The sadistic von Pepe sends me this Tyler Cowen post:
NGDP in Cyprus
It seems to be falling:
Luscious strawberries – €3.50 a box on Monday – are now €1.45. The prices of other perishables have also plummeted. “People are buying only what they needed.”
No one knows how telephone, water and electricity bills paid monthly on instructions to banks will be settled. No one knows when and if they will be paid their salaries.
In related news, my 8-year-old asked me if we could watch YouTube videos about the formation of black holes. Did you know that when two neutron stars merge, NGDP is precisely zero? Think about it.