When a high-ranking European policymaker like Christine Lagarde gives a keynote speech on “policymaking in an age of shifts and breaks” at a meeting of the world’s most important central bankers, one should listen carefully. Because that is indeed what matters in this world: how to manage the inevitable structural change without making serious macroeconomic mistakes. …
Suddenly they are all complaining. With an enormous delay, even the professional optimists in the German media have realised that something is fundamentally wrong. Germany is once again the sick man of Europe, the British Economist notes again, pointing to the decline in GDP this year. …
Producer prices in Germany are now also in free fall. After high minus rates were recorded in Spain and Italy in the previous months, the statistics for July also show minus six percent for Germany. And that is only the beginning. …
At the end of December 2021, on the occasion of the 20th anniversary of the biggest fiscal debacle in recent history, I wrote an article about Argentina with a colleague in which we resignedly stated that there was no light on the horizon of this country. …
