Energy independence is a farce
- 4 July 2012
What would energy independence actually do for the United States? For one, it won't dissolve America's fealty to global crude prices. For another, reducing its sources of energy would only make the U.S. economy less secure. The Atlantic
Stephanie Flanders says the libor scandal has shed light on an inconvenient truth about interbank lending rates: even when rates are not "fixed", they may still not bear very much relation to reality – because banks are not actually offering much unsecured money to each other at all. BBC
"The Fed has the ability to create as much money as it wants and can use that money to purchase every scrap of federal-government debt, every scrap of outstanding mortgage-backed securities backed by federal housing agencies, and as much foreign exchange as other governments will sell it." The Economist
By allowing freer, cross-border financial transactions in the yuan, Beijing is taking important step towards dismantling the capital controls that hold back the currency from being a true rival to the US dollar, writes Michael Schuman. TIME
With the unemployment rate above 8%, it's no surprise that jobs have become a major focus in the 2012 US presidential campaign. So with that being the case, Laura Tyson reveals how both candidates have very different ideas about how to boost employment and how Obama's proposals seem more convincing than Romney's. Project Syndicate
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