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Greece's Path Back (5)- Negotiation after Negotiation for a Greece that "is really bleeding" 2011-2012
08/24/2012
Linked Articles
France, Germany Unify Approach to Greek Talks
Wall Street Journal 08/24/2012
Europe Gives Greece Two More Years for Budget CutsNew York Times 11/12/2012
Greece's Path Back (4)- Yannis Stournaras and the committment to Europe
06/26/2012
Linked Articles
Yannis Stournaras Is Named New Greek Finance Minister
New York Times 06/26/2012
Greece Taps Economics Professor to Take Over Finance Minister PostWall Street Journal 06/27/2012
Why Mario Monti is the Euro's best hope
06/24/2012
The leadership exercized by Mario Monti in Italy and supported by all Italians offers one of the best hopes for the Euro. The efforts of the mild mannered professor of political economy from Bocconi University in Milan.
Linked Articles
Italy's Leader Calls Economic Efforts "a Very Tough War"
New York Times 07/11/2012
Why Monti, despite Merkel, could prove the euro’s best hope - The Washington PostWashington Post 06/24/2012
Obama and election advisor Plouffe- responsible governance, Simpson-Bowles and an election imprint on "everything"
05/26/2012
A White House aide says election advisor David Plouffe's influence affected "everything" in the Obama White House. Tom Friedman points to the influence of campaign consultants on the White House as overreaching and pervasive, going so far a to describe the campaign being developed in test tube fashion. Karl Rove pointed to president Obama keeping an eye on reelection 18 months before Nov. 6, 2012, as not a positive development. Friedman specifically mentions president Obama's failure to endorse the Simpson-Bowles commssion on deficit reductions as part of the imprint of election advisors because reducing tax expenditures or deductions might prove politically unpopular. Yet this was part of responsible governance to take on unpopular positions- something other presidents, including Democratic president Truman, did not fail to do choosing instead to educate pubic opiion on difficult steps needing to be taken. Truman took the decisions head on such as confronting the soviets in Greece and other parts of Europe and in Korea after the fall of the Iron Curtain, so soon after a major war when the public was weary of conflict.
Linked Articles
Obama Adviser's Strategy Is High Risk, High Reward
Wall Street Journal 10/31/2012
President Obama Should Seize the High GroundNew York Times 05/26/2012
Alexei Kudrin and other experts see the potential for a deep economic and political crisis in Russia as the situation in the eurozone worsens
05/23/2012
The Center for Strategic Studies in Moscow was prescient in predicitng political dissatisfaction before parliamentary elections. The former finance minister, Alexei Kudrin, anticipated the 2008 global financial crisis and set aside reserves in the sovereign wealth fund to cope with the crisis. Both now see the potential for a worsening economic and political situation in Russia as Greece nears exit from the eurozone and the banking crisis in Europe leads to reduced loans to Russia. At the same time the political polarization in Russia between pro and anti Putin factions creates other tensions.
Linked Articles
Report Says Support for Putin Is Dropping
Wall Street Journal 05/23/2012
Russian Recession Could Prompt Political Woes, Report SaysNew York Times 05/24/2012
The remarkable achievement of Governor Jerry Brown of California- a budget surplus of $851 million for fiscal 2013
05/14/2012
The impossible becomes possible in California as political hurdles are overcome and the state's economy improves. The budget preserves spending priorities for education and healthcare by cutting back in other areas, another remarkable feat- a lasting legacy for Brown's second act as governor. His father was governor in the Kennedy years, he was governor in the 1980's.
Linked Articles
State’s Rare Sight: A Budget Surplus
Wall Street Journal 01/10/2013
Brown Proposes $8.3 Billion in Cuts for CaliforniaNew York Times 05/14/2012
Greece, Europe and the Austerity measures- "a swimmer underwater who needs to be able to take a breath" (1)
05/03/2012
Austerity measures alone cannot address the financial problems in the eurozone countries of Greece, Ireland, Portugal, Spain and Italy. The need to create opportunities for economic growth.
Linked Articles
Election Heralds Power Shift in Alliance With Germany
Wall Street Journal 05/03/2012
France Reassures Greece on Euro Zone MembershipNew York Times 08/25/2012
India's huge foodgrain storage problems
04/13/2012
For a country with a large proportion of children facing malnutrition the food storage problems show how far India has left to go in modernizing its economy.
Linked Articles
Wall Street Journal 06/23/2012
India's Grain Storage Comes Up ShortWall Street Journal 04/13/2012
U.S. Federal Reserve policies leading to boom and bust periods for the U.S. economy and the S&P near 1500 in March 2012
03/29/2012
During a 6 month period between October 2011 and March 2012 the S&P 500 moves from a low of 1037 on October 27, 2011, to 1420 in March 2012. This followed another round of quantitative easing by the Federal Reserve following an earlier round in 2010.
Linked Articles
S.&P. 500 Dips After Fed Signals No New Stimulus
New York Times 04/04/2012
The Dangers of an Interventionist FedWall Street Journal 03/29/2012
The sharp slowdown facing Brazil's economy in 2012-2013
03/07/2012
GDP growth slowing to about 2% and inflation at 6% expected for 2012.
Linked Articles
As Prices Rise in Brazil, So Do Worries
Wall Street Journal 07/30/2012
Brazil's Economic Growth FaltersWall Street Journal 03/07/2012
Uncertain future for Australia's mining and commodities powered boom in 2012-2014
03/06/2012
The shift in China's economy towards consumption led growth from infrastructure development led growth is likely to affect mining commodity producing economies such as Australia, Brazil and Chile. The rapid appreciation of the Australian dollar and the real is also affecting the competitiveness of manufacturing in these countries.
Linked Articles
Australia Budget Turns Boom on Its Head
Wall Street Journal 05/09/2012
China Speeds Economic 'Transformation'Wall Street Journal 03/06/2012
China and rebalancing the global economy
03/06/2012
Major shifts in the Chinese economy that are planned for 2013-2018.
Linked Articles
New York Times 07/17/2012
China Speeds Economic 'Transformation'Wall Street Journal 03/06/2012
Exit from the Eurozone and return to the drachma as the most likely and best outcome for Greece after April 2012 elections
02/22/2012
John Taylor and the Ifo Institue's Sinn say the recapitalization of Greece's banks and the lower interest rates negotiated after the March 2012 bailout make exiting the euro and achieving economic growth doable. The Papdemos government's need for time till 2015 to complete the program of changes, and the elections in April 2012 in which opposition parties outpolled Pasok and New Democrachy lays the political groundwork for the exit.
Linked Articles
Greece at new risk of being pushed off euro - The Washington Post
Washington Post 05/08/2012
A Better Grecian BailoutWall Street Journal 02/22/2012
Friedman, Avraham Burg and Morsi- on the way forward for moving beyond the intractable to the possible in the Middle East
08/04/2012
The democracy movement in the Middle East and the yearning for economc and political participation of the people of the Middle East creates new opportunities to move forward beyond the conflicts of the past to a better future for the people of the Middle East. The role of leaders in the U.S., Europe, and the Middle Eastern countries of Egypt, Turkey and the newly democratic states in this region in setting new goals and plans and rising up to the challenges.
Linked Articles
New York Times 11/24/2012
Israel's Fading DemocracyNew York Times 08/04/2012
Torrelodones, Castilla La Mancha and the effort to clean up accounts in local government in Spain
06/25/2012
Wasteful spending, cronyism, corruption and lack of transparency in local government marked the years of the construction and real estate boom in Spain. Now grassroots efforts are taking place across Spain to clean up accounts, ensure transparency, and divert wasted resources to meet vital needs. Similiar efforts are taking place from Thessaloniki, Greece, to Sicily, Italy, as Europ faced with high unemployment and austerity cuts comes up with its own efforts for renewal from the bottom up setting the political elites aside.
Linked Articles
Europe's Recession Sparks Grass-Roots Political Push
Wall Street Journal 05/21/2013
A Spanish Leader Emerges as a Crusader for AusterityWall Street Journal 06/25/2012
Mario Monti of Italy and the plans for a sounder monetary union in Europe
06/22/2012
The discussions in Rome between Mario Monti of Italy and the leaders of Germany, France, Spain, at the end of June 2012. Monti as respected mediator between the different sides and positions and the importance of productive discussions to the future of the Euro and the economies of Europe.
Linked Articles
Why Monti, despite Merkel, could prove the euro’s best hope - The Washington Post
Washington Post 06/24/2012
Amid crisis, leaders of Germany, France, Italy and Spain meet in Rome - The Washington PostWashington Post 06/22/2012
The focus on reviving the economy of Mohammed Morsi, new president of Egypt
05/25/2012
Egypt faces an economic crisis as it runs out of foreign reserves to finance basic imports. Morsi's election comes at a time when the dominant issues for years in Egypt will shift from the political to the economic as it tries to catch up with other countries in the developing world in Asia and Latin America that have made significant progress.
Linked Articles
Egypt’s president is U.S. critic, but could be an ally - The Washington Post
Washington Post 06/26/2012
Muslim Brotherhood claims lead for its candidate in Egypt’s presidential election - The Washington PostWashington Post 05/25/2012
The $436 million payment by Greece to holdout bondholder Dart Management and the $1.5 billion demanded by holdout bondholder Elliott Management leading to Argentine default in 2014
05/15/2012
Greece made the payment to Dart Management at a time of 20% unemployment and daily protests on Athens streets, a month before elections in June 2012. Greece only did this as a last resort for release of EU funds that were being held up to make pament of interest on debt. This exacerabated discontent inside Greece as pensions were being cut and layoffs taking place, including increase in electricity bills. The Syriza party made gains in that election and the two main parties lost ground to other parties, including a violent anti-immigrant party. Argentina's Christina Kirchner faces a difficult time with the unions and centrist parties in Buenos Aires province, with a shortage of cash and sovereign wealth fund down to $29 billion in May 2014. Stevenson points out the payment to Elliott Management could lead to a situation where Argentina owed $15-$27 billion to all holdout and exchange investors in its bonds.
Linked Articles
Argentina Finds Relentless Foe in Paul Singer's Hedge Fund
New York Times 07/30/2014
Bet on Greek Bonds Paid Off for a Vulture FundNew York Times 05/15/2012
Must Follow Rules for Bank Cleanup and Bailout for the U.S. and Europe
05/10/2012
Five rules that would provide a prudent approach to cleanup of the banking systems in the U.S. and Europe. Failure to follow these rules for prudent and safe financial management in banking cleanup, bailout and recapitalization can lead to prolonged problems in the banking system and the economy.
Linked Articles
Wall Street Journal 06/01/2012
Avoiding the Next Big BailoutWall Street Journal 05/10/2012
Spain's effort to fix regional finances, austerity measures and risks of high unemployment
04/27/2012
Efforts to fix regional finances with spending cuts have pushed unemployment to about 27% in one of Spain's largest regions, Castilla-La Mancha. As banks consolidate and reduce lending this depresses small and medium sized businesses, the public sector layoff increase unemployment, part time unemployment and the growing underground economy depress tax revenues, creating risks of a downward spiral.
Linked Articles
A Spanish Leader Emerges as a Crusader for Austerity
Wall Street Journal 06/25/2012
Spain, Pursuing Austerity, Still Waits for the PayoffNew York Times 04/27/2012
Something for nothing- the political class vs. renewal of the U.S. economy
03/29/2012
New York Mayor Bloomberg, and an editorial in the Washington Post after the Supreme Court hearings on the health care mandate and Medicaid expansion, describe the challenge facing America. The political class in the U.S. is quite content with promising something for nothing, which Bloomberg calls delusional.
Linked Articles
The Supreme Court’s civics lesson - The Washington Post
Washington Post 03/30/2012
Federal Budgets and Class WarfareWall Street Journal 03/29/2012
Greece's long delayed bond swap with European banks of March 9, 2012
03/09/2012
The bond swap of new bonds with long maturities reflecting a writedown of 53.5% for the old bonds with short maturities was finally achieved on March 9, 2012. By this time Greece's economy was shrinking badly and the new bonds were trading at levels that reflected the need for further writedowns only days after the deal. Prof. Cochrane at the University of Chicago and Prof. John Taylor at Stanford say French and German banks exaggerated the effects of contagion from the beginning to delay writedowns for as long as possible. The effects on the eurozone of the delays in tackling the problem early and decisively are negative or slowing growth and is likely to hurt the banks operating in that environment, raising questions about the wisdom of that strategy.
Linked Articles
Wall Street Journal 03/09/2012
Greece Passes Key Debt TestWall Street Journal 03/09/2012
The risks facing Spain in 2012 with austerity measures when unemployment is at 23%
03/06/2012
Finance Minister Luis de Guindos sees Spain loosing either way with spending cuts that worsen high unemployment and lower economic growth leading to a worsening debt to GDP ratio in 2012, and this situation in turn raising its borrowing costs on $86 billion in debt issuance for 2012. He estimates the debt to GDP ratio will increase under the 2012 budget of 27 billion euros in cuts and an economy shrinking by 1.7% in 2012, by 10% from 2011 to 78%. Markets are focussing on debt in Portugal and Spain in 2012, after focussing on Greece and Italy in 2011.
Linked Articles
Spain Faces Risks in Budget Refit
Wall Street Journal 04/03/2012
Spain Struggles to Unite Regional Leaders on CutsNew York Times 03/06/2012
China's Stimulus plan in 2012-2013 and the problem of "uncoordinated, unbalanced and unsustainable development"
03/06/2012
China's premier Wen Biao told the National People's Congress, China's parliament, in March 2012, that it was urgent to tackel the "problem of uncoordinated, unbalanced, and unsustainable development." He called for "an acceleration of the transformation" of the economic model towards consumption and away from exports and infrastructure spending. The accelerated approval of 254 investment projects in May 2012 puts off this task of rebalancing development for China and the world economy. With slowing growth in China and the last Stimulus of 2008 having propelled the housing bubble, the options were limited. A decrease in the reserve requirement by 0.5% in 2012 for China's banks was not expected to spur growth because lending was not expected to increase, as the demand for loans is low. A sharp falloff in growth below 7% was feared leading to the acceleration in investment.
Linked Articles
China’s stimulus policy means trouble down the road - The Washington Post
Washington Post 05/31/2012
China Speeds Economic 'Transformation'Wall Street Journal 03/06/2012
Xi Jinping and Li Keqiang, as the leaders of China after 2012, and the future direction of the economy.
02/23/2012
A gradual change away from the dominance of state owned companies as China shifts direction. The World Bank-DRC Report as the first step in this direction, marking the beginning of the beginning.
Linked Articles
Xi Appeals for 'Purity' Amid Party Scandal
Wall Street Journal 03/16/2012
New Push for Reform in ChinaWall Street Journal 02/23/2012
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