blogs.cfr.org - 1/9/2009
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I have always believed that the debtor and the creditor tend to share responsibility for most financial crises. One borrows too much, the other lends too much. Wynne Godley (ideologically, no Hank Paulson), Dimitry Papadimitrriou and Genaaro Zezza seem to agree. They write:
“The ...
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Afternoon Reading 01/09/09
Paul Kedrosky's Infectious Greed —
The Economic Crisis and the Crisis in Economics (PI) The global savings glut and the current crisis (Setser) Consumer deleveraging: only just begun? (Big Picture) Questions for Sports Economist Andrew Zimbalist (NYT) Nasdaq launches government-relief index (Nasdaq) Photo essay: The end of the Christmas season (Boston Globe)
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A New Meme: Blame It on Beijing (and Seoul, and Riyadh...)
Econbrowser —
... Thinking in terms of systems of supply and demand is a very useful disciplining device. And here I think resorting to this framework, even allowing for distortions in the markets, can be useful, for it reminds one that the outcome (current account balances or the mirror image, financial account balances, and interest rates) are the equilibrium outcome of supply and demand for saving. (A related, but distinct, perspective is Brad Setser's creditors/debtors story.) ...
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The savings glut. Controversy guaranteed.
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A large, truly global slump
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Rents forced down by glut of homes
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What did not cause the global crisis
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China luxury hotel glut too much of good thing -
chicagotribune.com 3/9/2009 — BEIJING—Financial crisis? What financial crisis? The owners of a new, ultraluxury hotel maintain an air of confidence in the face of adversity. The 234-room Pangu Plaza, which opened in December, charges as much as $17,750 a night for a suite. The ...
Global Crisis Debate
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