The Great Economic Divide Makes Everyone Poorer
Thoma, Mark. The argument that the rich should pay a larger share of our tax bill than the poor does not rest upon fairness alone. As Robert Frank explains in his book The Darwin Economy, requiring the rich to pay a larger share allows us to have more goods and services than we would have […]
Europe must change course on banks
Veron, Nicolas. The Eurozone crisis keeps evolving along multiple dimensions. On the sovereign debt front, no deal is yet in sight on Greece’s debt restructuring, and Italy and Spain face major refinancing needs in early 2012. On the institutional reform front, the summit on December 9 fell short of delivering a true fiscal union, and […]
Global savings glut or global banking glut?
Hyun Song Shin. It has become commonplace to assert that current-account imbalances were a key factor in stoking subprime lending in the US. This column says the ‘global banking glut’, i.e. the rise in cross-border lending, may have been more culpable for the crisis than the ‘global savings glut’. As the European banking crisis deepens, […]
EU Admits Austerity Risk For Jobs
Froymovich, Riva. A new report released by the European Commission late last week underlines the devastating consequences of the financial crisis on youth employment, and acknowledged the difficulty in implementing policies to alleviate this crisis as the European Union focuses on austerity. Πηγή: The Wall Street Journal πλήρες κείμενο