I'm no currency expert. But coming on the heels of a ham-handed intervention in the stock market, the abruptness of the depreciation seems to be an obvious short-term move to increase export competitiveness. More worryingly, it is also a tacit admission that China's leaders are very nervous.
When reading Prof. Krugman's works, it's prudent to fact check. Prof. Krugman has always been in the Eurosceptic camp. Indeed, the essence of many of his pronouncements can be found in declarations from a wide range of Eurosceptic parties.
This may seem facetious some six years into recovery, but many policy makers don't understand the severity of the Great Recession, or its consequences. It is the major reason why Greece, and many other Eurozone countries are in so much economic trouble at present.
The Greek debt crisis is a collision of two seemingly incompatible necessities. One is to put the Greek economy into a position for long term health; the other is to keep it from expiring in the short term. If these are to be reconciled, the players in Europe need to think outside the box, rather than retreat into bluster, blame, and the repetition of old positions.
Now that Greece has voted "no" on the latest proposal by the European Commission, the European Central Bank, and the International Monetary Fund (the so-called "troika"), will Greece stay in the eurozone? If so, Greece may save the euro.
I've publicly supported Greek Prime Minister Alexis Tsipras's decision to go hold a referendum on the terms of an agreement proposed by Greece's creditors, mainly the IMF, in exchange for additional financing for the country.
The May 10th Agreement struck the right balance between the need to promote innovation and the need to protect public health. TPP must meet the standards set in the May 10th Agreement. Right now, it does not.
I am reading "Daniel Patrick Moynihan, A Portrait in Letters of an American Visionary" edited by Steven Weisman. It is a good title because Moynihan was indeed a visionary.
It is already conventional to name the former party leaders Ed Miliband, Nick Clegg and Nigel Farage as the biggest losers of the British general election. But this is to understate the abject defeat suffered by some Keynesian economists, and in particular the Nobel prize winning former Princeton professor Paul Krugman.
One would think by now the debate has been resolved on which economic model created a better recovery from this Great Recession or Lessor Depression, as P Krugman has called it.
Roosevelt understood that people who feel they have an economic future and a sense of stability are more able to spend money and participate in our consumer-driven economy. That means more business and more profits for companies selling all sorts of goods and services. Sooner or later, even the CEOs benefit. Call it "trickle-up" economics.
In the information technology industry, nearly all technologies become obsolete within 10 years. As a result, education expires much faster than it used to. And because digital technology permeates all industries, no field of employment is spared the pressure of accelerated innovation.
It is the ideology of austerity that has prevailed in the U.S. at least since the 1980s, and Paul Krugman says is putting Europe into its Second Great Depression.
This is something that Germany, instigator of the eurozone's austerity policies, has to learn if it wants to bring Europe out of its Second Great Depression; by supporting policies that will unite Europe into a greater union, rather than cause its disintegration.
The New York Times reported last week that in the closed-door Republican Senate Caucus retreat, Republican Leader Senator Mitch McConnell "encouraged the Republican troops to refocus policy on the stagnant middle class." That would be like asking the wolves of the world to stop hunting and refocus on cultivating asparagus.
In December 2014, negative annual rates were observed in sixteen Member States.