The new federal budget tells two international stories. One story is of the US economy falling over. The Treasury Budget Outlook at first uses the phrase 'a sharp slowdown in the US economy.' But Treasury then twice states its expectation of 'a mild recession' in the US. The word 'mild' is the Treasury hope, while the word 'recession' is the looming fact. The headline views of the US, then, brings those phrases together: 'sharp slowdown' and 'recession'. Read more »
Yesterday, The Economist's blog, Free Exchange, led me to this Financial Times article on India's camel boom: Read more »
Peter from Illinois writes about my camel export post:
Egad, sir. An undervalued resource, useable for meat and dairy, wool and fertilizer. Properly bred in Australia they might be domesticated for plowing. Gourmet restaurants in Sydney and Melbourne might feature them as a change of pace. At the race track they probably run faster than some of the nags I have wagered on. Read more »
One of the many consequences of the US sub-prime crisis and the associated collateral damage is likely to be a re-evaluation of the role of monetary policy – something I touched on last year. James Galbraith takes a longer view in this speech on the ‘collapse of monetarism and the irrelevance of the new monetary consensus’ (hat tip to the excellent Read more »
Alison Broinowski writes in response to Graeme Dobell's post: Read more »
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