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Peter Coy, economics editor at Bloomberg Businessweek, discusses his recent article on the German economy and the latest news on the Eurozone crisis.
peter -- if only money covered it. the one thing germany seems to have at the moment
I'd like to hear a segment dedicated to Ordoliberalism.
Germans are reluctant to pay for the Euro's stability especially thru inflation in part because of the other things Germany has paid for:
Part of WWI reparations resettling WWI refugeesrearming (wrongly) prior to WWIIresettling WWII refugeespayments to victims of the holocaust & their familiesreconstruction post-warre-development of industrial postwar Germanythe Berlin Airliftreunification of East & West
Now it's the Germans asking... When does this End? And just WHO undermined the Euro?
The Euro was a pitiful attempt to change back the tide of American political and economic colonialism of Europe.. Germany's lastest actions just reassert the lack of committment
Could you please ask your guest to explain how it is that Germany's economy and middle class is so strong while our's is in the tank.
Please ask your guest why the Fed printing money to bail out the euro (therby impoverishing American savers even further), while the ECB refuses to print money because they want to save Europe from inflation?
Can you make the argument that governments around the world should invest more in financial infrastructure so that irresponsible private financial institutions can be allowed to go bust as needed?
Europe has reached the point where it has to decide, if it wants to become a "United States of Europe," i.e., a true federal republic, or does it want to remain an economic confederation with limited central power. The Euro was based on the hope that economic synergy could go on without total loss of individual national sovereignties. In the US, "states rights" have been radically reduced from what they were before the Civil War. I doubt the diverse nations of Europe will ever integrate into one nation. It didn't work in Roman times, and won't work today.
please, you can have fdic insurance without flooding the market with printed money and creating inflation (which by the way the numbers the government provides are completely bogus. The basket they use keep getting manipulated.
making judgements based the S&P's assessments seems ridiculous, right? haven't we determined that they can and will be bought and sold like everyone else and no longer should have credibility?
The Greek bailout explained simply:
It is a slow day in a little Greek Village.The rain is beating down and the streets are deserted.Times are tough, everybody is in debt, and everybody lives on credit.On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a E100 note on the desk,telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the E100 note and runs next door to pay his debt to the butcher.The butcher takes the E100 note and runs down the street to repay his debt to the pig farmer.The pig farmer takes the E100 note and heads off to pay his bill at the supplier of feed and fuel.The guy at the Farmers' Co-op takes the E100 note and runs to pay his drinks bill at the taverna.The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit.The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the E100 note.The hotel proprietor then places the E100 note back on the counter so the rich traveller will not suspect anything.At that moment the traveller comes down the stairs, picks up the E100 note, states that the rooms are not satisfactory, pockets the money, and leaves town.No one produced anything.No one earned anything.However, the whole village is now out of debt and looking to the future with a lot more optimism.And that, Ladies and Gentlemen, is how the bailout package works
I wonder if the way in German and Chinese to create new words you just fuse together two or more existing simple words helps make science and engineering more accessible? In Western Europe it seems like all the scientific and philosophical terms are some Frankenstein of Greek and Latin bits that just sound obscure to the uninitiated.
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