The Catch 22 of Eurozone Imbalances – Fighting the Debt Snowball

Edward does a nice job to sum up the flurry of the past week which saw the ongoing problems in Greece elevated to a full fledged systemic crisis in the Eurozone economy which, if it ultimately blows, will have ramifications far beyond the borders of the European continent. Being a firm believer in the . . . → Read More: The Catch 22 of Eurozone Imbalances – Fighting the Debt Snowball

Will History Judge Marx to Have Been Right About the Effects of Technological Progress on Income Distribution?

‘The instrument of labour, when it takes the form of a machine, immediately becomes a competitor of the workman himself. … That portion of the working-class, thus by machinery rendered superfluous, i.e., no longer immediately necessary for the self-expansion of capital, either goes to the wall in the unequal contest of the old handicrafts . . . → Read More: Will History Judge Marx to Have Been Right About the Effects of Technological Progress on Income Distribution?

Economic Events on May 18, 2010

At 7:45 AM EDT, the weekly ICSC-Goldman Store Sales report will be released, giving an update on the health of the consumer through this analysis of retail sales.

At 8:30 AM EDT, the Housing Starts report for April will be released.  The consensus is that construction on 650,000 new homes were started last month . . . → Read More: Economic Events on May 18, 2010