RGEMonitor, long my favourite reading on macro-economics (at least the non-subscription pieces of it ...), has launched an open Euro-economics publication at http://www.rgemonitor.com/euro-monitor.
Just 2 posts up there for now, but it looks good, and I look forward to it.
The piece by Dennis Snower on what can still go wrong with the world economy, despite the weird calm that has descended after the half point cut, is admirably clear. As is his cool assessment of the longer term adjustment: the US spends less, saves more; China does the opposite ... and order is restored. How hard it is to be an economist and to resist Panglossianism. Keynes famously had to resort to the threat of death - where we all end up, eventually - to resist the "eventuallies" of long run equibilibrium forces.
But hidden in that equilibrium adjustment is a richer Chinese people, a less wealthy US household, Europeans who probably follow along, and the resource rich still ammassing wealth. I think that can be a vastly different world from the early zero's ... and not in all respects a worse one.
