internal devaluation

"I have this to say to my fellow Germans in East Germany: The introduction of the social market economy offers you every chance, in fact, even a guarantee, that (the East German states of) Mecklenburg-Western Pomerania,…

While most people are tuned in to the failure of the ruling coalition in Germany to get their man Christian Wulff elected president, there are other more important numbers out today. Unemployment in Germany fell to 7.5% in the last month.…

As it seems that we are finally about to get something which resembles a stable summer here in Denmark it may seem strange to suddenly start talking about snowballs. Yet, the idea of debt snowball is very relevant in the current environment…

I am trying to make sense of the revaluation talk that surrounds the Sino-American trade relationship. Here are some thoughts on the issue.  Your comments are appreciated. In the 1920s, the United States was the Alpha Creditor…

That was the week that was, it’s over, let it go……. Well I don’t suppose it’s that often that people get the opportunity to enthuse about the International Monetary Fund. Normally you find people like Joseph Stiglitz, or Naomi Klein, who…

I was recently contacted by Adam Kritzer who is a lead editor on Forexblog which is arguably the best one stop resource for people interested in FX (trading) and the importance of foreign exchange in general. He asked me whether I would…

The Absolute Return Letter, June 2010 “You cannot turn a pig’s ear into a silk purse, and there is no point in pretending that an economy like that of Greece could somehow become a mini-Germany ”with appropriate resolve and discipline”.…

Well, here I am spending my last day in Sitges, attending the annual meeting of the Circulo de Economía (which is why I have been so silent of late). This annual meet-up tends to attract many of the leading participants in Spanish economic…

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…

Yours truly is actually a macroeconomist, indeed with a knack for financial markets, but still; a macroeconomist nonetheless. However, you would not have gotten that impression from the writings here end last week where I worried a lot…