Economics and politics

Economics and politics (23)

Articles on economics from a political perspective.

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There is Argentina again defaulting on its debt, we are told. It shows that the big 2001 default and the posterior debt reduction in 2004-5, which has been touted by many (I, for one) as an alternative way for debt ridden countries, did not work, doesn't it? And it shows that the Kirchners instead of being the big saviours of Argentina have led the country into a dead-end, right? And all this has unravelled thanks to a stubborn US philanthropist, Paul Singer, and a courageous US judge, Thomas Griesa. Well, if you believe that story – and many do -…
Wednesday, 03 September 2014 17:39 in Economics and politics

Will sanctions hurt Russia?

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The short answer is yes, very much so. And much more than it will hurt the EU or the US. Post-Soviet Russia is mainly a producer and exporter of oil, gas and raw materials. Just as Canada, Australia, Brazil, Chile and Venezuela. It has gone through a de-industrialisation after the dissolution of the Soviet Union and is now heavily dependent on imports of almost everything. It is the world sixth biggest economy, but it is too small to survive isolated. So sanctions will hurt a lot. But they may also have unintended consequences. Some of them could actually be quite…
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Two years after the onset of the financial crisis, the US economy still looks very bad. The reason is that the US crisis is not only the result of a real estate bubble and the resulting crisis in the financial sector, but also of a more fundamental lack of competitiveness. The US economy needs a profound restructuring, and there is no simple way to achieve that.
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International investors are panicking. The EU and IMF have bailed out Greece, then Ireland and everybody's guess is that Portugal or maybe even Spain may be next. After the bail-out, these countries are in for a long and tough period of austerity and low growth. Is the Argentinian default a decade ago a better alternative?
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If the financial crisis has brought us something good, it is that it has exposed the ignorance with which the economy has been treated by the media. The downside of it is that few seem to have noticed, and that the economic journalists don't seem to have learned anything from it. This is particularly clear when looking at the way news about the stock market and the housing market are treated.
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