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Browsing Category
Political Economy
Rosenberg: U.S. unemployment rate headed for 12.0-13.0%
David Rosenberg thinks the unemployment rate is headed much higher than anyone anticipates. If you recall, back in January when the stimulus package was crafted, the Obama Administration felt that passing the bill would mean an…
If the Fed is looking to inflate away problems, what should Asia do?
Andy Xie thinks the Fed is on an inflationary path. Last month, he wrote an article in Caijing which says that ‘stagflation lite’ is the Federal Reserve’s preferred outcome. What’s interesting is his recent article about the need for…
The politics of economics
In the wake of a few significant elections in the American states of New York, New Jersey and Virginia, a lot of pundits are putting their spin on what these elections mean for Barack Obama and his political agenda. On the whole, I find…
Rick Bookstaber to join SEC
For those of us interested in seeing more robust and knowledgeable regulators in government service, the recent news that Rick Bookstaber is joining the SEC is quite welcome. While I disagree vigorously with much of recent economic policy,…
‘Buy American horror stories’ in Canada
The Canadian daily National Post has a good piece out today that highlights how the ‘Buy American’ provision is being seen in Canada. Many see it as an affront that America could and would favor domestic firms over those of its…
China: we “will take steps to protect the interests of our domestic industries”
China on Friday accused the US of protectionist and biased trade policies less than a week before president Barack Obama’s first visit to Beijing. In a stinging rebuke to Washington, China’s commerce ministry promised to take…
Intent and motive
In my recent post about the capture of the Obama Administration by the financial services lobby, I said it was irrelevant whether they were deliberately looking to line the pockets of the banking industry. This is an important point as you…
The less optimistic view of Treasury’s handling of the crisis
The Obama Administration is captured. To understand why it has acted as it has, one doesn’t have to take the view that its efforts to save the banking industry were a deliberate attempt to line bankers’ pockets by transferring money from…
Economic nationalism and GM’s decision to keep Opel and Vauxhall
I have been reading press accounts of the GM decision to back out of the Opel/Vauxhall sale to the Magna/Sberbank consortium from various countries. There are a lot of different perspectives on this event in the U.S., Belgium, Spain,…
Trouble in Ireland as Fitch cuts debt two notches to AA- and deficits soar
Fitch, the credit rating agency, has just downgraded the sovereign debt ratings for the Republic of Ireland from AA+ to AA-. That is two notches and is proof-positive that the ratings agencies are worried about the hole in Dublin’s…