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Archive for 9. Juli 2019

What’s Driving Populism?

Posted by hkarner - 9. Juli 2019

Dani Rodrik, Professor of International Political Economy at Harvard University’s John F. Kennedy School of Government, is the author of Straight Talk on Trade: Ideas for a Sane World Economy.

If authoritarian populism is rooted in economics, then the appropriate remedy is a populism of another kind – targeting economic injustice and inclusion, but pluralist in its politics and not necessarily damaging to democracy. If it is rooted in culture and values, however, there are fewer options.

CAMBRIDGE – Is it culture or economics? That question frames much of the debate about contemporary populism. Are Donald Trump’s presidency, Brexit, and the rise of right-wing nativist political parties in continental Europe the consequence of a deepening rift in values between social conservatives and social liberals, with the former having thrown their support behind xenophobic, ethno-nationalist, authoritarian politicians? Or do they reflect many voters’ economic anxiety and insecurity, fueled by financial crises, austerity, and globalization?

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As the Deutsche Bank Turns

Posted by hkarner - 9. Juli 2019

Date: 09-07-2019
Source: The Wall Street Journal By The Editorial Board

Politicians share the blame for this financial soap opera.

Maybe this time will finally be the charm for Deutsche Bank , which over the weekend announced the latest in an uncountable series of turnaround plans. Executives hope cutting 18,000 jobs, hiving off €288 billion in assets into a bad bank for winding down, and withdrawal from international investment banking will save the German lender.

We’ll leave investors to sort all this. But there’s a policy tale here about trying to graft a would-be global investment bank onto a continental European economy—and about the ways regulators make matters worse.

This is partly a story of questionable business judgments over two decades. Starting in the mid-1990s, Deutsche set about converting itself into an investment bank to rival Wall Street. Its traditional focus was commercial banking for German industry, and Germany lacked a vibrant domestic financial market. So the bank expanded through acquisitions in the U.K. and U.S. that it struggled to absorb, including Wall Street giant Bankers Trust. Den Rest des Beitrags lesen »

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Trump Derides British Ambassador as Being ‘Very Stupid’

Posted by hkarner - 9. Juli 2019

Date: 09-07-2019
Source: The Wall Street Journal

On Twitter, the president also said outgoing Prime Minister Theresa May handled Brexit in a ‘foolish way’

President Trump spoke during a dinner hosted by the Secretary of the Treasury Monday in Washington, D.C.

WASHINGTON—President Trump for the second time in two days attacked a British ambassador who had criticized him, calling the senior career diplomat “very stupid” and a “pompous fool.”

“The wacky Ambassador that the U.K. foisted upon the United States is not someone we are thrilled with, a very stupid guy,” the president wrote on Twitter Tuesday. “He should speak to his country, and Prime Minister May, about their failed Brexit negotiation, and not be upset with my criticism of how badly it was handled.”

He added: “I don’t know the Ambassador but have been told he is a pompous fool.”

Mr. Trump also again criticized outgoing U.K. Prime Minister Theresa May, saying she had handled Britain’s planned separation from the European Union in a “foolish way” and adding: “A disaster!” Mrs. May said in May that she will quit as British prime minister once her Conservative Party chooses a successor, having failed repeatedly to win parliamentary backing for the Brexit divorce agreement that she negotiated with the EU bloc.

The British newspaper the Daily Mail reported on Sunday that in leaked diplomatic cables to London, British Ambassador to the U.S. Kim Darroch described the Trump administration as “clumsy” and “inept,” and criticized Mr. Trump’s policies on Iran and trade. Den Rest des Beitrags lesen »

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