Writing Worth Reading
Writing Worth Reading
Divisive inequality of wealth; rising unemployment and inflation; anarchist riots on the streets of Europe; rise of extremist political parties. 2012? No, 5th Century AD. What can fall of the Roman empire tell us about euro crisis?
Interview with economist Paul Krugman on future of eurozone: "Greece was probably a doomed prospect from the moment that we got the truth about their budget. Spain, which is really the epicenter, is still savable"
"Being wealthy and feeling rich are often inversely correlated. In a room full of rich men, only one doesn’t feel poor by comparison. This lesson is often overlooked in the ongoing debate over income inequality"
German economists call for the "Geuro". Greek government may soon be forced to issue IOUs to state workers. That would mean a parallel circulation of promissory notes and euros. So why not formally recognise a second Greek currency?
Against populist Keynesians, and unthinking economic stimulus. "They do the world a disservice by suggesting there are easy ways out. By misleading people and their leaders, they may well precipitate revolution rather than recovery"
"If proof were needed of the maxim that the road to hell is paved with good intentions, the economic crisis in Europe provides it." Short, sharp piece on how eurozone crisis is damaging notions of democracy and social justice
There may be no good options, but can history guide us to the least bad ones? Let's consider: German reunification, collapse of Austria-Hungary, Argentina's abandonment of dollar peg, 14th century Florence, 20th century Panama
Germany has done exceptionally well out of the euro project. And now with Greece in crisis they find themselves with much to lose. Syriza leader, Alexis Tsipras, clearly recognises this. And he's prepared to use it against them
"The sensible question is not whether China will replace the US, but whether it will start to acquire some of the attributes of a world power, particularly a sense of responsibility for global order." And this has no clear answer
Sandel considers where economic markets belong. "Suppose, on your wedding day, your best man delivers a heartwarming toast, a speech so moving it brings tears to your eyes. You later learn that he bought it online. Would you care?"
"The financial re-engineering of Europe is a prerequisite for the euro to survive. Greece is bringing forward that moment of truth. And yet politicians, particularly in Germany, have still to accept the logic, let alone explain it"
Public companies "filled the world with cars and televisions and computers. They brought transparency to business life and opportunities to small investors." But now many companies choose to stay private. Does it matter?
Wikimedia Commons. The Golden Age by Lucas Cranach the Elder
"If you put your clothes in a clothes dryer, the energy you spend is part of the measured economy. Hang them on the clothesline and they disappear from our economy"
