The Euro’s Original Sin

March 26, 2013

The euro was meant to bind united Germany within a peaceful, prosperous Europe. But Europe was not ready to be bound and now resents it.

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Greece Closes Its Eyes And Votes

June 18, 2012

Greece went into Sunday’s election with its eyes closed, since polls have been banned since June 1. Why face facts?

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In Europe, It’s 2008 All Over Again

June 5, 2012

Europe’s problems are reminiscent of the 2008 panic. Expect policy makers to do what they must, once they exhaust other options.

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What Nuclear-Free Japan Means For Us

May 4, 2012

This weekend, Japan will be nuclear-free for the first time in a generation. American gas can help keep it that way.

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Sweet Music To Soothe The Savage Banker

September 16, 2011

All together now: “There Will Never Be Another Lehman.”

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A Stock Exchange Needs More Than A Big Tree

February 22, 2011

On May 17, 1792, 24 stock brokers met under a buttonwood tree on Wall Street. Lower Manhattan has been a center of financial activity ever since, and the swells of suited stockbrokers on those streets at lunchtime have come to seem inevitable. Soon, however, the people in charge of the Big Board may be at a new address: Neue Börsenstraße 1, 60487 Frankfurt am Main, Germany. Germany’s Deutsche Boerse Group …

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Where Will Tomorrow’s Workers Come From?

February 18, 2011

With the unemployment rate still coming down from its double-digit heights, few people in the U.S. are talking about what may be one of the biggest economic problems in our future: a labor shortage. In fact, however, one of the main reasons the unemployment rate has fallen faster than many analysts predicted is that the number of people seeking work has declined. Bloomberg recently reported that overall participation in the …

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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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The Economic Fujiwara

November 22, 2010

The dollar is up against the euro. No, the dollar is down against the euro. Now it’s up again. Until it goes down. Meteorologists have a term, the “Fujiwara effect,” to describe the interaction of two storms in close proximity. In the Northern hemisphere, wind blows counterclockwise around centers of low pressure. When two lows “dance the Fujiwara,” as some scientists put it, the winds of each storm influence the …

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Restoring Confidence In Europe’s Banks

June 25, 2010

The financial crisis that gripped the world in late 2008 was, most of all, a crisis of confidence. What we knew about the condition of America’s biggest financial institutions was bad enough, but what we didn’t know was terrifying. This is why the “stress tests” that financial regulators publicly performed on 19 of the country’s largest financial firms last year were so helpful. In some cases the news was good, …

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