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Economist's View: links for 2009-01-14
naked capitalism: Wolf Versus Pettis on US Stimulus, Fiscal Deficit (Not for the Fainthearted)
BloggingStocks: Martin Wolf: U.S. fiscal stimulus is a necessary task, but not the only one
FT Alphaville: The perfect storm
Decline and Fall of Western Civilization: how stimulus might lead to trade war
links for 2009-01-14
Economist's View —
... A Future Consumption Tax to Fix Today’s Economy - Economix
The Case for Small-Government Egalitarianism - Economix
Bernanke's Unconvincing Confidence - Felix Salmon
Why Banks Need to Lend Out Their TARP Funds - Felix Salmon
Honest Research? - spencer
The battle over whether fiscal policy or monetary policy will fix the economy faster - Daniel Gross
Why Obama’s plan is still inadequate and incomplete - Martin Wolf
A Time to Experiment ...
Wolf Versus Pettis on US Stimulus, Fiscal Deficit (Not for the Fainthearted)
naked capitalism —
... Martin Wolf has a very good comment in the Financial Times, "Why Obama’s plan is still inadequate and incomplete," which readers might tempted to ignore, since the headline suggests the piece reaches a conventional conclusion: the Obama stimulus plan is too small. ...
Martin Wolf: U.S. fiscal stimulus is a necessary task, but not the only one
BloggingStocks —
... Can the U.S. government run $1 trillion budget deficits for two, three years? Indeed it can, Financial Times columnist Martin Wolf argues, and the deficits can even be higher, for a while. After that, there's more work ahead. ...
Martin Wolf: U.S. fiscal stimulus is a necessary task, but not the only one
BloggingStocks —
... Can the U.S. government run $1 trillion budget deficits for two, three years? Indeed it can, Financial Times columnist Martin Wolf argues, and the deficits can even be higher, for a while. After that, there's more work ahead. ...
The perfect storm
FT Alphaville —
... so. The same policy blunders made in the 1930s have not been repeated. The Fed’s expansionist policies have already succeeded in dramatically shifting the yield curve. Governments are in control. Aren’t they? Martin Wolf’s column in yesterday’s FT gave us pause for thought . Wolf took issue with the US stimulus package on offer. Last week, President-elect Barack Obama duly unveiled his American recovery and reinvestment plan. Its title was aptly chosen, for Mr Obama spoke, astonishingly, as if the policies of the rest of the world had no bearing on the fate of the US. He ...
how stimulus might lead to trade war
Decline and Fall of Western Civilization —
martin wolf's latest piece in the ft has touched off some very thoughtful commentary which, to complete the circle, is summed up at ft alphaville. starting out with the mathematics of stimulus: Last week, President-elect Barack Obama duly unveiled his American recovery and reinvestment plan. Its title was aptly chosen, for Mr Obama spoke, astonishingly, as if the policies of the rest of the world had no bearing on the fate of the US. He spoke, too, as if a large fiscal stimulus would be enough to restore prosperity. If that is what he believes, ...
Public Debt, Then and Now
Paul Kedrosky's Infectious Greed —
Nice graphic from Martin Wolf at the FT comparing public debt in U.S. and U.K. over time:
Friday morning links
The Mess That Greenspan Made —
... BofA results hammered by financial crisis - MarketWatch Bank of America slides to 4Q loss; gets more aid - AP Creative TARP Counting and the BAC Bailout - WSJ Economics Blog Congress OKs release of final $350B of bailout - AP China’s Economy Faces 2009 ‘Hard Landing,’ Fitch Says - Bloomberg Obama plans economic summit, heads to Ohio - Reuters Schwarzenegger Says Deficit has ‘Incapacitated’ State - Bloomberg Why Obama’s plan is still inadequate and incomplete - Financial Times Rescue of Banks Hints at ...
US and UK Debt to GDP
Toro's Running of the Bulls Market Blog —
From The Financial Times, via Paul Kedrosky
There is a great deal of consternation regarding the amount of debt this country is about to incur over the next several years, and rightfully so. However, as you can see, debt to GDP has been far higher in the past.
"Japan's Lessons for Balance-Sheet Deflation"
Economist's View —
...
As I have noted before,... balance sheets matter. Threatened with
bankruptcy, the overborrowed will struggle to pay down their debts. ... Most of
the decline in Japanese private spending and borrowing in the 1990s was ... due
not to the state of the banks, but to that of their borrowers. ... Debtors kept
paying down their loans. ...
