"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister
"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."
- Daenerys Targaryen
"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"
- Tyrion Lannister
"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."
- Jorah Mormont
"These bad people are what I'm good at. Out talking them. Out thinking them."
- Tyrion Lannister
"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."
- Michael Barone
"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker
Saturday, April 04, 2015
Thursday, April 02, 2015
Do You Really Want to Know How Ben Bernanke Thinks? Also Larry Summers and Paul Krugman by DeLong (April 5, 2015)
Germany's trade surplus is a problem by Ben Bernanke (April 3, 2015)
The global secular savings stagnation glut by Ryan Avent (Apr 3rd 2015, 16:23)
The New Job Figures and Secular Stagnation by John Cassidy
Larry Summers and Ben Bernanke are having the most important blog fight ever by Matt O'Brien (April 2, 2015)
Ben Bernanke and the "Ask Nicely" Strategy for the Trade Deficit by Dean Baker (April 2, 2015)
Bernanke Says Global Imbalances Bedevil the World Economy. Discuss. by Josh Barro (April, 2, 2015)
Krugman and Summers Versus Bernanke on Secular Stagnation by Dean Baker (Thursday, 02 April 2015 05:29)
Full Employment, Trade Deficits, and the Savings Glut: A Fascinating Debate in the Macro Blogosphere by Jared Bernstein (April 2nd, 2015 at 9:29 am)
Liquidity Traps, Local and Global (Somewhat Wonkish) by Krugman (April 1, 2015 6:12 PM)
Economist's View discussion
Why are interest rates so low, part 3: The Global Savings Glut by Ben Bernanke (April 1, 2015 11:00am)
link to Summers's website
Why are interest rates so low, part 2: Secular stagnation by Ben Bernanke ( March 31, 2015 11:00am)
I think Krugman and Summers are saying that even if we eliminate the trade deficit, we'd continue to stagnate and private investment levels would continue to shrink.
What is the level of world savings and investment? Who is saving too much? Look at Bernanke's third entry.
Wednesday, April 01, 2015
Tuesday, March 31, 2015
Monday, March 30, 2015
It could hardly be more obvious that this is not about money or fiscal sustainability, but about politics. This is a government that European authorities didn’t want, and they wish to show who is boss. And they really don’t want this government to succeed, which would encourage Spanish voters to opt for a democratic alternative — Podemos — later this year.
The IMF projected the economy to grow by 2.9 percent this year, and until the last month or so, there was good reason to believe that — as in 2014, after years of gross overestimates — its forecast would be on target. This growth would likely have kept Syriza’s approval ratings high, together with its measures to provide food and electricity to needy households and other progressive changes. The ECB’s actions, by destabilizing the economy and discouraging investment and consumption, will almost certainly slow Greece’s recovery and could be expected to undermine the government’s support.
If carried too far, European officials’ actions could inadvertently force Greece out of the euro — a dangerous strategy for all concerned. They should stop undermining the economic recovery that Greece will need if it is to achieve fiscal sustainability.