Dani Rodrik has an interesting take on the problems of globalization and economic integration: Democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full. . . . → Read More: World Economic Trilemma
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Paul Krugman in a blog post which refers to an article by Martin Wolf (which I cover below) says ominously: “the water level has now dropped so far that the fuel rods are exposed. We really are in meltdown territory.” . . . → Read More: European economic meltdown Martin Wolf made an interesting point in the Financial Times which I wanted to capture for later thought: Almost all of the money in a contemporary economy consists of the liabilities of financial institutions. In the eurozone, for example, currency in circulation is just 9 per cent of broad money (M3). What is Money? Just the liabilities of financial institutions. |
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