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 [...]
This article first appeared in this week’s Fund Strategy magazine. Even by the standards of a world of confused debates the discussion of energy is spectacularly muddled. While politicians and campaigners bluster about greedy energy companies the central issue, how to bolster supply, receives little attention. Politicians of all stripes are guilty of posturing on [...]
This is the box for my Fund Strategy cover story on Britain’s economic recovery. One of the government’s central commitments when elected into office in 2010 was to rebalance the British economy. This pledge had several elements to it. In his first keynote speech as prime minister the newly elected prime minister David Cameron made [...]
My latest Fund Strategy cover story, published today, looks at the discussion of the British economic recovery. The related graphs and a timeline are available here. Tomorrow I will publish the related box that looks at the discussion of rebalancing. After several years of economic pain the UK economy appears to be enjoying a recovery. [...]
I must have missed it in my childhood for, despite liking cartoons, I do not recall ever coming across Scrooge McDuck. I certainly did not expect that many years later I would be alerted to the existence of the richest duck in the world by a billionaire fund manager. Bill Gross, the founder and chief investment officer [...]
It is hard to imagine any convincing moral defence of redistribution from the relatively poor to the wealthy. Yet that is precisely what seems to be happening with quantitative easing. Several important figures in the financial markets have raised this reverse Robin Hood effect recently. Nigel Wilson, the chief executive of Legal & General, described [...]
Western commentators are often far too quick to draw sweeping conclusions about China on the basis of limited knowledge. I was reminded of this tendency after following discussions about an article in the Financial Times about young Chinese allegedly shunning factory jobs. The article was based on an interview with Terry Gou, the founder of [...]
This column was first published on Wednesday in Fund Strategy. Financialisation is one of the most important trends in the world economy. It is also one of the most misunderstood. In the mainstream discussion the term generally refers to the ascendancy of finance. This can take many forms but the main thrust of the argument is [...]
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 [...]
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