Macroeconomics — totally messed-up

Until a few years ago, economists of all persuasions confidently proclaimed that the Great Depression would never recur. In a way, they were right. After the financial crisis of 2008 erupted, we got the Great Recession instead. Governments managed to limit the damage by pumping huge amounts of money into the global economy and slashing interest rates to near zero. But, having cut off the downward slide of 2008-2009, they ran out of intellectual and political ammunition.

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macroeconomics totally messed up

It was the cartoon that really got me!

Cartoon - I want to be an economist

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PIGS coming home to roost

A while ago economists were worried about weak European economies in Portugal, Ireland, Greece and Spain.

Recently it has just been Greece, but now the Telegraph tells us that Portugal is looking for a way out of its debt problems and the austerity recommended by other countries in Europe.

Defiant Portugal shatters the eurozone’s political complacency