The times they are a changin’ and they are a changin’ in jolly old England.
Japan had “a lost decade.” Then it had another. We are past the halfway mark of the American “lost decade.”
Keynesianism has failed utterly and completely. It’s not that there wasn’t enough stimulus. It’s that the concept of “stimulus” is bunk. It’s real “voodoo economics.” It is a cult. A dream. And as is increasingly obvious even to the Keynesians, a nightmare.
Venice did its own thing for a long time before Italy came around, and it would likely do just fine without the dysfunctional lands to the city’s south.
Economic reporter Max Keiser (who I often disagree with, but often like also) is fond of saying that for many politicians their elected office is just kind of an interview for the lobbying business where the REAL money is to be made. Max always points out that Tony Blair left 10 Downing Street and quickly went to work for JPMorgan.
Better to spend the money on Mylar jumpsuits and diamond encrusted go go boots than give it to the government I guess.
The EU is trying to scare money into risk assets. It may just take the money. I guess folks should have listened to Nigel Farage last year.
European elections are coming.
Of course it’s a matter of supply and demand. The cost of an ambassadorship in a nice peaceful European country where there are lots of cocktail parties and relatively few civil insurrections garners top dollar. The ambassadorships in places like Burkina Faso and Paupa New Guinea tend to go for a song. In fact the State Department often has to pay people to be ambassadors in those countries.
To paraphrase David Stockman – The world’s central banks have not suspended the market mechanism. They can kick the can, they can lie, they can move assets around on balance sheets, they can even call debts assets. But in the end there is no free lunch.
The French Socialists also want to tax cell phones, tablets, laptops, and other devices on which people watch moving images.