The conventional way of financing property development entangles those involved in a web of debt and conflicting business interests. This week we are featuring two articles from Fleeing Vesuvius which describe a new way of organising developments that promises better buildings, more affordable rents and a stake in the outcome for everyone. Chris Cook provides an overview of this new approach and James Pike gives examples of how it could work to rescue building projects hit by the downturn in Ireland.
The EU's collective austerity programme will do little or nothing to save the problem countries - Ireland, Greece, Portugal and Spain - from default and the rescue fund set up by the IMF and the ECB will only buy time before they do so. Richard Douthwaite argues that a limited, targeted injection of non-debt-based euros could provide a neat and swift solution to a debt problem the whole eurozone shares.
I really like this idea, below copied in full, that Warren Mosler has devised for Greece but fully applicable to Ireland. Mr Mosler doesn't seem to want for self confidence. Perhaps he has good reason. [...]
The group organising the newly formed 'Cafe Economique' in Nottingham wanted an introduction to basic money theory for their first public event on Thursday 30th June and this article, written by Feasta member Brian Davey, was the result. The extended version of the talk, with notes on sources and for further reading, relates basic concepts to what is happening in the world right now, inclusive of the Greek financial crisis, and what should be done about it.
The Greek bailout provides an opportunity for privatization grabs. When Greece exchanged its drachma for the euro in 2000, most voters were all for joining the Eurozone. [...]
Martin Wolf says : The eurozone confronts a choice between two intolerable options: either default and partial dissolution or open-ended official support. The existence of this choice proves that an enduring union will at the very least need deeper financial integration and greater fiscal support than was originally envisaged.