In The News

China Can Gain from Unshackling its Currency

Rob Trudel April 8, 2005
A significant lobby in Washington is pressuring Beijing to revalue its currency relative to the US dollar, claiming that the artificially low renminbi gives China an unfair competitive advantage. To be sure, Chinese resent the pressure and worry that an appreciation of the renminbi relative to the dollar would raise the price of Chinese goods and curb its dominance of the export market. But in...

Why Hasn't a Weak Dollar Slowed Imports?

Louis Uchitelle April 8, 2005
The dollar is dropping against other powerful currencies, but the appetite of US consumers for imported goods continues to grow. The ever-surging demand for imports is partly driven by fashion and trends, as in the case of jewelry made in Austria and China, which is being sold in the US in ever-greater quantities. Environmental awareness has also played a role, as US consumers select imported...

‘Food Should Be Left Off the Free Trade Table’ - José Bové

April 6, 2005
At the Yale Center for the Study of Globalization, Bové attended a workshop with prominent Yale scholars and others in the university community to discuss the status of the global peasant movement and the core issues in his work. A full transcript follows. – YaleGlobal

Two Fed Officials Offer Different but Upbeat Views on Debt

Edmund L. Andrews March 11, 2005
The soaring US deficit, estimated at over US$600 billion last year, has been a source of debate among economic analysts. According to The New York Times, the nation's total foreign debt equals more than one-fifth of the total economy. And while many observers fear the increasing indebtedness could eventually lead to global economic disaster, two senior officials at the US Federal Reserve...

Dealing with a Declining Dollar – Part II

David Dapice February 9, 2005
If today's US budget deficit raises concerns, then tomorrow's projections should sound an alarm, writes economist David Dapice. As the United States descends further and further into debt – by several trillion dollars over the next ten years – the value of US currency will decline. Should a worldwide "run on the dollar" result, shockwaves would resonate throughout the global...

Bush Needs Decisive Change of Course

Fred Bergsten December 14, 2004
As US account deficits deepen and global oil prices escalate, President George W. Bush will face some serious challenges in his second term. According to economist Frank Bergsten, neither the US nor world economies can afford an extension of Washington's economic and energy policy status quo. A combination of strong domestic fiscal action - deficit reduction to enhance savings - and...

In Eastern Europe, Skepticism Over the Euro

Mark Landler December 6, 2004
While the euro continues to grow in strength and prominence, the trans-national currency has failed to win the enthusiasm of the European Union's newest members. Countries like Hungary and Poland have hesitated in planning their integration into the "one-size-fits-all" economy of the euro. Critics suggest that adopting the euro now will severely hamper Hungary's fast growing...