Iceland’s Lesson for the World: Control Your Own Currency and Help Your People

By: Wednesday June 13, 2012 7:35 am

I was on The Young Turks with Cenk Uygur last night. You’ll have to trust me, because I’m not in the above video; that’s just Cenk’s setup. But I was there, talking about Iceland and how differently they have managed their economic crisis compared to the rest of the world. Cenk wanted to compare it [...]

European Recession Spilling Over Into Global Economy

By: Tuesday June 5, 2012 10:17 am

I can’t believe that anyone tried to trot out as conventional wisdom the idea that Europe’s troubles would cause no economic turmoil in the US. We don’t export much to Europe, the story went. The financial channel is more dangerous, but US banks have insulated themselves from the problems over there. Wrong and wrong. In [...]

Spanish Crisis Points to Eventual Euro Breakup

By: Thursday April 5, 2012 1:00 pm

I mentioned the new round of economic crises in Europe, but Howard Schneider highlighted it again. He mentioned that new conservative Spanish Prime Minister Mariano Rajoy highlighted the “extreme difficulty” in borrowing money in the financial markets right now, though he didn’t think back to the reason why – austerity and no hope for growth, [...]

US Announces Additional Trade Enforcement Actions Against China

By: Tuesday March 13, 2012 7:44 am

The President announced in his State of the Union address a Trade Enforcement Unit that would broadly look at unfair trade practices around the world, particularly with China, and use the international mechanisms available to stop them. The first post-SOTU case of the new trade enforcement policy concerns rare earth minerals: Five separate issues — [...]

Obama Announces Trade Enforcement Unit to Inquire on Illegal Chinese Trade Practices

By: Wednesday January 25, 2012 7:35 am

Outside of the horrendous gambit of announcing a fraud investigation that appears designed to fail, Obama gave a decent enough speech last night. I liked the specificity on the Buffett rule – a minimum effective tax rate of 30% for millionaires – and the alternative minimum tax for corporations (a nice counterpoint to the far-right [...]

Treasury Department Declines to Label China a Currency Manipulator

By: Wednesday December 28, 2011 6:18 am

In 2010, over 350 members of the House agreed to a bill designed to punish China for their currency manipulation. In 2011, 68 members of the Senate agreed to a similar bill. But in a year-end report to Congress, the Treasury Department voiced their disagreement, refusing to label China a currency manipulator, instead opting for [...]

Report on China’s Economic Practices Ten Years After WTO Inclusion Shows Need for Changes

By: Tuesday December 13, 2011 12:55 pm

Ten years ago, China joined the World Trade Organization, promising to reform and liberalize its command economy. Ten years later, very little has changed. The U.S. says that China has intensified state intervention in its economy despite reform commitments it made on joining the World Trade Organization 10 years ago. The office of the U.S. [...]

“Core Euro” – Currency Union Nears the End

By: Wednesday November 9, 2011 1:42 pm

The situation in Italy is now beyond the point of repair. With debt yields above 7%, it’s a matter of time before Italy cannot afford borrwing. And there’s only one mechanism with the ability in Europe to bail them out. That’s the European Central Bank, and they have been enabling the crisis more than anything: [...]

European Deal Already Faltering

By: Friday October 28, 2011 6:55 am

It’s taken all of one day for the big European resolution to their crisis to start coming apart at the seams. Since it was only half a plan, it was natural that the groups whose participation is needed to make the plan work would balk, if only to get more out of the negotiations. That’s [...]

Sherrod Brown Pressures Boehner in His Hometown on Chinese Currency Bill

By: Tuesday October 18, 2011 8:55 am

John Boehner has declared the China currency bill, which passed the Senate with rare bipartisan support and 63 votes, “dead on arrival” in the House. Apparently the interests of multinational corporations to keep their labor costs low trumps the interests of out-of-work Americans. This House Speaker knows where his bread is buttered. Just to bring [...]

Romney Threads Needle on Chinese Currency Bill

By: Friday October 14, 2011 7:38 am

The Chinese currency bill, which passed the Senate this week, has already made life difficult for House Republicans. Nancy Pelosi’s tactic of using the bill in a motion to recommit on the Colombia trade deal means that every House Republican, including the 63 co-sponsors of the measure, has now voted against it. That will certainly [...]

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