The economist whose research foreshadowed the unusually long slog back from the 2008 financial crash is calling for the unlikeliest kind of central banker to lead the Federal Reserve: one who welcomes some inflation.
Four years after China’s growth helped lead the global economy out of a recession and won the admiration of luminaries from billionaire George Soros to Nobel laureate Joseph Stiglitz, the nation’s stock market has lost more money for investors than any other in the world.
When President Barack Obama dropped by Lawrence Summers’s going-away party in 2010, he presented his National Economic Council director with a pair of suspenders, a gag gift to help Summers hold up his perpetually sagging trousers.
China’s stocks rose, capping gains for the benchmark index this month, as real-estate developers, cement companies and household-appliance makers rallied on speculation the government may loosen property curbs.
Less than three years after it was criticized for endorsing policies that deepened economic disparity under Arab autocrats, the International Monetary Fund is lending more money to the region than ever.
Nobel Prize-winning economist Joseph Stiglitz said today the U.S. needs more fiscal stimulus to aid the economy and that more unconventional monetary easing by the Federal Reserve would do little to spur the recovery.