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Not sure how any enterprise, be it business or sovereign could reverse these fortunes with the bailouts under discussion. There’s an old saying in business that if you are borrowing money so that you can make payroll, it’s time to shut the door. There is an article in Der Spiegel that argues for bankruptcy of Greece. And then a type of Marshall Plan to help it back. It would be money better spent that what is currently under consideration.


This is the best economic news I have heard in a long, long time. Numbers for the previous two months were revised upwards as well. It will be a long slog to get employment back to pre-bust levels. We will need the housing market to recover for that to even be possible. But maybe, just maybe the worst of this economic depression is behind us and we are now on the mend.

There is a big difference between effective oversight (via regulation) and the government “being in bed” with Wall Street. Not sure that Hayek would have necessarily argued against such regulation – or social safety nets. Or, that Keynes would have argued for a command economy. But, well, there you have it…..

Very cool production, though.

(via Marginal Revolution)

I find Stewart Brand’s pragmatic approach to environmental issues refreshing. Ideologues of any stripe are tiresome at best and at worst, reek havoc on the very things that they profess to hold dear. The Edge article hyperlinked above and associate articles in the recent edition are worth a read. He can be quite provocative.

(via economicsofinformation)

(via Brad DeLong)

This picture says it all.

“I want my future husband to be diligent about money,” a 27-year-old woman says in an ad being run in free magazines promoting a fixed-rate, three-year note that Japan started selling last week. “Playboys are no good.” She’s one of five women featured in the page, which says “Men who hold JGBs are popular with women!!”

Oh, man! This is really great! (Warning: Wonky white men rapping about economics).

(via NPR)

I have long admired and respected Robert Reich’s economic opinions. In this brief article he states what many policy makers already intuitively know but cannot or will not say openly: We are unable to return to the economy that we knew since the 1970s. The mechanisms that gave rise to it are gone. It is time to start again with a new kind of economy, one that is economically sustainable and environmentally responsible. The transition will no doubt be acrimonious, painful and long but absolutely necessary. No crisis should be wasted. To put a band-aid on this current system and attempt to continue on as if nothing happened would be more than tragic. It would be morally irresponsible.