Greece has walked a lot further down the path of perdition, but we're walking the same path and it's already too late to return.
Is there a credible progressive alternative to austerity? If so, is it attractive enough to mobilize a winning electoral constituency?
There is little doubt that the global financial crisis posed "unusual and exigent" circumstances that had to be met with a huge response by the Fed (and Treasury). It is not clear, however, that the response actually mounted was legal. It was certainly not transparent.
Once upon a time in America, Greek was routinely included in the curriculum of a liberal arts education. Today, we don't necessarily need to speak the language, but we do need to better understand what's happening.
Oliver Twist famously got in trouble because he had the temerity to ask for more. He made that request in a world where street kids were meant to acce...
Over the intervening three years, what did Obama do? Well, we got a stimulus package, and then a year later an absurdly complicated new law that addressed everything except the most important issues. And that's about it.
Many have dubbed this the 'Asian Century' with Asia's robust economies leading us to believe that all is well in a region that has generated some of the fastest growth and poverty reduction in history.
Over the next four years, no area of foreign policy will impact American prosperity more than financial issues -- and to date, every single major policy move has been profoundly wrong.
Four years ago, Barack Obama was not yet even the Democratic nominee for president. Today he's running for reelection, and his Justice Department is expected to bring criminal charges against some former Credit Suisse traders for fraud they allegedly committed four years ago. We can hope this is the only the beginning of an aggressive new campaign to root out the malfeasance that helped bring down the financial system, but for now it feels like too little, four years too late.
DAVOS, Switzerland -- They came, they feasted on smoked sturgeon and black truffle risotto, drank liquor paid for by global banks, endured dozens of s...
The health of the global economy, and that of markets, depends on the success of a series of medium-term hand-offs between the public and private sectors -- in growth, balance sheets and credit flows.
We are not looking to the World Economic Forum delegates to reinvent the wheel. What we need is for our political leaders to look beyond the narrow and restrictive prism of austerity to put jobs and growth at the center of plans to reboot the global economy.
The U.S. faces fiscal challenges unseen by anyone still alive in politics. And whether President Obama's challenger is Gingrich or Romney, neither will actually represent the people should they win.
It is not just Wall Street that needs to be occupied and reformed, but Main Street, and the process is already underway in finance, retailing, manufacturing, education and politics. Perhaps this is the time for business schools to step forward and take a radical lead.
Chancellor Merkel and her policymakers have been acting on the basis that Greece is an isolated case. Yet every reactive decision and feeble measure by Berlin increases the likelihood of a Greek tragedy becoming a Europe-wide one.
The global crisis has pushed trade reforms off -- or at least to the edge of -- the political radar screen. But shying away from improving the trade system in these tough economic times seems a little like cutting off your nose to spite your face.