Jacobin Radio The Dig: Crashed with Adam Tooze
11 snips
Dec 19, 2018 
Historian Adam Tooze, an expert on economic history and author of Crashed, dives deep into the financial crises that reshaped global politics. He discusses the Tea Party's backlash against homeowner bailouts, revealing the roots of austerity measures in Europe and the rising far-right. Tooze also critiques U.S.-China economic tensions and the effectiveness of political responses during crises, highlighting the role of central banks and the complexities of bond vigilantes. His insights connect historical events to today's political landscape, urging a reexamination of economic ideologies.
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Germany's Veto Power Explains Austerity
- Germany’s power in the Euro crisis stemmed from veto power fueled by federal fiscal discipline tied to its own debt brake. - German internal fiscal rules framed austerity demands imposed across the Eurozone.
Eurozone Austerity Was Ideological
- The Troika's austerity policies in Europe were ideological and political, not simple reflections of business interests. - The Eurozone crisis management revealed fractured priorities rather than coordinated capitalist interests.
ECB QE Enabled Austerity Disaster
- Draghi’s ECB QE stabilized markets giving Germany political cover to impose harsh austerity on Greece. - Effective financial intervention enabled political and economic disaster by containing contagion but crushing left alternatives.
