In the Financial Times, Martin Wolf noted a few days ago that imbalances in international trade are back on the political agenda. Although Wolf reaches entirely reasonable conclusions regarding mercantilism, he nevertheless states that it is nonsense to claim that the US trade deficits can be eliminated solely through trade or exchange rate policy. He believes that this would “also require macroeconomic adjustments, in particular a reduction in the US public budget deficit, which the IMF forecasts at 7.5 per cent of GDP for 2026”.
Fake News
Tom Mills and Dan Hind: Public Ownership of the Public Sphere
Two quotes from long ago sum up the current situation in the Media: A. J. Liebling wrote „Freedom of the press is guaranteed only to those who own one”; and Hannen Swaffer claimed “Freedom of […]
Economics
DeStatis – Germany: Exports to non-EU countries in April 2023: expected decrease of 5.7% on March 2023
More bad news for Germany’s mercantilist economy Exports to third countries (calendar and seasonally adjusted exports of goods), April 2023 56.5 billion euros -5.7% on the previous month -2.0% on the same month a year […]
National Politics
Kyiv Independent: A rare glimpse into covert arms sales world: How Western companies make a fortune on brokering deals for Ukraine
Top findings: Russian full-scale invasion of Ukraine had driven arms prices times up High demand has allowed some private brokers to secure arms deals for Ukraine to earn two to four times more than usual […]
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