Occupy protests: Locked into defiance
Occupy protests: Locked into defiance
By John Gapper and Shannon Bond
Many protesters against inequality and the dominance of the financial industry called for the lines of police to let them through so they could repeat a sit-in on the bridge six weeks ago. Instead, they were channelled peacefully along the pedestrian path, and streamed over the long span to Brooklyn holding placards. A couple tried to persuade cars mired in a traffic jam to hoot in support. Few responded.
By John Gapper and Shannon Bond Nascent campaign forced on to the back foot
Another world is possible, read the message projected in giant white letters on to the side of a tower near City Hall in Manhattan on Thursday night, as thousands of Occupy Wall Street demonstrators massed by Brooklyn Bridge. It was the biggest turnout of a week marking a turning point in the two-month-old protest.Many protesters against inequality and the dominance of the financial industry called for the lines of police to let them through so they could repeat a sit-in on the bridge six weeks ago. Instead, they were channelled peacefully along the pedestrian path, and streamed over the long span to Brooklyn holding placards. A couple tried to persuade cars mired in a traffic jam to hoot in support. Few responded.
Secured bonds: banks run for cover
Secured bonds: banks run for cover
When Captain Cook first reached Australia, Prussia had just created the forerunner of today’s covered bonds. This month, Australian banks became the latest to issue the bonds, a safer cousin of the securitisations made infamous in 2007 during the onset of the global financial crisis. US lawmakers may also allow US banks to tap the market.
China can help west build economic growth
Central to international efforts towards promoting strong and balanced growth is the need to generate demand, not only in developing countries but, more importantly, in developed countries. The imperative poses a critical question: where is new demand to come from? The answer lies in boosting investment in infrastructure – and China is keen to get involved.
The narrative of infrastructure development in places such as the US indicates how such investment powers an economy forward. China’s growth story in recent years provides further proof. Now, infrastructure in Europe and the US badly needs more investment.
The narrative of infrastructure development in places such as the US indicates how such investment powers an economy forward. China’s growth story in recent years provides further proof. Now, infrastructure in Europe and the US badly needs more investment.
Too trivial a debate for our times
By Edward Luce
Matt Kenyon illustration
H.L. Mencken, America’s patron saint of sarcastic one-liners, said “democracy is the theory that common people know what they want and deserve to get it good and hard”. In this age of Twitter, Mencken would barely keep his thumb off his BlackBerry.
Matt Kenyon illustration
H.L. Mencken, America’s patron saint of sarcastic one-liners, said “democracy is the theory that common people know what they want and deserve to get it good and hard”. In this age of Twitter, Mencken would barely keep his thumb off his BlackBerry.
The eurozone really has only days to avoid collapse
By Wolfgang MünchauIn virtually all the debates about the eurozone I have been engaged in, someone usually makes the point that it is only when things get bad enough, the politicians finally act – eurobond, debt monetisation, quantitative easing, whatever. I am not so sure. The argument ignores the problem of acute collective action.
Last week, the crisis reached a new qualitative stage. With the spectacular flop of the German bond auction and the alarming rise in short-term rates in Spain and Italy, the government bond market across the eurozone has ceased to function.
Last week, the crisis reached a new qualitative stage. With the spectacular flop of the German bond auction and the alarming rise in short-term rates in Spain and Italy, the government bond market across the eurozone has ceased to function.
Our Spending Problem. Supercommittee, R.I.P.
The failure of the supercommittee marks a good time to highlight just how out of control our federal spending really is. To see the matter in a clearer light, let’s leave aside all disputes over tax revenues for the time being, and focus purely on spending.
The Congressional Budget Office (CBO) says that federal spending has increased from $2.73 trillion in fiscal year 2007 to $3.60 trillion in fiscal year 2011. That’s a whopping 32 percent increase in just five years. (Americans should have been so lucky with their incomes.) That figure has nothing to do with diminishing tax revenues. It is strictly the amount by which federal outlays have increased.
Looking forward, the CBO projects (see table 1-1) that the federal government will spend $5.68 trillion in 2021. That’s an increase of 58 percent over 2011, and 108 percent over 2007. In other words, on our current trajectory, annual federal spending will more than double over the 15-year span from 2007 through 2021.
For President, Newt Gingrich
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This newspaper endorses Newt Gingrich in the New Hampshire Presidential Primary.
America is at a crucial crossroads. It is not going to be enough to merely replace Barack Obama next year. We are in critical need of the innovative, forward-looking strategy and positive leadership that Gingrich has shown he is capable of providing.
He did so with the Contract with America. He did it in bringing in the first Republican House in 40 years and by forging balanced budgets and even a surplus despite the political challenge of dealing with a Democratic President. A lot of candidates say they're going to improve Washington. Newt Gingrich has actually done that, and in this race he offers the best shot of doing it again.
America is at a crucial crossroads. It is not going to be enough to merely replace Barack Obama next year. We are in critical need of the innovative, forward-looking strategy and positive leadership that Gingrich has shown he is capable of providing.
He did so with the Contract with America. He did it in bringing in the first Republican House in 40 years and by forging balanced budgets and even a surplus despite the political challenge of dealing with a Democratic President. A lot of candidates say they're going to improve Washington. Newt Gingrich has actually done that, and in this race he offers the best shot of doing it again.
We need a holiday from stimulus
Illustration: The stimulus box by Alexander Hunter for The Washington Times.
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