I was reading a piece yesterday that said a faulty cable was responsible for the announcement from CERN last year that Einstein was wrong and neutrinos could actually travel faster than the speed of light. It seems now that Einstein was right and perhaps a loose cable was responsible for the false finding. Too bad whats holds for physics doesnt hold for economies.
I picked up an article from the Economist magazine courtesy of the ThePrince’s Saturday links over at MacroBusiness.
The Picture below highlights the issue at hand and I recommend you read the article to see just how hard things have gotten for developed economies such as Greece but even the USA.
The social costs of the GFC or what ever acronym you have for it are truly terrible and the move to austerity to my mind is only making things worse. The equity bounce is welcome insofar as it helps rebuild wealth but with economies so far behind I still fear that we have many years of slow/low growth ahead for developed economies.
The full article is here http://www.economist.com/node/21548255
Summer is finally here in Port Stephens so its off to the beach for us – have a great weekend