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Global economic shakeout

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Satyajit Das: “I think the democratic process and the politics of the world relies on a very fragile construct. One is trust. And trust relies on economic growth.” Supplied

Satyajit Das: Europe will have far-reaching consequences for everybody

Welcome to the latest in our In Conversation series, between risk analyst and author Satyajit Das and Kevin Davis, Research Director of the Australian Centre for Financial Studies. Satyajit Das is an internationally-known…
Greek Prime Minister George Papandreou will use the referendum to try to win a mandate for austerity measures. AAP

Pain or more pain? The political gamble behind Greece’s debt referendum

Greek Prime Minister George Papandreou has taken the bold step of planning a referendum on the country’s EU-imposed austerity measures, in a bid to claim a mandate for his efforts to avoid a default on…
After the global financial crisis, a more restrained and open-minded approach to economics is needed. AAP

Time to accept economic known unknowns? The case for ‘pluralism’

Confidence in economics has been dented by the global financial crisis. But what is reasonable to expect of economists? People joke about economists disagreeing, but is it feasible for there to be one…
Euro banks have been urged to reinforce their balance sheets. AAP

Can ‘living wills’ protect the banking system?

Eurozone leaders have moved to address liquidity fears, with the European Central Bank announcing new measures to head off a credit crunch. Britain has also announced quantitative easing measures. Outgoing…
London trader Alessio Rastani has told the BBC he “dreamed” of recession. But traders often don’t know how they’ll react to losses. YouTube

‘Dreaming’ of recession: what to make of market makers and their noise?

Trading in financial securities has sometimes been regarded as a “black box”. This is particularly the case in markets where there is increased uncertainty. The current world economy is a prime candidate…
Is a partial default one of the steps to recovery for Greece? AAP

Defend or default? It’s the three trillion euro question

Will Greece default and exit the Eurozone? The best-case scenario is a managed, orderly, partial default with the European Financial Stability Facility (EFSF), a fund created in 2010 to manage Eurozone…
World Bank chief Robert Zoellick and IMF head Christine Lagarde have doubts about global growth. AAP

Spooking the markets: should financial leaders keep quiet during crises?

Global markets have tumbled again this week, following the downgrading of Italy’s debt rating and a series of negative comments from leaders of the world’s financial institutions. International Monetary…
Italy’s Silvio Berlusconi wants closer ties with China - but Europe shouldn’t believe this will save the EU. AAP

Why China won’t – and can’t – save the Eurozone

Earlier this week, reports emerged that Italian finance officials had held talks with their Chinese counterparts regarding the possibility of China making significant purchases of Italy’s public debt…
If Greece’s economy collapses, it could easily lead to a breakdown of civil order. AAP

What will happen if Greece defaults?

Global markets look set for a rough week amid new concerns that Greece could default on its massive debt. The Australian share market has spent most of the day down 3% after reports that Germany could…
In announcing his $US447 billion stimulus, Obama has his eyes firmly on the US election in 2012.

Obama throws down electoral gauntlet with economic plan

Barack Obama has laid out a US$447 billion (A$421 billion) plan to cut payroll taxes and boost government spending to create jobs, in a bid to “jolt” the stalled US economy back to life. Obama told a joint…
Germany’s Angela Merkel and French President Nicolas Sarkozy: has the need for last resort measures arrived? AAP

Does Europe need a lender of last resort?

German Chancellor Angela Merkel and French President Nicolas Sarkozy appear to hope their recent Summit will avoid further increasing Euro rescue fund, the European Financial Stability Facility (EFSF…
AAP

Should the renminbi be re-valued?

In a speech in Sydney earlier this week, World Bank President, Robert Zoellick, lent his support to an appreciation of the renminbi (RMB). As has become the norm, this support was couched in terms of an…
While the US is finding its footing, China is looking to expand its global economic power by pushing for the renminbi importance in international transactions. Fotopedia/Philip Roeland

How the West’s money problems could hasten global power shift

The downgrading of US debt by Standard & Poor’s may sound the starting gun for an enduring rebalancing of global economic power. For decades, investors worldwide sought the safety of US government…
The rise of the Chinese economy has been stunning - but it may not translate into world order dominance. AAP

This is evolution of the world economic order, not revolution

A new global economic order is not finally taking shape. Instead, the world economic order has been evolving over time, and it will continue to evolve into the future, more often than not, in unexpected…
German chancellor Angela Merkel and French President Nicolas Sarkozy have outlined a rescue plan for the Eurozone. AFP

PIIGs might fly - is a single economic government the way forward for Europe?

German Chancellor Angela Merkel and French president Nicolas Sarkozy have overnight laid out plans for a stronger European integration that seeks to control deficit restrictions on member countries and…
Australia’s retirees have been buffeted this week but remain unaware of how to manage the risks. AAP

Dazed, confused and uninformed: self-funded retirees bear the brunt

Two types of footage illustrated news reports of the financial market turmoil last week: the unlucky teams with frozen smiles ringing the start-of-trade bell at the New York Stock Exchange, and confused…

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