First the laugh. The World Bank has just appointed Lehman’s Global Head of Market Risk Management as they went into bankruptcy to the position of Vice President and Treasurer. Hat tip to Billyblog. As Bill Mitchell author of Billyblog rightly asked, “Did they also interview Bernie Madoff?”
Graph of the day.
I like this, which I saw at the Schwartz Centre for Economic Policy Analysis site. It clearly shows different components of effective demand. Note the collapse in household investment (bottom line) between 2007 and 2010.
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