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On wage growth in US and Japan and China’s shadow lending
I had four big topics in today’s links: Japan, China, Ukraine and Spain. I want to concentrate here on the two Asian countries over the European ones. The wage issue in Japan is an important one because it informs the policy choices in the…
On the recovery in Europe’s periphery and loss socialization
It’s not fashionable to be optimistic about Europe. But I have been a Europe bull since last April when we moved from the front-loaded austerity paradigm to a backloaded paradigm. And beginning in June 2013, I saw the data moving in that…
More on the failure of Abenomics
My contention has been that the first two arrows of Abenomics gave the Japanese economy a short window to bring the Japanese labour market back to full employment, re-ignite wage gains, and institute structural reforms. In my view, Abe has…
Economic and market themes: 2014-03-07
Themes for today:
The US faces political constraints in a cyclical downturn that will limit government response
The US private surplus is under assault
Europe is improving and upgrades to bank stocks are bullish
The Fed tends to…