The head of the Cayman Islands financial services industry trade group rejected charges from economist Jeffrey Sachs that the Caribbean nation’s oversight of hedge funds and banks is a “mortal threat” to the global economy.
The next head of the International Monetary Fund must be capable of helping to create a new global framework, for the existing U.S.-led order has had its day, Jeffrey Sachs , who heads the Earth Institute at Columbia University, wrote in the Financial Times.
If Greece were to default and force a debt reorganization, the result might be bank runs, contagion to other countries, triggering of credit default swaps and political strife within Europe, said Jeffrey Sachs, who heads the Earth Institute at Columbia University.
Both the U.S. and European economies are being “whipsawed” by globalization, and the failure of governments to cope with that lies behind the collapse of market confidence in the euro area and America, said Jeffrey Sachs, who heads the Earth Institute at Columbia University.
In driving al-Qaeda and other extremists from Mali’s towns, the French military has restored a semblance of order. But the underlying problems that led to the country’s meltdown persist, leaving its government and its allies in peril.
Japanese ruling party lawmaker Kozo Yamamoto said a race to devalue currencies would spark global growth, dismissing German criticism of Prime Minister Shinzo Abe’s plans for monetary easing which have weakened the yen.