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Temporary workers in the U.S. and in Italy- the consequences in lower consumer spending, higher inequality and poverty
02/02/2011
Linked Articles
The Rise of the Permanent Temp Economy
New York Times 01/26/2013
The Youth Unemployment BombBusinessWeek 02/02/2011
Angela Merkel's experience with the reunification of East and West Germany and her views of the eurozone crisis
01/30/2011
The perceptions of the eurozone crisis of ordinary Germans and of former East German Angela Merkel are colored by the period of reunification of the two Germany's. This was paid for with a"solidarity surcharge" tax paid by Germans amounting to $1.7 trillion and led in its early stages to 4 million unemployed in the eastern part and 20% unemployment. It took over a decade for East Germany to build new modernized industries in the larger cities of the east, but still leaves the rural parts of former East Germany in a neglected state as young peoplemoved out. During this period industry in the west also regained lost global competitiveness, especially in industries such as automobiles and advanced machinery, using wage restraint agreements with unions and increases in productivity. Germans see the need for eurozone countries in the southern part of Europe needing to make similiar sacrifices and see the tax evasion in Italy and Greece as unacceptable. The real estate bubble, the lack of transparency for banks bad loans, and out of control regional spending in Spain is also seen in a similiar light. Greece is seen as the most egregious offendor because of the bad financial accounting that grossly understated the extent of the bad loans. Less publicized in Germany is the role played in the bad loans through poor lending practices of German and French banks and that as experts have pointed out Germany was to some extent bailing out German banks when it was bailing out Greece- till German banks reduced their exposure to Greece in 2011.
Linked Articles
In former East Germany, anxious residents resent paying for Europe’s problems - The Washington Post
Washington Post 06/21/2012
Merkel's Defense of Euro Forged in East GermanyNew York Times 01/30/2011
Increasing use of temporary workers in Italy, Spain, Portugal, and Greece- the consequences for young people
01/01/2011
Linked Articles
Frenzy Over Teaching Test Points to Italyâs Woes
New York Times 12/24/2012
Lack of Jobs in Southern Europe Frustrates the YoungNew York Times 01/01/2011
The warnings on trade in 2010-2011 and sharply shifting public sentiment in the U.S. across all age, income and education groups
10/02/2010
A WSJ poll in 2010 showed that between 1999 and 2010 public sentiment had completely changed seeing trade as hurting American workers. A study by counties in the U.S. by Autor, Hanson, and Dorn showed the damage done by trade policy for American manufacturing workers. By March 2016 in the U.S. presidential election Michigan primary large gains were made by Republican and Democratic candidates opposing trade agreements including TPP negotiated by president Obama.
Linked Articles
Tallying the Toll of U.S.-China Trade
Wall Street Journal 09/27/2011
Americans Sour on TradeWall Street Journal 10/02/2010
Greece's referendum and the 3 year bailout of July 12, 2015- military spending, shipowners taxes, and cuts to pensions
07/10/2010
Greece's left Syriza government almost pulled the country out of the eurozone over pension cuts, even as military spending in Greece remained at 2.4% of GNP compared to close 1.4% for the EU average. Greece did not propose further cuts to military spending to bring the Greece ratio closer to that of Germany and other countries in Europe, raising questions about prudent spending. Which is why Greece sometimes has aspects of the surreal to people not just in Germany and Holland, but other parts of Europe, and outsiders. Under the reform proposal and bailout of July 12, 2015 following the "no" referendum, Greece's parliament voted overwhelmingly in favor of the similiar cuts in pensions from an earlier EU proposal, with cuts of $300 million to the military spending by 2016. Greek shipowners will also pay taxes under the new bailout, negotiated by Greece with France's help when the referendum had damaged relations with the rest of the EU, particularly Germany with only 10% in polls willing to support any further concessions.
Linked Articles
Wall Street Journal 07/11/2015
The Submarine Deals That Helped Sink GreeceWall Street Journal 07/10/2010
Italy's borrowing in capital markets - 2011-2012
06/03/2010
Linked Articles
Italy Seeks to Spur Growth, Narrowing Gap With Peers
Wall Street Journal 07/18/2011
Italy's Shot of Southern DiscomfortWall Street Journal 06/03/2010
The public finances of France affect the credibility of the $1 trillon eurozone support package.
05/13/2010
How this affects Spain, Portugal, Italy and other countries facing financial crisis.
Linked Articles
French Cracks Are Showing in Euro-Zone Core
Wall Street Journal 05/13/2010
Italy's debt fuels worriesWall Street Journal 05/14/2010
John Taylor's reply to U.S. Fed chairman Bernanke's defence of his role in setting low interest rates in 2003-2006 leading to the 2008 global financial crisis
01/04/2010
Linked Articles
The Fed and the Crisis: A Reply to Ben Bernanke
Wall Street Journal 01/10/2010
Fed chief Bernanke urges better financial regulation to prevent crisesWashington Post 01/04/2010
The makeover of Aeroflot into a modern airline and global carrier- 2009-2016
07/29/2009
Linked Articles
At Aeroflot, It’s Patriotism Over Profits as Russia Pressures Industry
New York Times 11/12/2015
Aeroflot Sheds Its Soviet Legacy and Turns to a Western FleetNew York Times 07/29/2009
Edmund Phelps, Nobel winner 2006, on what capitalism really is, and Obama's speech at Georgetown on its current crisis.
04/15/2009
Phelps gives alucid and admirable description of what capitalism is and what it is not, and how best to understand it and employ it.
Linked Articles
Uncertainty bedevils the best system
Unknown 04/15/2009
From President Obama, Economic Clarity but Little CourageWashington Post 04/15/2009
Are the old faces that got the USA and Europe into this financial crisis, now the new faces trying to fix it?
01/15/2009
Schapiro and Khuzami, the new faces at the SEC as chief and enforcement director, are the old faces at FINRA which took ahands off view of self regulation of the financial industry and the old faces at Deuteche BAnk as inhouse lawyer. Sir James Crosby, the head of HBOS bank in the UK which needed $17 billion f government money in 2008, was made Deputy chairman of the Financial Services Authority in 2006, Britain's main regulator. He reisgned hours before a stormy session in the House of Commons which embarrassed Prime Minister Brown after some revelations about Crosby,s role in the mess.
Linked Articles
Obama's Pick to Head SEC Has Record Of Being a Regulator With a Light Touch
Wall Street Journal 01/15/2009
British Regulator Quits as Accusations Mount in Banking CrisisNew York Times 02/12/2009
The paradox of low U.S. productivity growth holding back wages in 2015-2016 (1) - Apple Google, Facebook and low productivity improvement since 2005
12/31/2008
Linked Articles
Whatever Happened to Silicon Valley Innovation?
BusinessWeek 12/31/2008
The Big MehNew York Times 05/25/2015
The untold story of civilians caught in the crossfire in the wars in places like Gaza and Afganistan that have lasted decades.
12/25/2008
A physiotherapist from Turin, Italy, who runs the Red Cross Rehabilitation Center in Afghanistan, and a wounded surgeon who loses his wife and child in the cross fire between militants and Israelis in Gaza City, both have an untold story of civilians in both places.
Linked Articles
A Foreign Face Beloved by Afghans of All Stripes
New York Times 12/25/2008
Despair and a Defiant Smile in a Gaza HospitalNew York Times 01/09/2009
Rand Paul and the presidential election of 2016
02/02/2011
Linked Articles
Midterm Elections 2014: Rand Paul Is Go-To Republican for 2014 Candidates
Wall Street Journal 11/05/2014
Rand Paul: No ‘Great Compromiser’Wall Street Journal 02/02/2011
Lack of jobs for young people in Southern European countries of Spain, Portugal, Italy and Greece
01/01/2011
Linked Articles
Italy Seeks to Spur Growth, Narrowing Gap With Peers
Wall Street Journal 07/18/2011
Lack of Jobs in Southern Europe Frustrates the YoungNew York Times 01/01/2011
Criticism and reservations about the Fed's second round of quantitative easing.
10/25/2010
The likelihood that the US Federal Reserve's move to buy an estimated $750 billion of Treasury bonds will be ineffective in the absence ofiscal policy options.
Linked Articles
Wall Street Journal 10/26/2010
Our Fiscal Policy ParadoxWall Street Journal 10/25/2010
The growth compact for Europe: increasing German wages to benefit German workers and increase imports from other eurozone countries
08/17/2010
German workers exercized a decade of wage restraint under the Hartz reforms. This has led to a large increase in the sector of lower paid workers. Polls show 4 out of 5 workers feel they have not benefitted from the growth in the economy in Germany. Higher German wages coupled with wage restraint in France, Spain, Italy and other eurozone countries would help increase imports into Germany from other eurozone coutnries. This would help rebalance the eurozone economies.
Linked Articles
Germany's Inflated Fear of Inflation
Wall Street Journal 02/14/2012
German Workers' Wages Belie Country's ReboundWall Street Journal 08/17/2010
The paradox of low U.S. productivity growth holding back wages in 2015-2016 (2)- Apple, Google, Facebook and low productivity improvement since 2005
07/01/2010
Linked Articles
Andy Grove: How America Can Create Jobs
BusinessWeek 07/01/2010
The Mystery of Declining Productivity GrowthWall Street Journal 05/15/2015
Spain, Portugal, and Italy face contagion effects of the Greece financial crisis.
05/14/2010
Linked Articles
Wall Street Journal 05/14/2010
Spain is simply shifting the problemWall Street Journal 05/14/2010
The failure of CEO's before Akio Toyoda to address quality problems at Toyota.
01/28/2010
Quality problems were evident as early as 2006. Both CEO's Okuda and Watanable failed to get agrip on these problems in the midst of rapid expansion.
Linked Articles
Akio Toyoda - Toyota's plan to repair its public image
Washington Post 02/09/2010
Toyota Heir Faces Crisis at the WheelWall Street Journal 01/28/2010
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
A drastic overhaul, a sweeping restructuring is needed of the "fee-for-service" system to fix healthcare, the Obama health "reforms" risk becoming cosmetic.
06/14/2009
Cowen and Samuelson point out that without this big restructuring, taking in the uninsured into the system will only magnify the costs further. It would simply continue a unaffordable system of healthcare, that also delivers poor overall quality of healthcare for a steep price tag.
Linked Articles
Something’s Got to Give in Medicare Spending
New York Times 06/14/2009
Robert J. Samuelson - Wrong Way on Health 'Reform'Washington Post 06/15/2009
The Money multiplier is broken and the Fed's infusions are ending up in bank reserves.
03/20/2009
Banks have $679 billion in reserves, says Gongloff, and this matches the $653 billion that the Fed added to the money supply in this period. With the money multiplier broken the money is simply adding to the buildup of reserves at the banks.
Linked Articles
Get Ready for Inflation and Higher Interest Rates
Wall Street Journal 06/11/2009
Best Check on Inflation: Broken BanksWall Street Journal 03/20/2009
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
The euro currency area and the situation in Spain, Italy and Britain.
12/30/2008
How being in the euro currency is on balance a good thing for Italy, being outside good for Britain given its asymmetric shock, and being inside complicates things in Spain which had an outsize boom in construction.
Linked Articles
Economist 12/30/2008
Longer dole queuesEconomist 12/30/2008
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