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European Tribune - Breaking: Swedish industrial wages to be cut by up to 20 %!
This is an astounding development, and contrary to all traditions of the Swedish industrial union movement. This should tell everyone how incredibly grave the situation is.
Not to worry, ECB President Trichet assures us that there is no risk of deflation in the Eurozone. To quote Krugman
What's the weather like on his planet?

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Tue Mar 3rd, 2009 at 04:45:41 AM EST

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