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BERKELEY — In 2011, when still vice chair of the US Federal Reserve, Janet Yellen reassured her colleagues that drama around the federal government’s debt ceiling “usually turns out to be just theatre”. Theatre of the absurd, one might add. A decade later, the debt-ceiling debate is shaping up as a tragedy for the ages.
BERKELEY — In 2011, when still vice chair of the US Federal Reserve, Janet Yellen reassured her colleagues that drama around the federal government’s debt ceiling “usually turns out to be just theatre”. Theatre of the absurd, one might add. A decade later, the debt-ceiling debate is shaping up as a tragedy for the ages.
CBDCs are coming, but they won’t change the face of international payments and they won’t dethrone the dollar.
The global financial architecture is poised for another shift and, as usual, the U.S. will need to lead the way.
Emerging markets are under pressure. This column argues that this is not a mere headwind but that the BRICs’ party is over. Their ability to get going again rests on their ability to carry through reforms in grim times for which they lacked the courage in a boom. Emerging markets are under pressure. This column argues that this is not a mere headwind but that the BRICs’ party is over. Their ability to get going again rests on their ability to carry through reforms in grim times for which they lacked the courage in a boom. After a decade of infatuation, investors have suddenly turned their...