Ukraine is finishing preparations for a presidential election even as government forces continued to clash with rebels and Russian President Vladimir Putin warned that “radicals” in the country may disrupt gas transit.
John Maynard Keynes’s generation of economists assumed that as people became more efficient at satisfying their wants, they would, and should as rational agents, work less and enjoy life more. Yet power relationships and the insatiability of human wants are such that we have maintained an ethic of acquisitiveness.
As its current-account surplus fades into deficit, Japan will be forced to import money at high international rates to finance its government debt. Huge amounts of money creation by the Bank of Japan could temporarily postpone the ensuing debt death spiral.