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Cards, debts, and capital formation

THE 1996 Nobel Laureate William Vickrey once wrote that nobody should be afraid of debt. He basically meant public debt, of course. Yet in his opinion, issuing debt was sort of akin to issuing capital. Capital-ism, I won’t hesitate to add, is better called debtism, if this view is correct. Nevertheless, we aren’t talking about...


What may happen this year?

I HAVE SINGLED out two scenarios. They pertain to both global and local dynamics, which are intertwined in the days of COVID. The first encompasses a rapid amelioration of economic conditions due to the positive impact of vaccines. The second is based on a more pessimistic view that claims the outbreak won’t be easily contained...


From here to there

ACTUALLY, the unforgettable classic movie’s name was ‘From here to eternity’, but we can’t reach that far amid incredibly noisy signaling and suchlike. Not only is the surrounding politico-economic space at large noisy, i.e. Eastern Mediterranean, Libya, Greece, U.S. elections, etc., but also the monetary policy space itself is – or was – so until...