By Paolo von Schirach May 3, 2013 WASHINGTON – I wonder whether the elected leaders of perennially weak and now impoverished Southern Europe really grasp what is going on in their own countries. They routinely talk about their totally indigenous economic troubles as if they were unexpected calamities imposed on them by insensitive and selfish Northern European partners [...]
By Paolo von Schirach April 30, 2013 WASHINGTON – Economists Kenneth Rogoff and Carmen Reinhart came up with a major book, (This Time Is Different: Eight Centuries of Financial Folly), in which they pointed out how very large levels of structural public debt undermine economic vitality. Well, it turns out that some of the calculations used [...]
By Paolo von Schirach Related stories: http://schirachreport.com/index.php/2013/02/17/italys-chronic-problems-deeply-entrenched-do-not-expect-changes-with-a-new-center-left-government-even-if-backed-by-reformist-mario-monti/ http://schirachreport.com/index.php/2013/02/03/with-berlusconis-rise-in-the-polls-expect-a-fight-between-right-wing-and-left-wing-populists-in-italy-montis-centrists-will-get-little-support-very-low-chances-for-real-reform-after-these-elect/ February 26, 2013 LUSAKA, Zambia – Regarding the incredibly disappointing outcome of the Italian political elections, allow me to say “I told you so”. (See links above to related stories). I predicted that the elections would decide nothing; and I also predicted that Monti’s improvised coalition of serious [...]
By Paolo von Schirach February 3, 2013 WASHINGTON – Whatever the final outcome of Italy’s upcoming political elections, the surprising Berlusconi come back from the dead is worth noting as a clear indication that the for ever immature Italians love populist seducers who will tell them anything they want to hear. It also says a [...]
By Paolo von Schirach January 27, 2013 WASHINGTON – America’s biggest problem –as the recent presidential elections have demonstrated– is that a bit more than half the country no longer believes in unfettered free enterprise as the main engine of both personal and national growth.
By Paolo von Schirach Related story: http://schirachreport.com/index.php/2013/01/21/obamas-second-inaugural-address-focused-on-equality-issues-noble-goals-however-unless-the-american-economy-grows-while-washington-fixes-spending-and-taxes-there-will-be-nothing-to-redistribute/ January 22, 2013 WASHINGTON – President Obama’s priorities, as outlined in his Inaugural Address, (see above link to related piece), are in line with the political Zeitgeist that his first term contributed to create. And here they are: more government, strong defense of existing entitlement programs, more support for [...]
By Paolo von Schirach January 21, 2013 WASHINGTON – Nothing I have heard from Barack Obama since his November clear, (albeit not triumphant), re-election convinces me that this President has anything even close to a meaningful economic growth and fiscal reform agenda that can receive bipartisan approval. His Inaugural Address, if anything, would indicate that between growth [...]
By Paolo von Schirach January 20, 2013 WASHINGTON – I am really worried about too much praise for European Central Bank President Mario Draghi. He is described as Europe’s savior, as a genius because last Summer he bluntly said that he would do whatever is necessary to defend the Euro.
By Paolo von Schirach January 15, 2013 WASHINGTON – These days in Europe there is a far more optimistic atmosphere. It would appear that the big Eurozone crisis has been solved. No Greece exit. Italian and Spanish bond yields are back to tolerable levels. It seems that all problems, if not entirely taken care of, are now smaller and manageable.
By Paolo von Schirach January 11, 2013 WASHINGTON – Here is a news item worth reflecting upon. America has by far the highest spending on medical care in the developed world –in absolute terms, as a percentage of GDP and as per capita spending– and yet these astronomic figures produce only mediocre to bad outcomes in terms [...]