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 [...]
This Fund Strategy cover story on “tapering” – the gradual reduction in monetary support for the economy by America’s Federal Reserve – was first published on 21 August. An accompanying chronology can be found here. Are central bankers preparing to turn down the money tap? The pronouncements by Ben Bernanke, the chairman of America’s Federal [...]
This is my latest cover story for Fund Strategy magazine. It is written mainly from the perspective of British taxpayers and investors. I hope to write a more political article covering some of the same themes before too long. Until recently investors could make a cardinal distinction between tax evasion and tax avoidance. Evasion was, by definition, [...]
No Billionaire Left Behind, by Angelique Haugerud, Stanford University Press 2013, RRP$24.95 Imagine stumbling across a demonstration by what appears to be the super-rich in New York’s Central Park. The women carry parasols and are adorned in elegant gowns, tiaras and satin gloves. The men wear tuxedos and top hats. Their placards spell out demands [...]
This is my Perspective column from this week’s Fund Strategy magazine. Much of the debate on global financial markets in recent weeks, and indeed on economic prospects too, has focused on “tapering” by America’s Federal Reserve. Whenever such a term comes into vogue it usually repays examining in more detail. It is clear what tapering [...]
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