There has been a good deal of noise. I see no real progress toward resolution.
The European problem is solvency. There is not enough income to support the debts. Greece and Cypress are special cases. There the income never was sufficient. The general condition is bond interest rates have risen. Interest payments now exceed income.
No combination of bankrupts is not bankrupt.
Sovereign nations with their own currency are by definition not bankrupt.
There is no nation with its own currency in the Euro zone.
http://www.guardian.co.uk/world/2012/jun/04/eu-weighs-federal-europe-plan
Hopeless.
http://www.guardian.co.uk/business/debt-crisis
- 4 Jun 2012: Ha-Joon Chang: It's not just about the current economic environment. History shows that slashing budgets always leads to recession
138 comments - 4 Jun 2012: Calls for 'banking union' to save euro after Paris and Brussels support Spain's plea for EU rescue of its beleaguered banks
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4 Jun 2012: With France and Germany at odds, and events moving quickly, a strategy for fiscal and political union is being drawn up
- 4 Jun 2012: Bank for International Settlements said lending to banks and non-banks in developed economies slumped by $630bn
- 4 Jun 2012: Thinktank says UK might also face calls for referendum on EU membership if a Greek exit were to prompt full treaty change
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4 Jun 2012: Guijo de Galisteo residents opt to spend €10,000 on bullfighting instead of creating local jobs despite soaring unemployment
- 4 Jun 2012: Dean Baker: Economics pundits veer wildly from elation to despair. The reality is that jobs and growth will improve – just not nearly enough
106 comments - 3 Jun 2012: Michael Burke: Last week's Irish vote reveals that resistance against austerity is growing, but not hostility to the EU
Monday, June 4, 2012
Links 6/4/12
Darth Vader throws out the ceremonial first pitch McClatchy. Detroit vs. The Hated Yankees.Egypt protesters hold Tahrir, mull strategy and demands Al Ahram
Egypt’s media: Gamal Mubarak for president? Al Jazeera. Kidding!
Football “ultras” in Alexandria Al Jazeera
Europe mulls major step towards “fiscal union” Reuters
Can a banking union save the euro? FT Gavyn Davies
Germany Gives Ground on Crisis Plan WSJ
Spain seeks centralised control of budgets FT
Going into final stretch, SYRIZA builds poll lead Ekathimerini. Polls cannot be published within two weeks of the election.
Prosecutor looks into pharmacists’ drug refusal Ekathimerini
Why People Are Going Nuts Over The New George Soros Speech On Europe Joe Weisenthal
The Economic Costs of Fear Brad DeLong
Will the Tactical Guys Blow Up the Market on Monday? The Reformed Broker
Rattner: Economy Not in Danger of Another Recession National
A false sense of security FT Tett. Security theatre.
Sell London FT Alphaville. Security theatre.
Bilderberg 2012: protesters hail their hero, Alex Jones Guardian
Bilderberg 2012: detailed member bios, UK Guardian’s video report Washington’s Blog
The U.S. Housing Crisis: Where are home loans underwater? Zillow. Nifty interactive map (Carol)
Sluggish Growth and Payroll Employment: An Update Calculated Risk. “World’s most frightening chart.”
The Not So Golden Years, Revisited Big Picture
The 10 Things Economics Can Tell Us About Happiness Atlantic
NYT: “MEN invented the internet” Boing Boing
Going Her Own Way Times
Miina Metropolis. Otaku.
Economist Paul Krugman Is a Hard-Core Science Fiction Fan Wired
2012 Philip K. Dick Festival SF Sept 22-23, 2012
For an Ailing Planet, the Cure Already Exists Common Dreams (Aquifer)
John Rawls’s Critique of Capitalism Economist’s View
The Rumbling of Distant Thunder The Archdruid Report
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