I have always said (well, in my later life) that economics is a game. My simple-minded observation seems to be confirmed by some smart guys.
The mathematical equation for that sentence would be
smart professors + slight grasp of the obvious = correct assessment
In my worthless opinion, the only way to solve the world’s current economic dilemmas (there is more than one, you know) is to wipe the slate clean and start again. Unfortunately, that would require major revolutions, financial collapse, and a world war. Which I am not advocation or hoping will happen. We will just have to muddle through, with the rich becoming richer and the poor living in boxes under bridges.
For all it's worth, I will make a prediction about the economic future of Germany. This has nothing...or very little...to do with the current Euro crisis people keep talking up.
I heard for an informed source that equity funds are being built in the US to take advantage of favorable exchange rates and to buy up companies in Europe. Solid German companies will become targets to lucrative offers, because they are healthy and produce profits. Of course, this will be the death nell for the healthy German economy, because these sharks will strip assets, move company registration to a more-favorable tax address, and squeeze labor unions. Life will be wrung from successful businesses in a a successful country to enrich greedy financiers in a country where they are coddled by politicians.
Does that sound like a communist rant? It is not. It is merely a plea for fairness and equal treatment, which is they way things seemed in the country in which I grew up. That was a time when a strong middle class was the backbone of the nation, as it is a several European countries. Of course, there were greedy people, but they did not rule the roost.
I passed a newsstand earlier and spotted a headline screaming indignation about Greeks hiding billions in Swiss banks, while demanding other countries (mainly Germany) to bail out their economy.
When are people going to learn that economics is a game?
The object of the economic game is to be as greedy as possible and to acquire maximum wealth to the detriment of all other players. Whether nation, corporation, or individual, each seeks to exploit weaknesses of others and only advantages for themselves.