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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Perhaps caution about emerging-market debt will return to the financial markets. At the end of 2004, however, the bulls were continuing to run wild; spreads fell back to record lows after having risen at midyear, and borrowing by emerging-market governments and companies was headed for a new annual high. Whatever happens, global investors have once
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
The narrative of Free America shaped the parameters of acceptable thinking for Smart America. Free trade, deregulation, economic concentration, and balanced budgets became the policy of the Democratic Party. Culturally it was cosmopolitan, embracing multiculturalism at home and welcoming an increasingly globalized world. Its donor class on Wall Str
... See moreGeorge Packer • Last Best Hope: America in Crisis and Renewal
There are still a few regions with very high fertility rates—notably in sub-Saharan Africa—and as a result, living standards are not yet rising at the rates needed to end poverty in those places. The expectation is that with more urbanization and longer years of schooling, especially for girls, fertility rates will decline in those places as well.
... See moreJeffrey D. Sachs • The Ages of Globalization: Geography, Technology, and Institutions
A new low came on July 10. At its bond auction that day, the government was forced to offer record yields of 14 percent to attract buyers of three-month bills. Paying such high rates to borrow for such a short period was the death knell of many a debtor nation. Even Argentine banks, which had been pressured by the government in recent months to buy
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
In the depths of the recession in March 2009, 3.9 million people were hired and 4.7 million were fired. That gives us a loss of 800,000 jobs in one month, but notice that 3.9 million people were hired! So the economy produces jobs. The issue is at what price does labor clear. In a globalized economy, wages are falling for the unskilled as they comp
... See moreJohn Mauldin • Endgame: The End of the Debt SuperCycle and How It Changes Everything
Keynes.