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David Rieff provides insights on why all developing countries, Mexico, Brazil, India, Indonesia and China need to take child malnutrition seriously
10/11/2009
The Indian lower house of parliament passed a Food Security bill in August 2013. Rieff says China made serious progress to reduce malnutrition from over 21% for children under 5 years to around 7% today after 1990. In India malnutrition for children under 5 years is above 40%. There is a lot that developing coutnries can learn from each other in this area including the Bolsa Familia program in Brazil which uses the concept of improving vaccination for children and school attendance as requirements for subsidy payments to the poor. Mexico and Indonesia have different versions of programs to help the poorer sections of society. The problem is acute in India because of indifference induced by caste and other considerations and the high level of malnutrition for children. Rief says how good is ademographic dividend when many of these children are permanently and silently impaired by malnutrition by the age of three. India's Congress party leader, Sonia Gandhi, put it differently in parliament: "What is our responsibility to these people?"
Linked Articles
New York Times 10/11/2009
India's Lower House Passes Food Bill to Help PoorWall Street Journal 08/26/2013
Chuck Hagel and the fresh thinking he brings as leading candidate for U.S. Defense Secretary in 2013-
09/03/2009
Linked Articles
Chuck Hagel - Why Going It Alone No Longer Works
Washington Post 09/03/2009
Defense-Chief Candidate Has Conservatives WaryWall Street Journal 12/14/2012
The Economist cites IMF economist estimates that the public debt of the 10 largest industrialized countries will jump from 78% to 114% of GDP by 2014, leading to higher interest rates and inflation.
06/11/2009
The rising public debt and its unsustainability is what the future holds. For governments and decisionmakers there are very difficult choices, as fiscaly austerity and premature fiscal tightening or raising interest ratescan choke off a recovery. Raising taxes as happened earlier in Japan's lost decade also can choke off a recovery. Seriously tacklig health care costs and raising the retirement age, are much needed steps.
Linked Articles
Get Ready for Inflation and Higher Interest Rates
Wall Street Journal 06/11/2009
The biggest bill in historyEconomist 06/11/2009
Discussion between Goolsbee who favored lettting Chrysler go out of business and Summers who was concerned about the loss of jobs.
06/08/2009
Efforts by Jim Press and Chrysler to gain credibility with the government about its viability, by pushing slaes allottments to dealers. Jim Press did this even as inventory remained unsold on dealer lots. In the White House the debate between advisors was about a decision on Chrysler's future.
Linked Articles
Dealers Say They Were Led Astray in Chrysler's Final Days
Washington Post 06/16/2009
Obama’s Economic Circle Keeps Tensions SimmeringNew York Times 06/08/2009
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
The $5 trillion in new debt expected for 2009-2010, will become harder to reverse if the rising foreclosures weaken any recovery.
06/02/2009
With 15.4 million homeowners under water and rising unemployment exacerbating the foreclosure rate, and no governement solution in sight, any recovery will be weak. This makes the debt reduction less likely, and weakens prospects for economic growth.
Linked Articles
Rising Interest on Nations’ Debts May Sap World Growth
New York Times 06/04/2009
Foreclosures: No End in SightNew York Times 06/02/2009
Even when the recovery occurs and inventories get replaced gorwth will be slow, as deleveraging process takes many years.
05/28/2009
Mr. Mecksworth, chief economist at MAPI says even when arecovery happens it will mean slow growth as companies will be saving money and paying off debt for many years to come.
Linked Articles
Once a Key to Recovery, Detroit Adds to Pain
New York Times 06/01/2009
Sharper Drop Is Forecast for Factory ProductionWall Street Journal 05/28/2009
The NYT editorial questions the wisdom of letting banks like JP Morgan and Goldman Sachs repay government money.
04/26/2009
The heavy lobbying by the banks may skew government decisionmaking, says the NYT, and lead to poor decisions. Banks still face losses in commercial real estate, and the higher unemployment and its effect on the economy could adversely affect their balance sheets.
Linked Articles
New York Times 04/26/2009
Payback TimeNew York Times 06/11/2009
Laffer says inflation and high interest rates are a sure thing with the $1 trillion increase in the monetary base since Sept 2008.
04/23/2009
This is the largest increase in the monetary base in the last 50 years by afactor of 10, and is unlike anything ever experienced before. He sees inflation and rising interest rates as a result surpassing anything seen in the 1970's. Bernanke he says faces a Hobson's choice between contracting the monetary base and putting the economy back in recession and letting things go the way they are resulting in steep inflation. He sees the Fed having the option of increasing the reserve requirements at banks, to restrain the increase in the monetary base.
Linked Articles
Economist 04/23/2009
Get Ready for Inflation and Higher Interest RatesWall Street Journal 06/11/2009
In the two areas that government can make aserious difference, foreclosure prevention and bank lending it is failing.
04/15/2009
The government has only indirect influence over the other important variables in the equation for economic recovery, consumption and employment. Through foreclosure prevention and bank lending it can influence consumption and employment. Obama's program while admirable may simply fall short of what is required. Through asimple takeover of insolvent banks the administrationcan implement its own programs for goreclosure prevention and aggressive bank lending at attractive rates, but this has to be done early before business go into permanent retrenchment mode and consumers simply revert to a frugal lifestyle of an earlier generation.
Linked Articles
Lending By Bailout Recipients Falls Again
Washington Post 04/16/2009
Banks Ramp Up ForeclosuresWall Street Journal 04/15/2009
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
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
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
World Bank chief Zoellick on the global economy and how to prepare an effective long tem policy
10/02/2009
Zoellick sees the short term Stimulus and central bank monetary easing policies of 2008, as not appropriate to the long term problems of debt reduction and energy price volatility. He emphasizes the need for bridge financing for Spain and Italy though he accepts the German view that credit cannot be provided freely and reforms need to be undertaken. A partial euro bond solution is a step in the right direction.
Linked Articles
World Bank Chief Urges Euro Bonds
Wall Street Journal 05/31/2012
2010 Looks 'Highly Uncertain,' Zoellick SaysWall Street Journal 10/02/2009
Obama is interviewed by Seib of WSJ. His idea to take a "light touch" to regulation.
06/17/2009
Obama's desire to avoid any appearance of a heavy hand in regulation.
Linked Articles
Obama’s Financial Reform Plan: The Condensed Version
Wall Street Journal 06/17/2009
Obama Aspires to a 'Light Touch,' Not a Heavy HandWall Street Journal 06/17/2009
With capacity utilization at 68%, too much slack in the economy for inflation to take root.
06/11/2009
Producer Price Index showed its steepest decline since 1949 for May 2009 over May 2008. And there are still 10 unsold homes for every one sold, with the typical being 6.
Linked Articles
Get Ready for Inflation and Higher Interest Rates
Wall Street Journal 06/11/2009
Housing Starts Jump in May for Third MonthWall Street Journal 06/16/2009
As the government sells $5 trillion in new debt by one estimate, the problem of an estimated $ 1 trillion in troubled assets on the banks books is being put off for another day.
06/04/2009
The FDIC's Legacy Loans Program's $1 billion pilot program attracts no interest. The Public Private Partnership Program of Secretary Geithner, like Secretary Paulson's TARP program before Geithner, is also unlikely to attract much interest as banks are not willing to take the prices that would require them to show large losses on their books. But this means that these problems are postponed for another day.
Linked Articles
Plan to Help Banks Clear Their Books Is Halted
New York Times 06/04/2009
Rising Interest on Nations’ Debts May Sap World GrowthNew York Times 06/04/2009
With $5 trillion of new debt issue estimated in 2009-2010, the prospect of continued bailout of auto industry for years dims outlook for reversing this.
06/03/2009
Some experts point to the need for a 50% reduction in capacity in the auto industry from 2008. Demand may be lower than the 9.5 million vehicle year that the auto task force says is needed for GM to breakeven. This will mean continued government aid to the industry for a number of years.
Linked Articles
Rising Interest on Nations’ Debts May Sap World Growth
New York Times 06/04/2009
Kicking the Tires on the General Motors DealWashington Post 06/03/2009
Manufacturing is aweak part of this recovery, making the debt more burdensome.
06/01/2009
Rising debt and weak bounce from manufacturing in a recovery.
Linked Articles
Rising Interest on Nations’ Debts May Sap World Growth
New York Times 06/04/2009
Once a Key to Recovery, Detroit Adds to PainNew York Times 06/01/2009
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
Views of experts from Raghuram Rajan, Paul Krugman and Simon Johnson are at odds with the Obama administration's recycling of prior Paulson's bank rescue plans
04/21/2009
Rajan and Johnson call for smaller, more transparent financial institutions through the government takeover of insolvent banks and breaking them up into smaller financial institutions that pose less risk to the country's economy and are easier to manage, and less prone to excessive risk taking. And they propose crafting policy and antitrust laws to make this work. Questions raised about the administration having too many people on its economic team who are deferential to Wall Street and not with a mindset that questions key assumptions -some call them sacred cows- that are put forward by Wall Street.
Linked Articles
Economists Seek Breakup of Big Banks
Wall Street Journal 04/21/2009
Time for Bank Creditors to Share the Pain?New York Times 04/29/2009
The gap between the admirable comments and clarity of Obama's Georgetown sppech and the growing foreclosures, dramatic drops in business and consumer lending.
04/14/2009
Failure to stem foreclosures and to ramp up business and consumer lending, by taking over insolvent banks and offering loans at attractive rates, is hurting the economy and will lead to further job losses.
Linked Articles
Lending By Bailout Recipients Falls Again
Washington Post 04/16/2009
Text of Obama Economic SpeechBusinessWeek 04/14/2009
The idea of one Europe and financial crisis in Eastern Europe.
02/26/2009
How leaders of Germany, France and Britain respond to calls for help from Eastern European countries will determine the future of the European community and the European Union. Will a differentiated approach develop that provides help to the newer members of the EU. Will the Swedish example with the Baltics lead to a supportive role by Germany?
Linked Articles
The bill that could break up Europe
Economist 02/26/2009
Growing Economic Crisis Threatens the Idea of One EuropeNew York Times 03/02/2009
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
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