Greece is spiraling into the kind of decline the U.S. and Germany endured during the Great Depression, showing the scale of the challenge involved in attempting to regain competitiveness through austerity.
Charles Dumas, research director at Lombard Street Research Ltd., talks with Bloomberg's Ken Prewitt and Tom Keene. For more ``Surveillance'' and ``On the Economy'' podcasts, please visit iAmplify.com.
Since the launch of the euro in January 1999, Germany and the Netherlands have experienced a growth slowdown and loss of wealth for their citizens that would not have happened had they never joined the euro.
Economists were probably too busy watching markets gyrate to contemplate last month’s big news in science. Physicists detected particles travelling faster than light, which, if the reading was accurate, means time travel is possible.