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  Economics Enter the Coronavirus [long_description] The world is experiencing a quite exceptional telescoping of two events: a pandemic and a recession. The latter is generated at the level of the global wholesale money market by a growing scarcity of collateral assets. The only unknown about this recessionary descent is its intensity. There is every risk that this peculiar combination of defect and disease will lead to a very deep depression.

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  Economics A Lingering Crisis [long_description] Global economic recovery since the 2008 financial crisis has been weak. According to Lawrence Summers, the single most important economic indicator of the current era is the declining trend in interest rates. These views have proven controversial at the Bank for International Settlements in Basel. The BIS researchers take a different view, focusing instead on the activities of the central banks.

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  Economics The King’s Revolt [long_description] Mainstream economic doctrine may itself be an obstacle to returning to economic normality. Unfortunately, Mervyn King’s remedies are both highly questionable and ultimately very orthodox. Economist Henri Lepage reviews The End of Alchemy: Money, Banking, and the Future of the Global Economy.

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  Economics The Specter of Inequality [long_description] The tremendous acclaim received by Thomas Piketty’s Capital in the Twenty-First Century has less to do with its intrinsic quality than with its utility to those who seek to legitimize the intrusive ambitions of the modern state. The book itself is riddled with theoretical and methodological shortcomings, as detailed here by economist Henri Lepage.

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