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The EU Provision which will allow capital controls in Cyprus is Article 65(b)
As I indicated three months ago, the IMF now supports capital controls in specific and extraordinary circumstances, particularly in view of its experience in Iceland. This is now relevant given the situation in Cyprus. Matina Stevins of Dow…
Is the deposit tax in Cyprus a mistake?
The Cypriot banking system is insolvent. Heaping private losses onto taxpayers is bad public policy. Let's start with those two statements, because starting there makes clear that forcing losses onto bank creditors was the only choice in…
Amazon and the benefits of low prices
I have been meaning to write a blurb about Amazon ever since I saw a great article on the benefits of Amazon's low-price strategy a month or so ago. But a recent article in the Wall Street Journal about huge price cuts on Amazon's…
On Ireland’s bond success
I listed Ireland in two of my surprises for 2013. I wrote that Ireland’s government bonds do not outperform again. Greece outperforms this year. I also wrote that Ireland goes to OMT. The first prediction is probably more controversial…
Grillo: French Revolution without the Guillotine
Handelsblatt's Italian correspondent Katharina Kort had an exclusive interview with Italian politician Beppe Grillo about his ideas for change in Italian politics. The article is in German. However, I have read it and wanted to present a…
Samsung Galaxy S4: Relentless Android product cycle will hurt Apple
In the mobile world, everyone seems to be in a frenzy over Samsung's next Galaxy smartphone. Apparently, Samsung is the new Apple, where product launches are media events par excellence, marketed to build anticipation. However, while…
Jeremy Grantham on the government debt problem
the US uses government money as the currency of account, there is no government budget constraint in the short or long run. Though even so-called Keynesians like Paul Krugman act like there is. The reality is that government can spend as…
The problem is private debt
Why does the federal government need to balance its books? Where does the money come from that the government spends? Whose income gets cut when spending gets cut? These are a few of the questions we should be asking when thinking about…
On LinkedIn’s move into content
Today s going to be a bit light on posting as I am under the weather and have been in bed all day. But there are one or two stories I wanted to say something about while it was still topical. One of those is LinkedIn. This post isn't about…
A brief note on the Fed’s monetary policy
I mentioned Fed Vice Chair Janet Yellen's speech in the last post. I tend to like the way she phrases things because her statements are the clearest of all of the major FOMC policy makers. This speech is in that vein. If I could summarize…