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Please make me chaste, but not yet. This famous prayer by St Augustine has been the defining characteristic of the policy response in advanced countries to the economic crisis ever since it began nearly six years ago. by Jeremy Warner, The Telegraph: Throughout, policymakers have attempted to ease the pain of the adjustment by reinforcing many of the things that made the economy ill in the first place; pre-existing structural deficits have been [...] Europe’s monetary union was meant to be about solidarity among the many and prosperity for all. by Jeremy Warner, The Telegraph: In practice, it’s turning out to be a doomsday machine for the fringe economies that once so enthusiastically lined up to join. If even Wolfgang Schaeuble, the German finance minister, is prepared to admit that Monday’s bail-out is a bitter pill for Cypriots to swallow, then it must indeed have been merciless. Nicholas [...] As everything connected to Europe seemed to fall apart even before US jobs numbers were announced, and we could say I told you so a thousand times when it comes to debt deflation and crunching credit and the rise of the US dollar, but won‘t, there’s a piece by Jeremy Warner at the Telegraph that I think I should mention. First, though, I see that Nassim Taleb says he’d much rather [...] How much longer will the ECB refuse to come to the rescue? Anything like ltro is going to be a wash because banks are running short of collateral. Treaties will have to be renegotiated and that takes time. I dunno. I’m not seeing many other options other than a German capitulation on Eurobonds, which I don’t see Merkel getting through [...] By Jeremy Warner
With Europe plunging back into recession and unemployment soaring, Francois Hollande, Angela Merkel, the German Chancellor, has meanwhile continued to insist that on the contrary, Europe must persist with the hairshirt. What’s needed is political courage and creativity, not more billions thrown away in fiscal stimulus. Stick with the programme, she urges, as the [...] Bondholders to sue Greece and banks over debt swap Latest 20.08 The Telegraph’s Jeremy Warner believes a lack of credit is not the reason for our economic predicament. Scarce [...] by Joe Weisenthal Markets continue to move lower, and part of that may be the deepening realization that in less than 24 hours, the mood in Greece has gone from “relief, we have a deal” to “Nobody trusts each other, and the deal is a lie.” The word last night was that European finance minister basically called the Greek deal a con. Then there’s this emotional statement from Greek FinMin Venizelos, translated by FT Alphaville, [...] |
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