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Bloom of Doom VIII: US Figures Stronger than Feared

If you think the title is a contradiction, well, not more so than the idea that debt or subsidies could increase wealth. Where truth can’t win by argument it needs to do so by stealth (that almost rhymes). The President of the United States has published a report on the state of the economy which proves how uneconomical the state has become. From that report you can glean two things, the bad and the ugly: the US economy has greatly deteriorated further and it seems beyond the point of no return.
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Bloom of Doom VI: Will China Survive the Crisis?

China. like Japan in the late seventies and 1980s, has been dubbed an economic miracle. What if, like totally bankrupt Japan, this giant just stood on feet of clay, a zombie, a dead man walking? Are any of its statistics to be trusted? Or do we see just another Samuelson fallacy about the resilience and “productivity” of communism? Read more…

Bloom of Doom V: “We have control of the ship, we have a plan”

We have control of the ship, we have a plan” is what Spain’s deputy premier María Teresa Fernández de la Vega is meant to have said in response to mounting fears of sovereign default.

The ECONOMIST: Adding in the deficit  - Debt traps revisited

The ECONOMIST: Adding in the deficit - Debt traps revisited

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Will Greece’s default bring down the Euro?

… or will the Euro bring down Greece?

(That second question, which by and large I will equally deny, will be more thoroughly dealt with in a future post.)

In an interview in today’s Frankfurter Allgemeine Zeitung, probably Germany‘s most prestigious daily newspaper, titled “Helping Greece would be against the law“, professor of European Law Dr. Matthias Ruffert states unmistakably that each and every European Union treaty that established the European Currency Union and the European currency called the Euro prohibits any form of bailout of the Greek republic, its government or its bonds, be it via direct subsidies, by co-guaranteeing its debt or in any manner conceivable: Read more…

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