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The political economy of crony socialism
When governments and critical financial institutions rig the system to facilitate irresponsible public spending, trouble is inevitable. Today’s crony socialism, masquerading as capitalism, is at the root of the crisis unleashed by the anti-coronavirus measures. Unfortunately, panicked citizens perceive the government as a part of the solution, not the problem.
Europe after the crisis
The COVID-19 pandemic is dealing body blows to the world economy, but it is not the root cause of concerns about Europe’s future. Brussels’ and Frankfurt’s stock responses to the impending crisis – money printing, easy credit and massive public expenditure – only bring Europe closer to socialist-style centralization.
Jerome Powell: what kind of Fed leader will he be?
By choosing to elevate the uncontroversial Jerome Powell to chairman of the U.S. Federal Reserve, President Donald Trump has scored a rare bipartisan success. Mr. Powell lacks formal training in economics, though, and while he can be expected to sail smoothly on his predecessor’s course, it is hard to foresee ...
Loose monetary policy could be on its way out
In March, the United States Federal Reserve kept its main interest rate on hold, while the European Central Bank cut its main interest rate to zero. The moves confirmed what investors already knew: the American and European economies still have plenty of weaknesses. But despite appearances, the Fed and the ...
Exchange rates: a race to the bottom
Trying to predict how exchange rates will evolve during the rest of the year is a futile exercise. For different reasons, the world’s major central banks are all doing their best to weaken their own currencies. Summary <i>In the United States, the Federal Reserve is having second thoughts about resetting ...
