BUSINESS
Republican budget takes US on path to trillions in new deficits
As Congress ponders a gigantic new budget resolution, supporters of fiscal moderation have gone suspiciously quiet
BUSINESS
The Federal Reserve should pause before cutting interest rates again
Interest rates might need to fall further in 2025, but it’s too soon to say
WORLD
Putin is vulnerable, US and Europe should capitalise on it
The US and Europe should exploit Russia’s economic vulnerability to negotiate a better peace
BUSINESS
Financial scams in US are a huge problem. Banks need government help
Financial institutions are at the front lines of fighting fraud, but they can’t do it alone
BUSINESS
Crypto’s coming back, and regulators must work to prevent disaster
Basic protections can prevent frenzied trading in fundamentally worthless tokens from harming people who don’t want to be involved
BUSINESS
Political chaos can't be allowed to put global economies at risk
Economic and geopolitical threats are increasingly at odds with the apparent calm in financial markets
BUSINESS
Rise of extremism gives Germany’s leaders another wake-up call
Voters don’t long for the fascist past, but they’re fed up with the status quo
BUSINESS
Big banks need a clearer view of their own risks after stress tests
Financial institutions need a clearer view of their own risks
WORLD
US Election: Joe Biden and Donald Trump ignore fiscal crisis
Neither candidate shows much interest in fiscal restraint. Ignoring the problem won’t make it go away
WORLD
UK Elections: Labour victory can be wasted if Keir Starmer stays cautious
A careful campaign is one thing. But the challenges facing Britain’s next government can’t be glossed over
BUSINESS
Europe Elections: Climate change notches a win
The European Union’s centrist leaders must learn their lessons and double down on achieving net zero
WORLD
Joe Biden can’t win re-election with a failing campaign
The president’s numbers are bad. He can’t keep doing what he’s doing while expecting a different result
WORLD
Europe Elections: Voters send a message to their failing leaders
Elections to the European Parliament ought to come as a salutary shock
WORLD
Joe Biden’s new plan to cancel student debt as misguided as old one
The administration’s latest debt-cancellation scheme will reward rich borrowers, punish taxpayers and drive up the cost of college
BUSINESS
Where do shadow banks get their money? Your deposits
Regulators need to address the growing links between traditional banks and the nonbank financial institutions that are increasingly taking over their business
WORLD
US Presidential Elections: Trump's economic outlook is more inflation, less sanity
If the former president’s stated agenda is any indication, inflation is likely to make a roaring comeback
BUSINESS
Ukraine War: German refusal to send Taurus missiles is emboldening Putin
Vladimir Putin's biggest weapon is western fear. Those who wish peace for Ukraine and Europe must first be prepared to show Putin that he cannot win
BUSINESS
Putin’s war is decimating the Russian economy
The war’s consumption of able-bodied workers has driven is forcing civilian industries to pay more for scarce labour. To keep inflation in check, the central bank has had to hike its benchmark interest rate to 16%, further squeezing the private sector. The annual budget deficit is about $17 billion, but government's borrowing capacity is of limited use if domestic banks are the only available lenders. Those same banks are increasingly exposed to losses as sky-high interest rates weigh on corporate borrowers
WORLD
German Protests: The country needs a new growth agenda and its people need hope
The end of cheap Russian energy and the rise of Chinese competition have slammed a manufacturing sector that used to drive growth. The country’s storied infrastructure is faltering. A new growth agenda that reduces overreliance on manufacturing demands deregulation of professional services, faster adoption of digital technologies, and a more flexible capital market to direct investment to new and productive uses
ENVIRONMENT
How financial engineering can help Europe go green
For funding renewable projects, derivatives such as two-way contracts have existed for long but inertia prevents their greater adoption. Each project has a target price, determined at a competitive auction. When market prices are lower than the target, the government makes up the difference. When the market goes higher, the producer pays the excess to the government
BUSINESS
Europe’s migration plan deserves a chance to succeed
There are no quick fixes to the challenge of migration for wealthy countries. By combining deterrence measures with a stronger commitment to burden sharing, the EU’s migration and asylum pact offers the glimmers of a constructive path forward. Now it’s up to Europe’s leaders to follow through
BUSINESS
Putin’s shadow sanctions-busters are a test of Western resolve
The US and Europe must do more to enforce the price cap on Russian oil and maintain pressure on the Kremlin
WORLD
COP28 needs less talk and more action
What matters now is not more minutely discussed goals, commitments and pledges, but action. It’s encouraging that, for the first time, officials at this year’s conference will weigh the findings of a formal “global stocktake” on lack of progress. That ought to stifle any desire to say “so far, so good”
BUSINESS
US Drug Shortages: Are generic drugs too cheap for their own good?
While prices of branded drugs have skyrocketed in recent years, generics prices have been falling steadily. Yet there’s a downside if prices fall too low: In recent months, major US manufacturers have declared bankruptcy and scaled back production. Hundreds of generic drugs are now in shortage, including lifesaving cancer treatments and medicines for premature babies
