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Greece and EU in 2015- (6) What went wrong? What errors were made by the IMF and Germany 2010-2012?
02/22/2012
Linked Articles
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
The Tragic Greek SideshowWall Street Journal 02/22/2012
Greece and EU in 2015- (4) How are the structural issues such as tax evasion in Greece being tackled, after Monti's effort to tackle this in Italy in 2012?
02/18/2012
Surprisingly the Syriza government in 6 months in office did not come up with a plan to implement for tax evasion. This was a major issue for the IMF and in Greece's interest, even though it was going contrary to long standing practice in Greece as it was in Italy. Estimates of lost revenue are about $11 billion each year for tax evasion. By comparison the IMF payment due was less than $2 billion on June 30, 2015. Sustainable long term finances make this a major issue in Greece's own interest. Greece has an aging population and the number of retirees are growing in relation to young working people making this an important issue for stable finances under any administration, and regardless of the euro.
Linked Articles
How Greek tax evasion sunk the global economy
Washington Post 07/10/2012
A Hollow Target for Greek DebtWall Street Journal 02/18/2012
The likelihood of greater public contribution towards Greece's debt and changes to the IMF program after May 2012 elections in Greece and France
02/13/2012
France's Socialist presidential candidate Hollande considers the EU-IMF programs a failure of governance in Europe. He predicts larger public contributions to Greece's debt after the elections in Greece and France.
Linked Articles
Watch Athens, Not Paris, This Weekend
Wall Street Journal 05/04/2012
French Candidate Hollande Assails European Policy on GreeceNew York Times 02/13/2012
Increasing foreign investment in Indonesia
02/07/2012
Foreign investment in Indonesia increased by 20% to $20 billion in 2011, and continues to grow in 2012. Investment comes from Singapore, Japan and S. Korea and other countries, with investments in the countries plantations, coal mines and in factories producing consumer products for the rapidly growing middle class in a country of 240 million people.
Linked Articles
Indonesian Economy Grows at Top Clip Since '90s
Wall Street Journal 02/07/2012
Foreign Investment Jumps in IndonesiaWall Street Journal 04/23/2012
Honda's struggle to recover after the tsunami in Japan with lower margins
12/21/2011
Honda is seeing lower margins as it struggles to recover in the U.S. and other markets. Honda had to use more incentives than Toyota in the U.S. market leading to deteriorating profit margins in 2012. Sales of newer models failed to catch on making Honda dependent on the Civic and the Accord in the U.S. market. The appreciating yen added to the impact on margins with a further shift to manufacturing overseas planned as a response.
Linked Articles
Honda Pins Revival on U.S. Auto Sales
Wall Street Journal 06/01/2012
Honda Revs Up Outside JapanWall Street Journal 12/21/2011
Delving into the causes of higher income inequality and finding solutions
12/06/2011
As the OECD report shows income inequality is a global trend over the last three decades. This is further exacerabated by austerity policies. Causes of this range from education to favored treatment of economic sectors with greater influence on government.
Linked Articles
Angry about inequality? Don’t blame the rich. - The Washington Post
Washington Post 01/28/2012
OECD report cites rising income inequality - The Washington PostWashington Post 12/06/2011
Tax evasion in Italy and Greece and Germany's insistence on good governance and financial practices for a sound euro currency
11/25/2011
One estimate of tax evasion in Italy cited by Faiola in the Post is $340 billon a year. Greece has a similiar problem. This is one area in which the culture and practices of individual countries have to converge to acceptable norms to make a common currrency viable, something the founders of the euro currency did not take as seriously as needed and account for in a disciplined framework. The political enthusiasm for a union of European countries of EU founders led to ignoring the dangers of not having controls and convergence in place.
Linked Articles
New York Times 12/01/2011
Amid crisis, Italy confronts a culture of tax evasion - The Washington PostWashington Post 11/25/2011
The Christian Democratic Union, the 2011 CDU convention in Leipzig, and the shifting German view on strict austerity policies
11/15/2011
A faction of the CDU favors a strict interpretation of austerity policies for the eurozone. As CDU leader, Angela Merkel shifts policies to accomodate growing weariness in the rest of Europe with strict austerity policies to accomodate growth, Merkel faces dissent in the CDU. This is evident in the conflicting statements from the EU trade commissioner Mr Gucht, and its economic affairs commissioner Mr. Rehn, on Greece continuing in the eurozone, after Merkel's stated willingness to compromise at the Camp David G-8 summit.
Linked Articles
Greek Stimulus Is an Option, Merkel Says
New York Times 05/16/2012
Merkel Party Seeks Euro Exit PolicyWall Street Journal 11/15/2011
China's move forward with nuclear energy after the Fukushima nuclear accident
10/10/2011
A move away from coal used for electricity supplies towards nuclear energy. The increase planned is from 11 gigawatts of nuclear energy in 2012 to 40 gigawatts by 2015 and 60-70 gigawatts by 2020. Five nuclear energy projects will be planned at a cost of $27 billion with financing help from a Shanghai IPO offering in 2012.
Linked Articles
China Nuclear Firm Plans Up to $27 Billion IPO
Wall Street Journal 06/06/2012
China Marches On With Nuclear Energy, in Spite of FukushimaNew York Times 10/10/2011
John Bogle of Vanguard Funds, a persistent voice against speculative behaviours in financial markets
09/03/2011
Linked Articles
John Bogle, Vanguard's Founder, Is Too Worried to Rest
New York Times 08/11/2012
How the Index Fund Was BornWall Street Journal 09/03/2011
Obama economc advisor Cristina Romer and Kansas City Fed chairman Thomas Hoenig offer different perspectives on the U.S economy
08/13/2011
Different views on the role of the Fed, and the effectiveness or lack of effectiveness of monetary policy to create jobs. Romer and Krugman cite depression era events in 1933 and 1937 when the economy alternated between recovery and a pullback, Meltzer and Hoenig cite the bubbles that developed from loose monetary policy and say the Fed can't create jobs.
Linked Articles
From World War II, Economic Lessons for Today
New York Times 08/13/2011
Kansas City Fed President Defies Conventional WisdomNew York Times 08/13/2011
Problems with the EU July 2011 Plan for Greece and other troubled eurozone countries
07/28/2011
The lack of funding and powers for the European Fiinancial Stability Facility to deal with future crises. EFSF lacks adequate funding and power to buy bonds of troubled eurozone countries including Italy and Spain. Other issues that remain unresolved A sense that the EU leaders are a step behind each developing crisis and have not wrapped their hands around the whole problem.
Linked Articles
Wall Street Journal 08/08/2011
The Euro Crisis: Big Rescue, Big DoubtsBusinessWeek 07/28/2011
Small spurts in U.S. real estate markets from foreign or out of state buyers that fizzle out- S. Florida and Phoenix, Arizona
07/26/2011
Sporadic bursts of activity in real estate markets first in Miami in 2011 and then in Phoenix. The surge in activity is from buyers from Brazil for S. Florida, and buyers from Canada for Phoenix, as well as out of state buyers looking for speculative or rental properties to rent out to homeowners who go into foreclosure. The buyers from Canada and Brazil are in these markets because of a real estate bubble of their own in their home countries and is hardly the basis for a dependable recovery on housing prices, as the IMF has signalled a warning light for economies such as Brazil.
Linked Articles
Rise in Phoenix Housing Shows Path for Other Cities
Wall Street Journal 03/13/2012
Affluent Buyers Reviving Market for Miami HomesNew York Times 07/26/2011
Failure to tackle tax evasion in Greece estimated at one third of the deficit for 2009
02/19/2012
The implementation of austerity measures in Greece including cuts to the minimum wage hit people with lower wages the hardest. This takes place even as Greece fails to tackle tax evasion by higher income groups such as doctors and engineers. This is estimated by a group of economists who looked at Greek bank records at 11.2 billion euros in 2009.
Linked Articles
Wall Street Journal 07/09/2012
Greek leaders’ priorities questioned - The Washington PostWashington Post 02/19/2012
John Taylor and Ifo Institute's Sinn say the best option for Greece to make economic recovery is to exit the eurozone
02/17/2012
Linked Articles
Wall Street Journal 02/22/2012
INTERVIEW: Ifo's Sinn: In Greece's Interest To Leave Euro ZoneWall Street Journal 02/17/2012
Mario Monti and the future of the European Union
02/10/2012
Monti on more democracy in the European Union with more power for the European Parliament, and the enduring quality of the EU becaus it is in the interests of Germany.
Linked Articles
Italyâs Leader Is Optimistic About Greece and Euro
New York Times 02/10/2012
Italy's Leader Warns EU Needs Better DemocracyWall Street Journal 02/16/2012
The cost to Bank of America of the $2.5 billion acquisition of Angelo Mozilo's Countrywide is estimated at $40 billion in 2012
12/27/2011
In many ways the business practices at Countrywide were at the heart of the mortgage and real estate crisis of 2008. The cost of this for Bank of America is estimated at $40 billion.
Linked Articles
BofA's Blunder: $40 Billion-Plus
Wall Street Journal 06/29/2012
OverheardWall Street Journal 12/27/2011
Martin Feldstein on why the "Fiscal Compact" agreed to in December 2011 by EU countries is a failure
12/15/2011
Linked Articles
Europe Needs the Bond Vigilantes
Wall Street Journal 04/05/2012
The Euro Zone's Double FailureWall Street Journal 12/15/2011
The importance of long term bond buyers to restoring confdence in Italian and Spanish government bonds in 2012-2013
12/02/2011
Large institutional buyers such as insurance companies and pension funds have exited the market for Italian and Spanish government bonds creating a great deal of instability in the market and pushing up yields as aresult fo the fear factor. The need for the ECB to take up large scale purchase of bonds to induce these longterm buyers to return to the market and restore a measure of confidence. The June 28 summit authorized the rescue fund, the European Stability Mechanism (ESM or EFSF) to make these purchases, but experts say it has only 248 billion euros and needs to go back to markets for additional funding.
Linked Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
A Euro Crisis Deal EmergesWall Street Journal 12/02/2011
Spain's Rajoy accepts EU and IMF aid in June 2012 "to help the credibility of the European project."
11/20/2011
Linked Articles
Mariano Rajoy of Spain Steps Up in Debt Crisis
New York Times 06/10/2012
Socialists Lose to Popular Party in Vote in SpainNew York Times 11/20/2011
The new government of Mario Monti, former EU commissioner, in Italy
11/13/2011
A government of technocrats formed from respected figures in academia, business and the civil service in Italy. It replaces the government of Silvio Berlusconi which had lost credibility inside Italy and with leaders of the European Union.
Linked Articles
Mario Monti, Italyâs New Leader, Faces Uphill Fight
New York Times 11/13/2011
Italyâs Monti Forms New GovernmentNew York Times 11/16/2011
After the collapse of Circuity City, Best Buy finds its own retail model at risk from online sellers
09/14/2011
Best Buy faces strong competition in electronics sales from online sellers such as Amazon.com, and sees its position erode. A shift toaller size smaller stores with more personal attention as Best Buy questions the logic of bigbox stores.
Linked Articles
Best Buy Swings to Loss on Heavy Charges; to Close 50 Stores
Wall Street Journal 03/29/2012
Best Buy Gets SqueezedWall Street Journal 09/14/2011
John Bogle of Vanguard Funds and the creation of index funds as a way to build a diversified investor portfolio - a seminal achievement
09/03/2011
An entire generation of Americans benefitted from the low cost index fund as away to build a diversified and less risky investment portfolio. Bogle created the first index fund tracking the S&P 500 in 1976, following the advice and encouragement of is economics professor at Princeton, Paul Samuelson.
Linked Articles
Wall Street Journal 09/03/2011
John Bogle, Vanguard's Founder, Is Too Worried to RestNew York Times 08/11/2012
Alan Meltzer and Thomas Hoenig's criticism of Federal Reserve Bank chairman Bernake's failure to look at long term consequences of low rates
08/11/2011
Hoenig points to the Fed's lowered rates in 2003 after the burst of the dot com bubble and higher unemployment of 6.5% in 2003 and Meltzer which led to the mortgage meltdown of 2008. Meltzer points to QE II's $600 billion monetary easing in 2010 which failed to revive the economy or reduce unemployment in 2011. They emphasize the Fed's lack of attention to the long term consequences of their actions. Both question the role of the Fed in creating jobs and see the role of the Fed as a neutral player, as deeper structural changes such as ashift to export driven economy, lower consumption take time and are only delayed by a continuation of old policies.
Linked Articles
Kansas City Fed President Defies Conventional Wisdom
New York Times 08/13/2011
The Folly of Economic Short-TermismWall Street Journal 08/11/2011
Ford Motor Company's push to meet new fuel efficiency standards on the F-150 for 2014
07/27/2011
Ford plans to cut body weight on the F-150 pickup truck by 700 pounds, 15% of the body weight, by switching to aluminium from steel. This will enable a 25% increase in fuel efficiency.
Linked Articles
Ford's Trade-In: Truck to Use Aluminum in Place of Steel
Wall Street Journal 07/27/2012
Five Car Makers Back White House's Tougher Fuel Economy RulesWall Street Journal 07/27/2011
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