Links for 2008-11-23

  • Zakaria: Why America and China Must Hang Together | – “In effect, we’re asking China to finance simultaneously the two largest fiscal expansions in human history—theirs and ours. They will probably try to accommodate us, because it’s in their interest to jump-start the American economy. But naturally their priority is likely to be their own growth”;
  • Ireland, the Tiger tamed | The Economist – “A fiscal surplus of 3% of GDP in 2006 has turned into an estimated deficit of 6.5% of GDP in 2008, which on a comparative basis is by far the most rapid two-year decline of any euro area country since the single currency was launched. Ireland is now set to breach the EU’s general budget deficit ceiling (3% of GDP) by an even wider margin in 2009, when we expect a deficit of 8.9%. However, even these forecasts are subject to numerous downside risks”;
  • Real Time Economics | Who is Timothy Geithner? – “He took over the Federal Reserve Bank of New York five years ago, after working at the International Monetary Fund, without the traditional training of a Fed policy maker — a Ph.D. in economics. (His undergraduate degree, from Dartmouth College, is in government and Asian studies. He also has a master’s in international economics and East Asian studies from Johns Hopkins University)”