Nov 272010
Discussing the Eurozone problems, Tyler Cowen said the following:
In a nutshell, we’re watching the most pitched, highest-stakes, most determined battle between politics and finance which has been staged. I am expecting finance to win. It’s not just about PIGS and the future of the eurozone, it’s settling a very general question about the relative power of politics and finance.
His statement is just as appropriate for the US or any other part of the world. The laws of economics are immutable. The laws of politicians are hot air.
