{"id":34440,"date":"2018-05-22T06:49:25","date_gmt":"2018-05-22T11:49:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34440"},"modified":"2018-05-22T06:49:25","modified_gmt":"2018-05-22T11:49:25","slug":"may-day","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34440","title":{"rendered":"MAY DAY"},"content":{"rendered":"<header class=\"wrapper entry-header page-header\">\n<div class=\"title-with-sep single-title\">\n<h3 class=\"entry-title\"><a href=\"https:\/\/www.cobdencentre.org\/2018\/05\/may-day\/\">MAY DAY<\/a><\/h3>\n<\/div>\n<\/header>\n<div class=\"wrapper\">\n<div class=\"grids\">\n<div class=\"grid-8 column-1\">\n<div class=\"single-box clearfix entry-content\">\n<p>\u201cJapan was the dress rehearsal; the rest of the world will be the main event.\u201d<\/p>\n<ul>\n<li>Investor in Japanese stocks, known to this correspondent, circa 2001.<\/li>\n<\/ul>\n<p>\u201cTwitter has taught me a couple of things. 1: there are some incredibly brilliant people in the world. 2: they are vastly outnumbered.\u201d<\/p>\n<ul>\n<li>Tweet by @jrsalzman.<\/li>\n<\/ul>\n<p><strong>There are weeks <\/strong>when decades happen, and this past week feels like one of them. While US inflation expectations touched a four-year high and 10-year US Treasury yields reached seven-year highs, the voters of Italy \u2013 or rather its anti-establishment Five Star Movement and its far-right League \u2013 delivered a <a href=\"http:\/\/www.bbc.co.uk\/news\/world-europe-44136218\">resounding raspberry<\/a> to the EU and any lingering hopes for faster and smoother European integration. Two years ago, in this commentary, we were conveying our relief that the UK had finally elected to sever its political ties with a failing totalitarian socialist economic bloc. Now, displaying \u2013 if possible \u2013 even more political incoherence, the Italians are having a go. You can see below, courtesy of the <em>Daily Telegraph<\/em>, why they might have a point:<\/p>\n<p id=\"hJtrkwK\"><img decoding=\"async\" class=\"alignnone size-full wp-image-22398 \" src=\"http:\/\/www.cobdencentre.org\/wp-content\/uploads\/2018\/05\/img_5b027cca17fe2.png\" sizes=\"(max-width: 511px) 100vw, 511px\" srcset=\"https:\/\/www.cobdencentre.org\/wp-content\/uploads\/2018\/05\/img_5b027cca17fe2.png 511w, https:\/\/www.cobdencentre.org\/wp-content\/uploads\/2018\/05\/img_5b027cca17fe2-300x179.png 300w, https:\/\/www.cobdencentre.org\/wp-content\/uploads\/2018\/05\/img_5b027cca17fe2-330x197.png 330w\" alt=\"\" \/><\/p>\n<p>What follows is what we wrote in the giddy days of June 2016:<\/p>\n<p>The euro zone is a latter-day gold standard. Because its member countries have no control over their own monetary policy, they must accept a one-size-fits-all model. But what is appropriate today for an economy like Germany\u2019s is unlikely to be appropriate for an economy like that of Greece. (Which should never have been allowed to join in the first place \u2013 but then institutionalised corruption is another of the euro zone\u2019s fatal flaws. Are the EU\u2019s accounts and payments \u201cfree from material error\u201d ? On this basis they haven\u2019t been signed off by the EU\u2019s own Court of Auditors for over 20 years.)<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>MAY DAY \u201cJapan was the dress rehearsal; the rest of the world will be the main event.\u201d Investor in Japanese stocks, known to this correspondent, circa 2001. \u201cTwitter has taught me a couple of things. 1: there are some incredibly brilliant people in the world. 2: they are vastly outnumbered.\u201d Tweet by @jrsalzman. There are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[7380,280,281,284,1464,9480,2080],"class_list":["post-34440","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cobden-centre","tag-euro","tag-europe","tag-european-union","tag-italy","tag-tim-price","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34440"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34440\/revisions"}],"predecessor-version":[{"id":34441,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34440\/revisions\/34441"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}