Kashmir, a semi-autonomous Muslim region, and threatening to deprive millions of Muslims of their citizenship.

In Latin America a humanitarian catastrophe continues to unfold. By the beginning of this year almost 5 million Venezuelans had emigrated, causing tremendous disruption in neighboring countries. At the same time, Bolsonaro has failed to prevent the destruction of the rain forests in Brazil in order to open it up for cattle ranching. In a further blow, the UN climate conference in Madrid broke up without reaching any meaningful agreement.

To top it all off, Kim Jong-un threatened the United States with its nuclear capabilities in his New Year’s speech and Trump’s impetuous actions heightened the risk of a conflagration in the Middle East.

Let me now turn to another vexing topic, the relationship between the United States and China. It has become incredibly complicated and difficult to understand. The interaction between the two presidents, Donald Trump and Xi Jinping, provides a useful clue. Both face internal constraints and various enemies. Both try to extend the powers of their office to its limit and beyond. While they have found some mutually beneficial reasons to cooperate, their motivations are completely different.

President Trump is a con man and the ultimate narcissist who wants the world to revolve around him. When his fantasy of becoming president came true, his narcissism developed a pathological dimension. Indeed, he has transgressed the limits imposed on the presidency by the Constitution and has been impeached for it. At the same time, he has managed to gather a large number of followers who have bought into his alternative reality. This has turned his narcissism into a malignant disease. He came to believe that he could impose his alternative reality not only on his followers but on reality itself.

Trump’s counterpart, Xi Jinping, suffered a traumatic experience in his early youth. His father had been one of the founders of the Chinese Communist Party. He was expelled, and his son, Xi Jinping, grew up in rural exile. Since that time, the goal of Xi’s leadership became to reassert the Communist Party’s dominance over Chinese life. He called it the “Chinese dream” of a “rejuvenated” China capable of projecting its power and influence throughout the world. Xi Jinping has abolished a carefully developed system of collective leadership and became a dictator as soon as he gained sufficient strength to do so.

When it comes to their motivations, they are totally different, Trump is willing to sacrifice the national interests for his personal interests and he will do practically anything to win re-election. By contrast, Xi Jinping is eager to exploit Trump’s weaknesses and use artificial intelligence to achieve total control over his people.

Xi’s success is far from assured. One of China’s vulnerabilities is that it still depends on the United States to supply it with the microprocessors it needs to dominate the 5G market and to fully implement the social credit system that is a threat to open societies.

Xi Jinping also faces some impersonal forces like demographics working against him. The one child policy, in effect until 2015, created a shortage of both young workers and child-bearing women and a surfeit of old people. These trends are bound to get worse. The decline in the working age population is now relentless.

The Belt and Road Initiative has required giving large loans, some of which will never be repaid. China can ill-afford this because its budget deficit has increased and its trade surplus has diminished. Since Xi Jinping has centralized power in his hands, China’s economic policy has also lost its flexibility and inventiveness.

To make matters worse for Xi, the Trump Administration has developed a comprehensive and bipartisan policy towards China, which has declared that China is a strategic rival. This is the only bipartisan policy that the Trump Administration has been able to produce and there is only one man who can violate it with impunity: President Trump himself.

Unfortunately from an open society point of view, he is capable of doing so, as he has demonstrated by putting Huawei on the bargaining table with Xi Jinping.

***

With this background, let me put the tumultuous events since the beginning of this year into the proper perspective.

President Trump didn’t have a strategic plan when he authorized the launching of a missile that killed the leader of the Iranian Revolutionary Guard, Suleimani, and an Iraqi pro-Iranian militia commander; but he has an unfailing instinct that tells him how his faithful followers would respond to his actions. They are jubilant. This made the task of the Democrats, who impeached him, extremely difficult. The trial in the Senate is shaping up to be a strictly pro forma affair because the Republican majority in the Senate is united behind Trump—although Chief Justice Roberts, who is presiding, may surprise us.

At the same time, Trump’s economic team has managed to overheat an already buoyant economy. The stock market, already celebrating Trump’s military success, is breaking out to reach new heights. But an overheated economy can’t be kept boiling for too long.

If all this had happened closer to the elections, it would have assured his reelection. His problem is that the elections are still 10 months away and in a revolutionary situation, that is a lifetime.

From an open society point of view, the situation is quite grim. It would be easy to give in to despair, but that would be a mistake. The public is beginning to be aware of the dangers of climate change. It has certainly become the top priority of the European Union – but we can’t count on the United States while Trump is in power because he is a climate denier.

There are also grounds to hope for the survival of open societies. They have their weaknesses, but so do repressive regimes. The greatest shortcoming of dictatorships is that when they are successful, they don’t know when or how to stop being repressive. They lack the checks and balances that give democracies a degree of stability. As a result, the oppressed revolt.

We see this happening today all around the world. The most successful rebellion so far has been in Hong Kong, but it comes at a great cost: it may well destroy the city’s economic prosperity. There are so many revolts going on in the world that it would take too long to examine each case individually.

Observing this torrent of rebellions, I can venture a generalization about the ones that are likely to succeed. They are typified by Hong Kong. It has no visibly identifiable leadership and yet it has the overwhelming support of the population.

I began to form this conclusion when I learnt about a spontaneous movement of young people turning up at rallies held by Matteo Salvini, the would-be dictator of Italy. They held up cut-out signs of sardines proclaiming “sardines against Salvini,” and explaining that there are many more sardines than sharks like Salvini, so the sardines are bound to prevail.

Sardines are the Italian variant of a worldwide trend led by young people. This leads me to conclude that today’s youth may have found a way to confront nationalist dictatorships.

I see another constructive force emerging worldwide: the mayors of major cities are organizing around important issues. In Europe, climate change and internal migration are high on their agenda. This coincides with the main concerns of today’s youth. Uniting around these issues could create a powerful pro-European, pro-open society movement. But it’s an open question whether these aspirations will succeed.

***

Taking into account the climate emergency and worldwide unrest, it’s not an exaggeration to say that 2020 and the next few years will determine not only the fate of Xi and Trump, but also the fate of the world.

If we survive the near-term, we still need a long-term strategy. If Xi Jinping succeeds in fully implementing his social credit system, he will bring into existence a new type of authoritarian system and a new type of human being who is willing to surrender his personal autonomy in order to stay out of trouble. Once lost, personal autonomy will be difficult to recover. An open society would have no place in such a world.

I believe that as a long-term strategy our best hope lies in access to quality education, specifically an education that reinforces the autonomy of the individual by cultivating critical thinking and emphasizing academic freedom.

30 years ago I set up an educational institution that does exactly that. It is called the Central European University (CEU) and its mission is to advance the values of the open society.

During these 30 years, CEU emerged as one of the hundred best graduate universities in the world in the social sciences. It has also become one of the most international universities, with students from 120 countries and a faculty coming from more than 50 countries. In recent years CEU gained a global reputation for defending academic freedom against Victor Orban, Hungary’s ruler, who is hell bent on destroying it.

CEU brings together students and faculty representing very different cultures and traditions who listen to each other and debate with each other. CEU has demonstrated that active civic engagement can be combined with academic excellence.

Yet, CEU is not strong enough by itself to become the educational institution the world needs. That requires a new kind of global educational network.

Fortunately, we also have the building blocks for creating such a network: CEU and Bard College in the US are already long-term partners. CEU is a graduate institution, and Bard an innovative, mainly undergraduate liberal arts college. Both have been supported by the Open Society Foundations and encouraged to offer a helping hand to other universities and colleges worldwide. Bard and CEU have developed an array of successful relationships in the less developed parts of the world.

The time has come for OSF to embark on an ambitious plan to build on this foundation a new and innovative educational network that the world really needs. It will be called the Open Society University Network or OSUN for short.

OSUN will be unique. It will offer an international platform for teaching and research. In the first phase it will connect closer together an existing network. In the second phase, we shall open up this network to other institutions who want to join and are eager and qualified to do so.

To demonstrate that the idea is practical, we have already implemented the first phase. We are holding common classes for students from several universities located in different parts of the world, sharing faculty and conducting joint research projects in which people from many universities collaborate.

OSUN will continue in the footsteps of CEU and Bard in seeking to reach places in need of high quality education and in serving neglected populations, such as refugees, incarcerated people, the Roma and other displaced peoples like the Rohingya. OSUN, is ready to start a massive “scholars at risk” program, connecting a large number of academically excellent but politically endangered scholars with this new global network and each other.

CEU is already part of a network of European universities of the social sciences called CIVICA, which is led by Sciences Po in Paris and includes the London School of Economics. CIVICA has won a competition sponsored by the European Union requiring members of the consortium to cooperate not only in education but also in civic and international outreach. OSUN through CEU and Bard has already pioneered in these fields and we hope that members of CIVICA will become interested in joining OSUN – creating a truly global network.

To demonstrate our commitment to OSUN, we are contributing one billion dollars to it. But we can’t build a global network on our own; we will need partner institutions and supporters from all around the world to join us in this enterprise.

We are looking for farsighted partners who feel a responsibility for the future of our civilization, people who are inspired by the goals of OSUN and want to participate in its design and realization. 

I consider OSUN the most important and enduring project of my life and I should like to see it implemented while I am still around. I hope that those who share this vision will join us in making it a reality.      

Thank you.

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ESSAYS

Remarks delivered at the World Economic Forum
Davos, Switzerland, January 23, 2020

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Born in Budapest in 1930, George Soros is chair of Soros Fund Management LLC. As one of history’s most successful financiers, his views on investing and economic issues are widely followed. This is the official site for information about George Soros.

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opportunitoes to linkin with these extraordunary students insights from soros main university partner in usa bard colege NY  .. soros own university was moved alongisde ban ki-moons climate networks in vienna 7 weeks ago because of the racism against soros in budapest caused by eu policy on refugees


DIMITRI B. PAPADIMITRIOU “Prospects and Policies for the Greek Economy” Abstract. We analyze the economic crisis in Greece and offer policy recommendations to restore growth and increase employment. Based on the Levy Institute’s macroeconomic model for Greece (LIMG), we find that a continuation of austerity policies would further decrease GDP and increase unemployment, in contrast to the optimistic projections of the International Monetary Fund, the European Commission, and the European Central Bank (the troika)

L. RANDALL WRAY “The Fatal Flaw in the Design of the Euro” Abstract. It is now well recognized that there is something wrong with the euro.


RANIA ANTONOPOULOS “Responding to the Unemployment Crisis in Greece: A Modest ‘Employer of Last Resort’ Proposal” Abstract. Unemployment in Greece stands at over 27 percent, and is expected to hit a record high of 30 percent by next year. Since the onset of the crisis, one million people have lost their jobs, and among them, 65 percent are now long-term unemployed. The current macroeconomic framework, which complies with the troika’s fiscal target of generating a primary surplus at any cost, raises little hope for a jobs recovery. The cause of unemployment is not the quality of the labor supply but a lack of demand for labor, and therefore, improving employability through retraining and facilitating entrepreneurship among the unemployed will not fix the problem. Furthermore, wage and benefits support to promote rehiring in the private sector cannot take us far either, as businesses have to contend with ever-declining household incomes that have severely depressed domestic demand. A “Marshal plan” fiscal stimulus to restart the growth engine is imperative at this point, and such a proposal has recently been put forward by the Levy Economics Institute. A central component of this proposal is a state-supported emergency “direct public service job creation”intervention. In March 2011, a small“project” of“κοινωφελής εργασία“ (community service jobs) for 55,000 people was introduced in Greece. It must now be scaled up and become part of an overall growth and stabilization policy. We present the findings of such a policy scenario, an “employer of last resort” program as advocated originally by Hyman Minsky, 

GIORGOS ARGITIS “The Troika’s Failed Policy Paradigm: The Case of Greece” Abstract. The onset of the Greek debt crisis in 2010 resulted in the adoption of severe austerity measures, which produced political demands for the adoption of similar policies in other European economies that then entrapped the region in a debt and banking crisis

C. J. POLYCHRONIOU “The Economics of Social Disaster: A Greek Tragedy” Abstract. The economic catastrophe unfolding in Greece—the biggest decline of the gross national product and the highest rate of unemployment of any country in recent history— speaks volumes about the damage that the policymakers of the International Monetary Fund and the European Union can deliver to societies via the domestic political establishment. The Greek economic crisis is partly the story of a kleptocratic state and a parasitic capitalist elite who got caught in the web of the eurozone’s flawed design when the global financial crisis of 2008 hit Europe’s shores. It is also the story of an economy that did not meet the prerequisites for entering an alleged optimum-currency area, nor did it make much attempt to fit in properly. But it is also the story of the general failure of the global neoliberal project, the financialization of the economy.. The response to the Greek crisis by its international lenders has been based on a set of failed economic doctrines, as the source of their inspiration is not social reality itself or the general well-being of nations and their citizens, but rather ideological and political factions in the pursuit of narrowly defined economic interests. Thus, a public debt crisis has been used as an opportunity to dismantle the social state, to sell off profitable public enterprises and state assets at bargain prices, and to deprive labor of even its most basic rights


GERASIMOS ARSENIS “The Role of the Banking Sector in the Greek Crisis” Abstract. The banking sector is usually portrayed as the victim of the current crisis. As a result, attention is focused almost exclusively on the issue of recapitalization. This approach sidesteps the equally important issue of the role that the banking sector itself has played in creating the economic crisis.

EMILIOS AVGOULEAS “Beyond the Banking Union: The Possible and Desirable Role of the ECB in Resolving the Eurozone Banking Crisis” Abstract. The key to the resolution of the eurozone crisis is cleaning European banks’ balance sheets from bad loans rather than just recapitalizing them
JÖRG BIBOW “Lost at Sea: The Euro Needs a Euro Treasury” Abstract. Europe’s currency union remains stuck in existential crisis. The European Central Bank’s (ECB) conditional liquidity-support promise has not fundamentally changed that position at all. The current policy course means an eventual breakup. A “Euro Treasury” has to complement the ECB. Establishing a strong ECB–Treasury axis at the center of a proper Economic and Monetary Union is necessary for the euro to survive and prosper

RAINER KATTEL “Baltic Austerity—The New False Hope” Abstract. Ireland was at one time the poster child for fiscal austerity, but that country’s disappointing economic performance of late has left austerity apologists searching for a new model—and the Baltic economies appear to be next in line. But Estonia, Latvia, and Lithuania are as unsuited to stand as successful models of expansionary fiscal contraction and “internal devaluation” as their Irish predecessor.


MARIA KARAMESSINI "Employment and the Greek Crisis: A Tool for Managing Social Destruction or an Element of an Alternative Exit Strategy?" Abstract. From the onset of the crisis, employment policy has been the main policy tool for managing rampant unemployment. This was produced by the recessionary impact of the global financial crisis on the Greek economy and the vicious cycle of austerity and recession, which has been nurtured since 2010 by fiscal consolidation and internal devaluation policies prescribed by the two Economic Adjustment Programs imposed by the troika as a condition of its financial assistance toGreece.We argue that unemploymentresulting from a deep and prolonged The Eurozone Crisis, Greece, and the Experience of Austerity 11 recession and the credit crunch experienced by firms cannot be treated with active labor market policies (ALMPs), which are classic tools for combating structural unemployment. Labor supply policies (training, apprenticeships) provide income support for the unemployed and substitute cheaper labor for regular recruitment. ALMPs targeting demand for labor in the private sector by lowering employer social contributions either contribute to maintaining jobs or affect the composition of hires in subsidized firms: they do not increase overall employment. This situation challenges the European Employment Strategy in its capacity to provide the appropriate policy directions for combating exploding unemployment in Greece and the European South, as long as it remains focused on tackling structural unemployment, and as long as EU economic policy remains committed to the doctrine of austerity and structural adjustment. At the same time, depression-level unemployment in Greece calls for an immediate change in the direction of macroeconomic and development policy to initiate growth and the reconstruction of the economy, as a prerequisite for breaking the austerity-recession spiral, exiting the debt trap, and reversing the trend in unemployment. In such context, employment policy would find the complementary role it deserves in tackling unemployment by aiming at the gradual reduction of long-term unemployment and adjustment of the workforce to the knowledge and skills requirements of the new development model.

ELIAS KIKILIAS “Greece Is Not a Special Case: Eurozone Architecture, the Collapse of Periphery Countries, and Policy Choices” Abstract. The view that the eurozone crisis is driven by the rapid deterioration of the competitiveness of the periphery countries is quite widespread. This, in turn, is due to the excessive labor costs in these countries during the previous decade, after they joined the eurozone. The prescriptions resulting from this diagnosis to recover competitiveness suggest the need for “structural reforms.” However, since these require time, whereas the twin deficits must be addressed immediately, the emphasis is placed on internal devaluation; that is, immediate and large reduction of labor costs. The arguments presented here are the following: First, the rapid deterioration of the external deficits of the peripheral countries during the past decade is one of the main consequences of the deficient and asymmetrical architecture of the eurozone. Second, external imbalances were not a result of deterioration in the competitiveness of the international/export-oriented economic sector of the periphery countries but a consequence of a “demand shock” caused by huge capital inflows and the consequent escalation of imports. Third, increases in labor costs were not the cause but the symptom of these developments, which resulted in swollen internal economic sectors in the periphery economies. Fourth,“structural reforms” are necessary, not as a universal doctrine, but in targeted and intelligently  designed fields. Fifth, the international sectors of the periphery countries are reasonably competitive and able to respond positively to increases in foreign demand. Sixth, the increase in foreign demand for these countries should be a crucial policy concern in the eurozone, which necessarily unlocks the debate on its architecture.

JAN KREGEL “Minsky Meets the Mediterranean” Abstract. Does the experience of Greece since its entry into the eurozone conform to Hyman Minsky’s analysis of financial fragility? Examination of the major macroeconomic variables over the period suggest sustained, if not rapid, expansion, with stable inflation as well as internal and external accounts. The period would thus seem to conform to an evolution of the economy that might generate a declining cushion of safety in the decisions taken by financial institutions and governments that created increasing financial fragility. In Minsky’s original formulation, fragility could be transformed into systemic instability as the result of a policy shock such as a tightening of monetary policy that causes interest rates to rise and speculative positions to become compromised. In the case of Greece, the trigger was the announcement of the revised figures for the fiscal deficit, which produced a threefold increase in interest rates in the first six months of 2010. The declining cushion of safety can be identified in two areas. First, under the conditions of the euro, government debt is no longer sovereign, and its creditworthiness is determined by the government’s fiscal position. The revised statistics were thus the equivalent to an announcement that the debt represented Ponzi rather than speculative financing positions. The hidden government deficit was thus a de facto reduction in the cushion of safety on government paper. The second area is in the behavior of the European financial institutions that invested in Greek paper, since it carried a zero risk weight under Basel rules and a small interest arbitrage gain. Thus, the action of foreign banks to drive Greek yields to increasing small spreads against German debt also represents a decline in the cushion of safety in the positions of these institutions that was insufficient to coverlosses once the new fiscal position was announced. The result was a traditional Minsky–Fisher debt deflation process in which financial institutions sold position to make position, which further accelerated the decline in prices. The denouement of this process did not, however, conform to the traditional Minsky scenario, which would have required the action of a central bank lender of last resort to stabilize asset prices, government stimulus to support domestic incomes, and the write-off of some of the existing debt. Initially, none of these responses were present, and were only subsequently applied with reticence. More markedly, instead of supporting domestic incomes to create greater governmentrevenues to service debt, the provision of support for asset prices was provided only on the condition of fiscal austerity measures that increased the Ponzi nature of government debt. The Eurozone Crisis, Greece, and the Experience of Austerity 13 In contrast to the crisis response in Latin America in the late 1980s and Korea in the 1990s, the required fiscal measures were made more draconian rather than more supportive of domestic growth, leading to the position that Greek government debt will never be repaid, and the only policy question remaining is how European Union (EU) taxpayers will be told that they
ROBERT W. PARENTEAU “The Austerity Trap” Abstract. I will discuss this misdiagnosis of the eurozone problem as one of excessive fiscal deficits that largely emerged as the appropriate and necessary response to avoiding debt deflation outcomes during the global financial crisis. Instead, the real challenges in the eurozone were with growing trade imbalances and private sector debt buildup from 2000–08. The promise of expansionary fiscal consolidation, which was the “solution” proposed and managed by the troika, has proven false, as it requires special conditions that are not particularly strong in the eurozone. One condition is a rapid improvement in the trade balance, which is available in eurozone nations primarily through internal devaluation; that is, through price deflation in tradable goods. Yet falling prices and wages in tradable goods sectors will tend to erode the ability 14 www.levyinstitute.org of households and firms to service existing debt obligations. This challenge to financial stability can be compounded when fiscal consolidation is imposing higher taxes on the private sector while public spending cuts are reducing income flows to households and firms. Another, more progrowth response available under current policy constraints is to make tradable goods industries in current account deficit more competitive through investment that enhances productivity as well as product innovation. This would require public/private partnerships, as well as recycling of current account surpluses through fiscal transfers and active engagement of the European Investment Bank—little of which has proven politically feasible to date. Yet the damage done by austerity policies is evident in lost output, extremely high unemployment rates, bank loan losses, and rising social distress. Austerity is a trap, and it is time to recognize that and seek a new policy approach


 
In a 5G world, virtual physicians and in-home exam systems will bring affordable, quality care to even the most remote corners of the world. Sophisticated hologram and augmented reality experiences will open up new avenues of art and entertainment, while real-time data streams will transform industries ranging from manufacturing to agriculture. “The next generation of wireless has the potential to enable pervasive sensing as billions of devices connect with each other and the cloud, processing massive amounts of data and extracting information for those using them,” says Andrea Goldsmith, a professor of engineering and director of the Wireless Systems Laboratory at Stanford University. “But that promise, the things you see in the news, depends on investing in the development of wireless technology.” Specifically, those investments include a rethink of how to test and build the 
communications infrastructure, like cellular base stations, underpinning previous wireless generations, a process that involves not only deep expertise in building telecom infrastructure, but also the creativity to develop solutions that address some of the more complex requirements of 5G.
 
   

EU is already part of a network of European universities of the social sciences called CIVICA, which is led by Sciences Po in Paris and includes the London School of Economics. CIVICA has won a competition sponsored by the European Union requiring members of the consortium to cooperate not only in education but also in civic and international outreach. OSUN through CEU and Bard has already pioneered in these fields and we hope that members of CIVICA will become interested in joining OSUN – creating a truly global network.

.