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2741. Combating Widespread Currency Manipulation

Author:
Joseph E. Gagnon Gagnon
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Widespread currency manipulation, mainly in developing and newly industrialized economies, is the most important development of the past decade in international financial markets. In an attempt to hold down the values of their currencies, governments are distorting capital flows by around $1.5 trillion per year. The result is a net drain on aggregate demand in the United States and the euro area by an amount roughly equal to the large output gaps in the United States and the euro area. In other words, millions more Americans and Europeans would be employed if other countries did not manipulate their currencies and instead achieved sustainable growth through higher domestic demand.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
United States, America, and Europe

2742. The Coming Resolution of the European Crisis: An Update

Author:
C. Fred Bergsten and Jacob Funk Kirkegaard
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Getting the diagnosis right is a prerequisite for understanding the euro area predicament and evaluating key decisions taken since early 2010. As we laid out in Bergsten and Kirkegaard (2012), while the euro area faces multiple overlapping and mutually reinforcing elements of fiscal (Greece), banking (Ireland/Spain), and competitiveness (Southern periphery) crises, it is first and foremost facing a crisis of institutional design. The common currency as designed in the Maastricht Treaty of 1992 is a half-built house without the critical components of banking and fiscal union necessary to sustain it through the type of crushing economic and financial down- turn witnessed since October 2008.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe

2743. Religion Versus Morality

Author:
Andrew Bernstein
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
On the morning of September 11, 2001, Mohammed Atta and his minions flew stolen planes into the World Trade Center and the Pentagon, destroying the former and murdering thousands of innocent civilians. What motivated this atrocity? What filled the murderers with such all-consuming hatred that they were willing to surrender their own lives in order to kill thousands of innocent human beings? The clear answer is that these were religious zealots engaged in holy war with their primordial enemy—the embodiment of the modern secular West: the United States of America.In their evil way, the Islamists provide mankind with some clarity. They remind us of what real religion is and looks like—not the Christianity or Judaism of the modern West, watered down and diluted by the secular principles of the Renaissance and the Enlightenment; but real faith-based, reason-rejecting, sin-bashing, kill-the-infidels religion. The atrocities of 9/11 and other similar terrorist acts by Islamists do not clash with their creed. On the contrary, they are consistent with the essence of religion—not merely of Islam—but religion more broadly, religion as such. This is an all-important lesson that humanity must learn: Religion is hazardous to your health. Unfortunately, conventional views of religion hold just the opposite. Many people believe that religion is the necessary basis of morality—that without belief in God, there can be no ethics, no right or wrong. A character in Dostoyevsky's The Brothers Karamazov famously expressed this view: “In a world without God, all things become permissible.” In the 21st century, many people still believe this. But the converse is true. A rational, fact-based, life-promoting morality is impossible on religious premises. Indeed, religion clashes with every rational principle and factual requirement of a proper, life-advancing ethics. A proper ethics, one capable of promoting flourishing human life on earth, requires the utter repudiation of religion—of all of its premises, tenets, implications, and consequences. To begin understanding the clash between religion and human life, consider the Dark Ages, the interminable centuries following the fall of Rome in the 5th century AD. The barbarian tribes that overran Rome eventually converted to Christianity, which, in the form of the Catholic Church, became the dominant philosophic and cultural force of medieval Europe. Unlike the essentially secular classical world, or the post-Renaissance modern world, the medieval world zealously embraced religion as the fundamental source of truth and moral guidance. What were the results in human life?
Topic:
Health and Islam
Political Geography:
United States, America, and Europe

2744. The Role of Religion in the Scientific Revolution

Author:
Frederick Seiler
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
The Scientific Revolution of the 16th and 17th centuries was a defining moment in the history of Western Civilization. Modern science and the scientific method were born; the rate of scientific discovery exploded; giants such as Copernicus, Vesalius, Kepler, Galileo, Harvey, Newton, and countless lesser figures unlocked world-changing secrets of the universe. It has often been observed that such a revolution occurred only once in human history, and in one particular culture: the predominantly Christian culture of early-modern Europe. This observation gives rise to several questions: What role, if any, did Christianity play in the birth of modern science? Did faith give rise to science? Did a mixture of faith and reason give rise to it? Was Christianity somehow responsible—perhaps even necessary—for the rise of modern science, as some historians have argued? In short, what, if anything, does religion have to do with the Scientific Revolution? As long as science has existed, religionists have been attempting to reconcile religion and science. Recently, a new breed of scholars has asserted that religion itself—in particular Christianity—actually caused the birth of science. What are the facts of the matter? Toward answering that question, let us first review some earlier and relevant historical developments; then we will turn to relevant highlights of the Scientific Revolution itself. Science was born in ancient Greece among the pre-Socratics, who were the first to look for natural explanations of the world around them. Thales's claim that everything is made of water is significant because it assumes that the fundamental building block of the world is a natural substance. Embracing this naturalistic outlook, the Greeks of the classical and Hellenistic eras made important advances in astronomy, geometry, medicine, and biology—and established the fields of history, drama, political theory, and philosophy. Philosophy was especially important. Plato and Aristotle—the philosophical giants of Greece—created two dramatically different philosophical systems, especially in terms of their metaphysics and epistemologies. Plato, in exception to the general Greek attitude, proposed that the world we experience is not fully real. He maintained that the individual physical objects we see are imperfect, corrupted reflections of those in a higher reality. Plato called this higher dimension the world of the Forms and held that knowledge of this realm can be reached only via intuition. Although Plato revered mathematics, he did so for its alleged ability to train the mind to receive the Forms rather than as a means of gaining understanding of the physical world. Plato had little interest in studying this world.
Topic:
Development
Political Geography:
Europe and Greece

2745. The G20 after Los Cabos: Illusions of Global Economic Governance

Author:
Gabriel Goodliffe and Stéphan Sberro
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The failure of the Los Cabos summit to satisfactorily address the European sovereign debt crisis and ominous world economic outlook, let alone agree on concrete measures to improve the oversight and functioning of the global economy, appears to confirm the diminishing effectiveness and relevance of the G20 as an organ of international governance since its inception in December 2008. While few accomplishments were achieved in the area of global governance during the Mexican presidency, acute collective action problems, made worse by the present economic crisis, paralysed the G20 in the lead-up to and during the Los Cabos summit. These collective action problems and the ensuing failure of global governance are attributable to the absence of leadership evident at both the global and European levels, which in turn testifies to the excessive dispersion of state economic and political power within the international system.
Political Geography:
Europe

2746. Policy Lessons from the Eurozone Crisis

Author:
Chiara Angeloni, Silvia Merler, and Guntram B. Wolff
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area. The manifestation of Europe's fragility was preceded by a large build-up of debt in the private sector, associated with national current account divergences and the deterioration of competitiveness particularly of the euro periphery countries. With the economic situation deteriorating, private sector debt became less credible, contaminating banks' balance sheets and placing a heavy burden on governments. A sovereign-bank vicious circle emerged: on the one hand, with banking risk translating into higher sovereign risk because of the governments' guarantor role and, on the other hand, with the deterioration of government's creditworthiness affecting the banking systems through banks' sovereign bond holdings. In principle, this negative feedback can be stopped by breaking one of the channels of transmission. A banking union at the European level is proposed as one solution.
Topic:
Disaster Relief
Political Geography:
Europe

2747. A Slow Fuse: Italy and the EU Debt Crisis

Author:
Jonathan Hopkin
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Italy is firmly in the grip of an austerity programme mandated by the European Union institutions, and executed by an unelected technocrat. This state of affairs is at once the result of the acute and unexpected crisis of the financial and economic integration of the eurozone, and an expression of the failures of the Italian political class. Although the euro crisis has been mishandled by European elites, Italy's long-term economic decline, and the inability of Italian party politicians to generate a sustainable coalition to address Italy's economic problems, hinders an exit from the crisis.
Topic:
Financial Crisis
Political Geography:
Europe and Italy

2748. The Greek Crisis and the Search for Political Leadership

Author:
Dimitrios Katsikas
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Despite two bailout agreements of unprecedented size and the implementation of a harsh austerity programme, no solution to the Greek crisis is in sight. As a result, Greece continues to be a hotspot, sending sporadic tremors to a fragile eurozone. The outcome so far leaves no doubts about the grave mishandling of the crisis. The most important cause of this failure is the lack of political leadership at both the national and European levels. Accordingly, a solution to the Greek crisis will remain elusive unless Greek and Europeans politicians overcome the constraints of national political calculations and exercise leadership commensurate to the challenge of rescuing Greece and indeed the eurozone itself.
Political Geography:
Europe and Greece

2749. Portugal and the Straitjacket of the European Financial Crisis

Author:
Paulo Gorja
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The austerity program negotiated with the Troika (IMF-ECB-EC) and adopted by Portugal in 2011 is having a devastating impact on the Portuguese economy. Although the Portuguese government is clearly fulfilling the measures agreed with the Troika, the final outcome of the adjustment program is not entirely in its hands, but rather awaiting further EU decisions involving measures to stimulate economic growth, mutualisation of public debt and additional steps towards a federal Europe. As time goes by, the negative repercussions – in particular social and political instability, as well as the erosion of the Portuguese democratic regime – are inevitable if there is no light at the end of the tunnel.
Political Geography:
Europe and Portugal

2750. Seeking CSDP Accountability Through Interparliamentary Scrutiny

Author:
Jan Wouters and Kolja Raube
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The EU's Common Security and Defence Policy (CSDP) requires parliamentary accountability. At present, as CSDP-related decisions are increasingly taken in the framework of the UN or the EU, neither the European Parliament (EP) nor national parliaments are able to hold decision-makers accountable. Interparliamentary cooperation can provide added value in bringing about parliamentary scrutiny of CSDP. Nevertheless, despite an official agreement, the EP and national parliaments have different views on what such interparliamentary cooperation entails. There are five conditions – cooperation and complementarity among parliaments, conferential dialogues, coordinated agendas, and comprehensive and comparative scrutiny – that have to be fulfilled to create added value for interparliamentary cooperation on CSDP matters.
Political Geography:
Europe