Financial Crises

Must Read

Financial Times: Optimism About an End to the Euro Crisis Is Wrong

Author: Wolfgang Münchau

"In a monetary union, adjustment is hard without any transfers and without a fiscal union. I know of no plausible plan how the eurozone can manage the dual feat of economic adjustment and debt sustainability within the straitjacket of official policy. And as long as such a plan does not exist, the crisis is not over."

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Must Read

Project Syndicate: The Eurozone’s Calm Before the Storm

Author: Nouriel Roubini

"So far, the grand bargain between the core and the periphery has held up: the periphery continues austerity and reform while the core remains patient and provides financing. But the eurozone's political strains may soon reach a breaking point, with populist anti-austerity parties in the periphery and populist anti-euro and anti-bailout parties in the core possibly gaining the upper hand in next year's European Parliament elections."

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Transcript

HBO History Makers: Understanding the 2008 Financial Crisis

Speakers: Barney Frank and Henry M. Paulson, Jr.
Presider: David Wessel

Barney Frank and Henry M. Paulson Jr. look back at the 2008 financial crisis, the ongoing recovery process, and lessons learned from their unique perspectives.

In collaboration with the Council on Foreign Relations, the Home Box Office History Makers Series sponsors speakers whose contributions made a prominent impact at a critical juncture in history.

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Interview

Gulf Cash Stabilizes Egypt, for Now

Farouk Soussa interviewed by Mohammed Aly Sergie

As Egypt's political crisis deepens, its economy has been stabilized by a cash infusion from the oil-rich Persian Gulf. Economist Farouk Soussa outlines the limited options facing Egypt's interim government.

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Foreign Affairs Article

The Second Great Depression

Author: Bradford DeLong

The global economic downturn is hardly over, and without a more dramatic set of actions, the United States is likely to suffer another major crisis in the years ahead. A new book by Alan Blinder may be the best general volume on the recession to date, but it paints an overly optimistic portrait of the current situation.

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Op-Ed

Would a New 'Bretton Woods' Save the Global Economy?

Author: Benn Steil
PBS NewsHour

Benn Steil's op-ed for Paul Solman's PBS The Business Desk site looks critically at calls for "a new Bretton Woods." He argues that many of the critical precepts behind the 1944 American Bretton Woods blueprint were overturned by the Truman Administration a mere three years later, and that the operation of the Bretton Woods monetary system was far briefer and more troubled than is typically reckoned.

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Audio

Media Conference Call: Benn Steil on Federal Reserve Exit Strategy

Speaker: Benn Steil
Presider: Michelle Caruso-Cabrera

The prospective challenge of containing inflation, buttressing a collapsed housing market, and normalizing the Federal Reserve's bloated balance sheet has created an "exit strategy" dilemma for Chairman Ben Bernanke. CFR Director of International Economics Benn Steil urges the Federal Reserve to swap mortgage-backed securities with the U.S. Treasury in exchange for Treasury securities, which the Fed can then sell as part of a normal process of monetary tightening.

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