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It was neither tax evaders in Greece nor hedge funds that caused Europe's existential crisis -- political leaders in the euro zone share a great deal of the responsibility. They have been either unwilling or incapable of doing their jobs.

Economics: I'm going to discuss trillions of dollars in a moment. As an economics teacher, I understand numbers this large are extremely difficult to imagine. If you are among the majority with this difficulty, I recommend that you follow the expert testimony that paints the picture, and know that success in this area of public education transformation that unleashes trillions of our dollars for human creative capacity in unimaginable power is sufficient to end the current economic crisis. This is the longest section of my briefing. If you tire in reading, please consider that at trillions of dollars of annual public benefits, you literally have nothing more valuable to do than understand the following facts and ideas. Harvard's Linda Bilmes co-authored a paper with Nobel Prize winner Joseph Stiglitz estimating the long-term costs of current US wars at now $3 to $5 trillion ($30-$50,000 per US household of $50,000/year income), with total debt increase since 2001 of over $10 trillion. Remember, as demonstrated by the evidence disclosed by our own government, all the reasons Americans were told to go to war were known to be lies as they were told and applicable law proves these wars Orwellian unlawful. Just down the Charles River from Harvard, MIT's Simon Johnson (and former Chief Economist of the International Monetary Fund) describes our economy being lead by gambling oligarchs who have captured government as in banana republics (his words), and might plunge the US into an economy worse than the Great Depression. From his article under the telling title, The Quiet Coup: "Elite business interests-financiers, in the case of the U.S.-played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The govern

With new European Union leaders practically invisible and some national leaders acting largely for domestic political reasons, the burden of shaping a rapid and credible restructuring program for Greece has fallen primarily to the International Monetary Fund - exactly where proud European Union leaders had insisted it should not be.

The EU faced the biggest test in its history last night as it launched a last-ditch effort to save the euro, amid acute fears that markets could unleash a fresh attack on the currency on Monday.

The fear that began in Athens, raced through Europe, and finally shook the stock market in the United States is now affecting the broader global economy, from the ability of Asian corporations to raise money to the outlook for money-market funds where American savers park their cash.

Germany's cabinet has passed a draft law to provide for its portion of Europe's 750 billion euro package to prop up the ailing currency. But will the fund work? Experts are warning that the side effects may be difficult to stomach.

The International Monetary Fund and the European Union are coming to Greece's aid with a financial commitment worth billions. But is it already too late to rescue the cash-strapped country?

The audacious bid to protect the euro with a massive rescue fund seems to be faltering. The euro is still losing value as investors worry about the consequences of tough austerity measures. German papers on Friday dissect the common currency's ongoing problems.

Hedge fund regulations, a tax on financial markets, a ban on naked short selling. The EU's bid to rein in the speculators has the financial industry up in arms. Lobbyists are already preparing to systematically attack the new proposals.

Right now, according to a number of studies, we are losing about $100 billion every year because corporate America and the very wealthy are stashing their money in tax havens like the Cayman Islands and Bermuda. We should be aware that in 2009, ExxonMobil made $19 billion in profits and not only did the company not pay anything in taxes, it got a $106 million refund from the IRS. We should also be aware that since 1997, we have almost tripled funding for the military. So if we are serious about reducing the deficit, those are things we need to look at-not at Social Security, not programs everyday Americans need.

For thirty years, now, Republicans have been yammering about small government, deficits, the glories of the free market, and the incompetence and wastefulness of government. It's all been a big lie, part of a well funded and cleverly executed coup d'etat, designed to enable the ultra rich and corporations to literally take power out of the hands of government and money out of the pockets of individual citizens.

In 1937, on the eve of a major policy mistake, U.S. economic conditions were surprisingly similar to those in the nation today. Consider, for example, the following summary of economic conditions: (1) Signs indicate that the recession is finally over. (2) Short-term interest rates have been close to zero for years but are now expected to rise. (3) Some are concerned about excessive inflation. (4) Inflation concerns are partly driven by a large expansion in the monetary base in recent years and by banks' massive holding of excess reserves. (5) Furthermore, some are worried that the recent rally in commodity prices threatens to ignite an inflation spiral.     While this summary arguably describes current trends, it is taken from an account of conditions in 1937 that appears in "The Mistake of 1937: A General Equilibrium Analysis," an article I coauthored with Benjamin Pugsley. What we call "the Mistake of 1937" was, in broad terms, a decision by the Fed and the administration to implement a series of contractionary policies that choked off the recovery of 1933-37 and brought on the recession of 1937-38, one of the worst on record. What is particularly noteworthy is that the inflation fears that triggered the Mistake of 1937 were largely driven by a rally in commodity prices. These circumstances invite direct comparison with our own time, when a substantial recent rise in commodity prices (which now seems to be abating somewhat) stoked inflation fears and led some commentators to call for an increase in the federal funds rate.     The question for the contemporary reader is this: If we could transport a modern-day economist back to 1937, would he or she have made the same mistake? My suggested answer-admittedly somewhat hopeful-is no. I base this view on the fact that most economists today distinguish between the temporary movements in the consumer price index that stem from volatility in commodity prices and the movements that reflect fundamental inf

(interview with a Swiss banker  done in Mosсow 30.05.2011)  Q: Can you tell us something about your involvement in the Swiss banking business?A: I have worked for Swiss banks for many years. I was designated as one of the top directors of one of the biggest Swiss banks. During my work I was involved in the payment, in the direct payment in cash to a person who killed the president of a foreign country. I was in the meeting where it was decided to give this cash money to the killer. This gave me dramatic headaches and troubled my conscience. It was not the only case that was really bad but it was the worst. It was a payment instruction on order of a foreign secret service written by hand giving the order to pay a certain amount to a person who killed the top leader of a foreign country. And it was not the only case. We received several such hand written letters coming from foreign secret services giving the order to payout cash from secret accounts to fund revolutions or for the killing of people. I can confirm what John Perkins has written in his book "Confessions of an Economic Hit Man". There really exists just a system and Swiss banks are involved in such cases.

The blazing infernos which took hold in the UK's biggest cities have shocked British society. It wasn't a desire to protest that drove the brutal looters onto the streets, but pure consumer greed. Bankers, politicians and media moguls have made this greed socially acceptable. Education grants for children from low-income families - abolished. Also abolished in many areas were youth centers and help centers for the unemployed and pregnant. In the Lewisham area alone, five libraries were closed. What happens next? Where does it end? What is the limit? There is none. In the London borough of Haringey, which includes Tottenham, 75 percent of funding for youth services will be cut over the next three years. This miserable life of drugs, loitering and weapons in neighborhoods which were devastated by the policies of Margaret Thatcher in the 1980s and never fixed by Tony Blair or Gordon Brown, is the fate of those dubbed "NEETs" in the UK. It stands for "not in education, employment or training", and there are about 1.2 million people who fit the description. They rule their local areas under the law of the jungle, with a deep sense of uselessness in a world where almost every recreational activity costs money; money which they don't have.

But the problem is that we live in a society where capitalism itself has become rampantly feral. Feral politicians cheat on their expenses, feral bankers plunder the public purse for all its worth, CEOs, hedge fund operators and private equity geniuses loot the world of wealth, telephone and credit card companies load mysterious charges on everyone's bills, shopkeepers price gouge, and, at the drop of a hat swindlers and scam artists get to practice three-card monte right up into the highest echelons of the corporate and political world.