Global Economy

admin September 14, 2018

IN 1946 Gyorgy Faludy, a Hungarian poet, received 300bn pengo for a new edition of his works. The sum would have been worth $60bn before the second world war. But after the Nazis departed with Hungary’s gold reserves and the Russians occupied its territory, the country’s currency was not what it was—and becoming even less […]

admin September 14, 2018

When John Taylor starts remembering the years leading up to the financial crisis, his fury wells up all over again. As president of the nonprofit National Community Reinvestment Coalition, he warned Congress about the predatory and fraudulent lending that was fueling a housing bubble as early as 2000. Lawmakers told the Federal Reserve to write […]

admin September 13, 2018

BY MANY measures, America’s economy is powering ahead. GDP is on track to grow at around 3% this year, and the unemployment rate is an impressively low 3.9%. For President Donald Trump, it is an unmissable opportunity to gloat. On September 10th he described the economy as “soooo good” and “perhaps the best in our […]

admin September 13, 2018

China’s economy is slowing, and trade war may make it worse. Currency crises in Turkey and Argentina are spilling over to other emerging markets. Italy looks shaky. And the UK economy is unsettled as the last Brexit deadline draws near. Yet the US economy and stock market continue to power ahead. America’s gross domestic product […]

admin September 13, 2018

THESE are glorious days at Recep Tayyip Erdogan Stadium, a tidy 14,000-seat football ground perched on a steep hillside in the Kasimpasa district of Istanbul—and named after a local lad who became president. Kasimpasa SK are top of the Super Lig, Turkey’s top division, having won their first four games of the season. The economy […]

admin September 13, 2018

Emerging markets beware: In this climate, even a major interest rate hike can fail to impress worried investors. The Turkish central bank stepped up Thursday after months of inaction and increased interest rates to 24% from 17.75%. The move produced an immediate reaction from the embattled Turkish lira, which strengthened as much as 5% against […]

admin September 12, 2018

Move over Russia and Saudi Arabia. America has reclaimed its throne atop the oil world. For the first time since 1973, the United States is the world’s largest producer of crude oil, according to preliminary estimates published on Wednesday by the Energy Department. The feat demonstrates how the US shale oil boom has reshaped the […]

admin September 12, 2018

Mark Carney is sticking around for Brexit. The Bank of England said Tuesday that Carney would stay as governor until January 2020. “I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit,” Carney said in a letter to UK treasury chief Philip […]

admin September 12, 2018

Have the risks of another financial crisis been eliminated in the 10 years since the collapse of Lehman Brothers? Not entirely, according to Bank of England Governor Mark Carney. “Could something like this happen again?” he said in an interview with the BBC. “Could there be a trigger for a crisis? If we’re complacent, of […]

admin September 7, 2018

FIVE years after the darkest days of the financial crisis, Lawrence Summers took the dais at an IMF forum to offer a few thoughts on America’s recovery. It was lousy. Growth showed no signs of making up ground lost during a deep recession. The unemployment rate had only just fallen back below 7%. It was […]