Monday, December 31, 2012

What this blog is all about

I have been asked to select the key posts from this blog and I am doing this below according to different subject areas. I only list posts of the year 2011. Why do I do this? Well, while I believe that the original sin was committed by EU-elites in 2010, that original sin could still have been corrected in 2011. Instead of correcting it, they reinforced it during 2011. Whatever happened thereafter is an unfolding of that.

Future strategies for Greece
EURECA - a proposal for privatizations
McKinsey - Greece 10 years ahead
The EU Task Force
A proposal for an economic plan
Send machinery & equipment instead of money?
Recognizing reality when dealing with debt
Letter to the Finance Minister
Letters to the Prime Minister 

Critique of Greece's handling of the crisis
Appeal to Greek brainpower
Don't leave the planning up to 11-year old's
The myth of Greece's being a victim of Germany
We don't know where we are going
Reality checks for Greece

Critique of EUs handling of the crisis
A Nueremberg Trial for EU-elites
How not to manage sovereign debt problems
A perversion of banking
A minority view on the Greek problem 
Target-2 - how to waste tax payers' money  

Position on haircuts
Why no haircut for Greece - 1
Why no haircut for Greece - 2
Why no haircut for Greece - 3
A haircut is not a write-down 

Position on rescheduling
Time for a Fresh Start
Debt Rescheduling - the most natural thing in the world
Clarifications on debt reschedulings and default
Definitions of default, bankruptcy, etc.
Default might be good news
There is no water in a dried-out well 

Position on current account balances
The importance of current account balances - 1
The importance of current account balances - 2
Greece's current account and foreign debt
The EUs mis-diagnosis of the problem 
Warren Buffett on current accounts  

On foreign investment
Importance of foreign investment - 1
Importance of foreign investment - 2
Honest help versus fake help 

Speech to young Greeks
A tale about Greece's foreign debt
Greece and Chile
Greece and Argentina
Greece and the US
Is Mr. Papandreou a Margaret Thatcher?
Unorthodox approach to tax evasion

Posts in German


  1. this will be very helpful for newcomers like I am, thank you!

  2. Brilliant, Klaus.

    A good weekend's reading for me. You do have a search box (which I have used from time to time) but this is much, much better.

  3. A lot of material here - food for thought!

  4. Much of this analysis, which is very impressive, is focused on microeconomic issues. While these are obviously important, I think it is also important to recognise the macroeconomic constraints that the Eurozone places on its member countries. More than 20 years ago the situation that has arisen in Greece was predicted. If Greece had never joined the Eurozone this situation would have occurred in another country. When Greece leaves it will occur in another country. There is a fata flaw at the very heart of the Eurozone design which dooms it to failure. The essence of the problem is that any current account imbalances will do great damage to deficit countries since there are no automatic adjustment mechanisms. The country will enter an irreversible decline culminating in impoverishment and depopulation. Clearly the Eurozone needs to be redesigned to prevent this recurring. The options include a central fiscal authority, rigorous enforced rebalancing of the current account with surplus countries being required to adjust, or a breakup into groups that are prepared to submit to these options.

  5. Dear Mr. Kastner,
    very interesting posts and thoughts i have to say.

    Have a nice day sir.

  6. Thx for this roundup. Very helpful for getting up-to-date with your views. Much food for thought!

  7. There is a lot of material here for someone to read. It would be helpful (as I think) if you could add dates next to the article headers.