Tags » Financial Crises

Scotland's currency options

One of the controversial topics in the debates of Scottish independence is the currency question. The other day, the Financial Times asked several economists to consider four options available to an independent Scotland: a currency union with the UK, sterlingisation (which would be the continued use of the pound sterling but without backing of the Bank of England), establishing a new Scottish currency, and joining the euro. 1,516 more words

Financial Crises

Blanchard on dark corners

Olivier Blanchard doesn’t exactly say *where* the dark corners are, but argues – quite correctly in my view – that the main objective of macro policy should be to stay away from them. 103 more words


Why we have financial crises

I believe the root cause of financial crises is in the fractional reserve system of creating money.  Therefore the way to avoid future crises is to change how we create money. 1,081 more words


Der Todd des Euro

Part 1. The French anthropologist-demographer Emmanuel Todd, who is becoming increasingly fashionable in the Anglosphere, is also a scathing critic of the euro. I examine his “anthropological” views of Germany and the euro, which I also contrast with those of  3,234 more words


The "Anthropology" of Financial Crises

This is Part 2, continued from “Der Todd des Euro” (Emmanuel Todd on the euro), which critiqued his “anthropological” perspective on Germany. Here I make some observations on the role of social capital in financial crises, with a focus on Germany. 3,351 more words