Japan’s America Policy: Shrewd and Risky

In a small group, on-the-record meeting with Japanese Ambassador Kenichiro Sasae just days before Prime Minister Abe’s Washington visit, I was able to glean some insight into not only Japan’s goals for the trip, but its long-term strategy for getting more from the US than it wants to give as well. Success is by no […]

QE in the Euro Zone: How Can It and Will it Work?

The quantitative easing (QE) programme launched by European Central Bank (ECB) has been hailed as a long awaited decision, and the latest ECB press releases are pretty happy with the results. However, QE raises nontrivial questions regarding its medium-term effectiveness net of concomitant facors. Firstly, assessment of experiences of QE forerunners (United States, United Kingdom, […]

Una de las cosas más importantes que el Gobierno puede y debe hacer es lograr el pleno empleo

Here’s a long interview, in Spanish. http://www.eldiario.es/economia/importantes-gobierno-lograr-pleno-empleo_0_372363556.html   Lo entrevistamos al final de su estancia en Madrid hace unas semanas con motivo de la presentación del libro, en una visita en la que coincidió con el candidato de IU a la presidencia del Gobierno, Alberto Garzón, y su hermano el economista Eduardo Garzón, que ha […]

Greek Parallel Currency: How to Do it Properly

According to several recent media reports, both the Greek government and the ECB are taking into consideration the possibility (for Greece) to issue a parallel domestic currency to pay for government expenditures, including civil servant salaries, pensions, etc. This could happen in the coming weeks as Greece faces a severe shortage of euros. It is […]

ECB Taper News

What Business Insider’s Mike Bird somewhat ironically calls #euroboom2015 seems to be well and truly with us. The WSJ’s Simon Nixon spelled  it out for us in his “QE is Working Better than the ECB Dared Hope” article:  “one month into the ECB’s €1 trillion ($1.06 trillion) quantitative-easing program, and ECB President Mario Draghi was […]

The Challenge of Parallel Trading in Hong Kong

This week the Ministry of Public Security took action to restrict visitors to the Hong Kong Special Administrative Region after the increase in day-trippers and traders buying goods in the city led to weeks of protests. As Shenzhen authorities announced a limit on cross-border trips by the city’s residents, Hong Kong Chief Executive Leung Chun-ying […]

Tough Economic Decisions Come After Finnish Elections

Recently, I visited Finland. A sense of crisis has finally arrived in Helsinki but much precious time has been missed. The past record of solid economic growth has stalled with the economy in recession for three out of the last five years. On April 19, Finnish voters are likely to vote out the ruling government […]

A Fiscal Program for Rand Paul: He Wants to Balance the Budget. Here’s How He Should Do It

“As President,” says candidate Rand Paul, “I will work to authorize common sense solutions that will solve our nation’s fiscal crisis.” He has floated a broad proposal for a constitutional amendment that would require the federal government to balance its budget. Soon he will need to start filling in the specifics. Here are some ideas […]

Is The Crisis Now History In Spain?

Mariano Rajoy is a man who is not shy when it comes to being controversial, as the storm surrounding his stance over the recent Greek bailout negotiations clearly illustrates (and here). So it is perhaps not surprising that he did not notably blush when he informed a Madrid audience recently that “In many ways, the […]

Swiss Finish: Why the Actions of the SNB are More Significant than Thought!

The fallout from the decision of the Swiss National Bank (“SNB”) to abandon a fixed value of the Swiss Franc (“CHF”) against the Euro may foreshadow the potential consequences of the end or failure of central bank activism. As Gloucester in Shakespeare’s King Lear states: “These late eclipses of the sun and moon portend no good to us “. Turning […]