Free Trade Explained In An Excellent Comic

The Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) are the latest in a long line of international free trade agreements. But why are they bad for the majority of people and the planet and what are the justifications given by politicians, ecomonists and big corporations for pushing them?

via Free Trade Explained In An Excellent Comic.

An Independent Scotland?

[E]verything that has happened in Europe since 2009 or so has demonstrated that sharing a currency without sharing a government is very dangerous.

via Scots, What the Heck? – NYTimes.com.

The Problem with Poor Countries’ GDP

On balance, GDP is a poor approximation of the size of productive capacity of any economy.

GDP understates growth even in rich countries, where its measurement is quite sophisticated, because it is very difficult to compare the value of baskets of goods across different time periods. In the United States, for example, a set of encyclopedias in 1960 was expensive but held great value for families with studious kids. (I can speak from experience, having spent many hours poring over the multi-volume World Book Encyclopedia that my parents bought for my sisters and me.) Now, thanks to the Internet, kids have access to far more information for free. How do you factor that into GDP?

via The Problem with Poor Countries’ GDP by Bill Gates – Project Syndicate.

Controlling China’s Currency

“It is indisputable that China is over-issuing currency. But the reasons behind China’s massive liquidity growth – and the most effective strategy for controlling it – are less obvious.”

via Controlling China’s Currency by Zhang Monan – Project Syndicate.

An Open Letter to Joseph Stiglitz, by Kenneth Rogoff

Rogoff #Fail :: Follow the link…

“Let’s look at Stiglitzian prescriptions for helping a distressed emerging market debtor, the ideas you put forth as superior to existing practice.”

via An Open Letter to Joseph Stiglitz, by Kenneth Rogoff, Economic Counsellor and Director of the Research Department, IMF.

The birth of a new global currency?

The internationalization of the RMB, as engineered by the Chinese government, is happening at warp speed. At the start of 2012, the RMB ranked 20th among international currencies, according to SWIFT (Society for Worldwide Interbank Financial Telecommunication). It leaped six spots in nine months.

via Business without Borders | The birth of a global currency.

McDonald’s profit hit by strong dollar – Consumer News – Crain’s Chicago Business

McDonald’s Corp. said its net income slipped 4 percent in the second quarter as a result of unfavorable currency exchange rates and a slowing global economy.

via McDonald’s profit hit by strong dollar – Consumer News – Crain’s Chicago Business.