Aug 8 - European Markets Tremble; Economic Literacy in the US; The Politics of Crisis Capitalism

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FULL PROGRAM

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Part 1

With today’s stock market drop of 630 points we first look at the European markets that tumbled earlier. Daniela Schwartzer, the head of the European Union Integration Research Division of the German Institute for International and Security Affairs joins us. She assesses the success of the European Central Bank’s intervention and points out the growing north/south divide in the Eurozone.

Part 2

Then we look into the state of economic literacy in the United States following the debt-ceiling debacle and the S&P debt-rating agency’s repudiation of the deal that has set off financial tremors around the globe. Research scholar at the Levy Economics Institute, Pavlina Tcherneva joins us to see if any lessons were learned from a brazen act of stupidity that has the nation’s self-inflicted financial wound getting worse as those responsible blame everyone but themselves.

Part 3

Then finally we talk with Scott Klinger the Policy Director of Wealth for the Common Good who worked as a security analyst and portfolio manager. He was on the program back in April when he co-authored “Unnecessary Austerity, Unnecessary Shutdown”, a report that presciently warned the debt crisis being hatched in Congress would lead to unnecessary austerity and cause a double dip recession.