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We see a number of data points in today's links that point to economic growth and employment dynamics that vary widely across the developed economies. Yesterday, I showed you the chart of the day on this, which highlighted Greece's predicament, joined by Ireland and Italy. The US started as the worst performer but quickly corrected course in March 2009, due in my view to economic stimulus. Look at the kink in the economic trajectory at the March 2009 point. Greece, on the other hand shows a massive kink downward at about April 2010 when they received their first bailout in exchange for austerity. I think the implication here is clear: over the medium-term austerity leads to...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.