Over at Equitable Growth: I had thought we were well-past the interwar watershed in economic policy. The interwar watershed had three parts: * The winning of the franchise by the working class. * The portfolio rebalancing of the non-entrepreneurial wealthy. * And the recognition that the gold standard was not unbreakable. The last of these … Continue reading »
Over at Project Syndicate: Depression’s Advocates: Back in the darker days of late 2008 and 2009, I had one line in my talks that sometimes got applause, usually got a laugh, and always made people more optimistic. Because the North Atlantic had lived through the 1930s, I would say “This time we will not make … Continue reading »
Urgently needed: An international initiative on Greece
Do not hold your breath on Sunday’s deadline for credible Greek proposals to come up to unlock the Greek crisis. This is mostly a trap to accelerate Grexit. At best, it is a Pontius Pilates move by German Chancellor Angela Merkel — to wash herself of the responsibility of Greece spiraling into chaos. Let us … Continue reading »
After the Greek ‘NO’: Europe quo vadis?
Tsipras won the referendum, but where do we go from now? Most, if not all of my Greek friends, intellectuals I highly respect campaigned for the Yes. I understand many of their concerns. Greece was institutionally not ready to enter the Eurozone. Greece politics are dysfunctional and clientelistic — there has been fiscal irresponsibility, lack … Continue reading »