Issues

Must Read

NYT: The Wolf Hunters of Wall Street

Author: Michael Lewis

"Katsuyama and his team did measure how much more cheaply they bought stock when they removed the ability of some other unknown trader to front-run them. For instance, they bought 10 million shares of Citigroup, then trading at roughly $4 per share, and saved $29,000 — or less than 0.1 percent of the total price… It sounded small until you realized that the average daily volume in the U.S. stock market was $225 billion. The same tax rate applied to that sum came to nearly $160 million a day."

See more in North America; Banks and Banking

Op-Ed

What Europe Can Learn From the U.S. Bank Crisis

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's latest op-ed in the Wall Street Journal, co-authored with Dinah Walker, explains why the ECB's anticipated foray into more aggressive monetary stimulus next week won't have any significant effect on the availability and cost of private-sector credit. The ECB believes that its ongoing bank stress tests will help revive the eurozone's moribund banking industry, but we argue that the tests are counterproductive without a mechanism in place to assure sufficient recapitalization of banks that fall short—as there was in the United States in 2009.

See more in Europe; Banks and Banking

Must Read

Economist: Holding Back Half the Nation

"By 2020 Mr Abe wants women to occupy 30% of all "leadership" positions—which would include members of parliament, heads of local government and corporate executives. His most practical step has been to try to shorten waiting lists for child care by allowing more private companies into a previously state-dominated sector."

See more in Japan; Development

Transcript

On the Road to Recovery, or Creating the “Mother of All Bubbles”?

Speakers: Joyce Chang, Nouriel Roubini, and Sebastian Mallaby

With the tapering of the Federal Reserve's bond buying program well underway, and the possibility of future interest rate hikes under discussion, J.P. Morgan's Joyce Chang and Nouriel Roubini of Roubini Global Economics assess the risks that exist in the current global financial system in a discussion with CFR's Sebastian Mallaby.

See more in Global; Politics and Strategy; Monetary Policy

Must Read

Think Progress: U.S. Stepping Up Campaign Against Joseph Kony, Highlighting Complex Relationship With Uganda

Author: Hayes Brown

"Five months into his first term in office, President Barack Obama laid out his vision for how American values would guide his thinking in crafting foreign policy. 'We uphold our most cherished values not only because doing so is right, but because it strengthens our country and it keeps us safe,' he said at the time…. The next five years have shown the difficulty that comes when some of those values clash with each other, jostling for dominance."

See more in Uganda; Politics and Strategy