“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin. Bankers own the Earth. Take it away from them, but leave them the power to create [...]
The Telegraph has an opinion piece out titled Angela Merkel isn’t bluffing; like everyone else in Europe, she’s defending national sovereignty. It compares her to Britain’s Margaret Thatcher in steadfastness and then says this:
Take this extraordinarily prescient observation by the radical economist Wynne Godley, penned as early as 1992. “It needs to be emphasised at the [...]
To put things in perspective, here is today’s chart on unemployment among OECD countries.
Note that this chart does not reflect overall unemployment rates, but rather the percentage of decline post Crash. To see those statistics, go here.
Here is a rhetorical question. Why did Germany have employment growth even [...]
This article is by Cato’s Richard Rahn. Professor Rahn is a senior fellow of the Cato Institute and the Chairman of the Institute for Global Economic Growth. He is also a weekly economic columnist for The Washington Times, and serves on the editorial board of the Cayman Financial Review. He developed the [...]
The Wall Street Journal is reporting tonight that the EU leaders are giving Greece an ultimatum on their continued membership in the EMU. Do they want to dump the euro and go their own way? This is evidence of the fury created by George Papandreou by his deceitful actions.
“Does Greece want to remain part [...]
There are several things that you need to know about the eurozone crisis and Wednesday’s Summit agreement:
It isn’t over. The European Monetary Union’s (EMU) “architecture” is a failure. They spent too much and can’t possibly repay the debt. Banks will need to be bailed out. They will print money.
In order to understand the [...]
TOP DEVELOPMENTS SO FAR (as of 16:45 p.m. EDT):
European Union leaders arrived in Brussels for a EU Summit Germany’s parliament approves Chancellor Angela Merkel’s resolution to boost the firepower of the euro zone’s bailout fund EU leaders remain split on the size of a haircut on Greek bonds held by private investors, a sticking point [...]
Back in August 2009 I made a bet that Germany would recover before the US because they were doing far less stimulus than were we. In fact Germany’s Chancellor Angela Merkel said:
“The crisis did not take place because we were spending too little but because we were spending too much to create growth that [...]