October 28th, 2014
in Op Ed
Since 1990, GDP per person in China has doubled and then redoubled. With average incomes multiplying fourfold in little more than two decades, one might expect many of the Chinese people to be dancing in the streets. Yet, when asked about their satisfaction with life, they are, if anything, less satisfied than in 1990.
There’s growing pressure on Germany to spend more to support Europe – and for good reason. But it’s proving to be a hard sell to the country’s leaders.
Germany’s budget is balanced and the government insists that its current policy stance is the best it can do – for itself, the eurozone and the world at large. The government’s mantra is that a balanced budget inspires confidence, which in turn propels growth. That’s not actually happening of course, as is plainly visible for anyone to see, yet the ongoing stagnation and sense of crisis felt across the eurozone have only encouraged the German government to repeat its flawed logic.
by Richard Duncan, Daily Reckoning
In November 2002, Fed Governor Ben Bernanke introduced the concept of Quantitative Easing to the world. In a speech entitled "Deflation: Making Sure It Doesn't Happen Here", he explained that the Fed could prevent deflation from taking hold in the United States by creating money and using it to acquire government and agency (i.e. Fannie Mae and Freddie Mac) bonds. He proclaimed that this "unorthodox monetary policy" would be particularly efficacious if carried out in combination with an expansionary fiscal policy.
October 26th, 2014
in Op Ed
October 25th, 2014
in Op Ed
Laura Poitras’s much-anticipated Citizenfour is now on general release. A documentary about the whistleblower Edward Snowden, the film provides an admirable summary of the issues raised by the beginnings of what might be called the “Snowden era,” when the extraordinary revelations of mass surveillance were brought to light.