EU: The truth at last. posted by Richard Seymour

If I were Chinese I'd be laughing all the way to the bank. After the European centuries, from about 1500 to 1945, and the American century, from 1945 until some time in the first half of this one, the Asian century dawns on the horizon. As Tom Friedman of the New York Times acidly observes, while Europe is trying to achieve the 35-hour week, India is inventing the 35-hour day. Whatever our "knowledge-based" advantage, no economy can compete successfully on such terms. Things must change, if they are to remain the same. [Emphasis added]