Some links, 4/4/2014. Worried banks, What is capital, World Bank made killing mistake, Slave labour, L’amour (not?)

You should take into consideration the spanish X factor: we still can dive deeper in misery, unemployment, corruption and poverty than Portugal, Greece or any other country. Our leaders are firmly convinced we can be Europe’s ass, we deserve the chance to get it. We only need a few more trillions of German money for our banks, that’s all.

Real-World Economics Review Blog

Straight from the financial world (and they do not even mention Greece…):

2015 will not be the year when Spain, Italy and Portugal return to normal. When we look at the dynamics of unemployment, public and private debt, household and corporate solvency, and industrial production capacity, we see that it will take from 5 to more than 20 years to really return to normal. During this very long period, their economies will remain fragile; the Southern euro-zone countries will remain under the threat of a return of investor pessimism.

I love good writing about the relation between the concept of an economic variable and its measurement. Jamie Galbraith does an outstanding job when he discusses the concept ‘capital’. A taste, from his review of Piketty, ‘Capital in the Twenty-First century‘:

What is “capital”? To Karl Marx, it was a social, political, and legal category—the means of control of the…

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