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U.S. president Obama on "The Way Ahead" in October 2016 after 2 terms in office

10/12/2016

The first term of president Obama was taken up mostly in meeting the 2008 financial crisis. Much remains to be done says president Obama after his second term, as the economic recovery needs to be brought home to all Americans, job opportunities improved, growing inequality addressed, productivity increased. He says many foreign leaders ask him about the the populist trends and sentiment for protectionism growing in the U.S. and he has given a lot of thought to this. He summarizes his ideas in an Essay in The Economist magazine of Oct 8-14th 2016.

Grouped Articles

The way ahead

The Economist 10/08/2016

The Republicans and Democrats failed blue-collar America. The left behind are now having their say | Thomas Frank

The Guardian 11/06/2016

‘American Democracy Is Bigger Than Any One Person,’ Obama Says

The New York Times 11/16/2016

The White House’s claim that 800,000 manufacturing jobs were added during Obama’s presidency

Washington Post 12/09/2016

Zeit Online Von Mark Schieritz's 3 Part series on Capitalism, Globalization, and discontent in global society

08/17/2016

The appeal of populist politicians using racist slogans and divisive rhetoric to appeal to those left behind by the capitalism, tech changes, trade and globalization of the last 2 decades, has created a new danger to the prosperity and peace achieved in the 4 decades after World War II. Schieritz shows how this needs to be addressed and the changes already taking place.

Grouped Articles

Globalization: Capitalism Should Be Nicer | ZEIT ONLINE

ZEIT ONLINE 07/29/2016

Big government is the new West Coast craze

Washington Post 11/06/2016

Populism, Far From Turned Back, May Be Just Getting Started

The New York Times 04/25/2017

What tax havens are costing the U.S. and poor developing countries each year- $40 billion for the U.S. Treasury, 3-10 times foreign aid for poor countires

04/08/2016

The $40 billion estimate of loss to the U.S. Treasury from tax havens is by Robert Morgenthau, U.S. District Attorney for Manhattan. The 3-10 times foreign aid estimate of loss in tax revenues for poor countries dependent on such taxes because of large informal economies, is from Angel Gurria, head of OECD for three times, and as high as ten times from the Tax Justice Network. This means poor infrastructure development, fewer roads and less spent on education and healthcare in poor countries with desperate needs especially in Africa and parts of northern India, Pakistan. Its not just poor countries, as the U.S. also needs the money to replace older crumbling infrastructure, an issue in the 2016 U.S. presidential campaign

Grouped Articles

How global tax evasion keeps poor countries poor - The Washington Post

Washington Post 04/08/2016

Pieces of Silver

The New York Times 08/12/2016

Fact-Checking Apple’s Claims on E.U. Tax Ruling

The New York Times 08/31/2016

Nigeria's telecommunications company MTN

11/10/2015

Grouped Articles

MTN Chief Executive Resigns After Nigerian Fine

Wall Street Journal 11/10/2015

The caution in raising rates of the U.S. Federal Reserve in 2015 and memories of the emerging market crisis in 1997

09/17/2015

In 1997 Federal Reserve rate increases worsened the situation in the fragile Mexican economy, with Mexico needing a large bank bailout. Contagion to other countries was also a large problem at the time. Harvard economists Kenneth Rogoff and Larry Summers, cite the situation facing emerging markets with the sharp fall in commodity prices and the decline in the value of the currencies, particularly Brazil, Indonesia and Russia, countries dependent on commodity exports, creating risks in the global economy that the Fed could not ignore. The debt crisis in China and slowing economy, with missteps by the government in handling the stock market decline, happened in August-September 2015, creating added uncertainty- making Sept 15, 2015, too soon for the Fed to risk even a modest 0.25% increase in rates.

Grouped Articles

Watching the Fed, and Remembering the Tequila Crisis

New York Times 09/18/2015

Fed Leaves Interest Rates Unchanged

New York Times 09/17/2015

Gloom on Brazil Finances Deepens

Wall Street Journal 12/17/2015

Why China’s Market Fell So Much

Wall Street Journal 01/05/2016

Why China’s Market Illness Has Gotten More Contagious

Wall Street Journal 01/12/2016

A January Pause, but Fed Affirms Plan for Gradual Rate Increases

New York Times 01/27/2016

Kenneth Rogoff on the financial crisis in China with debt exceeding 270% of GDP, shadow banking, real estate bubble and unsustainable local government finances

08/24/2015

Kenneth Rogoff of Harvard, is an expert on financial and debt crises, with the most extensive quantitative study of debt crises of 66 countries with Carmen Reinhart. The research is published in the book, "This Time Is Different." He discusses the debt crisis in China with the NYT's Andrew Ross Sorkin, saying China is not immune to the problems from an alarming buildup of debt. He says the reason China was seen as impervious to debt problems is because of the high savings rate of 30%, the millions of migrants moving to cities for manufacturing work, and government control of markets. Actually he sees China as a really good example of "This Time Is Different," the notion that somehow it can't happen here. The result is along delay before an event and the sudden speed of the implosion once it hits. The effects Rogoff sees are the risks to commodity producing countries such as Russia, Brazil, and other countries dependent on exports. He says China's large foreign exchange reserves offers a way for it to manage the debt crisis.

Grouped Articles

A Warning on China Seems Prescient

New York Times 08/24/2015

China facing full-blown banking crisis, world's top financial watchdog warns

The Telegraph 09/19/2016

Will Trump herald a US economic boom?

The Guardian 12/07/2016

China’s Economy Grows 6.9%, but Warning Signs Persist

The New York Times 04/17/2017

Moody’s Cuts Its China Rating for the First Time Since 1989

WSJ 05/24/2017

In Downgraded China, Echoes of Japan’s Boom and Bust

WSJ 05/24/2017


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