Politics

The following is the text of a James K. Galbraith’s written statement to members of the Senate Judiciary Committee delivered this May. Original text is here. Chairman Specter, Ranking Member Graham, Members of the Subcommittee, as a…

The yen is drifting lower in the North American morning.  If at first in response to the resignation of Prime Minister Hatoyama the yen was sold on political uncertainty, it may be being sold because of uncertainty appears to be…

The Spanish government passed its proposed austerity budget by just one vote earlier today. Failure to get the vote would have toppled the government and led to serious panic. We should definitely turn our attention to Spain now. It's not…

As noted in the daily, Eurogroup head and Lux Prime Minister Jean-Claude Juncker has played down need to intervene in the foreign exchange market, saying there was no need to defend the euro.  Yet in the same interview, he claimed that…

Obviously, the FT's Martin Wolf has been listening to the same preacher I have because he is singing my song.  In today's FT he writes about the recent Beggar-my-neighbour eurozone policy and how the policy response in Europe has…

Subscribe to Our News Feed If you would like to receive our links in real-time please follow me at @edwardnh. Must reads How P&G Plunge Derailed One Investor | TheStreet.com Congress blocks indiscriminate IMF aid for…

The design flaw at the heart of the euro zone has become manifest to a variety of market observers, practitioners, economists and journalists.  A fiscal/monetary half-way house divided cannot stand.  That seems to be clear. So…

Subscribe to Our News Feed If you would like to receive our links in real-time please follow me at @edwardnh. Must Reads Gordon Gekko is back at Cannes and he's brought the 1980s with him | Film | The Guardian FT Alphaville…

Just when you thought the EU had things under control with their $1 trillion shock and awe rescue package, the first signs of doubt appear.  The doubting Thomas is none other than Swiss-born Deutsche Bank head Josef Ackermann who…

As we are about move into the fourth day of the week where EU policy makers together with the IMF and the ECB launched an unprecedented series of aid tools to combat the mounting risk of a collapse in Greece and elsewhere in the European…