4. Tim Duy on inflation in Greece, but sorry falling inflation of a few scant percentage points doesn’t do the trick, nor does the 1% deflation which finally arrives at the end of the energy-subtracted series. For a simple point of comparison, the rate of U.S. price deflation in 1932 was greater than ten percent with overall deflation running at about twenty-five percent over a period of a few years. More recently, Japan had nine straight years of core CPI deflation and Greece cannot even manage anything close to that. Just what is the Greek Phillips Curve supposed to look like?
7. Fake economist fools Portugal (for a while).