Commentary on who should set interest rates, America’s 21st century depression, Euro crisis deepens, Big Mac and economics, and the Justin frenzy.

Ron Paul versus Paul Krugman.

Bloomberg – Paul versus Paul
Nobel-prize winning economist Paul Krugman and Republican presidential candidate Ron Paul talk about inflation, monetary policy and the role of the Federal Reserve.

Related.

Ludwig von Mises Institute -- A Century of Failure: Why It's Time to Consider Replacing the Fed
Presented by George Selgin at the Mises Circle at Furman University: "The Coming Currency Crisis and the Downfall of the Dollar."

Demand decline.

Fiscal Times -- All Signs Point To Lost Decade: Krugman and Summers
Amid new signs that Europe is in a double-dip recession and U.S. job growth is faltering, two of the leading macroeconomists of their generation warned Wednesday – in two separate events – that the domestic economy appears headed for a lost decade marred by high unemployment, sluggish growth and rising inequality.

Heading back to 60% because of an underinvestment in primary and secondary education.

From austerity to what?

Telegraph -- The euro crisis just got a whole lot worse
With Europe plunging back into recession and unemployment soaring, Francois Hollande, the French presidential candidate, is calling for growth objectives to be reprioritised over the chemotherapy of austerity.

Big Mac Ph.D. (Economics – Global)

Atlantic -- Big Maconomics: How McDonald's Explains the World
The Big Mac isn't just a greasy hallmark of modern technological wizardry. It's also a tool for economists to measure the wealth of nations.

Related.

Economist -- Iconic angst
IN 1895, the year Edvard Munch created "The Scream", the Norwegian artist was so poor that debt collectors entered his studio and carried away his easel in lieu of a small debt of 25 marks.

With the NDP leadership campaign out of the way ending with the mature decision to pick Thomas (Tom) Mulcair, the media have turned their attention on the Liberals. Normally a third party relegated to rag tag status with just over 10% of the seats in a majority Parliament (eg. you don’t matter) and with functioning riding associations in only about 35% of the country would not get this kind of attention. However, this is about the potential denouement of one of the great political parties of the 20th century whose leaders’ names represent great swaths of Canadian history.

And it so happens that one of the potential leadership candidates is ridiculously good looking, accomplished in the things he has chosen to be successful in, bilingual, has a photogenic family, and has a brand name last name.

For the media, always looking to fill up that empty page, the Justin Trudeau frenzy has begun, whether he wants it (he says he doesn’t), is afraid it will destroy his family (he should know), and isn’t really ready (he probably isn’t).

Beware saviors. Better to win slowly.

Toronto Star -- Hébert: Is Justin Trudeau the Liberals’ salvation?
With polls showing that the NDP under Thomas Mulcair is establishing itself as the alternative to the Conservatives and with a leadership campaign about to get officially underway, more and more Liberals are looking for a Hail Mary pass.

 

Macleans -- Justin Trudeau should be the next leader of the Liberal Party. No, seriously.
If this guy’s name was Joe Smith, the notion that Liberals might turn to him would be a no-brainer.