public debt
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Zombies and stagflation: Mario Draghi’s crisis prescription
In late March, Mario Draghi broke his post-ECB silence with an article in the Financial Times that set out several recipes for how to address the economic difficulties brought on by measures to contain the COVID-19 pandemic. Essentially calling for a “whatever it takes” part two, he urged central banks to open the liquidity gates and governments to take on huge debt burdens. There is a significant question however, about whether those measures will solve the problem or compound it.
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.
Relevance beyond the crisis: Strategies for the euro
Pumping still more liquidity into Europe’s pandemic-frozen economy hardly addresses underlying problems, but this happens to be the most politically palatable strategy that Brussels could pursue. How EU leaders go about financing the massive new outlays, however, is a tricky question. The most likely borrowing scheme will have long-term consequences ...
COVID-19 and the future of central banking
As the coronavirus pandemic freezes large swaths of the economy, the world’s three most important central banks find themselves under tremendous political pressure to flood the markets with easy money again. Their approaches may prove significantly different.
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.
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