The role of Saudi Arabia, he main OPEC oil exporter, in leading the low price strategy. Lowering the oil price helps the friendly countries, and hits the Saudi competitors.
The most disturbing aspect is the stubborn persistence of policies that have already proven their failure. The Japan's shock move, and the appeal to the ECB.
The officiial forecasts deliver a continually worsening economic framework. Despite the stubborn faith of the European Commission, the Earth isn't at the centre of the universe.
According to the plan designed for Italy by the European Commission, Italy must regain competitiveness with Germany by forcing down wages. A prolonged period of high unemployment is an essential part of this process.
János Kornai makes a fair comparison of both systems - Capitalism as the surplus economy and Central planning as shortage economy - assessing that each has merits and drawbacks. But If shortage were a necessary feature of socialism, a dilemma arises: is China a shortage economy or is it fully capitalist?
