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Category Archives: FINANCE

America’s Republicans take aim at mortgage subsidies

IN THE 1980s Margaret Thatcher and Ronald Reagan were both proud of their efforts to expand home ownership. In Britain, Thatcher presided over a fire sale of state-owned homes to tenants. In America, Reagan deregulated financial markets and expanded mortgage lending. At the time

The New York Fed’s president announces his retirement

He never really took the bull by the horns APPLICATIONS sought for leading Wall Street post. Duties: important role in setting interest rates (some vaguely defined other responsibilities). Perks: lovely office in Italianate palace; large staff. Requirements: eligibility for highest-level security clearance; tacit support

Asian households binge on debt

ONE of the more persistent beliefs about the global economy is that Asians are more frugal than others. Explanations have drawn on culture (the self-discipline of Confucianism), history (memories of privation) and public policy (flimsy social safety-nets forcing people to save). For Lee Kuan

Catalonia and the perils of fiscal redistribution

POPULISM is the weapon not just of the downtrodden. As the crisis in Catalonia demonstrates, the rich have economic anxieties of their own. Catalonia has an identity distinct, in important ways, from that of the rest of Spain. But the recent drive for independence

In Japan, the move from cash to plastic goes slowly

BIC CAMERA, a Japanese electronics retailer, accepts payments in so many ways that the list nearly obscures the till: credit, debit and pre-paid cards; mobile wallets; ApplePay and Alipay; and, in some stores since April, bitcoin too. Efforts are under way to wean Japan