A High School Senior at a Private School or Charter School knows more about Economics than Paul Krugman.
in the case of Estonia and Latvia, having your own currency and a monetary policy away from the ECB sure helps things... Lithuania as a member of the EMU is still fully vested in whatever tragedy the shared currency yields.
While economic theory can be argued till the aurochs come home, the lowest common denominator in the economic crisis is the Euro. It is the akin to the virus or bacteria that would develop into a plague. Instead of mediteranean Merchant ships transporting rats infested with fleas, the spanish banks and derrivitive instruments have transported the Euro virus around the globe.
“In return, President Ilves characterized Krugman as smug, patronizing and overbearing.”
One wonders if Mr. Krugman has ever run a successful business, or even attempted to start one, or had to hire or fire an employee; or make investments based upon the real world and not the Alice-In-Wonderland world of economics based upon government intervention and taxation, or had the responsibility of running a local government without the power of the printing press.
JUst asking.
IMHO
“In return, President Ilves characterized Krugman as smug, patronizing and overbearing.”
One wonders if Mr. Krugman has ever run a successful business, or even attempted to start one, or had to hire or fire an employee; or make investments based upon the real world and not the Alice-In-Wonderland world of economics based upon government intervention and taxation, or had the responsibility of running a local government without the power of the printing press.
JUst asking.
IMHO
What they mean is austerity for the government, rather than the country as a whole. The best policy for any country is economic growth.
I’m tired of hearing about this “austerity measures” crap!! Who came up with this muddled, pansy term?? Probably some mealy-mouth like Alan Greenspan. It’s called staying within your means, not spending more than you take in. An old-fashioned virtue that has always worked and leads to prosperity. “if costs are right, profits will follow” Andrew Carnegie said. Industry and frugality lead to success in every instance. Only liberals would be against thrift, because that limits profits and promotes indolence.