The U.S. economy finally seems to be climbing out of the deep hole it entered during the global financial crisis. Unfortunately, Europe, the other epicenter of crisis, can’t say the same. Unemployment in the euro area is stalled at almost twice the U.S. level, while inflation is far below both the official target and outright deflation has become a looming risk.Investors have taken notice: European interest rates have plunged, with German long-term bonds yielding just 0.7 percent. That’s the kind of yield we used to associate with Japanese deflation, and markets are indeed signaling that they expect Europe to experience its own lost decade.
Blogs I Follow
- Walter Isaacson, The Code Breaker: Jennifer Doudna, Gene Editing, and the Future of the Human Race
- The Corner that Held Them, by Sylvia Townsend Warner
- Flux, by Jinwoo Chong
- V.V. Ganeshananthan’s novel “Brotherless Night”
- Making New People: Politics, Cinema, and Liberation in Burkina Faso, 1983-1987, by James E. Genova
Friends of African Village Libraries (I post regularly here)
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