Brad DeLong and Barry Eichengreen, two of the premier economists in the world, have written a new preface to Charles Kindleberger’s magisterial work, The World in Depression. I recommend it in the strongest possible terms–it is a superb analysis of what’s going on the Europe right now and how we are all perilously close to replicating all the failures of the 1930s. If you want to know why things in Europe look so bleak, then read this essay.
The Egyptian presidential elections are scheduled for Sunday and Monday, and the Supreme Constitutional Court has dissolved the Parliament and ruled that the once close ally of Hosni Mubarak, Ahmed Shafiq, must be allowed to run for President. The ruling is a blow to the Muslim Brotherhood, but Shafiq had already qualified as one of the two top vote getters in the preliminary election. He now can legally run which will make the election more legitimate. But since the Constitutional Court is backed with former associates of Mubarak, the legitimacy of its rulings will now be seriously questioned.
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