Crisis Log

The Moral Economy of Debt

The Moral Economy of Debt
by 
ROBERT SKIDELSKY

LONDON – Every economic collapse brings a demand for debt forgiveness. The incomes needed to repay loans have evaporated, and assets posted as collateral have lost value. Creditors demand their pound of flesh; debtors clamor for relief. Consider Strike Debt, an […]

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How Far Will the Euro Fall?

How Far Will the Euro Fall?
by 
Anatole Kaletsky

LONDON – The US dollar is hitting new 12-year highs almost daily, while the euro seems to be plunging inexorably to below dollar parity. Currency movements are often described as the most unpredictable of all financial variables; but recent events […]

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Athenae Delenda Est

Athenae Delenda Est
by 
Paul Krugman

OK, this is amazing, and not in a good way. Greek talks with finance ministers have broken up over this draft statement, which the Greeks have described as “absurd.” It’s certainly remarkable. On my reading, here’s the key sentence: The Greek authorities committed […]

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