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On the blogs

Debt Is Money We Owe To Ourselves -- Paul Krugman gets debt right, and uses the example of the UK discussed here before. And yes he is right: "the problems with public debt are also mainly about possible instability rather than 'borrowing from our children'." I would add particularly when it's in foreign currency, like in Greece.

Talking about Yanis on the BBC -- Steve Keen on Yanis Varoufakis and the Greek crisis.

Beyond the headlines -- David Ruccio on why the 257,000 new jobs in January announced yesterday by the BLS are not as good as you might think. Similar to the discussion by Dean Baker here and myself here on the recent GDP news.

Bracing for another storm in emerging markets -- Kevin Gallagher thinks the Chinese slowdown will bring commodity prices down, and coupled with higher interest rates in the US spells doom for developing countries. I'm less sanguine about that scenario. But we'll see soon enough.

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