The AP reports on the plight of the Euro:
“PARIS (AP) — Just three years ago, the euro was being praised as the can-do currency that had delivered unprecedented prosperity in Europe.
Now, it’s widely derided as a hugely flawed experiment in the wake of a debt crisis that’s threatening its very existence — an uncomfortable backdrop as the currency’s notes and coins hit their first decade in circulation on Jan. 1.”
The economy is too complicated to predict and control.
Xmas present I didn’t get but wish I would have: for economists to stop trying to be scientists and predict the future. You can’t do it. In trying to do it you make all sorts of things (like policy) worse.