debating progressive politics in Europe and beyond
The US Dollar has probably been the closest thing to a true global currency that the world has ever seen. For decades, the use of the US Dollar has been absolutely dominant in international trade. This has had tremendous benefits for the US financial system and for US consumers, and it has given the US [...]
Now Moody’s has put the UK’s sovereign credit rating on negative watch, it means a downgrade is in sight. The UK government puts great store by the opinions of credit rating agencies. But recent experience suggests that an actual downgrade should have little financial significance. France and the US lost their triple A ratings without [...]
The Eurozone crisis has been a battle over who will ultimately be liable for the billions worth of actual and potential losses on sovereign debt held by European financial institutions. With neither the issuance of collectively backed Eurobonds nor the use of the European Central Bank (ECB) as lender of last resort initially available as [...]
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