Less noticed in Japan’s GDP report is the fact that the GDP deflator inflation measure fell at 2% SAAR, so that nominal GDP growth of just 1.5% resulted in the reported 3.5% real growth rate. Deflation remains alive and well … read more
A common critique of Japan’s monetary policy experiment is that it’s just a repackaging of old-fashioned “beggar-thy-neighbor” policy. Print lots of money, devalue the currency, and boost exports. And with the yen breaking through the 100-to-the-dollar barrier, the critique isn’t … read more
I’ve written about my deep concern over Noam Chomsky-admiring World Bank President Jim Yong Kim, a fellow — nominated by President Obama, recall — who seems overly skeptical about the benefits of free-market economics. A new blog post by Stanford economist John … read more
Anyone who doubts the power of the Bank of Japan’s printing press need only look at the spectacular fall of the Japanese yen over the past five months. Since Christmas day 2012, when Shinzo Abe, the new Japanese prime minister, … read more
David Wessel had a great piece in the WSJ showing how G-20 leaders have changed their tune on austerity over the last five years: from bad (during the recession), to good (after the recession), to bad again (circa 2012). Thank … read more
No white smoke floated up from the White House when the president announced that he had chosen deputy security adviser Michael Froman as the new US Trade Representative; but there was a huge, collective sigh of relief from all elements … read more
Last week’s very strong showing by the populist UK Independence Party (UKIP) in the UK’s local elections should serve as yet another wake-up call to Brussels to mend its ways. For UKIP’s rise is but one of a series of … read more
One has to pity Mario Draghi, the president of the European Central Bank (ECB), ahead of tomorrow’s ECB policy setting meeting. Not only is the European economy sinking deeper into recession, the specter of deflation is raising its ugly head. … read more
After years of double-digit GDP growth, China grew at less than 8% in the first quarter. And after 8% growth in the 2000s, India is growing at just a pitiful 5% today — way too slow for an emerging economy … read more
Another month, another record for unemployment in the Eurozone. This morning, EUROSTAT reported that unemployment in the Eurozone rose to more than 19.2 million workers, or a staggering 12.1% of the Euro area’s labor force. This underlines the bankruptcy of … read more
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