Browsing Tag


More on Germany’s deflationary bias

Martin Wolf has written a column in the FT with which I agree, claiming that Germany is a weight on the world. The essence of his argument is that Germany’s export-led growth model is a ‘beggar-thy-neighbor’ policy in a world short of…

China: The urbanization fallacy

The argument that China is forcefully urbanizing, and that this urbanization will guarantee growth rates above 7-8% for many more years, is almost sheer nonsense. Urbanization is a cost, and if China borrows to fund this cost, its debt will…

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