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The Euro is a failure
When I was discussing the Greek economic crisis last night with my colleague Ameera David, she asked me who I blame for the mess we are in. I told her I blame the euro because the euro is a monetary union created for political reasons…
Greek default and Grexit now increasing in probability
At this point, default within the eurozone is the best case scenario for Greece. Grexit is still a distinct possibility. All potential best case scenarios are out the window. Below is my assessment on how we got here.
Morality in the Greek Crisis
I know I keep saying that economics is not a morality play. But when it comes to Greece, I can find no other satisfactory explanation for what is going on. I've reminded everyone before about Irving Fisher's famous observation: "The more…
Grexit: The staggering cost of central bank dependence
This weekend’s dramatic events saw the ECB capping emergency assistance to Greece. This column argues that the ECB’s decision is the last of a long string of ECB mistakes in this crisis. Beyond triggering Greece’s Eurozone exit – thus…
This is the Framework of a Potential Greek Compromise Taking Shape
By Marc Chandler
Through the venomous comments and erosion of trust, the broad framework of what couple prove to be a workable compromise over Greece's financial crisis may be emerging. This is not to suggest that the eurozone finance…
The Greece debt bailout negotiations are really about France, not Greece
The situation in Greece is not about Greece at all. It is about enforcing an economic framework onto all Eurozone countries. And because the policy goal is primarily about enforcing this economic framework everywhere in the eurozone, there…
The US economy growth path remains in the 2 to 3% range
The most recent retail sales numbers confirm the first quarter dip in GDP as an aberration. The US economy’s growth path, while subpar and uneven, remains on track. Some thoughts below
Yanis Varoufakis: Greece, Germany and the Eurozone – Keynote at the Hans-Böckler-Stiftung, Berlin, 8…
This post is re-posted from Yanis Varoufakis' blog with his permission.
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Thank you for inviting me. Thank you for being here. Thank you for the warm welcome. Above all thank you for the opportunity to build…
Are bond investors crying wolf?
The abrupt spike in interest rates from mid-April to mid-May is very unlikely to be the beginning of something much bigger and much more likely to be the sort of occasional panic attack that Japan has seen so many of in recent years.
Internal and external balance
The global economy is an economic system in which any country’s domestic economy is inextricably linked to other economies through the balance of payments mechanisms. The ability to place events within their global context is consequently…