Ireland, the former Celtic Tiger gets bitten by the crisis. See NY Times (free registration may be required): The Irish Economy
What I've been thinking for some time. Economics, particularly the mainstream analyses, has lost it's way. The failures of the current crisis point out failures of economic advice and policy making. Those policies were based on models & theories that have a flawed methodology. The "positivist" methodology of economics and it's accompanying physics envy dating … Continue reading Systemic failure of economics methodology
The furor over AIG bonuses, while justified and right, is further evidence that the US media, public, and politicians have failed their math and arithmetic. The REAL story should be the $140 Billion in AIG bailout money paid to counterparties like Goldman Sachs and Deutsche Bank. Instead we get the outrage over 0.1% of that … Continue reading Failing arithmetic
One of the best articles I've found on how the banking industry & Wall St got so screwed up that they could take down the world's economy. It's very long, but an easy and engaging read - you don't have to be an economist to understand it. Warning to the sensitive: it's from Rolling Stone, … Continue reading How did banking get so screwed up?
Excellent, though long, article on the current economic crisis and Iceland. Iceland is a small country that joined the globalized finance and banking bubble in a big way in the last 10 years. The credit crunch and US housing price declines of 2007-09 have brutally punished this small northern Atlantic country. Read all about it … Continue reading Wall Street on the Tundra | vanityfair.com