Harvard University
Kenneth Rogoff is professor of economics and public policy at Harvard University and author, most recently, of The Curse of Cash: How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy. From 2001-2003 he served as chief economist at the International Monetary Fund.
Modi praised for demonetizing India On the same day Donald Trump was elected President of the United States, the nation of India was stunned by a shock of a different kind. On National TV, Prime Minister Narendra Modi announced an end to the two largest and most frequently used bills, the 500 rupee and 1000 rupee notes — which comprise 86 percent of outstanding cash in the country. Was it smart? Reckless? Could the US escape the "curse of cash?" Photo by Satish Krishnamurthy Kenneth Rogoff is professor of economics and public policy at Harvard. His book, The Curse of Cash: How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy , has just been reissued in paperback.
The president and the economy: winners and losers As the stock market hits the highest level it's ever been, President Trump is celebrating what's often used as a measure of the US economy. But the devil is always in the details. Stocks are rising partly due to corporations buying back their shares at record low interest rates -- instead of creating new jobs or increasing wages. Ten percent of Americans are in on the good news. Ninety percent are being left behind. The president has promised help for those "forgotten Americans" — so, why tax cuts for corporations and shareholders?
Banks Still Pose a Significant Headache for Obama President Obama reportedly told senior bankers in a private meeting that he is the only thing standing between them and the "pitchforks," but he himself is faced with alternatives that may increase public anger. He has postponed the day of reckoning by subjecting the 19 biggest banks to "stress tests, supposedly to determine whether they have the capital to stay in business if the recession gets worse.
Banks Still Pose a Significant Headache for Obama The Obama Administration does not want to nationalize banks that appear to be failing, and Congress is not likely to come up with more bailout money. Yesterday, Treasury Secretary Tim Geithner brushed aside concerns , saying that there's enough bank bailout money left so he won't have to ask Congress for more. But what about those "stress tests" now being conducted on the nineteen biggest banks? If the economic crisis gets worse, will they have enough money to lend? If the stress tests are set up so that nobody fails, will they have credibility? If they reveal basic problems, will result be panic rather than reassurance?
The End of Capitalism? What may become the government's biggest intervention into American business is being engineered by an administration that has championed a hands-off approach to the economy. But President Bush says the government needs to rescue the economy by buying up the bad debts of banks, Wall Street brokerages and other financial players. Congress had been planning to go home next week to campaign for re-election, but leaders of both parties have agreed to take up the bailout proposal as soon as this weekend. Time magazine calls it " the mother of all bailouts ," and stock markets around the world jumped at the prospect of hundreds of billions of taxpayer dollars. But a lot of questions remain. Will it reward those who made bad investments? Will it protect home ownership, retirement plans and personal savings? Where will the money come from? Will it tie the hands of government for years to come? Will Congress go along? What does intervention so massive mean for free-market capitalism?
High Oil Prices Shifting Global Wealth and Power A decade ago, oil prices hovered near $20 a barrel and national security experts talked about missiles not pipelines. But the war in Iraq, instability in the Middle East and soaring energy demand have made oil an unsettling global issue. Today, as the US finds itself competing with China to lock up new oil supplies, oil prices hover near $100 a barrel , hurting US consumers but sending hundreds of billions of dollars to Venezuela and Iran, which have become major irritants to Washington. How is this flood of petro-dollars affecting American security? How is the US economy coping? Can the US ever cut its oil dependence? How have surging oil prices rearranged global politics?
High Oil Prices Shifting Global Wealth and Power A decade ago, oil prices hovered near $20 a barrel and national security experts talked about missiles not pipelines. But the war in Iraq, instability in the Middle East and soaring energy demand have made oil an unsettling global issue. Today, as the US finds itself competing with China to lock up new oil supplies, oil prices hover near $100 a barrel , hurting US consumers but sending hundreds of billions of dollars to Venezuela and Iran, which have become major irritants to Washington. How is this flood of petro-dollars affecting American security? How is the US economy coping? Can the US ever cut its oil dependence? How have surging oil prices rearranged global politics?
Midterm Elections and the Divider in Chief During a visit to Pittsburgh to honor the victims of an anti-Semitic attack, President Trump was met with protests. The president has ridiculed Democrats targeted with pipe bombs and deployed troops against Central American asylum seekers. By defying the tradition of ‘President as Unifier,’ can Trump help maintain Republican dominance in Washington?
Dana Rohrabacher to KCRW: 'Public broadcasting has been so rotten' As Democrats work to take control of Congress in next week’s midterm elections, they’ve managed to turn a handful of solidly Republican districts into toss ups. One of those is held by Dana Rohrabacher and polls show a dead heat between Rohrabacher and his opponent Harley Rouda. KCRW’s Saul Gonzalez headed over to check in on Rohrabacher's campaign.