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Athens, 8 June 2012

LOSING IN ORDER TO WIN

To understand European finance these days, there seems no point in studying dusty old economic textbooks like Lipsey or Samuelson. What you need to do is to study magic – particularly the conjuring trick that produces rabbits out of hats. You know the shtick. First the hat is empty, then it houses a rabbit. How come?

Take money, for instance. In the old days, you had to earn your bread by the sweat of your brow, as the Bible says (mind you, my Biblical exegesis is a bit dusty now, too, so don’t quote me on that). Actually, most of us still have to do just that: knuckle down on Monday morning – doncha love ‘em…

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