A Whipsaw Summer Gets Put On Ice

October 31, 2011

After a summer of extreme ups and downs, it’s time to stop frightening ourselves needlessly.

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The Euro Lifeboat

December 2, 2010

Citizens of Germany, Greece and Ireland are all learning an important lesson: When you share a lifeboat with someone, you can’t each go your own way. Germany is the biggest contributor to the $113 billion bailout that the European Central Bank and the International Monetary Fund cobbled together for Ireland last weekend. The seven-year package of loans, totaling 85 billion euros at an average interest rate of 5.8 percent, guarantees …

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A Financial Thunderstorm, Not A Hurricane

May 5, 2010

The Greek financial crisis sent markets around the world reeling yesterday, as the soothing effects of the Eurozone’s $143 billion bailout package wore off after just one business day. If Greece falls, and then perhaps Portugal, will we be looking at the sort of global paralysis that set in when the Bear Stearns domino hit the Lehman Brothers domino, which hit Merrill Lynch, which hit American International Group, ad infinitum? …

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Showing China Some Love

November 23, 2009

I get misty-eyed when I witness true love, whether it is between a grandparent and a new grandchild, a boy and his dog, or a banker and his biggest borrower. So I was touched by the warm greeting China’s leaders extended to President Obama last week, and by the almost Confucian respect that our young commander-in-chief showed his elders on the world stage. China’s rise is an achievement “unparalleled in …

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The Fading Greenback

October 9, 2009

The U.S. dollar isn’t as popular as it once was. In the second quarter of this year, which ended on June 30, the dollar’s share of global currency reserves fell to its lowest level in a decade, and its value dropped 6.2% as measured by the Dollar Index, which measures the U.S. currency against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona. The president of the World …

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