Economy

The EU’s China Conundrum

The European Union is increasingly caught between the United States and China. Until it finds a common strategic purpose, the bloc will struggle to advance its interests and is increasingly likely to fall victim to great-power plays. Philippe Legrain Project Syndicate LONDON – Europeans can’t agree on how to handle a rising China. While European Union leaders were gathering in Brussels recently to discuss a more assertive common approach, Chinese President Xi Jinping was visiting Rome. Xi was there to ... Read More »

Erdoğan’s Four Challenges

Turkey’s president suffered a frustrating setback in local government elections as democratic resilience prevailed. Marc Pierini Carnegie Europe Watch out for the impact on the economy, the rule of law, defense, and Syria. Turkish President Recep Tayyip Erdoğan’s campaigning was vintage AKP electioneering: playing a nationalist fiddle; hiding economic realities with creative accounting and cosmetic measures; equating low interest rates (again) with low inflation; accusing foreigners of weakening the currency; threatening the opposition; continuing the crackdown on free speech and ... Read More »

Fiscal therapy: 12 framing facts and what they mean

The American economy is in great shape in many ways. Riding the cusp of an expansion that started in 2009, the stock market is up, consumer confidence is booming, and unemployment has fallen to historically low levels. William G. Gale Brookings But dig beneath the surface and trouble looms. America faces two distinct but related challenges that policymakers must address in the coming years if they hope to provide a brighter future for the nation and its people. The first ... Read More »

When Socialism Was Tried in America—and Was a Smashing Success

For much of the 20th century, Milwaukee was run by socialists—and Time magazine called it “one of the best-run cities in the U.S.” John Nichols The Nation “If I owned all the real estate in the world, I wouldn’t feel so powerful as I do on the streets of this socialist city,” declared former New York City councilman Baruch Vladeck when he arrived in Milwaukee in 1932 for the Socialist Party’s national convention in that city. Norman Thomas, the famed ... Read More »

Trump Threatens to Blow Up the U.S. Economy

The same dynamics that preceded Trump’s decision to cut off aid to Honduras, El Salvador, and Guatemala are now playing out with his threats to shut down the Mexican border. It all starts on Twitter. Nancy LeTourneau Washington Monthly According to CNN, some members of his administration are warning him that such a move would result in catastrophic consequences, while others are cheering him on. Stephen Miller—more than likely in the latter group—suggests that the president is not bluffing. In ... Read More »

Brexit, the Republic of Cyprus and the Sovereign Base Areas

An Open Letter addressed to the President of the Republic of Cyprus and the President of the European Commission Klearchos A. Kyriakides Assistant Professor, Cyprus Campus, University of Central Lancashire (UCLan Cyprus) 2 April 2019 Brexit, the Republic of Cyprus and the Sovereign Base Areas Published by Agora Dialogue on 2 April 2019 Read More »

Billions in the Ground: The Race to Harvest North Korea’s Rare Earth Reserves

Recent studies suggest that North Korea could have the world’s largest rare earth elements. Patricia Schouker The National Interest When looking at contemporary geopolitics, often energy and related resource questions are  key in the struggle for influence amongst world powers, as energy can drive or amplify underlying tensions. Today, the attractiveness of traditional oil exploration loses ground with the emergence of new energies and technologies, often produced by “Rare Earths” and the elements they contain. The DPRK could have a ... Read More »

Brexit’s Endgame

The next ten days will bring to a head the Brexit drama. It has strained the UK’s constitution, threatened its social cohesion, terrified its businesses, appalled its friends, and delighted its enemies. Peter Kellner Carnegie Europe Each morning, the editors of the Oxford English Dictionary email a word of the day to their subscribers. It is often a little-known word with topical relevance. On Saturday, March 30—the day when the UK was scheduled to wake up for the first time ... Read More »

Ocasio-Cortez rails against overpriced croissants at LaGuardia

WASHINGTON — Rep. Alexandria Ocasio-Cortez turned an overpriced croissant into a lesson on the minimum wage. Nikki Schwab New York Post “Croissants at LaGuardia are going for SEVEN DOLLARS A PIECE,” the New York Democrat tweeted Monday morning. “Yet some people think getting a whole hour of personal, dedicated human labor for $15 is too expensive??” She said her point wasn’t that the croissant cost too much. “GOP taking every tweet so earnestly, making my point for me. It’s not an argument ... Read More »

The Critical Role of the Exclusive Economic Zone in the Greek-Turkish Dispute

The legal regime for the Exclusive Economic Zone (EEZ) is enshrined in the Unites Nations Law Convention of the Law of the Sea (UNLOS) on December 10, 1982. Theodore C. Kariotis Part V of that Convention (more precisely, articles 55 to 75) provides for an EEZ “extending 200 nautical miles seaward from the coast.” If all coastal states thus exercised their jurisdiction over their own EEZs, some 38 million square nautical miles would become their “economic patrimony.” The oceans represent ... Read More »

Germany’s Manfred Weber warns of China ‘shopping spree’

European Union politician Manfred Weber says the bloc should stop Chinese companies from gaining too much power in key sectors. He also warned of the political implications of China’s Belt and Road project. Chase Winter Deutsche Welle The European Union should prevent Chinese firms from going on a “shopping spree,” buying up strategic assets, a top contender for the European Commission presidency said Saturday. Manfred Weber, the leader of the conservative European People’s Party (EPP), warned that the EU should ... Read More »

The Eurozone’s Real Weakness

A new eurozone crisis would most likely have a less uneven effect than in 2008 or 2011, not least because its largest economies are currently weak. Lucrezia Reichlin Project Syndicate But if a recession hits, policymakers will find it hard to mount an effective response. LONDON – The 20th anniversary of the euro this year is a good time to reflect on the robustness of Europe’s monetary union. The memory of the last crisis, which began in the United States ... Read More »

Denmark cannot name timeline for its decision on Nord Stream 2

The need to find an alternative route to the Nord Stream 2 is linked to changes in Danish legislation STOCKHOLM, March 28. /TASS/. The Danish Energy Agency will decide on the Nord Stream 2 gas pipeline after environmental impact of the pipeline route in the exclusive economic zone of Denmark is assessed and public hearings are held, head of the… “The Danish Energy Agency has requested that Nord Stream 2 AG investigate the environmental impacts for a route south of ... Read More »

Wall of Death: Will Feds challenge use of international driftnets?

Senators and representatives have been proposing bills on controversial fishing practice in recent years, but is the United States standing tough on the global stage? Parimal M. Rohit theLog NATIONWIDE—Labeling anything as a “Wall of Death” is certain to capture the attention of, well, anyone who is paying attention to whatever is being labeled as a Wall of Death. In this instance the Wall of Death is a drift gillnet, also known as a driftnet. Most people reading The Log ... Read More »

Bank boss bonuses to be savaged by watchdog

Bank boss pay packets are set to be radically overhauled by the banking watchdog, including moves to force executives to wait longer after departing the C-suite to receive their payouts. Jessica Irvine The Canberra Times The chairman of the Australian Prudential Regulation Authority, Wayne Byres, said that individual boards had been too slow to reform remuneration structures for their executives in the wake of the royal commission’s damaging revelations. “Boards have struggled to gain acceptance that new approaches are needed,” Mr ... Read More »

Generational conflict comes to a polling place near you

The most memorable news photo I’ve seen in ages is one from the first School Strike 4 Climate late last year. It shows a young woman holding a sign: MESS WITH OUR CLIMATE & WE’LL MESS WITH YOUR PENSION. Ross Gittins The Canberra Times One minute we oldies are berating the younger generation for their seeming lack of interest in politics (although, having arrived on the scene at a time when our politicians are behaving so badly, who could blame ... Read More »