John Robb: Collapse of the Western Financial “System”

Here’s a scenario from William Buiter (the chief economist at Citi) on what could happen if the EU collapses: Disorderly sovereign defaults and eurozone exits by all five periphery states would drag down not just the European banking system but also the north Atlantic financial system and the internationally exposed parts of the rest of …

John Robb: Technology, Corruption, & Depressions

Technology Shifts and Economic Depression Joseph Stiglitz (the Nobel prize winning economist) has a great new article: “The Book of Jobs“(behind Vanity Fair’s paywall, sorry).   In it, he makes a convincing case that the first global depression was caused by a process similar to what we are seeing today (I’m very happy somebody in the social …