Post-crisis Greece– Many Greeks view the state with a combination of a sense of entitlement, mistrust, and dislike similar to that of teenagers vis-à-vis their parents.

US Federal Reserve– “It is not the wolf at the door but the termites in the walls that require attention. The sooner the house’s structure is strengthened, the better.”

FT– It is time to recognise that Greece is not just suffering from a liquidity crisis; it is facing an insolvency crisis too.– The eurozone’s most vulnerable economies are getting little benefit from the euro’s fall because they are too inflexible and uncompetitive.– The least bad option would be for the German bloc to leave EMU. Germany’s banks might still have to be recapitalised, but it would be less costly than trying to “rescue” Greece.

The Economist– Rich countries with their greying populations should be saving whereas younger, fast-growing developing countries should be borrowing heavily. But in fact it is the other way round.

NY Times– Austrian banks slowly recover from a sharp economic downturn and tries to pay down a pile of private-sector debt.– We’re still living in a fantasyland. Most people have no idea what’s really going on in the economy.

WSJ– Hayek understood that the opposite of top-down collectivism was not selfishness and egotism. A free modern society is all about cooperation.

Newsweek– We may be reaching the limits of economics. The disconnect between theory and reality seems ominous.– Financial illiteracy isn’t new, but the consequences have become more severe, because people now have to take so much responsibility for their financial lives.– Rolling Stone made a virtue of the fact that it is not wedded to the news cycle in order to produce journalism that helped drive it.– No animal spends more of its allotted time on earth fussing over sex than homo sapiens.

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