This morning I spoke to leading US economist James K. Galbraith on the phone from Athens for this month’s Le Monde diplomatique podcast. James is professor of government/business relations at the Lyndon B Johnson School of Public Affairs at the University of Texas. He’s the author of six books, including The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too.
“rich countries will have a lot of new poor people on their doorsteps”
The interview accompanies and amplifies his article in the current issue of Le Monde diplo, which looks at what he calls “the Europeanization of Mediterranean debt” forced on the EU by speculators, and what he predicts will become a vicious circle of budget cutting, debt deflation and depression.
He further predicts that old patterns of hardship migration will re-emerge: “rich countries will have a lot of new poor people on their doorsteps because they weren’t willing to deal with them at home”.
To listen to the podcast, click here.