Monthly Archives: May 2010

Greek frenzy

I will be on an Oxford Analytica conference call on the Greek crisis today from 4-5 pm BST. If a transcript can be made available, I will post one here. UPDATE 26/5/2010 No transcript available. The call went well, with … Continue reading

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A beginner’s guide to the Great Depression and the link to today

You might be surprised that the Great Depression (1929-33) was universal. You might also be surprised that in 1931 the title “Great Depression” was already taken. It belonged to the 1890-95 global recession. If you’d asked anyone in 1931, they’d … Continue reading

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Investigative journalism

From Payback time: Padded pensions add to New York fiscal woes An online, searchable database compiled by The Times contains the names and pensions of about 3,700 public retirees in New York who receive more than $100,000 a year.  In fact, the cost … Continue reading

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Q&A on “EMU as reprise of the gold standard”

A few more points on this topic…. eventually I’ll need to write about something else.From comments here and elsewhere I highlight the following: Greek/Club Med default will make European banks (German, French especially) insolvent.In other words, “the cure is worse … Continue reading

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Could summer 2010 reprise summer 1931?

In an earlier post I argued that Greece cannot grow within the EMU. It must default/ restructure and re-issue the drachma. The costs of exit are outweighed by the costs of staying on the euro. Markets have a short memory, … Continue reading

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EMU and the gold standard

Defecting from EMU is being described as a horrible outcome — whether for Europe or for the benighted Greece et al is not always made clear. But the general tenor is that defection from EMU would constitute a shock which … Continue reading

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The great amnesia over the Great Depression

It’s amazing to me how reluctant people are to prescribe euro-exit. Eichengreen stops well short; quite the contrary, he portrays such a move as disastrous. (The technical issues (ATMs, etc) and legal issues (cross-border debt contracts) are daunting, and the political … Continue reading

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