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“... the Mexican fountain’. The two-year-long, tight-money programme – run in the early 1980s by Paul Volcker, the chair of the US Federal Reserve – greatly inflated the value of dollar-denominated Latin American debt, leading the IMF to step in and order a structural adjustment programme. In exchange for refinancing their loans, the IMF forced a majority ...”

“... 11 per cent.For half a century we have been hearing that 1929 can never return, most recently from Paul Krugman of Princeton, who proposes the old Keynesian strategy for averting a world depression: cut interest rates, flood the markets with money, and if that fails, ensure that governments create demand. But Japan’s ‘lost decade’ has just seen the ...”

“... ownership of capital by one class, and of little or nothing but its labour power by another. Paul Krugman, discussing Roubini’s book in the New York Review of Books, agreed with him that what Ben Bernanke called the ‘global savings glut’ lay at the heart of the crisis, behind the proximate follies of ...”

“... to achieve, and he had some sense of the enemies he would have to make in order to achieve it. Paul Krugman – admittedly no gospel, but someone with a serious interest in the policy options – preferred Edwards to Clinton, and Clinton to Obama, for this reason. Of course, if anyone had to say who is the better person, the order would need to be ...”

“... rates, as for a few years it did. The decisive monetary event took place in October 1979, when Paul Volcker, chairman of the Federal Reserve, hiked interest rates to unprecedented levels, inducing a severe recession in North America and Europe as well as what came to be known as the Third World debt crisis, as the countries of the global South found that ...”