"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
"We have a chance to avoid banking, forex or debt crisis and go through today's difficulties without losing the potential we have created”, said Russian President Medvedev just days ago. In early June he blamed the US and its banks for the economic crisis as economic egoism.
Hey wait a minute, not so fast Mr. Medvdev: the Kremlin has observed a deterioration of its market by approximately 75%, particularly because of your unwarranted aggression policies toward Georgia. Last time I checked, something like that in our economy would be considered an economic meltdown. In addition you may be in for a surprise; with falling oil prices and your eroding international investment, with the latter due to your unattractive policies which seem cavalier and calculated, how will you maintain your inertia to strengthen your new Russian world order? It seems that economic egoism finds its presence elsewhere.
"Schadenfreude" (a German word meaning happiness at another's misery) and a litte old fashioned Karma have a way of coming around 360 degrees. See my posting on "Randy Parker Hall of Fame: Ralph" on 10/24/08.
I am a Professor of Economics at East Carolina University in Greenville, NC.
My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History.
I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience.
Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
2 comments:
"We have a chance to avoid banking, forex or debt crisis and go through today's difficulties without losing the potential we have created”, said Russian President Medvedev just days ago. In early June he blamed the US and its banks for the economic crisis as economic egoism.
Hey wait a minute, not so fast Mr. Medvdev: the Kremlin has observed a deterioration of its market by approximately 75%, particularly because of your unwarranted aggression policies toward Georgia. Last time I checked, something like that in our economy would be considered an economic meltdown. In addition you may be in for a surprise; with falling oil prices and your eroding international investment, with the latter due to your unattractive policies which seem cavalier and calculated, how will you maintain your inertia to strengthen your new Russian world order? It seems that economic egoism finds its presence elsewhere.
"Schadenfreude" (a German word meaning happiness at another's misery) and a litte old fashioned Karma have a way of coming around 360 degrees. See my posting on "Randy Parker Hall of Fame: Ralph" on 10/24/08.
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