The president of the World Bank said that America’s days as an unchallenged economic superpower might be numbered and that the dollar was likely to lose its favored position as the euro and the Chinese renminbi assume bigger roles.
The president of the World Bank said that America’s days as an unchallenged economic superpower might be numbered and that the dollar was likely to lose its favored position as the euro and the Chinese renminbi assume bigger roles.
Mohamed El-Erian, the highly respected chief portfolio manager for the Harvard Endowment, and currently chief investment officer for the global investment manager, PIMCO notes that the momentum for meaningful financial reform is stalling in spite of clear evidence that financial activities have far outpaced the regulatory infrastructure. And some banks are returning to the bad habits that almost destroyed them.
In yet another example of its increasingly competitive global strategy, China is shopping aggressively for commodity resources in the Dark Continent. Africa has been a primary beneficiaries of China’s FDI dollars between 2000-08.
The powerful Financial industry lobby and Wall Street and community bankers argue that the proposed agency will restrict financial innovation and otherwise inhibit economic growth. Despite such mendacity, Alan Greenspan, the highly respected economist and former Fed Chair endorsed President Obama’s far-reaching proposed Consumer Financial Protection Agency (CFPA).
As European & Canadian companies retreat from NYSE listings, Emerging Market companies change complexion of U.S. stock markets, and thereby drive performance of U.S. market performance.
A synopsis of U.S. Economic Foreign Policy issues on the agenda as global leaders gather for the 64th U.N. General Assembly; and kudos to Foreign Policy & the Global Economy from the NYT’s ‘The Caucus’ blog.
The bank and financial lobby’s top legislative priority is to kill an Obama administration proposed new consumer protection agency with generous help from Congressional Republicans that would be dedicated solely to protecting consumers’ financial interests from unfair and unethical business practices.
An nation-by-nation interactive Pittsburgh G-20 Survival Guide brought to you by Global Post (www.globalpost.com) covering all the issues likely to be covered, who is leading each nation’s delegation, and other pertinent G-20 “insider” information.
Will technology and financial engineering of complex products require the global coordination of a financial regulatory regime. More global finance and economic policy-makers think so.
The Federal Reserve and the Treasury are preparing broad new rules that would force the financial industry to rein in excessive compensation schemes and commission practices that disproportionate made gazzillionaires at the expense of investors and taxpayers out of many financial executives – many just out of college – during the global financial meltdown.
The Federal Reserve chairman, Ben S. Bernanke, speaking at a Brookings Institute Conference, said Tuesday that it was “very likely” that the recession had ended although he cautioned that it could be months before unemployment rates dropped significantly.
Pittsburgh, PA will host the next G-20 Summit slated for Thursday & Friday, September 24-25th, 2009. President Obama will chair this meeting of leaders from countries around the world who represent 85% of the global economy. At the Pittsburgh G-20 Summit, leaders will review the progress made since the London Summits, recent protectionist measures between the U.S and China over tires, auto parts and chicken exports, and discuss further actions to assure a sound and sustainable economic recovery from the global financial and economic crisis.
Mon, 14 Sept – President Obama reinvigorated his administration’s effort to reform the financial regulatory system by taking his bare knuckled message directly to Wall Street. Speaking at Federal Hall and using the one year anniversary of the Wall St. collapse the president reminded prominent financial industry executives of their role and risk-taking behavior that led to a global economic melt-down.
According to an article in today’s (2 Sept 2009) Wall Street Journal, Goldman Sachs’ Cheif U.S. Economist says that President Obama’s economic stimulus package is beginning to boost U.S. economic performance.
According to the most recent economic data released this week, the U.S. trade deficit in July hit the highest level in six months as a record rise in imports outpaced a third straight month’s increase in foreign demand for American products, according to government data released Thursday. This is a boon for the Obama recovery stimulus paln.