Articles by Bloomberg
Bloomberg
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[Francis Wilkinson] Democrats must win the war for truth
Poor old Robert Mueller.“Mr. Mueller seemed to expect that the system would work as it had in the past,” noted a news analysis last week in the New York Times. Former special counsel Mueller scrupulously followed legal and institutional rules as well as his own professional and personal code of ethics.As a result, the Times pointed out, a bit wistfully, the way the paper’s travel section might pine for the heyday of Palm Springs or old Havana, the old ways were swept aside, and
Viewpoints June 3, 2019
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[Karl W. Smith] How this trade war will remake the world
US President Donald Trump has long said the goal of his trade policy is simply to get better deals for Americans. But as the trade war intensifies, it seems increasingly likely that his policies will lead to something more: a lasting break with China and a new alignment of global power. First, consider the evidence for the break. The current impasse in trade talks was sparked by a sudden change in terms on the part of the Chinese negotiators. This change likely caught the administration off g
Viewpoints May 27, 2019
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[Adam Minter] China’s brightest are the trade war’s latest casualties
It’s college graduation season in China and the timing couldn’t be much worse for the record-breaking 8.34 million students emerging from university this year. A slowing economy, hobbled further by the trade war, has produced the worst Chinese job market since at least 2015. Among the hardest hit will be the aspiring white-collar workers just now throwing off their caps and gowns. Applicants far outnumber jobs in big cities and salary expectations simply aren’t being met.In rec
Viewpoints May 26, 2019
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[Adam Minter] China’s trade warriors can’t hit Hollywood
China may want to stand tough against Donald Trump’s trade threats. It’s going to have a hard time retaliating, though, and not only because it doesn’t import enough goods to match the US president tariff-for-tariff.One obvious target would be the $58.9 billion in services the US exports to China. These include everything from Hollywood blockbusters to tourism and education. In theory, Beijing could easily enough cut off the flow of American entertainment into China and Chinese students and tour
Viewpoints May 20, 2019
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[James Stavridis] National security risks are rising with sea levels
I spent much of my life in the US Navy, including nearly 11 years on the deep ocean day-to-day, out of sight of land. This really drove home the fact that oceans cover 70 percent of the earth’s surface -- all the world’s land would fit comfortably within the Pacific. Oceans produce much of the oxygen we breathe and a great deal of the protein we consume. They enable more than 90 percent of international trade and provide increasing amounts of oil and natural gas. Yet now, because of climate chan
Viewpoints May 15, 2019
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[Hal Brands] Are Americans turning isolationist?
Public attitudes toward US foreign policy are a mess of ambiguities and seeming contradictions. Americans don’t particularly like Donald Trump’s policies, but they share some of his ambivalence about the country’s vast global role. They are not retreating into isolationism, but neither are they persuaded by the traditional justifications for America’s efforts to shape the world.These are the principal takeaways from a recent opinion survey conducted by the progressive-leaning Center for American
Viewpoints May 13, 2019
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[Noah Smith] Politics moves faster than economists gather data
The dream of evidence-based policy is that as data and analysis get better and better, policymakers will be able to make informed decisions in real time. Instead of relying on judgment or on long-cherished theories when an economic crisis arises, they’ll have the facts at their fingertips. In reality, however, this dream may always remain just out of reach.Sometimes, the barrier to evidence-based policymaking is that the evidence just isn’t all that solid. When the financial crisis struck in 200
Viewpoints May 6, 2019
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[Leonid Bershidsky] Huawei is being held to an impossible standard
The Bloomberg report of persistent vulnerabilities found in Huawei telecommunications equipment by major telecom operator Vodafone highlights the Chinese vendor’s current problem: While its competitors are given the benefit of the doubt when their products are found vulnerable, Huawei is held to impossible standards for political reasons.This is a problem that probably can’t be solved on a technical level. Huawei will have to drop any legacy resistance to stringent tests by clients and regulator
Viewpoints May 2, 2019
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[Daniel Moss] Does Indonesia need a new capital?
Even as he awaits official confirmation of his election to a second term, Indonesian President Joko Widodo appears to be thinking about his legacy. He’s proposing a $33 billion plan to relocate the capital far away from clogged Jakarta. The idea isn’t as crazy as it sounds. That doesn’t mean it’ll work. Jokowi, as the Indonesian leader is known, is right to question Jakarta’s long-term viability as a capital city. The population has swollen to 30 million and, while a new subway system offers som
Viewpoints May 2, 2019
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[Anjani Trivedi] China could win from tech Cold War
China’s growing technological prowess in areas such as artificial intelligence is making Washington very nervous. US efforts to fight back, though, could make the problem worse.In US policy circles, suspicion of China is starting to resemble a new Red Scare. Universities are heightening scrutiny of research proposals from China and, in some cases, restricting collaboration. Chinese scientists’ visas are being delayed for conferences and exchanges. Visas for Chinese graduate students studying top
Viewpoints May 1, 2019
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WeWork files confidentially to hold initial public offering
WeWork, the world’s biggest co-working company, is planning to go public, joining a wave of highly valued technology startups moving to the U.S. markets.The New York-based company said Monday it filed paperwork confidentially with the U.S. Securities and Exchange Commission to hold an initial public offering. WeWork, which rents office space to companies and freelancers, would likely be the year’s biggest U.S. IPO after Uber Technologies, which expects to start trading next week
Market April 30, 2019
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[Julian Lee] Dirty Russian oil has made fragile market worse
President Donald Trump wants to strangle the Iranian economy and keep gas prices low for American drivers. The discovery that Russia has been exporting contaminated crude oil means any hopes that he could do both have all but evaporated.Trump decided this month not to renew waivers that let countries buy Iranian oil without violating his sanctions, affecting eight nations that have exemptions expiring on May 2. This drove crude prices higher at a time when gasoline prices were already rising. Ga
Viewpoints April 29, 2019
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[Komal Sri-Kumar] Low inflation is wrongly boosting markets
It was only a few months ago that the US Federal Reserve was intent on continuing to increase interest rates. But now, some policymakers are even hinting that the next move may be a rate cut, and they may even pursue other forms of policy easing despite equities reaching record highs again. If that is the message Fed Chairman Jerome Powell will provide at his press conference Wednesday following a two-day meeting with policymakers, it would spur equities to even greater heights and drive yields
Viewpoints April 29, 2019
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[Alberto Gallo] Central banks have broken capitalism
It has been a decade since the Federal Reserve and other central banks began cutting interest rates to zero -- or even below -- and injecting unprecedented amounts of cash into the global financial system via quantitative easing. And while global stocks are at or near record highs, central banks around the world are increasingly abandoning their hopes of normalizing policy with economic growth slowing. On top of that, public and private debt levels are higher than ever.Some central banks are pre
Viewpoints April 28, 2019
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[Noah Smith] Industrialization the only hope for Africa
African industrialization has to be among the most important things happening in the world right now. The vast continent, with more than 1.2 billion people, is home to an increasing fraction of the human beings who are still mired in extreme poverty.By 2030, the World Bank projects that almost all the people in extreme poverty will live in sub-Saharan Africa. The reason is twofold. First, Africa’s population is growing rapidly.Second, Africa has lagged in the industrialization necessary to gener
Viewpoints April 25, 2019
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