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Bernanke's views on how the underutilization of labor in todays markets should make inflation less of a threat.
06/11/2009
Remarks by Bernanke to the Open Market Committee of the Fed in 2003, have a relevance to the situation facing the economy today. Rising raw materials prices and the falling dollar are likely to have a muted effect on inflation. The impact of slowing wages and the high unemployment and growing underutilization of labor, in the midst of a manufacturing capacity utilization rate of 68% and continuing to fall, are likely to be the deciding factors.
Linked Articles
Slack Labor Markets Will Hold Down Prices
Wall Street Journal 06/23/2009
Get Ready for Inflation and Higher Interest RatesWall Street Journal 06/11/2009
Obama's Cairo speech on June 4, 2009 to the Muslim world coincides with Moussavi taking on Ahmadinejad for his extremism in Teheran in an election debate.
06/04/2009
Moussavi debated forcefully with Ahmadinejad on Iranian television calling for good sense in relations with the rest of the world and calling Ahmadinnejad an extremist. He called Ahmadinejad's denial of the Holocaust as undermining Iran's dignity, while Obama called it baseless, ignorant and hateful. Something that could only occur in the climate created by Obama's opening of a dialogue with the Muslim world and helping melt old attitudes and perceptions.
Linked Articles
President Obama's Cairo Appeal
Washington Post 06/05/2009
Iran President and Challenger Clash in DebateNew York Times 06/04/2009
S. Korea's second household debt binge in the 15 years since the 1997 financial crisis
05/18/2009
The first period of rising household debt ocurred with the credit card boom when the government promoted consumer spending as a way to stimulate the economy. By 2003 this became a serous problem and the government rescued a credit card issuer in 2003. Household debt is again a major problem in 2012 with the increasing number of companies in financial lending that are not regulated.
Linked Articles
Notes From Another Credit Card Crisis
New York Times 05/18/2009
S. Korea tries to curb mounting debt and avert a crisis - The Washington PostWashington Post 07/09/2012
With American households working down debt of 130% of disposable income a consumer led recovery is unlikely.
04/23/2009
The debt load for American households is close to the total output of the American economy in 2008. The disappearance of easy credit, the rising unemployment, and reduced hours of work, and lower or stagnant wage levels, are serious constraints to consumer spending.
Linked Articles
Economist 04/23/2009
On Borrowed Time: Consumer-Led RecoveryWall Street Journal 06/10/2009
The deeper changes underway in America, as American business and corporate ways of working are themselves changing.
03/29/2009
The ways in which business and companies operate are changing in America as this crisis continues. The social fabric and people and the kinds of lives they live are becoming important in American business view of the country and the world.
Linked Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
How Crisis Shapes the Corporate ModelNew York Times 03/29/2009
Child hunger in India and India's Food Security legislation in August 2013
03/13/2009
Food expert Rieff cites figures showing child malnutrition at over 40% in India for children under the age of 5 in 2009. A World Food Program report says 230 million people in India are hungry each year. India's Food Security legilation has to be seen in this context. Rieff says India is in danger of losing its demographic dividend as a result of child malnutrition. All developing countries can learn from each other and their programs to reduce child malnutrition, improve health care and vaccinations, and introduce healthy food and sanitary practices. Programs are in place in Brazil, Mexico, Indonesia, India, and China.
Linked Articles
As Indian Growth Soars, Child Hunger Persists
New York Times 03/13/2009
India's Lower House Passes Food Bill to Help PoorWall Street Journal 08/26/2013
The shift in management at Toyota to Akio Toyoda and the changing priorities as the market changes.
02/24/2009
What worked for Toyota in the past doesn't work anymore, and rapid expansion by CEO's before Akio Toyoda brings a whole range of problems even before the recall disaster of 2010. The company's narrow Nagoya, Japan, based management world view, with hardly any American representation on its Board, only makes things worse.
Linked Articles
Akio Toyoda - Toyota's plan to repair its public image
Washington Post 02/09/2010
A Scion Drives Toyota Back to BasicsWall Street Journal 02/24/2009
Cornell's Frank points out that savings may be good for America once they are chanelled into investment.
02/15/2009
For this to happen some of the excess household debt from the number 96% of GDP, that household debt in the USA has reached, has to be shaved off. This is happening as Americans are shifting to becoming debt free in their finances. This affects consumption through the paradox of thrift. But says Prof. Frank this is OK, as the government steps in in the meantime to give the boost to the economy, till consumers recover from debt. Future savings can then be channelled into new productive investment for modernization's next phase, just as China and India are doing.
Linked Articles
Imbalance in Nations' Savings Clouds Forecasts for Recovery
Wall Street Journal 03/23/2009
Go Ahead and Save. Let the Government Spend.New York Times 02/15/2009
For a Nobel prize winning economist a sick feeling in the stomach in February 2009.
02/13/2009
Is the US going the way of a train wreck as Japan did from the mid 1990's to 2003 with every set of actions falling short of the task of cleaning up the banking system and economic recovery? Krugman and Japanese experts who tackled the Japanese banking crisis sense something like this is happening in the US.
Linked Articles
New York Times 02/13/2009
In Japan’s Stagnant Decade, Cautionary Tales for AmericaNew York Times 02/13/2009
Details of the Obama Stimulus package that is emerging and the need to create spending that is effective.
01/16/2009
Avoiding wasteful spending and balancing government initiative with efforts to get private investment and initiative through tax cuts and incentives to companies.
Linked Articles
Wall Street Journal 01/16/2009
Government Spending Is No Free LunchWall Street Journal 01/22/2009
Obama looks for a stimulus spending plan that packs the greatest punch for the middle class and unemployment.
01/05/2009
About $300 billion of an estimated $800 billion stimulus spending plan by the Obama administration will be for tax cuts to individuals and businesses. There will be incentives for businesses to make net new hires and make new investments. The idea is to avoid wasteful spending if there is only spending on infrastructure and other spending.
Linked Articles
Obama Eyes $300 Billion Tax Cut
Wall Street Journal 01/05/2009
Government Spending Is No Free LunchWall Street Journal 01/22/2009
Te Capps and the Muirs in Boise, Idaho, and the national savings rate.
01/02/2009
How the Capps and the Muirs, two couples in their thirtes and forties and their families are scrimping and saving like older generations of Americans. The implications of this for the national savings rate which is forecast to reach 10% by Goldman Sachs in 2009. What this means for consumption spending according to Rodriguez, and why the economy may be setting up for a longer downturn approaching ten years.
Linked Articles
Hard-Hit Families Finally Start Saving, Aggravating Nation's Economic Woes
Wall Street Journal 01/06/2009
The Doomsayers Who Got It RightWall Street Journal 01/02/2009
The Obama Stimulus: Looking for ways to get the most punch for the middle class and unemployment.
12/24/2008
Avoiding wasteful spending, including tax cuts, evaluating projects carefully are ways the Obama stimulus is trying to calibrate the plan for ways to help the middle class an unemployment without risks of overborrowing and overspending in wasteful ways.
Linked Articles
Government Spending Is No Free Lunch
Wall Street Journal 01/22/2009
For Stimulus Plan, Obama Team Weighing 'Green' Jobs vs. Traditional ProjectsWashington Post 12/24/2008
The dangers of high unemployment in the American economy.
06/06/2009
WIth job losses of 467,000 in June 2009, Krugman sees a joblosses hole of 8.5 million jobs since the last recession. The 3 1/2 million jobs the stimulus is supposed to create by 2010 end fade in comparison to the scale of job loss that is emerging. With declining earnings, there is the additional prospect of deflation.
Linked Articles
New York Times 07/03/2009
Stuck at Unemployed: When A Layoff Becomes a LifestyleWashington Post 06/06/2009
An Arab view about the need to change old attitudes and perceptions about US and Muslim world differences.
06/03/2009
The need for education in the Muslim and Arab world that helps melt old attitudes and perceptions. This is a large region covering the Arabs in Egypt and North Africa to Muslims in South Asia.
Linked Articles
President Obama's Cairo Appeal
Washington Post 06/05/2009
Education vs. ExtremismWall Street Journal 06/03/2009
How the Americans and Western Europeans are coping with joblessness in 2009.
05/04/2009
The experience in the USA conpared to the experience in Germany and Spain. How social and family safety nets play a part in Europe in helping Spain cope with close to 20% unemployment and Germany with close to 10% unemployment. Role of immigrtants in Spain and the public sector in France in mitigating effects on older workers with steady jobs who remain only slightly affected.
Linked Articles
Spain Largely Avoids Unrest Even as Economy Slumps
Wall Street Journal 05/04/2009
U.S., Europe Are an Ocean Apart on Human Toll of JoblessnessWall Street Journal 05/07/2009
FT's Martin Wolf looks at Simon Johnson's argument that Obama is avoiding the tough choices because he has succumbed to pressure from financial elites.
04/14/2009
Wolf looks at Simon Johnson's argument about Obama's dithering on the tough issues like that of insolvent banks, and says America is not like Russia where financial elites controlled the government's way of responding into and out of a crisis.
Linked Articles
Unknown 04/15/2009
Text of Obama Economic SpeechBusinessWeek 04/14/2009
Mr Bailey in Boise and the global imbalance in savings.
03/23/2009
The Baileys, Caps, Muirs in Boise, Idaho and the global imbalance in savings that Prof. Portes complains about.
Linked Articles
Imbalance in Nations' Savings Clouds Forecasts for Recovery
Wall Street Journal 03/23/2009
Frugality Forged in Today's Recession Has Potential to Outlast ItWall Street Journal 04/06/2009
To just be where America was in 1999, household debt has to drop 30%!
03/11/2009
The movement among Americans like Mr Bailey in Boise, Idaho, to get debt free, is going to be as big a factor as the toxic assets at banks, and foreclosuresin housing, in the fundamental changes that are going on in the economy that will last for years, decades. These are conservative lending, government lending to make up, savings, less consumption and scrapping or sale of unneeded factory capacity (plant) to developing countries.
Linked Articles
Deleveraging: It's Not Over Till It's Over
Wall Street Journal 03/11/2009
Frugality Forged in Today's Recession Has Potential to Outlast ItWall Street Journal 04/06/2009
Is this wasteful government spending or are there infrastructure projects out there that would give us efficient, productive spending?
02/15/2009
With spending in the Stimulus plan derided as wasteful spending a closer look is needed of what is happening in infrastucture projects out there. Here are some big projects, and the list does not include numerous others. Robert Frank, a Cornell economist, clarifies how government spending in a sharp downturn, as consumers rebuild their finances, is just what is needed.
Linked Articles
Big Ideas, Grand Plans, Modest Budgets
New York Times 02/15/2009
Go Ahead and Save. Let the Government Spend.New York Times 02/15/2009
How the Japanese experience in their banking crisis holds new lessons for America as it grapples with its own banking crisis.
02/13/2009
Experts who tackled the Japanese banking crisis say America is facing the same train wreck as politicians take ineffectual action in tackling the bad debt, and not until this bad debt is cleaned up will the broader economy recover.
Linked Articles
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
Ailing Banks May Require More Aid to Keep SolventNew York Times 02/13/2009
America's situation may be worse than Japan's because of the combination of household debt and toxic assets.
02/12/2009
Household debt at 96% of GDP is an additional problem that America faces in addition to toxic assets, that may make the American crisis worse than Japan's lost decade or two.
Linked Articles
Economist 02/12/2009
Frugality Forged in Today's Recession Has Potential to Outlast ItWall Street Journal 04/06/2009
Akio Toyoda brings a broader mindset, American and overseas experience to his CEO role.
01/12/2009
The grandson of the founder was educated in the U.S. and worked in the Chinese operations. He brings a broad exposure to countries around the world that his predecessors lacked with their more parochial backgrounds. This will be invaluable as he steers Toyota back to its roots and accomodates a changing world.
Linked Articles
New York Times 06/02/2010
Toyota, Needing Change, Taps a Scion to LeadWall Street Journal 01/12/2009
The West and policies towards Russia- (1) Kennan, Gates, Nurick and Allison on American policy in 2015-2016
01/05/2009
Linked Articles
In Cold War Echo, Obama Strategy Writes Off Putin
New York Times 04/19/2014
Pentagon Chief Sees Opportunities In Russia and the War on TerrorismWashington Post 01/05/2009
Money managers Grantham, Rodriguez and Scheiff fears about the economy and IMF Chief Economist Rajan's concern.
01/02/2009
Raghuram Rajan of the University of Chicago, told the 2005 annual Jackson Hole gathering of central bankers economists and finance professionals, that he thought the world had become much riskier with the changes in financial markets in the 18 year Greenspan tenure. He was received rather coldly by others, including former Treasury Secretary Summers. Concerns expressed by Grantham, Rodriguez and Scheiff about these and other problems became louder by the time of the Rajan paper at Jackson Hole.
Linked Articles
Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
The Doomsayers Who Got It RightWall Street Journal 01/02/2009
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