Smart Links 05 June 2012
Commentary on what’s wrong with economics, getting to the Euro promised land, hoping for a more balanced bicycle, death by debt, and hope in Liberal land.
George Soros agrees with us, economics is social science.
Georges Soros -- Remarks at the Festival of Economics, Trento Italy
Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public, that economic theory has failed.
Fiscal union or bust.
Reuters -- Europe mulls major step toward "fiscal union"
When Jean-Claude Trichet called last June for the creation of a European finance ministry with power over national budgets, the idea seemed fanciful, a distant dream that would take years or even decades to realize, if it ever came to be.
But what about democracy?
Guardian -- No wonder the working man despises the elites
How long before the people of Europe wake up to the fact that they are not living in a democracy?
The investment wheel is far too big compared to the consumption wheel, the case for rebalancing. (ed’s note – this is and example why the Economist is the world's best business magazine even if they insist that they are a newspaper).
Economist -- Pedalling prosperity
China’s economy is not as precarious as it looks. But it still needs to change.
Austerity or debt, many countries have no choice.
Project Syndicate -- Austerity and Debt Realism
Many, if not all, of the world’s most pressing macroeconomic problems relate to the massive overhang of all forms of debt.
There is hope.
National Post -- Tory, NDP principles may be a gift to the Liberals
This is the worst of times to be a Liberal. Right? Of course right. NDP leader Tom Mulcair is aggressively carving out a commodious niche left of centre.
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