2nd November 2011
Unlike the US, where manufacturing production and business investment are prominent, "the UK was saved from sinking back into recession by the banking industry, telecoms, computing and government spending." The Guardian
John B. Taylor on US economy: "With a weak recovery-retarded by new health-care legislation and financial regulations, an exploding debt, and threats of higher taxes-the U.S. is in no position to lead as it has in the past." Hoover Institution
"If Greeks reject deal for 50% controlled default, debt spirals out of control, all rules of euro membership have been broken, Greece is bust. Perhaps euro exit has been the logic all along." BBC
Tom Clougherty on Greek referendum: "It practically confirms what has seemed inevitable for some time: that Greece will soon undergo a complete and disorderly default. It will nationalise its financial sector, leave the euro and print lots of its own, new money – raising the spectre of complete economic and societal collapse." Adam Smith
The alternatives for Europe's currency, the euro, seem increasingly limited to a desperate muddling through or a chaotic collapse. "But there is a bolder and more productive approach that relies on past experience with multiple currencies." Project-syndicate
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