In a recent article, Michael Pettis is missing the point of arguments that claim the Chinese money system is different. The point is that the Chinese government effectively owns and operates the Chinese money system
by Ajay Shah Original title was ‘The rupee: Frequently asked questions’ Ajay Shah’s blog, 01 December 2011 Q: How big is the market for the rupee? The rupee is now a big market. Summing across both spot and derivatives, perhaps $30 billion a day of onshore trading and $40 billion of offshore trading takes place. …
Why Greece, Ireland, Portugal and Spain Should Leave the Eurozone
by Elliott Morss
In my last article, I argued that Greece, Ireland, Portugal, and Spain should leave the Eurozone. Why? Because, at the € exchange rate they must accept as long as they are in it, their costs are too high. Their costs being too high means their unemployment rates will remain at unacceptable levels and their trade deficits will continue. This article takes the form of an open letter to the Presidents and Finance Ministers of these four countries.
Why Greece, Ireland, Portugal and Spain Should Leave the Eurozone by Elliott Morss Introduction Monnet’s original conception for the European Common Market sounded sensible: as separate nations, we have little power, but together, we will be a significant global/political force. However, as is often the case, the devil is in the details. The Eurozone, with …
What if all goes wrong in Europe? How bad could it actually be? What’s the worst case scenario for the world economy, and do the twin debt crisis in the US and Europe have the potential to drag down China too?