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Europe’s Short Vacation
Since last November, the European Central Bank, under its new president, Mario Draghi, has reduced its policy rates and undertaken two injections of more than €1 trillion of liquidity into the eurozone banking system. This led to a temporary reduction in the financial strains confronting the debt endangered countries on the eurozone’s periphery (Greece, Spain, [...]
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Jim O’Neil and Nouriel Roubini on Global Economic Recovery
In case you missed it, from Bloomberg, March 30, 2012: Goldman Sachs Asset Management Chairman Jim O’Neill and Roubini Global Economics Chairman Nouriel Roubini discuss the European debt crisis, oil prices and the outlook for the U.S. economy.
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A Divorce Settlement for the Eurozone
From the FT: The European Central Bank has averted disaster, sparking a powerful relief rally – but nothing fundamental has been resolved. Greece may need another debt restructuring; Portugal and Ireland may need restructuring too. Spain and Italy may yet come under the gun. Banking crises are hardly ever resolved without removing toxic assets or [...]
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Scary Oil
From Project Syndicate: Today’s fragile global economy faces many risks: the risk of another flare-up of the eurozone crisis; the risk of a worse-than-expected slowdown in China; and the risk that economic recovery in the United States will fizzle (yet again). But no risk is more serious than that posed by a further spike in [...]
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Roubini Bremmer FP Interview: $200 Oil and the Moscow-Beijing Alliance
From FP: An exclusive conversation with Nouriel Roubini and Ian Bremmer on the toll of war with Iran — and why China and Russia just don’t care anymore what the United States thinks of them. It’s a mixed bag these days. Europe appears to have arrested its fall into the abyss and the U.S. economy [...]
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CNBC Video and Report – Portugal to Fall, Greece to Leave Euro Zone: Roubini
CNBC — Portugal is likely to be the next to restructure its debt and exit the euro zone, economist Nouriel Roubini predicted on CNBC Friday. There are several euro-zone countries in trouble, including Italy and Spain, but Roubini sees Portugal as the weakest. The longtime bear and chairman of Roubini Global Economics said the Greek [...]
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Greece’s Private Creditors Are the Lucky Ones
From the Financial Times: A myth is developing that private creditors have accepted significant losses in the restructuring of Greece’s debt; while the official sector gets off scot free. International Monetary Fund claims have traditional seniority, but bonds held by the European Central Bank and other eurozone central banks are also escaping a haircut, as [...]
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The Uptick’s Downside
From Project Syndicate: Since late last year, a series of positive developments has boosted investor confidence and led to a sharp rally in risky assets, starting with global equities and commodities. Macroeconomic data from the United States improved; blue-chip companies in advanced economies remained highly profitable; China and emerging markets slowed only moderately; and the [...]
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Nouriel Roubini and Patrick Chovanec EconoMonitor Video – China: How Much Stress Can the System Take?
Patrick Chovanec, associate professor at Tsinghua University’s School of Economics and Management in Beijing, China stopped by the RGE offices in NY for a discussion on the likelihood of a hard landing in China and we consider the short and medium term implications of policy adjustments, leadership transitions, and technology advancements. [22:20] [2:25] – How [...]
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Draghi, Soros, Geithner, Roubini, Calderon, Merkel: In Their Own Words From the WEF on the Europe Crisis Via Bloomberg
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Thomas Grennes
Thoughts From Across the Atlantic
Thomas Grennes is a professor of economics at the North Carolina State University and a former visiting faculty member at the Stockholm School of Economics in Riga. His research has dealt with various aspects of international economics, including open economy macroeconomics, international finance, and international trade in agricultural products. Recent research topics have included macroeconomic aspects of the Great Moderation, offshore outsourcing, sovereign wealth funds, and the relationship between government debt and economic growth. Earlier work dealt with emerging market issues in the Baltic countries and Russia and trade and macro policies in Sub-Saharan Africa. Economic history topics include the Columbian Exchange of plants and animals, the effects on food markets of introducing mechanical refrigeration, and the integration of Tsarist Russia into the world grain market. When he is not involved in economics, he enjoys mountain hiking.
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