Can Domestic Policy Affect Income Distribution?
March 13, 2012
On March 9, Carnegie Mellon economist Allan Meltzer argued in the Wall Street Journal ("A Look At The Global One Percent") that income inequality is a global phenomenon and therefore not a problem that can be solved through changes in U.S. domestic policy. He's right about the first proposition and wrong about the second. Actually, he isn't even entirely right about the first. Yes, income inequality is occurring globally. But it isn't happening uniformly. Until recently it was declining in France, Ireland, and Spain. Now it's declining in Turkey and Greece, and it's basically flat in France.
Tracing Europe’s Long Road to Economic Catastrophe
March 09, 2012
The economic crisis in Europe reached its latest crescendo last night, as Greece managed, through furious last-minute negotiations, to convince its creditors to give it some more breathing room. But if the Greeks have managed to stave off ruin for a few more minutes, nothing has essentially changed in their situation: Their economy is still in shambles. The burning question on most observers’ minds, and rightfully so, is whether the Greeks will ever manage to pay back their debts. But at this stage, it’s also worth considering how we ended up on the precipice of such catastrophe at all.
David Thomson on Films: A Requiem to an Unjustly Forgotten Filmmaker
February 02, 2012
In a recent article published in Sight & Sound just days after the death of Theo Angelopoulos, the director is quoted: “The only place I really feel at home is in a car next to a driver. I don’t drive myself, but I find the simple act of passing through landscapes very moving. The way I look at the world on my various travels is what essentially defines my filmmaking.” Sometimes artists die in what might be incidents from their own work.
Though the continent's collected prime ministers will no doubt again pledge to do all that's within their powers to preserve the grandeur of the European Union when they meet today in Brussels, the continent's fate ultimately rests on the quiet, technocratic governments of Italy and Greece. Unfortunately, those administrations have since seen their fortunes diverge considerably. It’s worth noting, however, that their respective failures and successes have been entirely predictable (if not entirely preventable.) Take Italy first.
Team Newt: Meet the Men Who Actually Run the Gingrich Campaign
January 30, 2012
Since the better part of Newt Gingrich’s staff jumped ship back in June, when he jetted off to Greece, the campaign has been a bare-bones operation. Even as the Gingrich campaign was flying highest at the polls, it was still beset with ineptitudes like failing to qualify for the Virginia ballot. So who’s been running the campaign these days?
The Return of Sovereignty
January 25, 2012
Sovereign Equality and Moral Disagreement By Brad R. Roth (Oxford University Press, 320 pp., $70) Sovereignty is back. Our debates about the global economic crisis keep returning to the problem of sovereign debt and the need for sovereign guarantees to reassure the markets. We keep hoping that somewhere, sometime, in the downward spiral of de-leveraging and disillusion there will be an authority—a sovereign—to take charge and put an end to our anxiety. This longing for an authority, after years of market follies, runs very deep. We want to know that someone is in control.
Strategist and Scourge
December 14, 2011
George F. Kennan: An American Life By John Lewis Gaddis (Penguin, 784 pp., $39.95) I. George F. Keenan, who was born in 1904 and died in 2005, and served under presidents from Calvin Coolidge to John F. Kennedy, left as deep an imprint on American geopolitics as any intellectual of the twentieth century. But the exact nature of his achievement continues to elude full or even coherent description. One reason is that most of his very long life was spent in comparative obscurity.
Has the Euro Crisis Killed Off Social Democracy For Good?
December 03, 2011
Madrid–Outgoing Socialist Prime Minister Jose Luis Rodríguez Zapatero, of Spain, had until recently been the beneficiary of propitious circumstances. Party infighting enabled him to outmaneuver the establishment favorite in the 2000 primaries. Four years later, he eked out an eleventh hour victory in national elections when a terrorist bombing mere days before voting turned the tide against incumbent conservatives.
Attention Numerology Freaks
November 11, 2011
The Armistice was signed at the eleventh hour of the eleventh day of the eleventh month. In less than an hour it will be the eleventh minute of the eleventh hour of the eleventh day of the eleventh month of the eleventh year, or 11:11 11/11/11. All the world's computers will shut down and the mountains will be laid low and the seas will arise to cover the earth and Herman Cain will win the Republican nomination for president. Or not. I've never been very good at predicting the future. Update: Missed it!
Italy’s Going Under, But Don’t Blame Berlusconi
November 09, 2011
The eurozone debt crisis simply refuses to go away. Last month’s latest and greatest plan put forward by European leaders has already been judged by financial markets to be insufficient. And while it is political uncertainty in Greece that has thrown the whole process into question, the main victim has actually been Italy; in the days since the rescue package was announced, Italy has found its borrowing costs rising to record levels as investors continue to expect the worst. But why are investors picking on Italy?