The year was 1630. A fleet of ships carrying about 900 Puritans from England sailed across the Atlantic. In every sense, it was a journey away from the Old World to the New. Aboard the flagship, the Arbella, leading Puritan John Winthrop delivered a lay
With Janet Yellen firmly in the reigns of the world’s largest central bank, many are looking to the legacy left by her predecessor Ben Bernanke. Love or loathe him, Bernanke undoubtedly pioneered a new style of central banking based on large scale direct market intervention, mainly through policies such as quantitative easing. With the policy now being scaled down, it is useful to ask whether QE and more broadly whether the Federal Reserve has been successful in supporting the US recovery.
What a joke.
Really, there isn’t anything else that can be said about the latest fiscal crisis in the United States. With the federal government shutting down most operations on the 1st of October, as the House of Representatives (controlled by the Republicans) and the Senate (controlled by the Democrats) couldn’t agree on a Continuing Resolution for the 2014 fiscal year.
Christopher Weinberg sheds light on the worrying plight for American politics, set in motion by the clashes between Democrats and Republicans. Whether the role President Barack Obama has in achieving bipartisan consensus is an achievable one is certainly something that Weinberg causes one to call into question.
Last year on December 26th, Shinzo Abe assumed office as Japan’s current Prime Minister and immediately began fulfilling his electoral campaign promises of bringing sweeping economic reform and output growth to the world’s third largest economy. After suffering decades of lacklustre output and many failed attempts to induce growth, Abe’s policies, both currently implemented and in the pipeline, are the biggest things to hit Japan since Godzilla itself.
No one ever said being President of the United States was an easy job, and that has certainly been the case for the newly re-elected, President Obama. After a bitterly fought re-election over Republican nominee, Fmr. Gov. Mitt Romney, he was literally back to work the next day, beginning the negotiating to avert the Fiscal Cliff.
As I wrote in my article for ESSA’s Equilibrium about this topic, the Fiscal Cliff will involve the expiration of numerous tax cuts, unemployment benefits and across-the-board discretionary spending cuts; a scenario many economists fear will significantly inhibit economic growth in 2013, the exact opposite of what the American economy needs as it slowly emerges out of a sluggish economy recovery and into a more sustained period of economic growth.
How things change. In my last article on the Presidential Election, from the United States, I suggested that the election hadn’t really engaged the voting public, with the coverage at the time focusing on the missteps within Mitt Romney’s campaign and the support the President was receiving in public polling.
But with the Republican’s exceptional performance in the first Presidential Debate and the President’s seeming disinterest the election was thrown back into tossup status.