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Editorial: All right, Paul?

Bronwen Maddox introduces the July issue.

By Bronwen Maddox   July 2012

Krugman makes his case most easily for the US, arguing that abrupt cuts in public spending, particularly by state governments, worsened a fall in demand. Indeed, C. Randall Henning, on California’s lessons for the eurozone, reminds the EU that Washington offers the states no bailout if they go broke. Henning is right too that Europe needs a pact to support its banks. It beggars belief that Brussels waited for the Spanish banking crisis to consider this, four years after Iceland spectacularly showed that taxpayers of a tiny country cannot insure the…

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