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ECB's latest move won't work

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ECB's latest move won't work

Draghi never disappoints. In his penultimate monetary-policy meeting, the still President of the ECB announced that the Eurozone’s central bank would soon resume the net asset purchase program in an attempt to get inflation back to the ECB’s 2 percent target after some months of lower-than-expected inflation. The Governing Council also agreed to lower the deposit rate to -0.5%,…

Bashing big bosses: the favourite discipline of the French press

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Blogger: Bill Wirtz
Bashing big bosses: the favourite discipline of the French press

It is an antiphon, declared over and over again in public opinion. From high-level intellectuals like Noam Chomsky to the average citizen, everyone agrees: control by the big bosses over the media protects the former from being targeted by the latter. Jean-Jacques Servan-Schreiber was already warning of the danger of journalists losing control of their media to big business almost 60 years ago.…

The Curse of the ‘Abroad’: A Romanian Perspective

The Curse of the ‘Abroad’: A Romanian Perspective

“The civilizational ‘us’ and the extracivilizational ‘them’ is a constant in human history”.[1]  Samuel Huntington’s observations summarized in the above quote offer valuable insight, mostly regarding the mentality of former empires and great powers. For Romanians, the opposite is true. The ‘abroad’ has always been civilized, while we…

Political violence is unacceptable

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Blogger: Bill Wirtz
Political violence is unacceptable

In the wake of the ratification of the CETA agreement, environmentalists and anti-free trade zealots are ganging up on politicians who voted for it. This can't become the new normal.   Incidents in France   The French National Assembly recently approved CETA, a free trade agreement between the European Union and Canada. The left-wing media outlet Mediapart consequently published…

What is that Phillips curve everyone is talking about?

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What is that Phillips curve everyone is talking about?

Federal Reserve’s Chairman Jerome Powell testified last month before the House Committee on Financial Services. As usual, Powell answered questions regarding the present and future of monetary policy. During the testimony, Democratic Congresswoman Alexandria Ocasio-Cortez asked Powell about the weakening of Phillips curve and its relevance for today’s monetary-policy decisions.…

Independence and specialization: part I

Independence and specialization: part I

Despite the contemporary narrative surrounding the decline of low-skill manufacturing jobs, specialization as the only source of stability and career path is the historical norm. During the Colonial era, the standard professional arrangement was tradesman, and with it apprenticeships.  As part of the apprenticeship process the final stage was achievement of Master status obtained either…

Americans: Your Euro trip will show that big government sucks

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Blogger: Bill Wirtz
Americans: Your Euro trip will show that big government sucks

Let a Euro trip be your lesson: big government on the old continent is way worse than some politicians would have you believe. During the summer months, many young Americans make a trip across the pond to visit the old continent. They have good reason to do so. Europe is a gorgeous continent of stunning beauty and amazing cultural heritage. Americans are very welcome tourists, notably because…

Government bloat: societal divide

Government bloat: societal divide

In his writing regarding the ratio of federal employees to federal contractors (1.5 million : 15 million), economic historian and professor Brian Domitrovic argued that the contractor bubble is rooted in a desire to undermine the private sector. His argument is that federal contractors are in reality federal employees under a different name. The root of Domitrovic’s thesis lies in American…

What can we expect from ECB’s new president Christine Lagarde?

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What can we expect from ECB’s new president Christine Lagarde?

Habemus praeses. Incumbent IMF chairwoman Christine Lagarde was recently nominated to become the next president of the ECB after the agreement reached by European leaders last week. The French politician will take up the position next November, bringing an end to Draghi’s eight-year mandate. Draghi’s presidency has been characterized by two key aspects. First, during his mandate, the…

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