Where is this austerity that everyone keeps talking about?

I do not have a lot of  time to write these days so this means that it is more homework for you. 

This is Europe!

I will comment a bit later. For now, take a look at the table below.

Raghu Rajan’s solution to European debt crisis

Very good piece by professor Raghu Rajan in FT about how Europe’s bail-outs costs should be shared. I do not agree with everything but I think it offers a better alternative to the European problem than most solutions presented to us so far.  Here are some very good points from his article (my highlights):

Why S&P could be right and european politicians totally wrong

I know rating agencies have done a terrible job at assessing the banking sector health up to 2007. And this is a big  faux pas  on their part if I may say so. However, it is time we should start paying attention to what they are saying.

Maybe you can help

Since the begging of this crisis I have been dealing with some questions. The main question I am asking myself is: why is capitalism abandoning its main characteristic? I am talking of course about bankruptcy.