Nicholas Wapshott

The end of budget scare politics

By Nicholas Wapshott
December 23, 2013

“Are you kidding me!” The cry of anguished disbelief from House Speaker John Boehner has brought down the curtain on a five-year-long battle over public debt that will not be lifted until the presidential election of November 2016.

Obama, Castro, and the perversity of the Cuban embargo

By Nicholas Wapshott
December 16, 2013

There has been a lot of clucking about President Barack Obama shaking hands with Raúl Castro at the funeral of Nelson Mandela. For some it was bad enough that a president the Republican vice-presidential candidate Sarah Palin accused of “palling around with terrorists” should extend his hand to a Cuban communist tyrant, while mourning a world hero that former Vice President Dick Cheney still thinks was a terrorist.

Healthcare.gov: Private shame, public blame

By Nicholas Wapshott
December 10, 2013

The glitches that have dogged the government’s universal healthcare site have cast a dark shadow over the presidency and over the Democratic Party as they enter an election year when they could easily lose the Senate. The failure of anyone within the Obama administration to notice in the three long years of preparation that something was seriously amiss is an abject failure of management that has led to a self-inflicted political catastrophe.

What Mandela meant

By Nicholas Wapshott
December 5, 2013

Nelson Mandela will be remembered as the person who, more than any other, brought an end to apartheid, the heartless policy of “separate development” in which white, black and South Asian South Africans were obliged to live apart. It is part of his towering achievement that the very notion of racial segregation is anathema to democrats throughout the civilized world. He will be mourned as a freedom fighter and the father of his nation, whose wisdom, patience and courage tormented his oppressors and finally drove them to accept that racial discrimination should have no place in a system of government.

Does Japan show us the way out of secular stagnation?

By Nicholas Wapshott
December 2, 2013

Is America’s economy adrift in the doldrums? Lawrence Summers, perhaps the nation’s most inventive applied economist, thinks so. Speaking to an IMF forum last month, he described America’s current condition as “secular stagnation” in which we are stuck in a rut of weak demand, low growth, and low employment. This is the “L-shaped” recovery, or — strictly speaking, non-recovery — some warned about after the financial freeze of 2008. It is also sometimes dubbed “the new normal.”

The twisted politics of enforced economic pain

By Nicholas Wapshott
November 25, 2013

By the end of the year, American taxpayers will no longer be part owners of General Motors. That is good news all around. Nationalization of a private company rarely makes economic sense. Even for red-blooded socialists, the ownership of the means of production has long been an empty threat, a totemic cul de sac that for years led socialism down the wrong path. Regulation is a far better way to ensure an industry works for the public good.

The strange convergence of Bernanke, Hayek and Bitcoin

By Nicholas Wapshott
November 21, 2013

Every time Federal Reserve Chairman Ben Bernanke opens his mouth, the markets move. But few could have guessed that in an offhand remark he would  add legitimacy to the Bitcoin, the virtual currency that competes with the American dollar as a reserve currency and an international trading medium.

Hooray for inflation

By Nicholas Wapshott
November 13, 2013

There have been some extraordinary headlines in recent days. Here’s the Economist: “The perils of falling inflation.” Here’s the Financial Times: “The eurozone needs to get inflation up again.”

No, austerity did not work

By Nicholas Wapshott
November 7, 2013

There have been a lot of sighs of relief in Europe lately, where countries like Britain and Spain, long in recession, have finally started to grow. Not by much, nor for long. But such is the political imperative to suggest that all the misery of fiscally tight economic policies was worth the pain that there are tentative claims the worst is now over and, ipso facto, austerity worked.

Enlightening the puzzled Republicans

By Nicholas Wapshott
October 31, 2013

Moderate Republicans cannot fathom what has happened to their party.

Once a happy band of no-nonsense, pro-business conservatives, cautious in everything from money to marriage — including their wary response to the onward march of 1960s liberal social values — they were prepared, within reason, to trim their policies to match the voters’ mood. After all, to achieve anything in government you first have to win elections.