Death Star Economics



Wednesday, #33

Yesterday, European policy makers threw everybody for a loop when they announced that instead of one understocked bailout fund (the EFSF), we will just have two. Ta-daah! €500bn more in a separate fund. Great idea. But EU officials know how much a title like “Mission Impossible 2” sucks and so the new fund will come with a new name: ESM, European Stability Mechanism. However, we won’t know until the end of this week, when the EU summit press statements start coming in… read article

Until then, Timothy Geithner, US Treasury Secretary, continues to hop around Europe and give everybody an aggressively encouraging pad on the back. Yesterday in Germany and today en France, everybody is promising to be a better person in the future. read article

Meanwhile, David Cameron continues to make primary-school-style “but if you don’t do this, I won’t be your best friend”-statements, which makes me think that the UK won’t see a Tobin tax (financial transactions tax) any time soon, if treaty changes are agreed on by the end of this week.

The Centre for Economic Policy Research put together a nice little chart on “social unrest at times of government austerity” in Europe between 1919 and 2009. view graphic

Otherwise, we can all start anticipating the latest change in Facebook’s layout. The “timeline” was revealed 2.5 months ago, but will now actually start to become a thing. First country to launch it: New Zealand. Obviously (what?). read article

So long.

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