Something will have to give, eventually. Just sayin'. Peak oil is not an energy crisis. It is a liquid fuel crisis.
People tend to forget that every race to the bottom has a predictable end: hitting the bottom.
Yeah, and Spain didn't run budget surpluses and lower its public debt to 40% of GDP by 2007 while Germany kept its debt above 60% for the whole decade.
I believe this is called "the fiscalization lie" and it is popular because it is self-serving. tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
That the sum of mutual trades nets down to zero is not particularly challenging either.
And if anyone has failed to think through even something as simple as that, it would be wise to simply avoid commenting -something that PHD students should be sensitive to. You'll be surprised how often I fail to give a definitive advice about insects taxonomy. Or even about microbiology, or statistical physics, fields in which I actually hold a degree.
This is not to say that your friends are not nice people. But I remain baffled by how easily macroeconomics get treated like a religion -even by economists. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
If they insist, of course, the people at the top will begin to feel the pain, because exports within the eurozone will fall off seriously. Though they've got a nice flexible handle on the situation, with all those short-hours part-time jobs that can be shucked off.
Henry Ford - Wikipedia, the free encyclopedia
Ford announced his $5-per-day program on January 5, 1914, raising the minimum daily pay from $2.34 to $5 for qualifying workers. It also set a new, reduced workweek, although the details vary in different accounts. Ford and Crowther in 1922 described it as six 8-hour days, giving a 48-hour week,[27] while in 1926 they described it as five 8-hour days, giving a 40-hour week.[28] (Apparently the program started with Saturdays as workdays and sometime later it was changed to a day off.) Detroit was already a high-wage city, but competitors were forced to raise wages or lose their best workers.[29] Ford's policy proved, however, that paying people more would enable Ford workers to afford the cars they were producing and be good for the economy. Ford explained the policy as profit-sharing rather than wages.[30] It may have been Couzens who convinced Ford to adopt the $5 day.[31]
Ford announced his $5-per-day program on January 5, 1914, raising the minimum daily pay from $2.34 to $5 for qualifying workers. It also set a new, reduced workweek, although the details vary in different accounts. Ford and Crowther in 1922 described it as six 8-hour days, giving a 48-hour week,[27] while in 1926 they described it as five 8-hour days, giving a 40-hour week.[28] (Apparently the program started with Saturdays as workdays and sometime later it was changed to a day off.)
Detroit was already a high-wage city, but competitors were forced to raise wages or lose their best workers.[29] Ford's policy proved, however, that paying people more would enable Ford workers to afford the cars they were producing and be good for the economy. Ford explained the policy as profit-sharing rather than wages.[30] It may have been Couzens who convinced Ford to adopt the $5 day.[31]
But then again we are not run by industrialists anymore, are we? A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
