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Forgive us our debts

Benjamin Kunkel: The History of Debt, 10 May 2012

Paper Promises: Money, Debt and the New World Order 
by Philip Coggan.
Allen Lane, 294 pp., £20, December 2011, 978 1 84614 510 0
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Debt: The First 5000 Years 
by David Graeber.
Melville House, 534 pp., £21.99, July 2011, 978 1 933633 86 2
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... 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 ...

How Much Is Too Much?

Benjamin Kunkel: Marx’s Return, 3 February 2011

The Enigma of Capital: And the Crises of Capitalism 
by David Harvey.
Profile, 296 pp., £14.99, April 2010, 978 1 84668 308 4
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A Companion to Marx’s ‘Capital’ 
by David Harvey.
Verso, 368 pp., £10.99, March 2010, 978 1 84467 359 9
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... 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 ...

Enabler’s Revenge

David Runciman: John Edwards, 25 March 2010

The Politician: An Insider’s Account of John Edwards’s Pursuit of the Presidency and the Scandal That Brought Him Down 
by Andrew Young.
Thomas Dunne, 301 pp., $24.99, January 2010, 978 0 312 64065 1
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Race of a Lifetime: How Obama Won the White House 
by John Heilemann and Mark Halperin.
Viking, 448 pp., £25, January 2010, 978 0 670 91802 7
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... 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 ...

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