Why identifying a bubble is so much trouble

We seem to be surrounded by “bubbles” ― tech stocks, real estate, and now maybe sovereign debt. You might expect that any textbook would have a precise definition of this phenomenon; some set of characteristics that distinguish sensible high prices in good times from prices that are “too high” or in

Sept. 25, 2011

[Zhang Monan] Value cooperation over cash with Europe

Whether China and other BRICS members will give a helping hand to European countries that have been severely plagued by their looming debt crisis is now a hot topic around the world. China’s purchase of European debt would not be a show of generosity. To help extricate hard-hit European countries fr

Sept. 23, 2011

ASEAN should heed lessons from EU crisis

Although five major central banks have recently agreed to provide dollars for the European banking system in an effort to avert a funding crisis, the southern European countries are still not immune from a possible financial crisis that could send a tidal wave across the entire continent. The Europe

Sept. 23, 2011

Taiwan must choose to build home-grown defense industry

Now it is almost certain that the U.S. will refuse Taiwan’s request for the sale of the new F-16C/D fighter jets for Taiwan’s self-defense. While an official announcement on the U.S. Congress’s decision is expected next week, an unnamed senior congressional aide was widely quoted as saying that the

Sept. 23, 2011

Japan’s ruling party must present state vision

The Democratic Party of Japan must deepen debate on constitutional reform and present the vision of the state it aims to establish.In the Diet, Prime Minister Yoshihiko Noda said, “Amid the mountain of pressing issues we face, I don’t think constitutional revision is a top priority on the policy age

Sept. 23, 2011

Israel-Palestine face-off at the United Nations

The looming United Nations vote on Palestinian statehood is not a cause for celebration ― for Palestinians or anyone else. It is merely further evidence of the utter stalemate of the Israeli-Palestinian peace process, which once promised to deliver a two-state solution but which during the last few

Sept. 22, 2011

Strong countries, not Greece, should ditch euro

Europeans can’t say they weren’t warned. For a decade before the euro was launched, critics ― and many economists ― argued that one currency wouldn’t fit all, or even most, of the nations of the European Union. The unfolding euro-area crisis is proof that the critics were right. Now it’s up to the s

Sept. 22, 2011

[Ron Klain] Middle-class Americans suffer in silence, for now

President Barack Obama’s proposed tax on millionaires has restored the issue of “class warfare” to the forefront of politics. The new tax plan follows a week of intense campaigning by the president for his jobs bill, and of considerable attention devoted to a Census Bureau finding that poverty rose

Sept. 22, 2011

[Noah Feldman] Abbas’ U.N. offensive might be a step toward peace

Just what is Palestinian leader Mahmoud Abbas thinking? At the new United Nations session, he has announced, the Palestinian National Authority will ask the Security Council to recognize Palestine as a state. The application will be dead on arrival: the U.S. has already said it will veto. Abbas, in

Sept. 21, 2011

[Glenn Hubbard] Short-term stimulus won’t help U.S. in the long run

Joblessness and sluggish growth are hampering the economic recovery and Barack Obama’s political standing. Raising taxes on the rich, as the president called for on Monday, isn’t going to turn things around. To get a sense of how severe the situation is, consider this: Bringing the unemployment rate

Sept. 21, 2011

[Frida Ghitis] Waiting for revolution in Cuba, Burma, N.K.

For all the luxuries they enjoy, dictators live in a state of constant fear.Without the trust of their people they must always protect themselves against real, imagined, or even potential plots. They may be paranoid, but they’re right to be afraid. That’s true now more than ever.These are scary time

Sept. 21, 2011

Move ahead on pipeline from Canada

It’s a boom time in the Canadian province of Alberta, where technological advances and sky-high commodity prices have turned the region’s oil sands into a sticky, tarry gold mine.Here’s a safe prediction: The United States will share in this bounty, one way or another. Canada will ship oil to its la

Sept. 20, 2011