Posted by: Dirk | November 15, 2013

Paul McCulley on euro zone sovereignty

Since Ireland and Spain are on the brink of leaving their “international aid programs” behind, here is a reminder by Paul McCulley on what it is all about (taken from Kilkenomics 2012):



  1. Dirk – – – I will use this as the Documentary of the Week this weekend (with attribution to you). I do think that Paul McCulley defines “efficiency of Capitalism” too narrowly. My interpretation is that he proposes that capitalism will define the way to do something that costs the least money (he doesn’t say that is what he means by efficiency, but I would suggest that is a likely possibility). Other definitions of efficiency might be what has the lowest cost benefit ratio. And then you would have to define over what time frame. And how do you measure benefit? Benefit to the capitalist? Benefit to the non-capitalist? Benefit to an entire society (and if so how apportioned within the society)? I just don’t accept the definition he has made for the operation of capitalism as being anywhere near complete. As interesting as this video is I think it merely opens a can of worms. Let’s see if any readers comment on the worms. John

    John B. Lounsbury Ph.D. CFP Managing Editor Econintersect.comSenior Contributor TheStreet.comHighly ranked author Seeking Alpha

    Date: Fri, 15 Nov 2013 16:41:51 +0000 To:

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