Macroeconomic Monitor
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Otto von Bismarck

The bankruptcy of the welfare state

The effects of the disastrous monetary and housing policies pursued by the American government in the early years of the new century became visible around 2008 with the so-called beginning of the financial (later economic) crisis. In law, the economic distortions had long been present, and what we observed after the bursting of the bubble was actually the experience …

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