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Brad DeLong has suggested that we rename the Great Recession the GreatER Depression in Europe as the crisis in terms of real GDP lose now is bigger in Europe than it was it during the Great Depression.
Benito Mussolini is known for having been a horrible warmongering fascist dictator. However, he was also responsible for a major failed monetary experiment - the so-called Battle of the Lira.
This is from the Telegraph:
Big news out of Moscow today - not about the renewed escalation of military fighting in Eastern Ukraine, but rather about Russian monetary policy. Hence, today the Russian central bank (CBR) under the leadership of Elvira Nabiullina effectively let the ruble float freely.
Today it is 25 years ago the Berlin Wall came down. It has become the symbol of the end of communism and is surely something which should be celebrated.
This will not be a long post - I have had a busy week with a three-day roadshow in Poland and it is after all Saturday night - but it will be long enough to yet again point the fingers at the ECB for its deflationary policies.
Yesterday the Shadow Open Market Committee (SOMC) held its regular semi-annual meeting in New York.
This is my good friend Michael Darda speaking on Bloomberg TV about the ECB - needless to say I agree with everything he says.