Attention to the Unseen

Nouriel Roubini writes: There are three negative supply shocks that could trigger a global recession by 2020. All of them reflect political factors affecting international relations, two involve China, and the United States is at the center of each. Moreover, none of them is amenable to the traditional tools of countercyclical macroeconomic policy. The first potential shock stems from the Sino-American trade and currency war, which escalated earlier this month when US President Donald Trump’s administration threatened additional tariffs on…

Read More Read More

David A. Graham writes: Fate sometimes has an acute sense of irony. This morning, the political donor and philanthropist David Koch died. Koch’s father was an early, prominent supporter of the limited-government, red-baiting John Birch Society. Koch ran for vice president as a Libertarian in 1980, but he and his brother Charles eventually shifted their focus to pushing the Republican Party in an aggressively small-government, low-regulation direction. They had remarkable success, but had serious disagreements with the current Republican president,…

Read More Read More

The Washington Post reports: The organization representing the nation’s most powerful chief executives is rewriting how it views the purpose of a corporation, updating its decades-old endorsement of the theory that shareholders’ interests should come above all else. The new statement, released Monday by the Business Roundtable, suggests balancing the needs of a company’s various constituencies and comes at a time of widening income inequality, rising expectations from the public for corporate behavior and proposals from Democratic lawmakers that aim…

Read More Read More

Elizabeth Warren writes: I warned about an economic crash years before the 2008 crisis, but the people in power wouldn’t listen. Now I’m seeing serious warning signs in the economy again — and I’m calling on regulators and Congress to act before another crisis costs America’s families their homes, jobs, and savings. I’ve spent most of my career getting to the bottom of what’s happening to working families in America. And when I saw the seeds of the 2008 crisis…

Read More Read More

Politico reports: Wall Street hoisted another hurricane warning on the economy on Wednesday as fear continues to rise that a recession could arrive by next year, potentially crashing into President Donald Trump’s attempt to win a second term. This time, the warning came from the bond market where investors began to demand more interest on two-year Treasury debt than 10-year debt, an “inversion” of a measure known as the yield curve that last happened in 2007 before the financial crisis….

Read More Read More

Elizabeth Warren writes: I warned about an economic crash years before the 2008 crisis, but the people in power wouldn’t listen. Now I’m seeing serious warning signs in the economy again — and I’m calling on regulators and Congress to act before another crisis costs America’s families their homes, jobs, and savings. I’ve spent most of my career getting to the bottom of what’s happening to working families in America. And when I saw the seeds of the 2008 crisis…

Read More Read More

Andy Beckett writes: For almost half a century, something vital has been missing from leftwing politics in western countries. Since the 70s, the left has changed how many people think about prejudice, personal identity and freedom. It has exposed capitalism’s cruelties. It has sometimes won elections, and sometimes governed effectively afterwards. But it has not been able to change fundamentally how wealth and work function in society – or even provide a compelling vision of how that might be done….

Read More Read More