Stumbling BRICS

A $100 billion BRICS Development Bank was announced in March 2013 at a BRICS summit in South Africa. The development bank, however, is still developing, and Brazil, Russia, India, China and South Africa are having a rough year. Back in March, TIME’s Rana Foohar wrote: “The fact that the American economy is growing faster than not only Russia’s but also Brazil’s and those of the emerging market nations is truly amazing. A decade ago,t he BRIC countries were supposed to be the world’s economic salvation. Since then, they’ve become complacent, and their growth has been cut in half. Some, like …Read more

Nigeria’s Imperilled Potential

Nigeria has problems. The country – probably Africa’s biggest economy – also has a lot of potential. Matt Egan reported for CNN Money: “Nigeria has been one of the hottest destinations for foreign investment in the developing world in recent years. Big companies and investors have been attracted to the country's booming economy, abundant natural resources and rapidly-expanding middle class.” But the fact that militants from Boko Haram were able to carry out their brazen attack on a boarding school could scare away Western investors. Clearly, security is still a real threat. The focus on …Read more

Poland’s Problems

Pity the Poles. They are caught between a rock and a very hard place. “Poles had good reasons to count their blessings as their neighbor Ukraine began sliding into turmoil this year,” wrote Bloomberg Businessweek’s Carol Matlack. “Poland is not only a stable democracy with its defense assured by NATO—it’s also one of the European Union’s star economic performers. The central bank in Warsaw forecasts the economy will grow 3.6 percent this year, more than three times the projected EU average of 1.1 percent. But as the conflict in Ukraine drags on, fears of contagion are rising. The central bank …Read more

Two Federal Reserve scholars on "The First Wall Street Crash"

James Narron and David Skeie, two meticulously scholarly monetary officials of the Federal Reserve System, publishing, again, valuable lessons from history at the NY Fed's This time, about the first Wall Street panic.   Liberty Street Economics Narron and Skeie: From Political to Financial Revolution
Although the American political revolution ended in 1783, it was soon followed by a financial revolution as the United States implemented a number of key reforms common to modern financial systems. The first American mint was established in Philadelphia in 1786 in a move to create a more …Read more

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In Memoriam
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