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  • •

    One Currency Doesn’t Require “One Europe”

     The creation of the euro was either the greatest historic achievement of the last century—or its worst delusion. Not to be glib, but the answer is both: The euro represents a magnificent step toward fulfilling money’s highest purposes—to serve as a medium of exchange, a unit of account, and a store of value—but it’s also…

  • •

    “China’s Hidden Debt Risks 2012 Crisis”

    “By Shih’s count, China’s debt may reach 39.838 trillion yuan ($5.8 trillion) next year. His forecast for debt-to-GDP compares with an International Monetary Fund estimate for China of 22 percent this year, which excludes local-government liabilities. The IMF sees Spain at 69.6 percent, the U.S. at 94 percent, Greece at 115 percent and Japan at…

  • •

    Why No Tea Parties in Europe?

    “I’ve been doing a little reading this morning about the Greek crisis and related problems in Europe. One take, and it makes sense to me, is that many European countries have such low fertility rates that even with some degree of immigration, they simply will not have the future population levels necessary to pay for…

  • •

    “Four Biggest Greek Banks Downgraded”

    “Fitch Ratings, citing concerns about Greek banks’ funding costs and profitability, downgraded the country’s four major banks to triple-B, or two notches above “junk” status. Fitch characterized its outlook for Greek banks as ‘negative’… The cost of funding for the four banks in question—National Bank of Greece, Alpha Bank, Efg Eurobank Ergasias and Piraeus Bank—has…

  • •

    “Japan’s Central Banker Rejects Setting Inflation Target”

    “Inflation targeting has become a favored policy among many central banks world-wide, but the BOJ has resisted it, fearing Japan’s strong downward bias in prices would prevent the bank from ever raising interest rates. Instead it has relied on a softer price guidance in determining policy. The bank uses a range between 0% and 2%…

  • •

    “U.S. Expected to Press China on Yuan”

    “The mounting political tension between U.S. and China is poised to take on a more pronounced economic component—with Washington, in coming months, expected to press China over what officials see as an undervalued yuan. This week, China is facing off with the U.S. over President Barack Obama’s planned meeting Thursday with the Dalai Lama, who…

  • •

    “Stagflation Comes to the U.K.”

    “Inflation in the U.K. hit 3.5% annually in January, a level that required central banker Mervyn King to write a letter of explanation to the Treasury. Mr. King lays the blame for the price uptick largely at the feet of idiosyncratic factors. These include the Jan. 1 increase in the VAT rate to 17.5% from…

  • •

    “The United States: Debtor and Leader?”

    “China sees a clear link between America’s ability to stand up for human rights and its economic interests—and Beijing isn’t afraid to exploit it. Mr. Weiqun was bluntly reminding the U.S. to take a close look at its balance sheet before indulging in any displays of moral support for an exiled Buddhist monk deemed a…

  • •

    “Argentina Seizes the Central Bank”

    “After a month of wrangling, Argentine President Cristina Kirchner succeeded in sacking central bank President Martin Redrado last week. In his place she named Mercedes Marcó del Pont, a Yale-trained economist who has expressed the view that central bank autonomy ought to be limited.” Read more. “Argentina Seizes the Central Bank” Mary Anastasia O’Grady The…

  • •

    “China Cools Lending Pace”

    “China hopes cooling the pace of lending will keep its economy growing without creating inflation and overheating.” See the CNN video here. “China Cools Lending Pace” CNN, January 25, 2010.

  • •

    One Currency Doesn’t Require “One Europe”

     The creation of the euro was either the greatest historic achievement of the last century—or its worst delusion. Not to be glib, but the answer is both: The euro represents a magnificent step toward fulfilling money’s highest purposes—to serve as a medium of exchange, a unit of account, and a store of value—but it’s also…

  • •

    “China’s Hidden Debt Risks 2012 Crisis”

    “By Shih’s count, China’s debt may reach 39.838 trillion yuan ($5.8 trillion) next year. His forecast for debt-to-GDP compares with an International Monetary Fund estimate for China of 22 percent this year, which excludes local-government liabilities. The IMF sees Spain at 69.6 percent, the U.S. at 94 percent, Greece at 115 percent and Japan at…

  • •

    Why No Tea Parties in Europe?

    “I’ve been doing a little reading this morning about the Greek crisis and related problems in Europe. One take, and it makes sense to me, is that many European countries have such low fertility rates that even with some degree of immigration, they simply will not have the future population levels necessary to pay for…

  • •

    “Four Biggest Greek Banks Downgraded”

    “Fitch Ratings, citing concerns about Greek banks’ funding costs and profitability, downgraded the country’s four major banks to triple-B, or two notches above “junk” status. Fitch characterized its outlook for Greek banks as ‘negative’… The cost of funding for the four banks in question—National Bank of Greece, Alpha Bank, Efg Eurobank Ergasias and Piraeus Bank—has…

  • •

    “Japan’s Central Banker Rejects Setting Inflation Target”

    “Inflation targeting has become a favored policy among many central banks world-wide, but the BOJ has resisted it, fearing Japan’s strong downward bias in prices would prevent the bank from ever raising interest rates. Instead it has relied on a softer price guidance in determining policy. The bank uses a range between 0% and 2%…

  • •

    “U.S. Expected to Press China on Yuan”

    “The mounting political tension between U.S. and China is poised to take on a more pronounced economic component—with Washington, in coming months, expected to press China over what officials see as an undervalued yuan. This week, China is facing off with the U.S. over President Barack Obama’s planned meeting Thursday with the Dalai Lama, who…

  • •

    “Stagflation Comes to the U.K.”

    “Inflation in the U.K. hit 3.5% annually in January, a level that required central banker Mervyn King to write a letter of explanation to the Treasury. Mr. King lays the blame for the price uptick largely at the feet of idiosyncratic factors. These include the Jan. 1 increase in the VAT rate to 17.5% from…

  • •

    “The United States: Debtor and Leader?”

    “China sees a clear link between America’s ability to stand up for human rights and its economic interests—and Beijing isn’t afraid to exploit it. Mr. Weiqun was bluntly reminding the U.S. to take a close look at its balance sheet before indulging in any displays of moral support for an exiled Buddhist monk deemed a…

  • •

    “Argentina Seizes the Central Bank”

    “After a month of wrangling, Argentine President Cristina Kirchner succeeded in sacking central bank President Martin Redrado last week. In his place she named Mercedes Marcó del Pont, a Yale-trained economist who has expressed the view that central bank autonomy ought to be limited.” Read more. “Argentina Seizes the Central Bank” Mary Anastasia O’Grady The…

  • •

    “China Cools Lending Pace”

    “China hopes cooling the pace of lending will keep its economy growing without creating inflation and overheating.” See the CNN video here. “China Cools Lending Pace” CNN, January 25, 2010.