A proper market economy is moral in this way: It gives people what they deserve, not necessarily what they want or expect.
Paul Krugman refuses to accept the fact that if the government dissaves, it will lead to a bigger trade deficit.
Six of the highest-paid players in World Cup 2010 have lost up to $21 million collectively because of the euro's slide.
Spurred by anxiety over immigration, Islam, and the economy, Dutch voters put the center-right Liberals in the lead in national elections, and gave a strong boost to Geert Wilders's Freedom Party, which proposes banning the Koran and the building of new mosques.
German Chancellor Angela Merkel Merkel pushed to get the German parliament to approve last month's nearly $1 trillion bailout for Greece. Some economists argue that it would have been cheaper to let Greece default and then bailout European bank bondholders.
For most states, new taxes are off the agenda next fiscal year, according to reports from the National Governors Association. The recovering economy will yield higher tax revenues for states, but not to pre-recession levels.
Leaders of developed economies now come from a professional ruling class whose survival depends on delivering the fantasy that we can live beyond our means.
Because the euro will probably depreciate as a result of fiscal austerity, the effect on inflation in countries tightening fiscal policy will be uncertain.