In anticipation of an imminent Greek default, France and Germany have agreed to a big old-fashioned bank bailout, but so far, the details are secret. Since the two have disagreed on how to structure and allocate the costs of bank bailouts, this could be hopeful sign.
|By: David Dayen Tuesday November 9, 2010 4:30 pm|
The US and South Korea are working on a revised free trade agreement that would differ somewhat from the original terms negotiated by George W. Bush’s Administration. It appears that President Obama would want to announce this reworked deal at the G-20 summit in Seoul this week. The plan would be to submit the free trade pact to Congress next year, when Republicans control the House.
|By: Scarecrow Monday June 28, 2010 12:05 pm|
Paul Krugman fears we’re headed towards another Long Depression, and European and other G-20 leaders are collectively herding themselves like lemmings towards the clifts of insanity, by promising to cut spending and reduce demand in the middle of a global recession.
|By: David Dayen Monday June 28, 2010 6:25 am|
In an announcement that portends misery for much of the world’s citizens (and I’m only slightly exaggerating), the G20 communique will include a pledge from the largest nations on Earth to halve their budget deficits by 2013. Coming at a fragile time for the global economy, this descent into austerity could lead to a return to recession or worse.
|By: David Dayen Monday June 7, 2010 7:40 am|
The G-20 nations over the weekend basically held up a “Let Them Eat Cake” sign for the rest of the planet’s citizens to read. And a white flag to the bond market vigilantes, to boot. Not in this country or abroad has the private sector stepped up to drive the recovery. And yet, the deficit scolds have won. There will be no more fiscal stimulus, generally speaking, for most of the world. And that’s true despite mass unemployment in America and rising joblessness in Europe. This is precisely the kind of thinking that turned a jarring stock market crash into a worldwide depression in the 1930s.
|By: David Dayen Sunday June 6, 2010 7:15 am|
Though the New York Times’ Joe Nocera may be off on point on changes to credit rating agencies, the overall thrust of his article is quite correct. Nocera, like many reformers, is a structuralist, believing that the very structure of Wall Street is at issue, not the way it gets regulated. And therefore, he would naturally look at what passed the Senate and say that it comes up far short.
|By: Daniel Altman Saturday May 29, 2010 2:00 pm|
[Welcome author Ian Bremmer, and Host Daniel Altman] [As a courtesy to our guests, please keep comments to the book. Please take other conversations to a previous thread. - bev] The End of the Free Market: Who Wins the War Between States and Corporations? Ian Bremmer, head of the Eurasia Group consulting firm, has his [...]
|By: David Dayen Tuesday November 10, 2009 2:00 pm|
What is truly puzzling is how Timothy Geithner feels emboldened to reject policy that would have to be set by the legislative branch and not him.