7th June 2012
For years, the elites have drained the public coffers with wars and tax cuts. But now that the bill is due, they want the middle-class to pay for it, writes Jamelle Bouie. The American Prospect
Martin Wolf says in a panic, fear has its own power. "To assuage it one needs a lender of last resort willing and able to act on an unlimited scale. It is unclear whether the eurozone has such a lender." Financial Times
Chad Stone thinks talk of a "fiscal cliff" is overdone: the economy will not go over a cliff and immediately plunge into recession in the first week of January. The greater danger, however, is that such misguided fears about what will happen may cause policymakers to take the wrong kind of action. Washington Post
According to William Cohan, the financial crash was never about the absolute amount of leverage, as many have suggested, but about whether financiers have the right incentives to properly manage the risks they are taking. The Atlantic
ECB President Draghi delivered a message to those outside of Europe who may be tempted to lay the weakness in the global economy at Europe's front door: "don't go there." Wall Street Journal
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