The financial Tsunami is now on full fury in India with a 1000-point explosion in stock market taking the BSE Sensex down to 8701 at the closing on Friday the 24th October’08. Not only this, the rupee has touched a historic low at Rs.50 plus a dollar. In spite of cut in CRR by 2% […]
Price Stability versus Free Markets
My whole adult life economics has been dominated by the Thatcher/Reagan orthodoxy that unregulated markets combined with low taxes and monetary restraint will deliver prosperity to the greatest number of people. So it was rather sad to read The Economist’s lead column this week announcing the death of capitalism. When the stalwarts of free markets doubt the […]
Afghan President Asks for More Foreign Soldiers
Afghan President Hamid Karzai has asked for more foreign soldiers to combat Talibans in Afghanistan, international media reports say. Known as a leader trained and designed by the US, President Karzai expressed his concern, “Terrorist forces have significantly increased their attacks and brutality and enjoyed freedom in their sanctuaries.” He said that Afghanistan needed 10,000 […]
Free market Economists Urge Post-Olympics Social and Political Reforms
For its foreign visitors, the Olympics seemed to be an introduction to all that free market forces have done to China since Opening Up and Reform began following Mao’s death (which was 32 years ago today, btw, and barely paid any attention). What does that mean? It led Thomas Friedman to write that American cities now look third world in comparison […]
Iraq: They Call This Freedom
It can be hard to believe that it is approaching 2000 days since the beginning of the occupation of Iraq. After all the promises and expectations made at the start of the war maybe it is worth taking stock of the current situation for Iraqis. Bloggers have been reviewing their lot and give some slices of their […]
Pound in free-fall versus euro
The pound fell to a 12-year low on a trade-weighted basis this morning(August 28th), as it edged closer to a record low versus the euro. Shortly after 08:00 BST this morning the pound slipped to 89.8 on a trade-weighted basis, its lowest value since October 1996. Recent weeks have also seen a resurgence in the […]
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