Crashed

by Adam Tooze

  66. J. Black, K. S. Navarra and N. Chrysoloras, “ECB Said to Reject Supervisory Move on Greek Banks,” Bloomberg, March 19, 2015.

  67. Blustein, Laid Low, 429.

  68. O. Blanchard, “Greece: A Credible Deal Will Require Difficult Decisions by All Sides,” IMFBlog, June 14, 2015.

  69. See more at P. Mason, “Greece Crisis: A Failure of Economics in the Face of Politics,” Channel4, July 3, 2015, https://www.channel4.com/news/by/paul-mason/blogs/greece-crisis-failure-economics-face-politics.

  70. P. Taylor, “Exclusive: Europeans Tried to Block IMF Debt Report on Greece: Sources,” Reuters, July 3, 2015.

  71. H. Mahoney, “The EU Parliament’s Big, Fat Greek Moment,” EUObserver, July 10, 2015; and “Greece: MEPs Debate the Country’s Situation with Prime Minister Tsipras,” Europarl, July 8, 2015.

  72. “Schäuble’s Push for Grexit Puts Merkel on Defensive,” Der Spiegel, July 17, 2015.

  73. G. Davet and F. Lhomme, Un président ne devrait pas dire ça (Paris: Stock, 2016).

  74. A.-S. Chassany, A. Barker and D. Robinson, “Greece Talks: ‘Sorry, But There Is No Way You Are Leaving This Room,’” Financial Times, July 13, 2015.

  75. “Europe’s Religious War Failure and Its Consequences,” Economist, August 26, 2015.

  76. Chassany, Barker and Robinson, “Greece Talks.”

  77. A. Kassam, “#ThisIsACoup: How a Hashtag Born in Barcelona Spread Across the Globe,” Guardian, July 13, 2015; and W. Ahmed, “Amplified Messages: How Hashtag Activism and Twitter Diplomacy Converged at #ThisIsACoup—and Won,” Democratic Audit UK, January 14, 2016.

  78. K. Hope and T. Barber, “Syriza’s Covert Plot During Crisis Talks to Return to Drachma,” Financial Times, July 24, 2015.

  79. P. Spiegel, “Donald Tusk Interview: The Annotated Transcript,” Financial Times, July 16, 2015.

  80. P. Oltermann, “Merkel ‘Gambling Away’ Germany’s Reputation over Greece, says Haberman,” Guardian, July 16, 2015.

  81. S. Wagstyl and C. Jones, “Germany Blames Mario Draghi for Rise of Rightwing AfD Party,” Financial Times, April 10, 2016.

  82. M. Matthijs and M. Blyth, “When Is It Rational to Learn the Wrong Lessons? Technocratic Authority, Social Learning, and Euro Fragility,” Perspectives on Politics (2017), 1–17.

  83. L. Orriols and G. Cordero, “The Breakdown of the Spanish Two-Party System: The Upsurge of Podemos and Ciudadanos in the 2015 General Election,” South European Society and Politics 4 (2016), 469–492.

  84. D. Finn, “Luso-Anomalies,” and C. Martins, “The Portuguese Experiment,” both in New Left Review 106 (July-August 2017).

  85. A. Evans-Pritchard, “Eurozone Crosses Rubicon as Portugal’s Anti-Euro Left Banned from Power,” Telegraph, October 23, 2015.

  86. “DBRS Confirms Portugal’s BBB (Low) Rating, Stable Trend,” Reuters, November 13, 2015.

  87. “Eurozone Crosses Rubicon.”

  88. J. Henley, “Portugal Faces Political Crisis as Leftists Vow to Topple New Government,” Guardian, October 26, 2015.

  89. A. Khalip and A. Bugge, “Socialist Costa to head Portuguese Government with Uneasy Far-Left Backing,” Reuters, November 24, 2015.

  90. Katharine Dommett, “The Theory and Practice of Party Modernisation: The Conservative Party Under David Cameron, 2005–2015,” British Politics 10.2 (2015), 249–266.

  91. M. A. Orenstein, “Paranoid in Poland,” Foreign Affairs (September 2017).

  CHAPTER 23: THE FEAR PROJECTS

  1. G. Morgan, “Supporting the City: Economic Patriotism in Financial Markets,” Journal of European Public Policy 19, no. 3 (2012), 373–387.

  2. C. Berry and C. Hay, “The Great British ‘Rebalancing’ Act: The Construction and Implementation of an Economic Imperative for Exceptional Times,” British Journal of Politics and International Relations 18, no. 1 (2016), 3–25.

  3. https://www.youtube.com/watch?v=jS4ytmMDQME.

  4. H. Jones, “London Stung by US Attack on Bank Regulation Record,” Reuters, June 20, 2012.

  5. “Deutsche Bank Capital Concerns in US Far from Over, According to UNITE HERE Report,” Business Wire, September 5, 2012, https://www.businesswire.com/news/home/20120905005476/en/Deutsche-Bank-capital-concerns-UNITE-Report; T. Braithwaite and S. Nasiripour, “Deutsche Bank Avoids US Capital Rules,” Financial Times, March 21, 2012; and “Balkanised Banking: The Great Unravelling,” Economist 20, no. 4 (2013).

  6. J. Gapper, “Europe Needs Deutsche Bank as Its Champion,” Financial Times, April 22, 2015.

  7. R. Florida, “According to at Least One Index, New York Has Overtaken London as the World’s Leading Financial Center,” City Lab, March 20, 2014.

  8. J. Green, “ The offshore city, Chinese finance and British capitalism,” The British Journal of Finance and International Relations, October 2017.

  9. G. Osborne, “Britain Issues Western World’s First Sovereign RMB Bond, Largest Ever RMB Bond by Non-Chinese Issuer,” HM Treasury, Gov.UK, October 14, 2014.

  10. N. Watt and R. Mason, “David Cameron Calls for New EU-China Free Trade Agreement,” Guardian, December 2, 2013.

  11. “Why We Need to Question the Influence of the City on UK Plc,” The Conversation, April 20, 2015.

  12. G. Archer, “Local Elections: The Capital Fails to See the Heartache and Pain Beyond,” Telegraph, May 23, 2014.

  13. S. Hinde, “Brexit and the Media,” Hermès, La Revue 77 (2017): 80–86.

  14. P. Whyte, “Britain, Europe and the City of London: Can the Triangle Be Managed?,” Centre for European Reform, July 2012.

  15. H. Clarke, M. Goodwin and P. Whiteley, Brexit: Why Britain Voted to Leave the European Union (Cambridge: Cambridge University Press, 2017), 61–85.

  16. H. Thompson, “Competing Political Logics: The Political Intractability of London and the EU” (ND), available from http://speri.dept.shef.ac.uk/wp-content/uploads/2016/04/Thompson_DraftPaper_Workshop.pdf; also see the essential inside view of I. Rogers, “The Inside Story of How David Cameron Drove Britain to Brexit,” Prospect 25, November 2017.

  17. H. Thompson, “How the City of London Lost at Brexit: A Historical Perspective,” Economy and Society 46, no. 2 (2017): 211–228.

  18. See the Spiegel reaction: “The Failure of a Forced Marriage,” Der Spiegel, December 10, 2011.

  19. A. Gamble, “Better Off Out? Britain and Europe,” Political Quarterly 83, no. 3 (2012): 468–477.

  20. N. Copsey and T. Haughton, “Farewell Britannia? ‘Issue Capture’ and the Politics of David Cameron’s 2013 EU Referendum Pledge,” Journal of Common Market Studies 52 (2014), 74–89.

  21. “Could the Netherlands Provide the Beginnings of a Coalition for EU Reform?,” Open Europe 11 (January 2013); R. Korteweg, “Will the Dutch Help Cameron to Reform the EU?,” CER Bulletin 91 (August/September 2013); and R. Korteweg, “Why Cameron’s Timing on EU Reform Is Off,” CER, March 26, 2014.

  22. J. Springford and S. Tilford, “Why the Push to Install Juncker Is So Damaging,” CER, June 23, 2014.

  23. A. Möller, “The British-German Misunderstanding,” ECFR, November 4, 2015.

  24. C. Grant, “A Five-Point Plan for Cameron to Win an EU Referendum,” CER, May 8, 2015.

  25. T. McTague, A. Spence and E.-I. Dovere, “How David Cameron Blew It,” Politico, June 25, 2016.

  26. G. Van Orden, “Britain’s Departure from ‘Ever Closer Union’ Is of Great Significance,” http://blogs.lse.ac.uk/brexit/2016/04/28/britians-departure-from-ever-closer-union-is-of-great-significance/.

  27. J. Springford and S. Tilford, “The Great British Trade-off: The Impact of Leaving the EU on the UK’s Trade and Investment,” CER, January 2014.

  28. A. Spence, “David Cameron Unleashes ‘Project Fear,’” Politico, February 26, 2016.

  29. N. Vinocur, “Jim Messina to Advise David Cameron’s EU Referendum Campaig
n,” Politico, February 24, 2016.

  30. S. Swinford and B. Riley-Smith, “Military Leaders to Warn Against a Brexit,” Telegraph, February 21, 2016.

  31. V. Chadwick, “David Cameron to Nigel Farage: No ‘Neverendums,’” Politico, May 17, 2016.

  32. L. Fedor, “EU Referendum: City of London Corporation Signs Off on Campaigning for the UK to Remain in the EU,” City A.M., March 3, 2016.

  33. F. Guerrera and T. McTague, “City May Be Gagged in Brexit Vote,” Politico, April 17, 2016.

  34. “Breathe Easy Brussels, UK Will Stay in EU,” Politico, May 4, 2016.

  35. A. Mody, “EU Referendum: Why the Economic Consensus on Brexit Is Flawed,” Independent, May 31, 2016; and K. Allen and A. Asthana, “IMF Says Brexit Would Cause ‘Global Damage,’” Politico, April 12, 2016

  36. A. Asthana, “Brexit Would Pose ‘Serious Risk’ to Global Growth, Say G7 Leaders,” Guardian, March 27, 2016.

  37. T. McTague, “11 Things You Need to Know About George Osborne’s Brexit Warning,” Politico, April 18, 2016; and T. McTague, “George Osborne: Brexit Would Leave UK ‘Permanently Poorer,’” Politico, April 18, 2016.

  38. “Remain Campaign ‘Not Conspiracy, but Consensus,’ says George Osborne,” Daily Mail, May 16, 2016.

  39. M. Arnold, “UK Banks Back Staying in EU but Remain Reluctant to Speak Out,” Financial Times, March 24, 2016.

  40. W. Watts, “‘Financial Contagion’ Biggest Risk to US from Brexit: Goldman,” MarketWatch, June 29, 2016.

  41. J. Treanor, “JPMorgan Backs Campaign to Keep Britain in the EU,” Guardian, January 21, 2016.

  42. S. Farrell, “JP Morgan Boss: Up to 4,000 Jobs Could Be Cut After Brexit,” Guardian, June 3, 2016.

  43. T. McTague, “Boris Johnson Slaps Down ‘Part-Kenyan’ Barack Obama over Brexit Push,” Politico, April 22, 2016.

  44. T. McTague, “9 Takeaways from Barack Obama’s Brexit Intervention,” Politico, April 22, 2016; and B. Gurciullo, “Obama to the British People: Just Say No to Brexit,” Politico, April 22, 2016.

  45. S. Watkins, “Oppositions,” New Left Review 98 (2016).

  46. T. McTague, A. Spence and E.-I. Dovere, “How David Cameron Blew It,” Politico, June 25, 2016.

  47. S. Chan, “Boris Johnson’s Essay on Obama and Churchill Touches Nerve Online,” New York Times, April 22, 2016.

  48. McTague, Spence and Dovere, “How David Cameron Blew It.”

  49. G. Younge, “Brexit: A Disaster Decades in the Making,” Guardian, June 30, 2016.

  50. “Breathe Easy Brussels, UK Will Stay in EU.”

  51. S. Becker, T. Fetzer and D. Novy, “Who Voted for Brexit? A Comprehensive District-Level Analysis” (CESifo Working Paper 6438, April 24, 2017).

  52. E. Kaufmann, “It’s NOT the Economy, Stupid: Brexit as a Story of Personal Values,” LSE European Politics and Policy (blog), July 9, 2016.

  53. L. Elliott, “Brexit Is a Rejection of Globalization,” Guardian, June 26, 2016; J. Tankersely, “Britain Just Killed Globalization as We Know It,” Washington Post, June 25, 2016; Deutsche Welle, “Brexit—the End of Globalization?,” June 30, 2016, http://www.dw.com/en/brexit-the-end-of-globalization/a-19369680; T. Guénolé, “La victoire du Brexit est un vote contre la mondialisation,” Figaro, June 24, 2016.

  54. “Theresa May’s Brexit Speech in Full: Prime Minister Outlines Her 12 Objectives for Negotiations,” Independent, January 17, 2017.

  55. R. Blitz and L. Lewis, “Pound Tumbles to 30-Year Low as Britain Votes Brexit,” Financial Times, June 24, 2016.

  56. H. Lash and E. Krudy, “World Stocks Tumble as Britain Votes for EU Exit,” Reuters, June 23, 2016.

  57. Blitz and Lewis, “Pound Tumbles to 30-Year Low.”

  58. M. Carney, “Uncertainty, the Economy and Policy,” Bank of England, June 30, 2016.

  59. A. Mody, “Stop Being So Gloomy About Brexit,” Bloomberg, July 13, 2016.

  60. L. Meakin, “Carney’s Stimulus Questioned as BoE Faces Pro-Brexit Lawmakers,” Bloomberg, September 5, 2016.

  61. C. Giles, “Brexit Experts, Confess to Your Errors and Carry On,” Financial Times, January 4, 2017.

  62. M. Hall, “WRONG! And WRONG Again—The Utterly Useless ‘Forecasters’ We Should Stop Listening To,” Express, October 28, 2016.

  63. A. Posen, “Dangers of Following the Path to an Offshore Britain,” Financial Times, June 21, 2016.

  64. W. Davies, “Home Office Rules,” London Review of Books 38, no. 21 (2016), 3–6.

  65. A. Mody, “Don’t Believe What You’ve Read: The Plummeting Pound Sterling Is Good News for Britain,” Independent, October 10, 2016.

  66. “Brexit and the Pound” (speech given by Ben Broadbent, deputy governor of Monetary Policy, Imperial College, London, March 23, 2017).

  67. R. Skidelsky, “Why Sterling’s Collapse Is Not Good for the UK Economy,” Guardian, October 21, 2016.

  68. J. Kirkup, “Fiona Hill and Nick Timothy: The Story Being Told About Theresa May’s Top Advisers Is Inaccurate and Unfair,” Telegraph, June 10, 2017.

  69. M. Bearak, “Theresa May Criticized the Term ‘Citizen of the World.’ But Half the World Identifies,” Washington Post, October 5, 2016.

  70. J. Pickard and K. Allen, “Theresa May Sets Out Post-Brexit for a Fairer Britain,” Financial Times, October 5, 2016.

  71. “Theresa May Brexit Speech: Economic Experts React,” Independent, January 17, 2017.

  72. P. Campbell, “Nissan Boss ‘Confident’ After Downing Street Talks,” Financial Times, October 14, 2016.

  73. P. Jenkins and J. Ford, “City of London Lobby Group Wants ‘No Change’ Brexit Deal,” Financial Times, November 7, 2016.

  74. H. Sants, M. Austen, L. Naylor, P. Hunt and D. Kelly, “The Impact of the UK’s Exit from the EU on the UK-Based Financial Services Sector,” Oliver Wyman, 2016.

  75. “Goldman Sachs’ Chief Takes Theresa May to Task over Brexit,” Irish Times, January 29, 2017.

  76. J. Ford, “City of London Lobbying Group Drops Demand for EU ‘Passports,’” Financial Times, January 11, 2017.

  77. M. Savage, “Germany Industry Warns UK Not to Expect Help in Brexit Negotiations,” Guardian, July 9, 2017.

  78. T. Gutschker, “The Disastrous Brexit Dinner,” Frankfurter Allgemeine Zeitung, May 3, 2017.

  79. G. Parker, J. Ford and A. Barker, “Is Theresa May’s Brexit Plan B an Elaborate Bluff?,” Financial Times, January 19, 2017.

  80. A. Withnall, “UK Could Become ‘Tax Haven’ of Europe If It Is Shut Out of Single Market After Brexit, Chancellor Suggests,” Independent, January 15, 2017.

  81. “Professor Mario Draghi Joins Goldman Sachs,” Goldman Sachs Press Release, 2002, http://www.goldmansachs.com/media-relations/press-releases/archived/2002/2002-01-28.html.

  82. A. Monaghan, “Juncker Questions Barroso’s Decision to Join Goldman Sachs,” Guardian, September 15, 2016.

  83. G. Steinhauser, “‘Brexit’ Would Be Europe’s Lehman Brothers Moment, Finnish Minister Says,” Wall Street Journal, June 16, 2016.

  84. Z. Radionova, “Moody’s: Political Contagion Across European Union Is Greatest Brexit Risk,” Moody’s Investors Service, July 8, 2016.

  85. K. Forster, “Brexit Vote Met with Celebrations from Far-Right Groups Across Europe,” Independent, June 24, 2016.

  86. “Moody’s: Political Contagion Across EU Is Greatest Brexit Risk, Moody’s Says,” Independent, July 8, 2016.

  87. “What If the French Second Round Pits Melenchon Against Le Pen?,” Economist, April 11, 2017.

  88. P. Anderson, “The Center Can Hold,” New Left Review 105 (May/June 2017).

  89. A. Parker, “Donald Trump, in Scotland, Calls ‘Brexit’ Result ‘a Great Thing,’” New York Times, June 24, 2016.

  CHAPTER 24: TRUMP

  1. “Full Text: Donald Trump 2016 RNC Draft S
peech Transcript,” Politico, July 21, 2016.

  2. D. Diaz, “Ivanka Trump Markets Her Look After RNC Speech,” CNN, July 22, 2016.

  3. K. Reilly, “Read President Obama’s Remarks on Donald Trump’s Convention Speech,” Time, July 22, 2016.

  4. D. W. Drezner, “My One Contribution to the Autopsies of the 2016 Presidential Election,” Washington Post, May 2, 2017.

  5. The question of whether young white men—the so-called Bernie bros—dominated the Sanders coalition stirred passions on the left long after the election. See T. Cahill, “A New Harvard Study Just Shattered the Biggest Myth About Bernie Supporters,” April 19, 2017, http://resistancereport.com/politics/harvard-poll-bernie-supporters/.

  6. M. Talbot, “The Populist Prophet,” New Yorker, October 12, 2015.

  7. J. Kasperkevic and G. Wearden, “Federal Reserve Puts Rate Rise on Hold—As It Happens,” Guardian, September 17, 2015.

  8. N. Confessore and S. Craig, “2008 Crisis Deepened the Ties Between Clintons and Goldman Sachs,” New York Times, September 24, 2016.

  9. T. Gabriel, “Hillary Clinton–Bernie Sanders Schism Grows on ‘Too Big to Fail’ Banks,” New York Times, April 13, 2016.

  10. M. Taibbi, “The Great American Bubble Machine,” Rolling Stone, April 5, 2010.

  11. L. Fang et al., “Excerpts of Hillary Clinton’s Paid Speeches to Goldman Sachs Finally Leaked,” The Intercept, October 7, 2016.

  12. P. Lawrence, “A New Report Raises Big Questions About Last Year’s DNC Hack,” Nation, August 9, 2017.

  13. H. Levintova, “Hacks, Leaks, and Tweets: Everything We Now Know About the Attack on the 2016 Election,” Mother Jones, May 30, 2017.

  14. G. Miller, E. Nakashima and A. Entous, “Obama’s Secret Struggle to Punish Russia for Putin’s Election Assault,” Washington Post, June 23, 2017.

  15. T. Dickinson, “Meet the Right-Wing Rebels Who Overthrew John Boehner,” Rolling Stone, October 6, 2015.

  16. Mayer, Dark Money.

  17. For an outstanding investigation of the dynamics of the primary race, see T. Ferguson and B. I. Page, “The Hinge of Fate? Economic and Social Populism in the 2016 Presidential Election, a Preliminary Exploration,” prepared for delivery at the INET Conference, Edinburgh, UK, October 20–23, 2017, https://www.ineteconomics.org/uploads/papers/Ferguson-and-Page-Scotland-Paper-revised-for-Conference.pdf.