unemployment has come down from more than 12 percent in 2013 to a bit over 10 percent.
.. he suggested that we compare low interest rates to the insulin injections that diabetics must take.
.. It’s notable that in Spain, which these days is being touted as a success story, youth unemployment is still an incredible 45 percent.
.. And there’s nothing in reserve to deal with a fresh shock. Suppose that Greece blows up again, or the British public votes to leave the European Union, or China’s economy goes off a cliff, or whatever. What could or would European policy makers do to offset the blow? Nobody seems to have any idea.
The thing is, it’s not hard to see what Europe should be doing to help cure its chronic disease. The case for more public spending, especially in Germany — but also in France, which is in much better fiscal shape than its own leaders seem to realize — is overwhelming.
There are large unmet needs for infrastructure and investors are essentially begging governments to take their money. Did I mention that the real 10-year interest rate, the rate on bonds that are protected from inflation, is minus 0.8 percent?