The Changing Face of Global Risk

NEW YORK – The world’s economic, financial, and geopolitical risks are shifting. Some risks now have a lower probability – even if they are not fully extinguished. Others are becoming more likely and important. A year or two ago, six main risks stood at center stage: · A eurozone breakup (including a Greek exit and […]

Modern Money in Six Short Videos

I recently did an interview for Euro Truffa on six topics related to MMT. The website is here: They are transcribing my interview to Italian and putting up the videos (I think that only two are up so far). However, they have also posted all of the videos to YouTube. As you can tell, […]

President Xi Goes to Brussels

Taking Sino-EU trade talks to a new level As the first Chinese leader to visit the EU headquarters, President Xi Jinping is seeking a new trade opening with Brussels, which needs deeper economic relations for its recovery agenda. In China President Xi’s visit to the EU headquarters as well as the Netherlands, France, Germany, and […]

Financing Development: Are International Solidarity Levies the Answer?

In an age of tightening aid budgets, ‘innovative financing’ is the latest buzzword to sweep international organizations determined to maintain the provision of their services despite years of stagnation in donor countries. The global health initiative UNITAID, chaired by Philippe Douste-Blazy, is offering its system of an ‘international solidarity levy’ as a model for other […]

Austrian Environmental Economics (Part 1): Air Pollution as a Coordination Problem

The Austrian school of economics has experienced a renaissance in recent decades. Its adherents have put their distinctive paradigm to work in nearly every field within their discipline. This post is the first of two that will examine the Austrian approach to environmental economics, with special emphasis on the problem of air pollution. (Follow this […]

U.S. Posts More Modest Gains for Personal Income & Spending

  Optimism got a break with today’s release for personal income and spending in February. As expected, modest growth prevailed last month as Americans spent a bit more vs. January. The gain marks the second monthly increase in a row. February’s 0.3% rise for both disposable personal income (DPI) and personal consumption expenditures (PCE) isn’t particularly impressive, but the […]

UK: A Nasty Looking Current Account

Today’s GDP figures – the third take on the final quarter of 2013 – showed a rise of 0.7%, as before, and confirm that business investment contributed significantly to that growth. Overall wages and salaries rose by 3% in 2013 compared with 2012. More here. The bad news today with in the balance of payments. The […]

Bitcoin: Chinese, U.S. Regulators Pushing Back

Bitcoin is getting hammered today. The Caixin website says it has seen the draft of a Chinese central bank ruling that would require banks and payment service providers to stop dealing in Bitcoin as of April 15. The implications: This means people will only be able to use cash to buy bitcoins, an analyst who has been […]

Irredentism and Border Disputes After Crimea: New Sources of Political Risk

Russia has successfully annexed Crimea. It continues to build its troop strength along Ukraine’s eastern border and may yet move to annex Russian populated parts of Ukraine. Russia has flaunted international law and a treaty it had signed with Ukraine and the U.S. to guarantee Ukraine’s territorial integrity. Russia’s imperialist move has increased global political […]

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