As mentioned before: Damn, it feels good to have a personal blog again. So naturally, I write about economics.
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- I think many economies may simply be out of time as the downturn this time is different, even as Krugman has said (I giggle every time someone suggests he is a socialist). Couple that with an entire gen of youth who have missed out on entering the workforce via high unemployment and swelling ranks of retirement-age boomers and you'd have to be a complete dope to think anything but growth would be a solution to the current problems in many of the troubled economies of the eurozone (and the US). Unfortunately, I think the years of wild growth are gone as that growth depends on cheap energy and cheap energy is not an infinite thing. I sure hope someone gets creative.
Oh, as an anecdote, I'm beginning to wonder if there isn't already a massive flight of money out of the EU towards the US due to the crisis and the rise of the dollar since we are having a extremely difficult time finding/buying a house in Boston these days. People are bidding 25k or more over asking price, offering cash (we're in the 800k bracket!), waiving their right to a home inspection, etc. It's insane. We've had 3 offers go this route...so much for a depressed housing market. Whatever is driving the madness, I think it has everything to do with whatever is going on in the EU. Our RE agent is absolutely flabbergasted as 2 months ago, any of those 3 houses would have been ours for less than asking price.May 8, 2012