International Monetary Fund
What The Rubinites Didn't Get About 2008
February 29, 2012
In his new book, The Escape Artists, my TNR colleague Noam Scheiber makes the interesting argument that one problem with President Obama's economic team was that, in struggling to pull the U.S. economy out of recession, the Rubinites (i.e., Tim Geithner and Larry Summers) were fighting the last war. What the financial crises of the late 1990s taught Geithner, Summers, and other members of Treasury Secretary Robert Rubin's economic team, Scheiber argues, was to embrace the Powell doctrine. Just as Colin Powell had argued that the U.S.
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.
Edward J. Epstein Makes History...Again
January 25, 2012
I was reminded of this devastating analysis of the sloppy case against Dominique Strauss-Kahn when I read that his wife, Anne Sinclair, is taking over the French version of The Huffington Post. This factoid was reported in Mediabistro, an online publication founded almost a decade ago by Laurel Touby and whose financing was put together by the sagacious investor Bill Ackman and by less sagacious me.
Does Romney Have an IMF Problem?
December 09, 2011
[Guest post by Jarad Vary] Any time you hear about a sensible idea to help keep the world economy afloat, you can bet on two things: First, Mitt Romney will probably give it a tepid thumbs up. Second, Republican lawmakers will make him sorry he did. After all-night negotiations in Brussels, this morning International Monetary Fund chief Christine Lagarde made an encouraging announcement: EU countries had promised $267 billion to boost the Fund’s lending capacity.
It’s not yet certain whether European leaders will arrive at an agreement at today’s summit in Brussels, but what’s already clear is that Europe is running out of time. After two years of kicking the can down the road, contagion from the continent’s debt crisis has begun to infect Europe’s core. Indeed, the credit rating agency S&P recently threatened to downgrade the credit ratings of the entire Eurozone due to the increased risk of financial cataclysm.
How the IMF Got Its Keynesian Groove Back
December 02, 2011
In a speech before Parliament last month, British Prime Minister David Cameron posed a rhetorical question as he harangued the opposition Labour Party: “Is there a single other mainstream party anywhere in Europe who thinks the answer to the debt problem is more spending and more borrowing?” Cameron was meaning to taunt Europe’s Social Democratic parties, rubbing in the fact that they lack the power to implement the types of programs they’d prefer.
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?
How Occupy Wall Street Offers a Promising New Model for the Left
October 20, 2011
Michael Kazin on the choice the protesters must make.
The Long Game on Jobs is Competitiveness
September 08, 2011
Yesterday, the World Economic Forum released its annual Global Competitiveness Report 2011-2012, which compares the ability of 142 economies to produce quality growth. A far-reaching endeavor, the report compares national economies based on a Global Competitiveness Index, a combination of 12 factors (expressed as 110 indicators) from institutions, infrastructure, and macroeconomic environment to market size, innovation and labor market efficiency.
Why French Elites Think DSK Should Make A Comeback
August 26, 2011
Dominique Strauss-Kahn will return to a very different France from the one he left. The country’s state TV network reported that his personal approval rating, which stood at 52 percent prior to his arrest, had plummeted to 28 percent by the time all the charges against him were dismissed this week. Yet the top echelon of the Socialist Party has greeted the news from New York as though dismissal were equivalent to acquittal.