Three cheers for the IMF, the EU, and the ratings agencies!!!

Hungary’s new constitution came into force on January 1.  This was not good news. Engineered by Prime Minister Viktor Orbán’s Fidesz party, the new constitution has a number of unsavory elements. The Constitutional Court, which serves as a check on government power, has been weakened in several ways (e.g., packing it with new judges, having … Read more

Europe’s Articles of Confederation

In his Financial History of the United States (1879), Albert Bolles wrote “Thought but little more than a century has passed since the first Continental Congress met, in September, 1774, the financial history of the United States during the subsequent period is thickly strewn with financial experiments amply rewarding investigation.” Recent European Union efforts to … Read more