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Browsing Category
Political Economy
Germany has most to gain from euro weakness
The fall in the euro is not completely accidental. Indeed, many in the Eurozone see the decline as an opportunity instead of a sign of weakness. Nevertheless, it is not clear to me that the Greeks or the Spaniards will gain from the decline…
Koo Calls For Stimulus as Private Sector Deleverages
Richard Koo was on Bloomberg yesterday making a lot of good points about what public sector retrenchment will mean, namely a decrease in private sector savings. With households already highly indebted in many countries, this cannot be a…
The Big Bad Wolfpack and the Four Little Pigs
A short story inspired by the German shortselling ban. Once upon a time there were four little pigs and the time came for them to leave home and seek their fortunes. Before they left, their mother told them "Whatever you do, do it the…
Beggar thy neighbour: Martin Wolf is singing from my songbook
Obviously, the FT's Martin Wolf has been listening to the same preacher I have because he is singing my song. In today's FT he writes about the recent Beggar-my-neighbour eurozone policy and how the policy response in Europe has…
Guest Post: Truths and Myths about the "Greek Crisis"
The following is a guest post by Polyvios Petropoulos, a former university professor of economics and management in the US. Petropoulos contends that the austerity package drawn up by the IMF is not credible and that everyone knows Greece…
Much Ado About (Some Of) The Wrong Things
German Finance Minister Wolfgang Schaeuble told reporters in Brussels today (Monday) that getting their deficits down was “the only task that everyone has to fulfill for himself and for the common good.” Meanwhile, over in New York, Paul…
The fall of the euro: a sign of weakness, but an opportunity for the European economy
This is the title of a recent article in the French Les Echos. And this goes directly to my recent commentaries about competitive currency devaluations as a potential course of action going forward. It seems likely that the depreciation of…
Spain is the perfect example of a country that never should have joined the euro zone
Greece fiddled its books and ran a deficit in good times and bad. But, it is rubbish to paint all of the debtor nations in Euroland now in crisis with the same brush. There are huge differences I would like to point out. And I will…
A ‘United States of Europe’ or Full Exit From the Euro?
The design flaw at the heart of the euro zone has become manifest to a variety of market observers, practitioners, economists and journalists. A fiscal/monetary half-way house divided cannot stand. That seems to be clear. So…
The Sarko Euro Rampage Leak and Maxi Euro Devaluations
Is the Euro depreciation planned or just a by-product of currency revulsion? No one knows. However, the events of the past week following the European shock and awe package are curious to say the least. Here's one curiosity. In the…