Wednesday, November 16, 2011
And in this case neither the banks nor anyone else are winning. On the contrary, there are myriad losers.
Ever since the idea of the euro currency really took off in the late 1980s, it has been accepted wisdom that entry was forever. But now, with no less than the leaders of France and Germany conceding that Greece could leave the euro, everyone is scrambling to figure out exactly what would happen. More »
The odds of the United States slipping into a double-dip recession are placed at 50 percent, with economists from the Federal Reserve Bank of San Francisco saying the world’s biggest economy might not be able to withstand the rippling effects of Europe’s debt crisis.
Financial analysts and economists from around the world are baffled by how the euro currency has “mysteriously” remained relatively stable all year round, despite the mounting problems that have threatened to break up the eurozone region and its currency.
This week the House of Representatives will take up a balanced budget amendment to the Constitution. An idea that has been kicking around for ages, it has never overcome the hurdle of needing a two-thirds approval vote in both houses of Congress. (After which it would not require the president’s signature but would need to be ratified by three-quarters of the states to take effect.)
WASHINGTON — The portion of American families living in middle-income neighborhoods has declined significantly since 1970, according to a new study, as rising income inequality left a growing share of families in neighborhoods that are mostly low-income or mostly affluent.
To Put Europe Back on Track Try Listening to Voters: Clive Crook
Germany and the ECB have less power over the eurozone's peripheral countries than they seem to believe. If they continue to insist on concentrating all the pain of economic adjustment in the periphery, the monetary union’s slow-developing train wreck will accelerate as peripheral countries default and revert to national currencies.