Posts Tagged ‘America

This is my latest book review for the Financial Times. The link to the piece on the FT site can be found here. American Tax Resisters, by Romain D Huret, Harvard University Press, 2014. Few people like paying taxes, but there are some individuals, particularly in the US, for whom active tax resistance is central to [...]

Given the Federal Reserve’s role in keeping the American economy afloat in recent years its 100th anniversary has attracted remarkably little attention. The centennial of the central bank provides a good vantage point to examine the increasingly powerful institution. Anyone who doubts the Fed’s part in bolstering the economy in recent years need only look [...]

What is the likely impact of policies to redress wide economic inequalities? Many support this goal and some abhor it but few take the trouble to spell out exactly what they mean by equality in this context. Barack Obama’s 2014 State of the Union speech provided a good opportunity to unpick the concept. The president [...]

This review was first published on spiked today. The unsubtle message of Martin Scorsese’s new film, The Wolf of Wall Street, is that there is a thin line between investment bankers and gangsters. Admittedly, investment banking is not itself illegal and its practitioners are not generally prone to extreme violence. Nevertheless, the film portrays Wall Street [...]

This article for the Financial Times was published in Friday’s FT Wealth. Every generation has thinkers who support the right to accumulate great wealth. Such figures are reviled by egalitarians for defending the indefensible: upholding privilege and hierarchy while the common man or woman suffers impoverishment. Conservatives typically respond that social inequality can benefit society [...]

This article first appeared in this week’s Fund Strategy magazine. Germany has, for the time being at least, replaced China as America’s lead villain in the world economy. The discussion of global economic imbalances is back but the main bogeyman this time around is European rather than Asian. America turned the heat up on Germany [...]

The fervent debate on whether America is suffering from “secular stagnation” reveals little about the economy but much about the bankrupt state of economics. There is little original in the discussion of the malady and even less of anything profound. Larry Summers, a former US Treasury secretary among many other things, kicked off the debate [...]

My piece on trends in household income in the advanced economies was published today in the annual world economy survey in the Financial Times. Beyond the truism that financial crises and recessions are painful, the advanced economies have had widely divergent experiences in recent years. This is clear even at the level of economic growth. [...]

I had not expected the audience of Chinese financial regulators to laugh hysterically at my remarks on the eurozone economy. It took a further five minutes for their conversations in Mandarin to subside. The subject of my talk, the future of the eurozone, normally invites anxiety rather than mirth. My goal was to outline the [...]

This article, which is a bit more technical than normal, argues that in reality interest rates have already started to rise. Those who are obsessed with responding to the debate about “tapering” by America’s Federal Reserve could be doing the financial equivalent of fighting the last war. Credit is tightening whatever the unconventional measures being [...]