John Weeks has a good piece on the conflict between Italy and the European Commission. Apart from showing how ridiculous and ideological the EU-rules of the Stability and Growth Pact are, it also shows how it is impossible to apply them.
I am currently reading his new book, I highly recommend it. It covers much of the same ground as Yanis Varoufakis’ Modern Political Economics: Making Sense of the Post-2008 World, but in a more accessible and less technical/philosophical manner. On top of that it is written a bit in a ‘cranky old man’ -style which I think is highly suitable for the subject (and pretty entertaining as well). Anybody should be cranky about how mainstream economists have fed us and our governments pure rubbish. It would be so great if economists of this type, like Weeks, Varoufakis, Marc Blyth and Steve Keen team up with economic sociologists like Michel Callon, Edna Bonacich or Jens Beckert. Then we finally might get some kind of economics that makes sense.