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By
Ezra Klein
|
May 27, 2009; 5:00 PM ET
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Posted by: bdballard | May 27, 2009 5:28 PM | Report abuse
That FT article seems to be tripping over the difference between intra-regional and extra-regional exports.
It blares that "Europe" suffers from chronically weak domestic demand. It points out that Germany's large export surplus is primarily from trade with the rest of the EU. And it blames that collapse of demand in Western, Central and Eastern Europe for the collapse in export demand.
How can the "main problem" be that domestic demand in Europe is chronically weak and at the exact same time a main factor for the recession is the collapse of demand from its previous high levels ... if demand had been chronically weak, there would have been no unsustainable high level for it to collapse from.
Posted by: BruceMcF | May 28, 2009 2:21 PM | Report abuse
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Man, first I'm reading EK at the WaPost, then I'm reading Dahlia Lithwick at Newsweek -- what's going on? Everybody's movin' on up! At least Lithwick has a blank bio page.