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May 12

A Slideshow on the European Crisis

Paul Krugman, Nobel Prize-winning Princeton Economics Professor, has placed an upcoming presentation on the European Crisis on his website…please click here.

It is such a simple story as to how badly Europe is going, why it erred, and why to continues to err. Some of the fascinating points in his slideshow include…

  • British GDP has performed worse since the start of 2008 than during the Great depression of the early 1930s.
  • The level of Spanish government debt and fiscal position was much better than Germany’s throughout last decade leading up to 2008
  • what we’ve known for a while but noone seems to care…that Austerity fails with regards to GDP growth and that the problem is a balance of payments problem…not a fiscal problem (Greece being the badly behaved exception)
  • Deflation as a solution, which appears to be Germany’s solution (thanks to their paranoia due to their history of hyperinflation), is many many years of pain.

All of this and more in a very simple slideshow that I ‘m sure I will use parts of in upcoming economic presentations.

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