Economics & Politics

NEW YORK – The European Central Bank has finally launched a policy of quantitative easing (QE). The key question at this stage is whether Germany will give the ECB the freedom of maneuver needed to carry out this monetary expansion with sufficient boldness. Though QE cannot produce long-term growth, it can do much to end [...]

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The overwhelming truth about the Greek debt crisis is that it’s a massive distraction. Greece accounts for a mere 2% of the eurozone economy and the EU population. This doesn’t mean that Greece should be pushed around, still less pushed out of the eurozone. It means the very opposite: the crisis should be resolved, and [...]

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Twenty-two years ago, when the price of gas at the pump was $1 a gallon and a movie ticket was $4, Congress saw fit to set the gasoline tax at 18.4 cents a gallon. The idea was to ensure enough funds for the Federal Highway Trust Fund to keep our roads and bridges in good [...]

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January 16th, 2015

The War with Radical Islam

NEW YORK – French Prime Minister Manuel Valls was not speaking metaphorically when he said that France is at war with radical Islam. There is, indeed, a full-fledged war underway, and the heinous terrorist attacks in Paris were part of it. Yet, like most wars, this one is about more than religion, fanaticism, and ideology. [...]

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NEW YORK – For several years, and often several times a month, the Nobel laureate economist and New York Times columnist and blogger Paul Krugman has delivered one main message to his loyal readers: deficit-cutting “austerians” (as he calls advocates of fiscal austerity) are deluded. Fiscal retrenchment amid weak private demand would lead to chronically high unemployment. [...]

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This week’s heartening rapprochement of the U.S. and Cuba reminds us of the complexity of regional security relations and the very long shadow of the Cold War. Washington, Moscow, and Berlin would do well to build on the spirit of this week’s breakthrough in the Western Hemisphere to find a similar solution in Ukraine. It [...]

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This has been a year of great geopolitical anniversaries. We are at the 100th anniversary of the start of World War One, an event that more than any other shaped world history during the past century. We are at the 25th anniversary of the fall of the Berlin Wall, the opening chapter of the demise [...]

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November 26th, 2014

Sustainable Development Economics

PARIS – Two schools of thought tend to dominate today’s economic debates. According to free-market economists, governments should cut taxes, reduce regulations, reform labor laws, and then get out of the way to let consumers consume and producers create jobs. According to Keynesian economics, governments should boost total demand through quantitative easing and fiscal stimulus. [...]

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November 24th, 2014

China’s New Global Leadership

NEW YORK – The biggest economic news of the year came almost without notice: China has overtaken the United States as the world’s largest economy, according to the scorekeepers at the International Monetary Fund. And, while China’s geopolitical status is rising rapidly, alongside its economic might, the US continues to squander its global leadership, owing [...]

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