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    <title>Schumpeter, Like Keynes, Was Childless  </title>
    <description><![CDATA[Schumpeter’s obituary of Keynes became news during May 2013, for all the wrong reasons. Schumpeter had said that Keynes “was childless”, and noted in the same sentence that Keynes’s “philosophy of life was essentially a short-run philosophy”. The latter does not follow from the former. Schumpeter was guilty of cramming that sentence, but says nothing of Keynes’s lack of concern for future generati&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/schumpeter--like-keynes--was-childless---by-michael-heller</comments>
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	<pubDate>Fri, 24 May 2013 07:59:54 +0000</pubDate>
	<dc:creator>Michael Heller</dc:creator>
	
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    <title>The Enigma Of Japanese Monetary Policy</title>
    <description><![CDATA[The Nikkei index fell sharply today. Paul Krugman analyzed the various explanations and concluded that the sell-off was due to a lack of faith in the BoJ’s 2% inflation target. Krugman is correct. Readers will recall that I have never bought into Abenomics and the BoJ’s overnight conversion from deflation-targeting to inflation-targeting.  Why?  Because the BoJ is a deeply confused and intellectua&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/the-enigma-of-japanese-monetary-policy-by-christopher-t--mahoney</comments>
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	<pubDate>Fri, 24 May 2013 01:39:06 +0000</pubDate>
	<dc:creator>Christopher T. Mahoney</dc:creator>
	
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    <title>Let Syria Split</title>
    <description><![CDATA[Syria’s conflict is likely to continue for years – unless we change more than the rules of the political game. A two-state solution is most likely to prevent further bloodshed and preserve regional stability.The thing about Syria’s president Bashar Assad is that not even Israel knows whether it would be better if he stayed or if he left. I was puzzled by recent reports: Some claimed that Assad rem&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/let-syria-split-by-stefano-casertano</comments>
	<slash:comments>0</slash:comments>
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	<pubDate>Thu, 23 May 2013 07:50:18 +0000</pubDate>
	<dc:creator>Stefano Casertano</dc:creator>
	
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    <title>Letter To A Greek Journalist</title>
    <description><![CDATA[The Greek banking system is and must be a ward and contingent liability of the state. At this point in the tragedy, the banks should be nationalized and probably merged. There is no real point in multiple banks if they are all going to be state-owned for the next decade. The more banks there are, the more potential bailouts and self-dealing by management.The financial system and the sovereign are &#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/letter-to-a-greek-journalist-by-christopher-t--mahoney</comments>
	<slash:comments>0</slash:comments>
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	<pubDate>Wed, 22 May 2013 02:02:00 +0000</pubDate>
	<dc:creator>Christopher T. Mahoney</dc:creator>
	
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    <title>What Caused The Crash: An Autopsy</title>
    <description><![CDATA[Certainly, one of the crucial questions for an understanding of our financial system and its vulnerabilities is: Who was responsible for the financial crisis?The immediate cause of the financial crisis was that about a trillion dollars worth of subprime mortgage-related securities, which had been carried at par, became unsellable and unpriceable almost overnight. The entire global financial system&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/what-caused-the-crash--an-autopsy-by-christopher-t--mahoney</comments>
	<slash:comments>3</slash:comments>
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	<pubDate>Mon, 20 May 2013 15:56:40 +0000</pubDate>
	<dc:creator>Christopher T. Mahoney</dc:creator>
	
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    <title>On Whose Research is the Case for Austerity Mistakenly Based?</title>
    <description><![CDATA[Several of my colleagues on the Harvard Faculty have recently been casualties in the cross-fire between fiscal austerians and stimulators.   Economists Carmen Reinhart and Ken Rogoff have received an unbelievable amount of press attention (although they were already famous – or, more precisely, because they were already famous), ever since they were discovered by three researchers at the Universit&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/on-whose-research-is-the-case-for-austerity-mistakenly-based</comments>
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	<pubDate>Mon, 20 May 2013 14:37:05 +0000</pubDate>
	<dc:creator>Jeffrey Frankel</dc:creator>
	
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    <title>More Democracy Needed at the United Nations</title>
    <description><![CDATA[The latest scandal surrounding the designation of Iran as the incoming President of the UN Conference on Disarmament is part of a long pattern at the United Nations. A country under sanctions by the United Nations as well as the European Union, the US, South Korea, and Japan for breaching its obligations under the Nuclear Non-Proliferation Treaty will now be chairing the UN’s committee on reducing&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/more-democracy-needed-at-the-united-nations-by-martin-s--edwards</comments>
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	<pubDate>Mon, 20 May 2013 13:26:44 +0000</pubDate>
	<dc:creator>Martin S. Edwards</dc:creator>
	
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    <title>Are Some Americans Too Powerful to Make Fun Of?</title>
    <description><![CDATA[In April 2013, Stephen Colbert interviewed former President William Jefferson Clinton. It would be difficult to imagine a more flattering interview, unless scripted by Clinton's own press people (upon reflection -- perhaps it was).For those not familiar with The Colbert Report, Stephen Colbert (masquerading as a right-wing political commentator) combines sardonic humor and detailed research, with &#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/are-some-americans-too-powerful-to-make-fun-of</comments>
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	<pubDate>Mon, 20 May 2013 13:24:59 +0000</pubDate>
	<dc:creator>Steven  Strauss </dc:creator>
	
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    <title>FDIC Says Citi, BofA, JPM No Longer TBTF</title>
    <description><![CDATA[“Losses would be apportioned to shareholders and unsecured creditors. In all likelihood, shareholders would lose all value and unsecured creditors should thus expect that their claims would be written down to reflect any losses that shareholders did not cover.”----“Resolving Globally Active, Systemically Important, Financial Institutions”, joint paper by the Federal Deposit Insurance Corporation a&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/fdic-says-citi--bofa--jpm-no-longer-tbtf-by-christopher-t--mahoney</comments>
	<slash:comments>0</slash:comments>
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	<pubDate>Mon, 20 May 2013 03:43:25 +0000</pubDate>
	<dc:creator>Christopher T. Mahoney</dc:creator>
	
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    <title>Why Monetary Stimulus Is Broken</title>
    <description><![CDATA[I am trying to understand the broken transmission vectors for monetary policy. It is clear that the gearboxes between the monetary base and the money supply and between the money supply and NGDP are stuck in low gear, and that the more that the Fed pushes, the lower the gearing goes. We are stuck in first gear, whereas we should by now be in at least third gear. Something is wrong.Two gearboxes ar&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/why-monetary-stimulus-is-broken-by-christopher-t--mahoney</comments>
	<slash:comments>0</slash:comments>
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    <link>http://www.project-syndicate.org/blog/why-monetary-stimulus-is-broken-by-christopher-t--mahoney</link>
	<pubDate>Sat, 18 May 2013 04:15:34 +0000</pubDate>
	<dc:creator>Christopher T. Mahoney</dc:creator>
	
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    <title>Safe as Houses: Who Was Rational, Who Was Not? </title>
    <description><![CDATA[Can a mass delusion be instrumentally rational? No. But it could be rational to strategically profit from other people’s stubborn delusion that house prices always rise. Another question: within the confined mental space of a delusion, is there still a choice for the deluded person to be or not to be rational in responding to their false belief? Again the answer is probably ‘no’, but this time the&#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/safe-as-houses--who-was-rational--who-was-not---by-michael-heller</comments>
	<slash:comments>0</slash:comments>
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	<pubDate>Fri, 17 May 2013 10:22:29 +0000</pubDate>
	<dc:creator>Michael Heller</dc:creator>
	
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    <title>Why China's Growth Model Makes Sense</title>
    <description><![CDATA[In How The City Moved To Mr Sun (2012) Michiel Hulshof and Daan Roggeveen give a fascinating account of the emergence of China’s super cities. Over the past ten years the share of city dwellers in China rose from 39 to 53% of the population. That is, 180 million Chinese abandoned the countryside to start a new life in the city. By 2035 almost 70% of China’s population will be urbanized, according &#x2026;]]></description>
	<comments>http://www.project-syndicate.org/blog/china-s-growth-model-makes-sense-by-heleen-mees</comments>
	<slash:comments>3</slash:comments>
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	<pubDate>Thu, 16 May 2013 16:40:32 +0000</pubDate>
	<dc:creator>Heleen Mees</dc:creator>
	
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