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Readings (II) 02/03/09
Paul Kedrosky's Infectious Greed —
... and the Risks of a U.S. (RGE) New Deal deniers and the pony chokers (The Edge of the American West) The over-selling of bare-knuckle capitalism (The Boston Globe) Beyond the age of leverage: new banks must arise (FT/Ferguson) Spain's downward spiral spooks bond investors (Telegraph) Best question on CNBC (SAI) Why Davos Man is (wrongly) waiting for Obama to save him (FT/Wolf)
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Why don't we hear a lot more about SDRs?
Dani Rodrik's weblog —
... around the University of Massachusetts at Amherst. Martin Wolf's otherwise excellent column today is mysteriously silent on this obvious remedy which would do much to advance his recommendations. ...
Pink Picks
FT Alphaville —
Comment, analysis and other offerings from Wednesday’s FT, Opinion: Why Davos Man is waiting for Obama to save him The FT’s Martin Wolf writes: A hyperpower’s place is in the wrong. This is particularly true when, as last week at the annual meeting of the World Economic Forum in Davos, the hyperpower in question is barely represented, at least at the official level. But, truth to tell, the critics of the US - led by prime ministers Wen Jiabao of China and Vladimir Putin of Russia - had an easy story of incompetence and malfeasance to tell. ...
Martin Wolf: "This Way Lies a Catastrophe"
naked capitalism —
... Oof, that key phrase in Martin Wolf's column in the Financial Times, "Why Davos Man is waiting for Obama to save him," is only slightly more cheery than, "Abandon all hope, ye who enter here." ...
The Cusp Of History
European Tribune —
FT.com / Columnists / Martin Wolf - Why Davos Man is waiting for Obama to save him Decisions taken in the next few months will shape the world for a generation. If we get through this crisis without collapse, we will have the time and the chance to construct a better and more stable global order. If we do not, that opportunity may not recur for decades. We are living on the cusp of history. The priority is to reverse the downward spiral of despair through overwhelming and concerted action. That will only occur if the US now gives the leadership we need. In his ...
Preprivatize the Banks
Calculated Risk —
From Martin Wolf, Why Davos Man is waiting for Obama to save him Instead of an overwhelming fiscal stimulus, what is emerging is too small, too wasteful and too ill-focused. Instead of decisive action to recapitalise banks, which must mean temporary public control of insolvent banks, the US may be returning to the immoral and ineffective policy of bailing out those who now hold the “toxic assets”. emphasis addedAnd Yves Smith shreds the new plan: The Bad Bank Assets Proposal: Even Worse Than You Imagined ...
Living on the Cusp of History
The Big Picture —
... the global architecture.
Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now.
Third, make future normalisation of fiscal and monetary policies credible.
Fourth, act in concert. Even the US cannot solve its problems alone.
Fifth, avoid protectionism.
Sixth, strengthen the ability of global institutions to help the weaker.
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Source:
Why Davos Man is waiting for Obama to save him
Martin Wolf
FT, February ...
Italy Needs EU Bonds And It Needs Them Now!
A Fistful Of Euros » A Fistful Of Euros —
... views.Paul Krugman
As a wise man recently said, failure to act effectively risks turning this slump into a catastrophe. Yet there’s a sense, watching the process so far, of low energy. What’s going on?
Paul Krugman
First, focus all attention on reversing the collapse in demand now, rather than on the global architecture. Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now.
Martin Wolf
OK, I think no regular reader of this blog could seriously ...
Italy Needs EU Bonds And It Needs Them Now!
Euro Watch —
... views. Paul Krugman As a wise man recently said, failure to act effectively risks turning this slump into a catastrophe. Yet there’s a sense, watching the process so far, of low energy. What’s going on? Paul Krugman First, focus all attention on reversing the collapse in demand now, rather than on the global architecture. Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now. Martin Wolf OK, I think no regular reader of this blog could seriously ...
Italy Needs EU Bonds And It Needs Them Now!
Spain Economy Watch —
... world views. Paul Krugman As a wise man recently said, failure to act effectively risks turning this slump into a catastrophe. Yet there’s a sense, watching the process so far, of low energy. What’s going on? Paul Krugman First, focus all attention on reversing the collapse in demand now, rather than on the global architecture. Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now. Martin Wolf OK, I think no regular reader of this blog could seriously suggest ...
Italy Needs EU Bonds And It Needs Them Now!
Global Economy Matters —
... world views. Paul Krugman As a wise man recently said, failure to act effectively risks turning this slump into a catastrophe. Yet there’s a sense, watching the process so far, of low energy. What’s going on? Paul Krugman First, focus all attention on reversing the collapse in demand now, rather than on the global architecture. Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now. Martin Wolf OK, I think no regular reader of this blog could seriously suggest ...
Italy Needs EU Bonds And It Needs Them Now!
Italian Economy Watch —
... world views. Paul Krugman As a wise man recently said, failure to act effectively risks turning this slump into a catastrophe. Yet there’s a sense, watching the process so far, of low energy. What’s going on? Paul Krugman First, focus all attention on reversing the collapse in demand now, rather than on the global architecture. Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now. Martin Wolf OK, I think no regular reader of this blog could seriously suggest ...
Readings: Carbon deflation, Commodity not-so-super cycle, Macro cliff diving
GalaTime —
... for example, simultaneously increasing exposure to equities, resources companies, emerging markets, commodities and corporate credit spreads on mining companies. The trades were essentially the same “bet”. Correlation between investments has gone to near one in the GFC and the assumption of diversification has proved almost as elusive as the promise of the commodity super cycle.
Jim Rogers, where art thou?
FT: Why Davos Man is waiting for Obama to save him ...
Martin Wolf: If the U.S. dares to succeed, it will
BloggingStocks —
... Financial Times columnist Martin Wolf reminds investors that, contrary to some views expressed in the United States, depressions are neither good for us, nor unavoidable. ...
Martin Wolf: If the U.S. dares to succeed, it will
BloggingStocks —
... Financial Times columnist Martin Wolf reminds investors that, contrary to some views expressed in the United States, depressions are neither good for us, nor unavoidable. ...
Martin Wolf: Has Obama already failed?
FT Alphaville —
... it will own it. Doing too little is now far riskier than doing too much. If he fails to act decisively, the president risks being overwhelmed, like his predecessor. The costs to the US and the world of another failed presidency do not bear contemplating. What is needed? The answer is: focus and ferocity. Hoping for the best is foolish. Obama should expect the worst and act accordingly. Yet hoping for the best is what one sees in the stimulus programme [last week’s Wolf comment - here ] and – so far as can be judged from Tuesday’s sketchy announcement by Tim Geithner, Treasury ...
Favoring Nationalization Are . . .
The Big Picture —
... in the financial sector, continues to grow.
Aside from myself, here are the folks who are in favor of temporarily Nationalizing the banks, and then spinning them back out:
Alan Greenspan
Gordon Brown, UK PM
Nouriel Roubini
Greg Mankiw
J. Bradford DeLong
Paul Krugman
Chris Whalen
Josh Rosner
Elizabeth Warren, TARP Oversight Panel
Matthew Richardson
Dylan Ratigan (CNBC, Daily Beast)
Martin Wolfe, FT
Adam Posen (Peterson Institute for International ...
