The German current account surplus of probably 7 per cent of GDP in the current year is an unparalleled scandal. However, it becomes a real political catastrophe when Germany accuses countries that have fairly balanced balances, such as China, or even high current account deficits, such as the USA, of mercantilism when they defend themselves against the actual mercantilists.
Economics
Lynn Parramore: Meet the Economist Behind the One Percent’s Stealth Takeover of America
Nobel laureate James Buchanan is the intellectual lynchpin of the Koch-funded attack on democratic institutions, argues Duke historian Nancy MacLean Read here
Austerity
The Independent: Reject austerity to defeat populism, Portugal’s socialist prime minister António Costa tells EU
Portugal has abandoned austerity – maybe not in a radical manner – but even then the nation’s citizens and economy are faring much better than it ever did under austerity. Read here
EU politics
Bloomberg – Merkel Pushes Back on Vaccine Patent Waiver in Clash With Biden
When the Trump reactionary high tide is in everyone looks liberal. Now that that tide is out the “Great Leader” of European liberal democracy is discovered to be skinny dipping. Read here
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