Pushback by the elements in the US who do not wish to see an attack on Iran: an article in the New York Times articulating the view that some important intelligence agencies do not believe thats Iran has made a decision to build a nuclear bomb. Articles such as these represent a propoaganda war within the US domestic political arena since they are obviously timed to be released right after the International Atomic Energy Agency released a report that Iran has accelerated its production of enriched uranium.
Paul Krugman offers some interesting graphs on the european debt crisis, testing three hypotheses on why the crisis occurred: 1) excessive social welfare spending; 2) excessive budget deficits; and 3) export competitiveness. The results tend to support explanation #3 which suggests that it is the reliance on the euro itself that is the underlying cause of the crisis. The graphics are quite persuasive, but be careful of drawing such sweeping conclusions from single data points.
The Greek debt situation is rapidly descending into the absurd. Germany has offered to send some of its tax collectors to Greece to help the Greeks run a more efficient collection system One can hardly think of a more insulting offer and the Greeks will certainly feel less obliged to worry about the financial safety of the German banks who are holding Greek bonds. To make matters worse, the German Interior Minister has suggested that Greece would be better off if it left the eurozone. I am certain we will enjoy a strong Greek reaction to these comments.
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