The economist Larry Summers has invoked the analogy of the Vietnam War to describe European decision-making. “At every juncture they made the minimum commitments necessary to avoid imminent disaster – offering optimistic rhetoric, but never taking the steps that even they believed could offer the prospect of decisive victory.”
Greece's Bogus Debt Deal by Ashoka Mody - Project Syndicate - 0 views
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Instead of driblets of relief, a sizeable package, composed of two elements, is the way forward.
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A simple structure would be to make all debt payable over 40 years, carrying an interest rate of 2%.
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Tourists Also Tell Greece No: Drop in Summer Bookings - WSJ.com - 0 views
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Greek-vacation bookings from Germany and the rest of Europe are down sharply, as would-be tourists take fright at the prospect of strikes and street protests.
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Early reservations for this summer's tourist season are down by around 15% from a year ago. Last year's record total of 16.4 million visitors is already out of reach, he says.
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The industry accounts for about one-sixth of economic activity and nearly one in five jobs.
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German and French banks call the shots - European, Business - Independent.ie - 0 views
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German and French banks call the shots Print Email NormalLargeExtra Large ShareNew 0 0 Also in European Debt crisis: European shares edge lower and growth worries persist Bank of England's Tucker 'wasn't encouraged to lean on Barclays' Draghi keeps door open to further interest rate cuts Marks and Spencers sales hit by summer deluge Spain's debt tops 7pc danger level as Madrid gets more time European Home "Shocking" 2012 HoroscopeWhat Does 2012 Have In Store For You? Shockingly Accurate. See Free!www.PremiumAstrology.comExpat Health InsuranceQuick, Compare, Trusted Website Expatriate Health Insurance Quoteswww.ExpatFinder.com/Instant-Quoteshttp://www.googleadservices.com/pagead/aclk?sa=L&ai=BMEejVeb8T8fDKoSG_QaAhrTCB-q_1OYBmoqphxvAjbcB0NkREAMYAyDgw6kIKAU4AFD4gumFAmCpsL6AzAGgAairsfEDsgESd3d3LmluZGVwZW5kZW50LmllyAEB2gFfaHR0cDovL3d3dy5pbmRlcGVuZGVudC5pZS9idXNpbmVzcy9ldXJvcGVhbi9nZX
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d, for reasons best
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known to itself, the ECB -- in clear contravention of both previous market precedent and financial logic -- has insisted that the senior bondholders be repaid in full and has lent the Irish banks, institutions which it must have known were hopelessly insolvent, €70bn to do so.
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Has the U.S. Economy Been Permanently Damaged? : The New Yorker - 0 views
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Although the study uses some sophisticated statistical methods, its basic point is straightforward: in the long term, economic output (G.D.P.) is constrained by the quantity and the quality of economic inputs (labor, capital, and technology). If the growth rate and quality of these inputs decline, the potential growth rate of G.D.P. will fall, too—it’s just a matter of arithmetic.
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With hiring rates down, many workers have given up searching for jobs and have dropped out of the labor force.
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With budgets tight, corporations and government departments have cut back on investments in new plants and machinery, computer hardware and software, and research and development.
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Spain to Test Bond Markets as Economy Minister Warns on Debt - NYTimes.com - 0 views
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the country’s economy minister, Luis de Guindos, warned Tuesday that European debt markets were not working properly because foreign investors were being deterred by the euro zone’s slow and complex decision-making procedures.
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In recent weeks the interest demanded by investors on longer-term debt has crept up around 6 percent for Italy and 7 percent for Spain, close to the level that analysts say could make government finances unsustainable in the medium term.
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In an interview in the Spanish daily La Vanguardia, Mr. de Guindos said that foreign investors were increasingly staying away from bond auctions, leaving only domestic buyers.
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Utilities Switch Off Investment in Fossil Fuel Plants - NYTimes.com - 0 views
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workers at the large power station known as Keadby 1 are preparing to shut it down at the end of the summer, with the loss of about 40 jobs.
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fluctuations in global energy markets have made the natural gas power plant unprofitable
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The iEconomy - Nissan's Move to U.S. Offers Lessons for Tech Industry - NYTimes.com - 0 views
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Along with many economists, Mr. Summers argued that an overly aggressive trade stance could hurt manufacturing — by, for instance, pushing up the price of imported steel used by carmakers — and over time, drive companies away.
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“People will pay more for the product because it’s produced in a place that can’t make it at the lowest cost,” he said. “It burdens exporters because they pay more for their inputs. And it removes the spur of competition.”
How to Get a Job at Google, Part 2 - NYTimes.com - 0 views
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How to Get a Job at Google, Part 2
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“I was on campus speaking to a student who was a computer science and math double major, who was thinking of shifting to an economics major because the computer science courses were too difficult. I told that student they are much better off being a B student in computer science than an A+ student in English because it signals a rigor in your thinking and a more challenging course load. That student will be one of our interns this summer.”
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“She was moving out of a major where she would have been differentiated in the labor force” and “out of classes that would have made her better qualified for other jobs because of the training.”
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As Robots Grow Smarter, American Workers Struggle to Keep Up - NYTimes.com - 0 views
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As Robots Grow Smarter, American Workers Struggle to Keep Up
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Erik Brynjolfsson, an economist at M.I.T., said, “This is the biggest challenge of our society for the next decade.”
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Americans between the ages of 55 and 64 are among the most skilled in the world, according to a recent report from the Organization for Economic Cooperation and Development. Younger Americans are closer to average among the residents of rich countries, and below average by some measures.
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