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These accounts are certainly not perfect. For example, at the world level, the net financial position is negative overall, which is logically impossible unless we assume that on average we’re owned by the planet Mars. More likely, this contradiction suggests that a nonnegligible share of financial …

It needs to be said clearly: letting countries that grew rich thanks to intra-European trade siphon off their neighbors’ tax base has absolutely nothing to do with free markets. It’s called theft. And lending money to people who’ve stolen from us without asking anything in return so as to ensure it…