The European Central Bank is holding its monthly meeting – an offsite gathering in Cyprus – and is about to commence its quantitative easing bond-buying programme.
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Just in time for the Friday afternoon news dump (on a holiday weekend!), the FT’s Chris Giles dropped a bombshell: Thomas Piketty’s “Capital in the Twenty-First Century,” he alleged, is full of data errors. After correcting the mistakes, he says (in a separate post), “two of Capital in the 21st Century’s central findings – that wealth inequality has begun to rise over the past 30 years and that the US obviously has a more unequal distribution of wealth than Europe – no longer seem to hold”.
President Barack Obama broke from his standard campaign speech on Tuesday to show his running mate Joe Biden some love, heaping praise onto the vice president less than 24 hours after he put Biden under a harsh spotlight during the final presidential debate.
During last night’s foreign policy debate, the Mitt Romney of the Republican primaries disappeared. Romney’s April criticism of Obama’s decision to commit the United States military to helping oust Muammar Qaddafi in Libya disappeared. Missing was a promise on his website to reduce foreign aid by $100 million. Romney’s past criticism of what he called Obama’s rushed exit from Afghanistan vanished as well.
Hype for the third and final presidential debate tonight has been considerably less than for the two previous face-offs -- perhaps for good reason. The debate is focused on foreign policy, and Americans don’t seem to care that much about it.
There will always be a wide gap between what candidates promise and what they deliver once elected, particularly when it comes to foreign policy. After all, this is an area where U.S. presidents have less control than either candidate will ever admit near a microphone. But this year, there are contradictions that cut straight to the heart of debates over American power and how it should be used. With that in mind, here are the questions I would like to see each candidate answer.
It can be hard to find areas of agreement between the presidential candidates on economic or domestic policy. Tuesday night's debate, though, revealed one exception: energy policy. Alas, what it also revealed is that both President Obama and Governor Romney are making their policies based on a false premise, and they are pandering to Americans' ignorance instead of telling them the truth.
Where will jobs and growth come from? As we enter the fifth year of the Great Recession, people all over the world are asking this question, but their political leaders are not providing any convincing answers, as has been made obvious in the U.S. presidential debate and the European Union summit this week.