Another view of the euro-crisis: Germany vs. Greece
Summary: The current crisis is another chapter in the two-thousand year story of Europe’s people struggle to live together. As an economic crisis it shows progress from the last chapter, 1914-1945, their attempts at mutual annihilation. It’s better than the long-feared next chapter, featuring atomic suicide. Perhaps Europe’s leaders should field their best for winner-take-all soccer tournament. Here we see how that might work in practice.
For more about the Euro-crisis, including some powerful recent articles
These articles show that economists’ understanding of the euro-crisis slowly grows, so that they can explain its dynamics more clearly and succinctly. Perhaps soon they will be able to do so that policy-makers can understand, so that they revise their current guaranteed-to-fail policies. These articles explain aspects of the euro-crisis that are misunderstood by many experts on Wall Street and the general public. And by most of those posting comments on the FM website.
- ““Austerity has never worked“, Ha-Joon Chang (Cambridge), op-ed in The Guardian, 4 June 2012 — “It’s not just about the current economic environment. History shows that slashing budgets always leads to recession”
- “A Global Perfect Storm“, Nouriel Roubini, 15 June 2012
- “The End of the Euro Is Not About Austerity“, Simon Johnson (former Chief Economist of the IMF; now Prof Management MIT), New York Times, 21 June 2012
- “The tragedy-of-the-commons at the European Central Bank and the next rescue“, Aaron Tornell (Prof Economics, UCLA) and Frank Westermann (Prof International Economics Policy at University Osnabrueck), VOX, 22 June 2012
For a full list of the FM posts about this, see the FM Reference Page about the euro-crisis.