CAMBRIDGE – Between 1913 (when the United States Federal Reserve was founded) and the latter part of the 1980s, it would be fair to say that the Fed was the only game in town when it came to purchases of US Treasury securities by central banks. During that era, the Fed owned anywhere between 12% and 30% of US marketable Treasury securities outstanding (see figure), with the post-World War II peak coming as the Fed tried to prop up the sagging US economy following the first spike in oil prices in 1973.
LONDON – Educating refugees and children in conflict zones is one of the biggest challenges facing the international community. Their schools have been reduced to rubble. Their teachers have fled or are struggling to survive. Their libraries have been looted or burned.
BERLIN – “Europe will be democratized or it will disintegrate!” That maxim is more than a catchphrase from the manifesto of the Democracy in Europe Movement – DiEM25, the group I just helped to launch in Berlin. It is a simple, if under-acknowledged fact.
BOSTON – The global commodity slump and China’s economic slowdown have pummeled several African economies, making clear that the continent’s “rise” was a myth. Now is the time to re-examine the basis of Africa’s recent “boom” and move from feel-good rhetoric to action that will drive genuine economic transformation.
NEW YORK – The decision whether to remain part of the European Union is obviously one for the British people and their elected representatives to make. But more than British and European interests will be affected by the outcome, so it is both legitimate and appropriate for other parties to weigh in.