Chapter
Figure 1.1 William Hogarth’s South Sea Scheme
Figure 1.2 The euro crisis and global economic processes
2 The economic theory of debt crises
Necessary metaphors and misleading rhetoric
Figure 2.1 An illustration of the whole–part fallacy
3 The predictability of global financial turmoil
Figure 3.1 In the early phases of every bubble, optimism runs high and those involved are typically convinced that their luck will hold.
Figure 3.2 The development of housing and stock prices in the USA, 1987–2011
On extravagant saving and accumulation of debt
The speculative economy and the changing nature of debt
Table 3.1 The mutually reinforcing effects of financialization
Figure 3.3 Debt levels in the US economy, 1986–2011 (debt/%GDP)
Figure 3.4 Debt levels in Finland, 1975–2010 (debt/%GDP)
Two interpretations of late modern capitalism and its weaknesses
On the fast circulation of money and its consequences
4 Contradictions at the heart of the EMU
An optimal currency area?
Figure 4.1 Robert Mundell
The causes of running into debt in the crisis countries
Figure 4.2 Average annual current account deficits and surpluses in twelve EMU countries, 2002–09 (%)
Theories of money and problems of public finance in the EMU system
Circular reasoning and self-fulfilling prophecies
Figure 4.3 The public debt interest cycle
Figure 4.4 The circular reasoning of orthodox economic liberalism
5 The trouble with the EU’s official reform proposals
The European Stability Mechanism
Regulating financial markets: the financial transaction tax
Figure 5.1 The more likely the introduction of some form of financial transaction tax has become, the louder the finance industry in London and throughout the world has been in opposing it.
Eurobonds and budgetary discipline
What grounds expectations about the EMU’s future?
Table 6.1 Prognoses for the EU
Figure 6.1 The European debt crisis is still being handled through traditional state diplomacy
Three scenarios on the EU’s future after the crisis
Table 6.2 The ideal-type social-democratic federal state
7 How should debt crises be resolved?
Lessons of German history: war debt and its consequences
Figure 7.1 A banknote for ten billion marks, October 1923
The 1953 London debt agreement
Learning from developing countries’ debt problems
Table 7.1 The accumulation of phantom loans
Figure 7.2 Bono and German chancellor Angela Merkel
Debt arbitration mechanism
Requirements for debt settlement: undoing both mounting debt and financialization
8 Towards democratic global Keynesianism
Figure 8.1 Keynes’s comparison of financial markets to casinos has implications for regulation and taxation
Global Keynesianism: the holistic viewpoint
Towards global Keynesian institutions
The argument for global democracy
Towards planetary politics and a global imaginary
Figure 8.2 In the Internet era the planet itself is seemingly becoming virtual
What comes after globalization?
Glossary of key terms and acronyms
The Great Eurozone Disaster
：From Crisis to Global New Deal
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