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Tag Archives: project syndicate
The Fed’s Dollar Distraction
The Fed’s Dollar Distraction In its September policy statement, the US Federal Reserve took into consideration – in a major way – the impact of global economic developments on the United States, and thus on US monetary policy. Indeed, the Fed decided to delay raising interest rates partly because US policymakers expect dollar appreciation, by lowering […]
Ending Blowback Terrorism
Ending Blowback Terrorism NEW YORK – Terrorist attacks on civilians, whether the downing over Sinai of a Russian aircraft killing 224 civilian passengers, the horrific Paris massacre claiming 129 innocent lives, or the tragic bombing in Ankara that killed 102 peace activists, are crimes against humanity. Their perpetrators – in this case, the Islamic State […]
The Commodity Roller Coaster
The Commodity Roller Coaster CAMBRIDGE – The global commodity super-cycle is hardly a new phenomenon. Though the details vary, primary commodity exporters tend to act out the same story, and economic outcomes tend to follow recognizable patterns. But the element of predictability in the path of the commodity-price cycle, like that in the course of […]
The Decline of the West Revisited
The Decline of the West Revisited LONDON – The terrorist slaughter in Paris has once again brought into sharp relief the storm clouds gathering over the twenty-first century, dimming the bright promise for Europe and the West that the fall of communism opened up. Given dangers that seemingly grow by the day, it is worth […]
The Brexit Balance Sheet
The Brexit Balance Sheet Prime Minister David Cameron’s offer to British citizens to hold a referendum on whether to leave the European Union might have seemed like a reasonably safe gamble just a few years ago. Most people then probably would have voted to stay. That was before the Greek crisis created havoc in the […]
The Wrong War For Central Banking
The Wrong War For Central Banking Fixated on inflation targeting in a world without inflation, central banks have lost their way. With benchmark interest rates stuck at the dreaded zero bound, monetary policy has been transformed from an agent of price stability into an engine of financial instability. A new approach is desperately needed. The […]
Schäuble’s Gathering Storm
Schäuble’s Gathering Storm Europe’s crisis is poised to enter its most dangerous phase. After forcing Greece to accept another “extend-and-pretend” bailout agreement, fresh battle lines are being drawn. And, with the refugee influx exposing the damage caused by divergent economic prospects and sky-high youth unemployment in Europe’s periphery, the ramifications are ominous, as recent statements […]
The Trouble With Financial Bubbles
The Trouble With Financial Bubbles Very soon after the magnitude of the 2008 financial crisis became clear, a lively debate began about whether central banks and regulators could – and should – have done more to head it off. The traditional view, notably shared by former US Federal Reserve Chairman Alan Greenspan, is that any […]
The Hidden Debt Burden of Emerging Markets
The Hidden Debt Burden of Emerging Markets As central bankers and finance ministers from around the globe gather for the International Monetary Fund’s annual meetings here in Peru, the emerging world is rife with symptoms of increasing economic vulnerability. Gone are the days when IMF meetings were monopolized by the problems of the advanced economies […]
Debt Déjà Vu
Debt Déjà Vu For two years, financial markets have repeated the same error – predicting that US interest rates will rise within about six months, only to see the horizon recede. This serial misjudgment is the result not of unforeseeable events, but of a failure to grasp the strength and global nature of the deflationary […]
The Middle East Meltdown and Global Risk
The Middle East Meltdown and Global Risk Among today’s geopolitical risks, none is greater than the long arc of instability stretching from the Maghreb to the Afghanistan-Pakistan border. With the Arab Spring an increasingly distant memory, the instability along this arc is deepening. Indeed, of the three initial Arab Spring countries, Libya has become a […]
The Trans-Pacific Free-Trade Charade
The Trans-Pacific Free-Trade Charade As negotiators and ministers from the United States and 11 other Pacific Rim countries meet in Atlanta in an effort to finalize the details of the sweeping new Trans-Pacific Partnership (TPP), some sober analysis is warranted. The biggest regional trade and investment agreement in history is not what it seems. You will hear […]
Leaving Our Children Nothing
Leaving Our Children Nothing Our generation has a unique opportunity. If we set our minds to it, we could be the first in human history to leave our children nothing: no greenhouse-gas emissions, no poverty, and no biodiversity loss. That is the course that world leaders set when they met at the United Nations in […]
Fraud, Fools, and Financial Markets
Fraud, Fools, and Financial Markets Adam Smith famously wrote of the “invisible hand,” by which individuals’ pursuit of self-interest in free, competitive markets advances the interest of society as a whole. And Smith was right: Free markets have generated unprecedented prosperity for individuals and societies alike. But, because we can be manipulated or deceived or […]
The Changing Climate on Climate Change
The Changing Climate on Climate Change In the early 1990s, when I was Prime Minister of Norway, I once found myself debating sustainable development with an opposition leader who insisted that I tell him the government’s single most important priority in that field. Frustrated, I replied that what he was asking was impossible to answer. […]
