<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><span></span></div><div><br></div> <div style="font-size: 12pt; font-family: 'times new roman', 'new york', times, serif; "> <div style="font-size: 12pt; font-family: 'times new roman', 'new york', times, serif; "> <div dir="ltr"> <font size="2" face="Arial"> ----- Forwarded Message -----<br> <b><span style="font-weight:bold;">From:</span></b> Institute for New Economic Thinking <Institute_for_New_Economic_Think@mail.vresp.com><br> <b><span style="font-weight: bold;">To:</span></b> dharao4@yahoo.co.uk <br> <b><span style="font-weight: bold;">Sent:</span></b> Friday, 23 March 2012, 2:07<br> <b><span style="font-weight: bold;">Subject:</span></b> Erik Berglöf - Crisis in Eastern Europe: The People's Perspective<br> </font> </div> <br><div id="yiv867320569">
<title>Erik Berglöf - Crisis in Eastern Europe: The People's Perspective</title>
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Hi Robert Searle,
<br><br>Today INET presents you an interview with Erik Berglöf, who talks about the crisis as felt by the people in Eastern Europe.<div><br></div></div>
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Erik Berglöf - Crisis in Eastern Europe: The People's Perspective</h3>
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<a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/ef1cfb8a74/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective"><img align="left" hspace="12" vspace="7" src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/eaef07194b/28bb350d45/library/berglof-erik-600px.jpg" alt="berglof-erik-600px" title="berglof-erik-600px" border="0" width="271" height="153" style="width:271px;height:153px;"></a><div>The global economic and financial crisis hit Eastern Europe harder than anywhere in the world. The region was shut off from global financial flows essentially overnight and some Eastern European countries lost a staggering 20% of GDP in one year. What does such a large loss in economic output do to the average household? The latest Transition Report of the
European Bank for Reconstruction and Development (EBRD) provides some worrying answers.</div><div><br></div><div>As Erik Berglöf explains in this INET interview, the crisis in combination with loose social safety nets forced people in Eastern Europe to cut down on food expenses and limit visits to doctors. The report, entitled “Crisis in Transition: The People's Perspective,” contains more than numbers on economic and social conditions; the report is also informed by over 38,000 interviews that tell us how people in Eastern Europe think about the world. And what is striking, Berglöf says, is that while support for markets and democracy survived the crisis, people are dissatisfied with the state of healthcare and education systems. This and more in the INET interview with Erik Berglöf.</div><div><br></div><div>Berglöf is the EBRD’s Chief Economist and a member of the INET Governing Board.</div><br><a rel="nofollow" target="_blank"
href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/2a706a860f/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link to video&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective" id="yiv867320569">Link to video</a><div><br></div></div>
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<img style="width:55px;height:55px;" src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/eaef07194b/e2409f4c7c/library/team-enno.JPG" alt="team-enno" title="team-enno" align="right" height="55" hspace="7" border="0" vspace="0" width="55">Kind regards,<br>Enno Schröder<br>Manager INET Online<br></div>
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History of Economics Playground</h3>
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<img style="width:160px;height:90px;" src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/eaef07194b/5a8b28f621/library/playground-thumbnail-300px%205.JPG" alt="playground-thumbnail-300px" title="playground-thumbnail-300px" align="right" height="90" hspace="7" border="0" vspace="7" width="160"><br><br><br><a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/aa098b0c14/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=UK Budget Appeals to Adam Smith's Approach to Taxes%2E%2E%2E Sort of&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective">UK Budget Appeals to Adam Smith's Approach to Taxes... Sort of</a><div><font size="1">by Benjamin Mitra-Kahn</font></div><div>Yesterday the Chancellor of the Exchequer (or UK 'finance minister') gave his annual budget speech where UK fiscal policy is set for the
coming years. In announcing his tax changes he name-dropped Adam Smith as the inspiration for his objectives on tax...</div><div><br></div><div><div><a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/e98001647b/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=The Dynamics of the Chicago %2F MIT Dispute %28in the Archives%29&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective">The Dynamics of the Chicago / MIT Dispute (in the Archives)</a></div><div><font size="1">by Yann Giraud</font></div></div><div>In his notorious "How Did Economists Get It So Wrong" NYT article in 2009, Paul Krugman relied on the freshwater/saltwater distinction to explain that the economists' inability to predict and solve the current economics crisis was due to the fact that MIT/Harvard economics lost their long dispute against their
Chicagoan counterparts. ...</div></div>
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Alexander Field: A Great Leap Forward - Productivity Growth During the Great Depression</h3>
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<a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/969767163e/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective"><img align="left" hspace="7" vspace="7" src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/eaef07194b/5c5b74cddc/library/field-600px.jpg" alt="field-600px" title="field-600px" border="0" width="160" height="90" style="width:160px;height:90px;"></a><div>Alexander Field offers a new take on postwar prosperity in the United States. While public spending during the Second World War is often credited with laying the foundation for postwar growth, Field suggests this foundation had long been laid. In this INET interview with Rob Johnson he says productive capacity increased tremendously in the years preceding the war, and that fact – not
the war spending – provided the basis for prosperity and productivity improvements in the 1950s and 1960s.</div><a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/91d1121921/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link to video&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective"><br>Link to video</a></div>
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The Money View</h3>
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<img style="width:160px;height:90px;" src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/eaef07194b/cc4820269a/library/money-view-thumbnail-300px%202.jpg" alt="money-view-thumbnail-300px" title="money-view-thumbnail-300px" align="right" height="90" hspace="7" border="0" vspace="7" width="160"><div><a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/9219c0f4db/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Eurocrisis Redux&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective">Eurocrisis Redux</a></div><div><font size="1">by Perry G. Mehrling</font></div><div>The recent BIS Quarterly Review article "European Bank Funding and Deleveraging" takes a stab at connecting all the dots in the Eurocrisis. It is only 12 pages, but with 8 (triple) graphs, there is a lot here to digest. Let's take
a stab. ...</div><div><br></div><div><a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/83a1bb37cc/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Liquidity%3A Not Like Water %28part 1 of many%29&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective">Liquidity: Not Like Water (part 1 of many)</a></div><div><font size="1">by Daniel H. Neilson</font></div><div>Discussion of the results of the ECB's LTRO2 has revolved around the question of hoarding, specifically whether banks are using the newly-created reserves to fund new lending. Answers to this question usually make reference to the amount of overnight deposits held by eurozone banks at the ECB. ...</div></div>
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Dirk Bezemer - Growth and Crisis: The Two Faces of Credit</h3>
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<a rel="nofollow" target="_blank" href="http://cts.vresp.com/c/?InstituteforNewEcono/eaef07194b/4a6f2ba2fa/25232c1241/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Erik Bergl%C3%B6f - Crisis in Eastern Europe%3A The People's Perspective"><img align="left" hspace="7" vspace="7" src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/eaef07194b/5573334ce7/library/0.jpg" alt="bezemer" title="bezemer" border="0" width="160" height="107" style="width:160px;height:107px;"></a>At least since Joseph Schumpeter we know that credit is good for economic growth. At least since 2007 we know that too much credit foreshadows financial turmoil. Inspired by Keynes and Minsky, Dirk Bezemer pieces together a cross-country data set of credit and debt, investigating whether the two faces of credit are different for different forms of credit. And using agent-based modeling, he strives to
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