PROJECT SYNDICATE

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Egypt’s Revolutionary Coup - Shlomo Ben-Ami. Exit from comment view mode.

Egypt’s Revolutionary Coup - Shlomo Ben-Ami

Click to hide this space MADRID – How revolutions unfold depends on many factors, including a country’s socio-economic structure, its particular historical traditions, and sometimes the role of foreign powers. So the Arab Spring was never expected to be a linear process, or a Middle Eastern version of Central Europe’s non-violent democratic revolutions of 1989. Egypt is a case in point. The structure of revolutions in non-industrialized societies has almost invariably comprised a succession of revolutionary and counter-revolutionary waves. Europe’s High-Risk Gamble - Martin Feldstein. Exit from comment view mode.

Europe’s High-Risk Gamble - Martin Feldstein

Click to hide this space CAMBRIDGE – The Greek government needs to escape from an otherwise impossible situation. It has an unmanageable level of government debt (150% of GDP, rising this year by ten percentage points), a collapsing economy (with GDP down by more than 7% this year, pushing the unemployment rate up to 16%), a chronic balance-of-payments deficit (now at 8% of GDP), and insolvent banks that are rapidly losing deposits.

The only way out is for Greece to default on its sovereign debt. When it does, it must write down the principal value of that debt by at least 50%. Le pari très risqué de l'Europe - Martin Feldstein. Countering the Contagious West - Mohamed A. El-Erian. Exit from comment view mode.

Countering the Contagious West - Mohamed A. El-Erian

Click to hide this space NEWPORT BEACH – Imagine for a moment that you are the chief policymaker in a successful emerging-market country. Combattre le mal contagieux de l’Occident - Mohamed A. El-Erian. Thinking the Unthinkable in Europe - George Soros. Exit from comment view mode.

Thinking the Unthinkable in Europe - George Soros

Click to hide this space NEW YORK – To resolve a crisis in which the impossible has become possible, it is necessary to think the unthinkable. So, to resolve Europe’s sovereign-debt crisis, it is now imperative to prepare for the possibility of default and defection from the eurozone by Greece, Portugal, and perhaps Ireland. In such a scenario, measures will have to be taken to prevent a financial meltdown in the eurozone as a whole.

Concevoir l'inconcevable en Europe - George Soros. Saudi Arabia’s Decade of Denial - Mai Yamani. Exit from comment view mode.

Saudi Arabia’s Decade of Denial - Mai Yamani

Click to hide this space LONDON – Saudi Arabia may not have been directly implicated in the conspiracy that killed more than 3,000 people on September 11, 2001, but it has been consumed in a conspiracy of silence ever since. The Kingdom remains in sullen denial of the fact that the terrorists’ ideology – their inspiration to behave as they did – was created and nurtured within its borders. La décennie du déni de l'Arabie Saoudite - Mai Yamani. Will the IMF Stand Up to Europe? - Kenneth Rogoff. Exit from comment view mode.

Will the IMF Stand Up to Europe? - Kenneth Rogoff

Click to hide this space CAMBRIDGE – As the eurozone crisis continues to deepen, the International Monetary Fund may finally be acknowledging the need to reassess its approach. Le FMI tiendra-t-il tête à l'Europe ? - Kenneth Rogoff. Hail to the Technocrats - Fabrizio Tassinari. Exit from comment view mode.

Hail to the Technocrats - Fabrizio Tassinari

Click to hide this space COPENHAGEN – Is the European Union’s supposed “democratic deficit” now spreading to individual European countries in the wake of the sovereign-debt crisis? Éloge aux technocrates - Fabrizio Tassinari. America’s Self-Inflicted Decline - Malcolm Fraser. Exit from comment view mode.

America’s Self-Inflicted Decline - Malcolm Fraser

Click to hide this space MELBOURNE – If the broad post-World War II prosperity that has endured for six decades comes to an end, both the United States and Europe will be responsible. With rare exceptions, politics has become a discredited profession throughout the West. Une Amérique responsable de son propre déclin - Malcolm Fraser.

The Crisis of Fiscal Imagination - Dani Rodrik. Exit from comment view mode.

The Crisis of Fiscal Imagination - Dani Rodrik

Click to hide this space CAMBRIDGE – Greedy banks, bad economic ideas, incompetent politicians: there is no shortage of culprits for the economic crisis in which rich countries are engulfed. La crise de créativité des politiques budgétaires - Dani Rodrik. Will the Sun Still Rise? - Heizo Takenaka. Exit from comment view mode.

Will the Sun Still Rise? - Heizo Takenaka

Click to hide this space TOKYO – The scale of the earthquake and tsunami that struck Japan in March was far greater than even the authorities’ worst scenarios foresaw. Nearly six months later, the total damage remains difficult to estimate. Social unrest and confusion, as well as radiation leaks from the Fukushima nuclear power plant, continue. And now the country has absorbed another huge blow: another downgrade of its bond ratings. Le soleil levant renaîtra-t-il? - Heizo Takenaka. A Greek Catch-22 - Eduardo Levy Yeyati. Exit from comment view mode. Click to hide this space BUENOS AIRES – Desperate times bring desperate measures.

The latest package to cope with Greece’s insolvency offers a bond buyback to lighten the country’s debt burden. Le dédale de la dette grecque - Eduardo Levy Yeyati. The Coming Global Credit Glut - Andrew Sheng. Exit from comment view mode. Click to hide this space HONG KONG – With world leaders meeting at the end of this week at the G-20 summit in Cannes, France, the next economic minefield that they will face is already coming into view. La prochaine vague planétaire du crédit - Andrew Sheng. The Responsibility to Protect Comes of Age - Gareth Evans. Exit from comment view mode. Click to hide this space NEW YORK – Good news not only sells less well than bad news, but also often seems harder to believe. La responsabilité de protéger prend forme - Gareth Evans. The Bogey of Fiscal Stimulus - Jomo Kwame Sundaram. L'épouvantail des mesures de relance - Jomo Kwame Sundaram. Bleed the Foreigner - Harold James.

Faire payer l'étranger - Harold James. A Free Lunch for America - J. Bradford DeLong. Le repas américain gratuit - J. Bradford DeLong. The Perverse Politics of Financial Crisis - Zingales Luigi. Les effets pervers de la politique en temps de crise financière - Zingales Luigi. The Manufacturing Imperative - Dani Rodrik. L'impératif du secteur manufacturier - Dani Rodrik.