Economics Roundup: Yanis Varoufakis on defusing the stablecoin bomb, Laura Carvalho on unlocking development finance, and more
Also with Kenneth Rogoff, Joseph E. Stiglitz, Rana Mitter, and Yi Fuxian
The Apprentice: Federal Reserve Edition
Kenneth Rogoff warns that turning monetary policy into a political theater will ultimately harm ordinary Americans.
Rogoff will say more about the dollar’s future prospects in tomorrow’s PS Longer Reads and Interviews newsletter. Sign up here.
The Long March of China’s Economy
Rana Mitter traces the country’s emergence as a world power to the visionary leaders who pushed for greater openness.
Defusing the Stablecoin Time Bomb
Yanis Varoufakis proposes a safe and efficient alternative that would be lucrative for users, but not for bankers.
A Tax Victory for Multinationals Over People
Joseph E. Stiglitz, José Antonio Ocampo, and Jayati Ghosh lament the G7’s decision to exempt US corporations from the global minimum tax rate agreed in 2021.
The Key to Unlocking Development Finance
Laura Carvalho explains how national development banks can be empowered to mobilize vastly more investment.
Is Today’s Market Exuberance Rational?
Hervé Goulletquer warns that investors are normalizing US-induced economic and financial uncertainty at their peril.
The Resilience of World Trade
Ngozi Okonjo-Iweala notes that cross-border flows of goods and services typically bounce back from crises like the current one.
China’s Housing Crisis Is Worse Than It Seems
Yi Fuxian fears that the country’s policymakers have learned nothing from Japan’s experience.
Can AI Deliver Broad-Based Prosperity?
Michael Spence warns that, without policy intervention, productivity gains could lead to a surge in inequality.
How to Put Development Finance Back on Track
Carlos Cuerpo and Joseph E. Stiglitz see an opportunity to start reshaping the global sovereign-debt and financial architecture.