Don't Shoot the Messenger

Category Archive: Uncategorized

  • Does The Secular Stagnation Theory Have Any Sort of Validity?

    In a number of blog-posts (Paul Krugman’s Bicycling Problem, On Bubble Business Bound, The Expectations Fairy) I have examined some of the implications of the theory of secular stagnation. But I haven’t up to now argued why I think the hypothesis that Japan and some parts of Europe are suffering from some kind of secular […]

    More ›

  • Arming The Bazooka?

    Well, this one is just too good to miss, since it seems to have appeared online a matter of minutes after I put up my last post: IMF to Seek $1 Trillion Boost Amid Euro Crisis The International Monetary Fund is proposing a $1 trillion expansion of its lending resources to safeguard the global economy […]

    More ›

  • Japan’s Economy Struggles For Air

    With the arrival of the first real Japanese data since the Tsunami struck the immensity of the tragedy which Japan is passing through is only now gradually becoming apparent. Exports were down by a seasonally adjusted 7.7% in March over February, while imports were only fell by a much more modest 1.4%, with the inevitable […]

    More ›

  • Global Manufacturing Slips Back Slightly In March

    Evidence which would enable us to assess the full economic impact of the Japanese earthquake and tsunami is still hard to come by. There is a lot of talk of supply chain disruptions, but little in the way of detailed evidence to back up assertions of the more anecdotal kind. Even the latest set of […]

    More ›

  • Turkey’s Audacious Experiment In “Post Modern” Monetary Policy

    The recent decision of the Turkish Central Bank to lower rather than to raise interest rates in an risky attempt to quench the inflation flames that many feel are threatening to engulf what some call an “overheating” economy (or here) has lead to a good deal of heart-searching and consternation in the economic and financial […]

    More ›

  • Another Lesson In How Not To Go About Things From The EU Commission

    The present generation of European leaders will doubtless be remembered for many things, but somewhere high up there on the list will be the appauling sense of bad-timing they seem to have when making critical announcements. The confusion caused by certain ill-considered remarks from Angela Merkel about how private sectors bondholders would need to participate […]

    More ›

  • Greece Is Almost Certainly “On Track” – But Towards Which Destination Is It Headed?

    “There is a difficulty that is widely recognized that the amount [of debt] to be repaid is high in 2014 and 2015,” Giorgios Papaconstantinou (the Greek Finance Minister). “We are confident that Greece will be able to return to the markets. But whether it will be able to return to the markets on a scale […]

    More ›

  • Mr. Zapatero Said What……..?

    Spain’s Tinsa Price Index was out last week, and showed Spanish property prices fell again in September, and at an accelerating rate. As Tinsa point out in their report, both “Metropolitan Areas and municipalities on the Mediterranean Coast,” whose rates experienced a significant drop from the previous month, have contributed decisively to this steep decline”.


    More ›

  • Estonia’s Now-You-See-Me Now-You-Don’t Inflation Rate

    Just to follow up on my recent long Estonia post, a couple of new data points have caught my attention recently: the sharp rise in Estonian inflation and the ongoing goods trade deficit.

    More ›

  • Is a 6% 2011 Deficit Realistically Within Reach for Spain?

    Last Thursday Moody’s Investor Service cut Spain’s Sovereign credit – to Aa1 from AAA – thus removing the last of the country’s highly-valued triple-A ratings. The move really surprised no one – in this case the Moody’s rating could be regarded as a lagging indicator on the health of Spain’s finances – since the two […]

    More ›