Word: panelized
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Economists, of course, are famously dismal in outlook, but these questions were also on the table at this month's meeting of G-7 finance ministers in London, and for some, they have a historical echo. The two Americans on TIME's panel, Jeffrey Sachs, the director of Columbia University's Earth Institute, and Laura D'Andrea Tyson, a former national economic adviser to President Bill Clinton who is now dean of the London Business School, see eerie similarities with economic conditions of almost 20 years ago. As Ronald Reagan began his second term in 1985, the dollar was sliding...
Others on our panel find even that tepid prediction to be optimistic. Moisés Naím, a former Venezuelan Trade Minister who is editor of the Washington-based magazine Foreign Policy, agreed that the world economy was unlikely to crash. "But there's no doubt that America's adjustment is going to have consequences," he said. "U.S. interest rates matter to the rest of the world. They are a conveyor belt that is going to transmit shock waves to others...
...assumption that U.S. growth would be significant and serve as an engine for the rest of the world. The concerns expressed at the time were largely about whether the Chinese economy risked overheating and whether Europe could pull itself out of a rut. Now "the perception has changed," said panel member Pascal Blanqué, chief economist at France's largest bank, Crédit Agricole. Even though U.S. economic growth of about 4.4% last year far outpaced European growth of about 2%, "the U.S. is now more criticized, while Europe is starting to be credited for positive steps in the right direction...
...there's a question mark over the U.S., the panel's predictions for Europe and Asia are less fraught than they were a year ago. China continues to grow fast: last year its economy expanded a breathtaking 9.5%. The country is still sucking in huge amounts of natural resources to fuel its manufacturing boom. That in turn is a significant factor in the rising prices for oil, steel and other commodities, which is good news for producers, but--especially in the case of oil--is raising fears of a worldwide resurgence of inflation. China also has a fragile banking system...
...Winning bid for a Kennedy-owned needlework panel of a spaniel. The presale estimate topped...