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An online call for a European Revolution was heeded en masse today as over 100 cities throughout the continent witnessed tens (if not hundreds) of thousands 'indignants' mobilizing to demand real democracy now.

The European Parliament has given its overwhelming support to a tax on financial transactions which, it said, could lead to banks paying as much as €200 billion a year in reparations for damage they have caused to the European economy.

In a flurry of blind panic and irrational exuberance, organizations from the European Central Bank to the Organization for Economic Cooperation and Development suddenly abandoned everything we had learned, at a bitter cost, about economics during recessions and decided that fiscal austerity was the way to go while the world was in the depths of a slump - indeed, many claimed that spending cuts would actually be expansionary.

I n certain circles, it has become fashionable to argue that monetary policy is a superior instrument to fiscal policy - more predictable, faster, without the adverse long-term consequences brought on by greater indebtedness. Indeed, some advocates wax so enthusiastic that they support recent drives for austerity in many European countries, arguing that if there are untoward effects they can be undone by monetary policy. Whatever the merits of this position in general, it is nonsense in current economic circumstances.

ON TUESDAY the European Court for Human Rights  ruled that insurers in the EU can no longer charge different premiums for men and women.

Along with the movement in America, 'Occupy Wall Street' protests are planned in Japan, Israel, Canada and a half-dozen European nations. The aim of #OCCUPYWALLSTREET is to draw 20,000 protesters to New York's financial district in a non-violent protest to spark a mass movement against corporate dom…

Judging from the skittishness of both markets and "consensus expectations," the United States' economic prospects are confusing. One day, the country is on the brink of a double-dip recession; the next, it is on the verge of a turbo-charged recovery, powered by resilient consumers and US multinationals starting to deploy, at long last, their massive cash reserves. In the process, markets take investors on a wild rollercoaster ride, with the European crisis (riddled with even more confusion and volatility) serving to aggravate their queasiness. This situation is both understandable and increasingly unsettling for America's well-being and that of the global economy. It reflects the impact of fundamental (and historic) economic and financial re-alignments, insufficient policy responses, and system-wide rigidities that frustrate structural change. As a result, there are now legitimate questions about the underlying functioning of the US economy and, therefore, its evolution in the months and years ahead.