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Congrats. Now did you think it would have such an effect when you wrote it or is this a sweet surprise?

I figured it would find an audience, but I did not expect the degree to which it struck a chord. That's especially so given that it was written pretty quickly and not especially carefully.

One remark!There is no more serbo-croatian language.This link is actually serbian.

Thanks Tomislav, corrected.

(Ooops, sorry, that was me above - let me try again...)

One could say - correctly - that there was NEVER a Serbo-Croatian language. Just an artificial government invention... :)

Congratulations, Steve!! That's really fantastic. And what a great article to spread around the internet. Thank you for writing it!

I thought Vuk Karadjic had a hand in inventing, as it were, Serbo-Croatian. When I did post-doc research for months in Croatia and travelling over to Beograd so often, I eventually learned the differences between Croatian and Serbian, and tried to aknowledge them in my conversations.

You know that the Croats would often say Croatia-Serbian as a joke?e

That's CroatiO-Serbian.

If Serbian is a different language, then so is Southern in the U.S.

Hleb vs. Kruh, for example. The Serbs and Croats feel there's enough differences in language, culture, history and so on to plunder each other in civil war. Now with the language differences in the North and South U.S., as well as historical and cultural differences, they hadn't plundered one another over it. Err... they had. Which makes your statement more likely to be true.

Thanks, prof, your letter is really heuristic to me. I am a chinese reader. It is ridiculous to find that almost all chinese economists support the bailout. Some even more enthusiastic than Americans as if they were American patriots.

You might be interested in this post on the Naked Capitalism Blog:

"The first casualty of the crisis: Iceland:"
http://www.nakedcapitalism.com/2008/11/first-casualty-of-crisis-iceland.html

It seems to me to prove one thing: yes, markets fail -- but governments fail more, and bigger.

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