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U.S. Fed chairman Bernanke's activist interest rate policies to tackle high unemployment and central bankers from MIT
12/12/2012
A pragmatic activist focus in economic thinking shaped at the MIT economics department in Cambridge, Masachusetts. The ECB's Mario Draghi, Bank of England's Mervyn King, and Bernanke shaped their thinking at MIT. Draghi and Bernanke had the same PhD. advisor- Stanley Fischer. Factors calling for a pragmatic approach include the lack of political agreement on th deficit, the housing and foreclosure crisis effects, higher inequality and unemployment effects on the middle class, the effects of the globalized economy on working class manufacturing jobs, people dropping out of the labor foce, and lower inflation, which called for a larger focus on unemployment. Bernanke emphasized the "enormous waste in human potential and productive resources of the economy" throughout 2009-2012. Draghi emphasized the abnormal nature of excessive borrowing interest rates for Italy and Spain during the ECB's bond buying efforts in 2011-2012. Both efforts had a stabilizing effect on the economies of the U.S. and Europe during a period of political discord about future policy.
Linked Articles
Wall Street Journal 12/13/2012
MIT Forged Activist Views of Central Bank Role and Cinched Central Bankers' TiesWall Street Journal 12/12/2012
Risks Ford Motor, GM and Chrysler face with the resurgence of Toyota in 2013-2015
12/05/2012
Linked Articles
Toyota Again World's Largest Auto Maker
Wall Street Journal 01/29/2013
Detroit's Unsold Cars Pile UpWall Street Journal 12/05/2012
New leadership and old faces, Jiang Zemin, Xi Jinping, and the uncertain outlook for change in China
11/15/2012
Jiang Zemin, 86 years and former president, who set China on the three decade push for modernization, put his imprint on the seven member Politburo Standing Committee that runs China. Jinping and five other members of the Politburo are close allies of Jiang Zemin. Zemin was Mayor of Shanghai, China's business capital during the Koumintang pre war regime and now in the post war period. He made some of the reforms that led to China's entry into the World Trade Organization and its subsequent rise as a major trading nation. His support for Jinping gives the new president room for making political and economic changes that are needed in this period. The older members of the Politburo, most in the mid-60's, placed on the Politburo by Zemin are likely to be cautious and the outlook for change is uncertain.
Linked Articles
Xi Jinping Offers Few Hints of a Shift in Direction in China
New York Times 11/15/2012
Ex-Leader Wins in Beijing Power PlayWall Street Journal 11/16/2012
German chancellor Merkel and the EU plan for aid to Spain's banks in Oct. 2012
10/18/2012
Merkel turns down an effort pushed by France and Spain at the Oct. 2012 EU leaders meeting for direct aid to Spanish banks. Instead money has to go from the European Stability Mechanism fund to Spain after a request by Spain for aid. The aid request by Spain would be met under program of conditionality set by the IMF, EU and ECB. Spain is delaying a request for aid as borrowing rates on Spanish bonds declined to about 5% by late October 2012. The Rajoy government in Spain faces regional spending problems and separatis sentiment in addition to high unemployment and a worsening situation with its banks. Merkel faces elections for chancellor in Germany in Sept. 2013 and says more time is needed to setup the eurozone banking supervisory authority- to be set up in the course of 2013 with the legal setup completed by Jan 2013 as a concession to France. This would push banking supervision and financial architecture till after the election.
Linked Articles
German Refusal on Bank Aid Mars European Summit
New York Times 10/19/2012
Europe Seeks a Spain StrategyWall Street Journal 10/18/2012
The new Jinping-Keqiang leadership and reducing pharmaceutical and healthcare costs to help consumers in China (1)
10/03/2012
After a decade of decline in consumer spending in favor of infrastructure spending to where it is now only 35% of GDP, or half that in the U.S. as a percentage of GDP, China's leadership realizes the need to help consumers. It is seen as high on the list of priorities for the Party's survival. Ordinary Chinese, rural households and the elderly are seriously affected by the high cost of healthcare and the need to set aside a large portion of savings for medical emergencies (Orlik). This further depresses consumer after the impact of low savings rates. With a bursting of the property bubble the money depositors shifted to real estate is also at risk for middle class investors.
Linked Articles
Wall Street Journal 10/03/2012
Politics Is a Bitter Pill for GlaxoWall Street Journal 07/25/2013
What a difference a year makes for the government bonds of Italy and Spain
10/02/2012
ECB chief, Mario Draghi made the famous statement on July 23, 2012, that he would "do whatever it takes" to bring down the yields on the government bonds of Italy and Spain. These bond yields had reached 7.5%, worsening the debt position of the two countries. A year later in August 2013 the bond yields were down, the gap with German bond yields narrowed, and the first signs of recovery in the eurozone made investment in the bonds of Italy and Spain attractive. Emerging market debt faced the opposite of what they faced in July 2013, as the currencies of India, Indonesia, Malaysia, Turkey, Brazil and other developing countries depreciated significantly. As the U.S. Federal Reserve begins its pull back from its monetary easing policy capital flows and foreign investment to to emerging markets reversed causing grief in countries which depended on these inflows to finance deficits in the current account.
Linked Articles
How ECB Chief Outflanked German Foe in Fight for Euro
Wall Street Journal 10/02/2012
Europe Bonds May Offer More ValueWall Street Journal 08/23/2013
Indian prime minister Singh's economic plan in the face of slowing growth in 2012
09/21/2012
In a televised address Singh says the market opening measures for the retail and other sectors are needed to maintain growth and foreign investment. Finance minister Chidambaram tells the WSJ in an Oct 2012 interview- the risks were too great with India facing a lowering of its credit rating, and the government having reflected on the serious consequences of not acting spelled out in the worst case scenario of the Kelkar committee report. The Indian government actions include lowering diesel subsidies and action to control the deficit, with a plan to bring it down to 3% by 2017.
Linked Articles
Q&A With Finance Minister Chidambaram
Wall Street Journal 10/08/2012
Singh Appeals to India to Support His MeasuresNew York Times 09/21/2012
How keeping seniors as a protected class in current Social Security proposals impacts the young and leads to shrinking investments in defense, social programs, research, education and infrastructure
08/16/2012
This includes the Republican Paul Ryan proposal which also stays away from touching Social Security for today's seniors and passes on the costs to the young. Democrats are using demagoguery and intimidation on this issue. Samuelson cites CBO estimates which show that even with shrinking defense and nondiscretionary spending by a third the U.S. deficit would still be 6.75% of GDP in 2023.
Linked Articles
Robert Samuelson: Ryan’s budget asks nothing of the elderly -; unfortunately - The Washington Post
Washington Post 08/16/2012
Mr. Biden falls flat - The Washington PostWashington Post 08/16/2012
Fiat's investment in Chrysler helps offset its losses in the European market
07/30/2012
The investment by Fiat's Sergio Marchionne in turning around Chrysler in the U.S. market now helps Fiat tackle a slowdown in European sales. Thi is in contrast to the situation facing Peugeot in France. Still Chrysler's lack of sales in emerging markets remains a weakness for Fiat-Chrysler, say analysts.
Linked Articles
Chrysler Reports $436 Million Profit for Second Quarter
New York Times 07/30/2012
In Turnabout, Chrysler Profit Offsets Fiat LossWall Street Journal 07/31/2012
The problems facing Morgan Stanley
07/19/2012
Questions about its long term future as an independent investment banking firm.
Linked Articles
Morgan Stanley Profit Sinks on Revenue Declines
Wall Street Journal 07/20/2012
Morgan Stanley Plays Beat the ClockWall Street Journal 07/19/2012
Spain macroprudential supervision of its banking system once lauded now turns out to be "timid" and false, could the same be true for China?
07/18/2012
Spain's central bank had a reputation of providing good supervision for Spain's banking system. The problems at the Cajas Savings banks and the current assessment after the request for $125 billion in EU funds for Spain's banks shows how this turned out to be false. Does China face a similiar problem with its housing bubble. The U.S., UK and Spain, failed to control and manage the effects of a housing bubble, can China be a lone exception? Rapid growth enabled China to cope with bad loans in the banking system, with slower growth, a weak European market for exports, and a stimulus that is about one eighth the size in annual investment- one trillion yuan over 4 years in the current stimulus compared to 4 trillion over 2009-2010 in the last stimulus plan. Can China manage this bubble, does it have the experience managing this type of problem or has it papered over the problems as Spain did? This has repercussions for industries and countries from the export sector in Germany, Australia and Brazil to industries such as the German automobile industry, and companies such as Caterpillar.
Linked Articles
As China’s economy slows, real estate bubble looms - The Washington Post
Washington Post 10/03/2012
Spanish Official: Slow Reaction to CrisisWall Street Journal 07/18/2012
Election of a moderate cleric Rohani as Iran's president in 2013 after years of economic discontent from international sanctions.
07/13/2012
Rohani has attended theological seminary. He also attended law school in Tehran University and in Scotland where he completed master's and doctoral degrees in law. This gives him a unique understanding of the concept of the rule of law for an Iranian cleric. He cited his achievement of avoiding international sanctions as chief nuclear negotiator fo president Khatami, contrasting this with the Ahmadinejad years during pre-election televised debates.
Linked Articles
New Iran Leader Seen as Moderating Force
Wall Street Journal 06/16/2013
Iranâs Airliners Falter Under SanctionsNew York Times 07/13/2012
Pathways for Europe- Angela Merkel's ability to learn and grow during the eurozone crisis
07/06/2012
Merkel possesses the rare trait in leaders to learn and grow during crises. After slow action during the early period of the eruozone crisis Merkel showed leadership as the crisis progressed. She took a lot of criticism early in the crisis and adapted her position to show flexibility and courage to point a way out.
Linked Articles
Fifty Years Later, a New Chance for Reconciliation
Wall Street Journal 07/06/2012
Matthew Kaminski: The Accidental Architect of a New EuropeWall Street Journal 09/25/2012
Unemployment in the U.S. in 2010-2013 with fewer workers looking for work
12/07/2012
Linked Articles
The Case of the Missing Workers
Wall Street Journal 12/07/2012
A Jobless Dilemma: What's Wrong With Fort Wayne?Wall Street Journal 12/07/2012
China's steadily growing automobile market in 2014-2015 (1)- expanding dealer networks to Tier 2 and 3 cities by Ford Motor and Mercedes Benz
11/23/2012
China's television channel CCTV focusses on consumer issues in its program 315. VW was a focus of one of the reports on consumer issues. Problems in the U.S. for GM and Toyota are likely to keep the focus on other auto companies as well.
Linked Articles
Wall Street Journal 04/25/2014
Ford Expands Dealer Network in ChinaWall Street Journal 11/23/2012
The part-time low wage jobs generated by the American economy in recent years, especially since 2008
11/06/2012
The biggest challenge facing the American economy is high unemployment and the lack of well paying jobs that formed the core job base of the middle class. Jobs generated since 2008 are largely low wage part-time work in retail and related industries. Wages have also fallen sharply in manufacturing industries as the U.S. competes with Asian manufacturers.
Linked Articles
New York Times 11/07/2012
A Part-Time, Low-Wage EpidemicWall Street Journal 11/06/2012
Dangers facing Turkey's economy with its dependence on foreign capital inflows and excessive growth in domestic credit for growth
10/04/2012
Foreign capital inflows that partly support the sharp growth in domestic credit could slow or reverse as happened in the 1997 Asian financial crisis. The IMF sees a credit to GDP ratio of over 5% as a warning light for developing economies. The IMF forecast is for this rato to be 7.28% for Turkey in 2103.
Linked Articles
No Ticker Tape Parade for Brazil's Currency Heroes
Wall Street Journal 06/06/2013
Syria Isn't Turkey's Only External WorryWall Street Journal 10/04/2012
Mexico's emergence as the fourth largest exporter of cars in the world in 2012
10/02/2012
Mexico is expected to export 2.14 million cars in 2012. This makes it the fourth largest exporter after Japan, Germany, and S. Korea. Mexico is expected to overtake S. Korea in a few years. About 130,000 engineers are graduating each year from Mexico's technical universities, according to President Calderon. Mexican plants have quality and productivity that is comparable to Japanese plants for Nissan, say Carlos Ghosn, Nissan CEO.
Linked Articles
In Mexico, Auto Plants Hit the Gas
Wall Street Journal 11/20/2012
In Mexico, auto industry fuels middle class - The Washington PostWashington Post 10/02/2012
U.S. bank lending not recovered by 2014 from the severe decline in lending in 2010-2012
09/27/2012
Linked Articles
Banks Wrestle With Lackluster Lending
Wall Street Journal 11/04/2014
Need a Loan? Where Do You Live?Wall Street Journal 09/27/2012
The Sentier Research study that shows median American household income decline of $4019 from Jan 2009 to June 2012
08/23/2012
Worst hit groups in terms of the decline are blacks, people 55-64 nearing retirement, those with a high school diploma but no college degree. The decline affects both younger and older Americans.
Linked Articles
Big Income Losses for Those Nearing Retirement
New York Times 08/23/2012
Negative $4,019Wall Street Journal 08/25/2012
The view that with P5+1 talks with Iran ending in no agreement, the crisis with Iran is reaching a critical stage in August 2012
08/06/2012
Israeli views on the continued development of nuclear weapons capabilities by Iran in the face of tightened sanctions and diplomatic efforts. Oren and Yadlin see this has having reached a critical stage before military action.
Linked Articles
Get ready to fight Iran - The Washington Post
Washington Post 08/18/2012
Time Is Short For Iran DiplomacyWall Street Journal 08/06/2012
Kazuo Inamori of Japan Air Lines and Akio Toyoda of Toyota Motor- Renewal of Japanese management style 2010-2015
07/30/2012
Linked Articles
‘Mikoshi’ Management: How Kazuo Inamori Lifted Japan Airlines
Wall Street Journal 07/30/2012
To Whom Do Japan’s Most Powerful Turn for Advice? The Sensei of SeaweedWall Street Journal 09/01/2015
New GASB, Moody's rules show a widening gap in the funding of public pensions in the U.S.
07/18/2012
The Volcker- Ravitch State Budget Crisis Task Force identified the problems facing U.S. states and cities which have poorly funded public pension funds. The problems are large and real as seen through the GASB rules, and the findings of the Volcker-Ravitch Task Force.
Linked Articles
New rules expose bigger funding gaps for public pensions - The Washington Post
Washington Post 08/17/2012
Report Details Threats to States' Fiscal HealthWall Street Journal 07/18/2012
The challenges facing Citigroup CEO Pandit in 2012-2014
07/16/2012
Linked Articles
Citi Looks Toward Developing World
Wall Street Journal 07/17/2012
Citi's Not-So-Simple TaskWall Street Journal 07/16/2012
Spain gets an extra year till 2014 to bring budget deficits down to below 3%
07/10/2012
A decline in GDP is leading to lower tax revenues leading to a relaxation of deficit targets. Spain faces an unemployment rate of 27% in 2012
Linked Articles
Euro Zone Eases Budget Demand on Spain
Wall Street Journal 07/10/2012
Spain Braces for Renewed Austerity as Tax Take HemorrhagesUnknown 07/10/2012
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