The American economic guru explains how he missed the signs that the economy was going off a cliff during the decade he was chairing "the Fed," the body that functions as the U.S. central bank. A strong believer that markets can self-regulate thanks to the enlightened self-interest of the players, he failed to recognize the danger signals of the U.S. financial collapse that also engulfed Europe.
Gazprom, the Russian monopoly, has been on a shopping spree to acquire commercial interests (and political leverage) in "downstream" gas and energy companies and distributors in Europe. Here is a partial list of those European holdings gleaned from the chapter entitled "Buying Europe: Purchase as Politics" in a new book on this monopolistic strategy by Janusz Bugajski.
A practitioner in the oil and gas business warns that Europe's worst weakness regarding natural gas supplies comes from the absence of a free internal market in natural gas among the EU nations. Freeing up the flows in Europe would drastically reduce the rigidities that Gazprom exploits. A good investment would be gas storage facilities, but such infrastructure is costly.
Following his acceptance of The European Institute\'s Transatlantic Leadership Award at a December 2008 ceremony in Washington, DC, Chertoff sat down with European Affairs to reflect on his relations with European governments - which proved much more productive than many observers initially feared. He also shared his views on future challenges from Guantanamo to failed states, including the need for a new consensus on dealing with states that tolerate international terrorists on their soil.
Savage Century: Back to Barbarism By Thérèse Delpech, Translated By George Holoch Carnegie Endowment for International Peace, 211 pages, $21.24 Reviewed by William J. Peterson Jr.
A curious notion has emerged about how the United States has tried to navigate the seas of global security since the September 11 terrorist attacks. It depicts Washington as charting a solitary course characterized by premises, principles, and policies which diverge dramatically from those of other nations – notably its European allies.
Already the buzz this year in financial circles, sovereign wealth funds have been initially welcomed in the United States (and to a lesser degree in Europe) as white knights whose capital investments have helped rescue troubled financial institutions and other companies stricken by the credit-market crisis. But these funds, even as they are currently sought after by financially-bleeding companies, could easily become controversial with public opinion and regulators in the United States and European countries because of their potential political dimensions. The very fact of their emergence is a symptom of profound new shifts in the global financial order. To head off potential jingoist reactions against the proposed buy-ins by these new investors, there is a need to probe a set of questions about how these funds work and about whether rules can be reached – by mutual agreement – to ensure that the funds prove compatible with global capital movements.
Topic:
Economics, Government, and International Trade and Finance
The world has modernized thanks to waves of Western inventions, and the next wave must be a regulatory revolution to ensure that discoveries spread horizontally as far and fast as possible. It is an agenda for the newly formed Transatlantic Economic Council.
Topic:
Economics, Government, International Trade and Finance, and Science and Technology