Katie Paul

Stories by Katie Paul

  • G20 for Dummies. Yes, There Are Pictures.

    China's proposing wacky currency schemes. Brazil's playing cheap racial politics cards. Gordon Brown's going on a whirlwind global tour, while getting smacked around by both his hosts and his own country's rep in the European parliament. Saudi Arabia's holding out on IMF funding because its leaders feel they haven't been properly thanked for stabilizing oil prices. And Argentina's bringing up the Falkla--I mean, the Malvinas. Again. Even though everyone else has made it rather plain that they couldn't care less.With everyone looking to get their cut at this week's G20 summit, it's useful to step back and take a tally of the demands each country brings to the table--which is why I think this interactive wishlist from the FT is so nifty. It's been pretty simple to track the big themes of the past few weeks' pre-summit politicking: developed countries are treading mighty carefully, while rising economies are looking for any...
  • Breakfast Buffet, Tuesday, March 31

    Newsweek's daily serving of news and views from around the world.The Odd Couple at the Helm: He's vain. She's no-nonsense. He's hyperactive. She's measured. He likes government. She likes markets. But although they're producing very different national responses, Angela Merkel and Nicolas Sarkozy are cobbling together a marriage of circumstance for the euro zone to resist American calls for more spending.China Steps Up to the IMF Plate: The IMF has never been a favored organization in the People's Republic, but Chinese leaders are willing to hand over funding in exchange for a bigger share in decision-making. Securing those funds could be the big achievement of the G20. But the EU commissioner for external affairs, representing countries that would lose influence, is telling Beijing that this week is not the right time to discuss the matter.Time for a Plan B, America: Peterson Institute economist Adam Posen takes to the Daily Beast today, likening...
  • Lula Laying on the White Guilt

    We learned this morning that Brazil's President Luiz Inacio da Silva has blamed the entirety of the world's financial woes on a bunch of "white, blue-eyed" bankers. "This crisis was caused by no black man or woman or by no indigenous person or by no poor person," he said, standing right next to British Prime Minister Gordon Brown and promising to make the fast-approaching G20 conference "spicy."...
  • Breakfast Buffet, Friday, March 27

    Newsweek's daily serving of news and views from around the world.So, About That Good Governance...: For the past few years, China's no-strings-attached investments had flooded Africa, replacing risk-averse Western investors in the scramble for resources. But with global commodities prices tumbling and the continent's chaos increasing, Chinese companies are starting to look for more security for their money.Do As I Say, Not As I Do: Alan Greenspan writes in the FT that banks should not be allowed to grow too big. He recommendeds graduated capital requirements to keep them honest.Responsibility to (Not) Protect: What do steel pipes, toys, and oil have in common? They are all subject to new tariffs introduced during the downturn. A new WTO report warns that this year's steady buildup of protectionist measures around the world is threatening to "slowly strangle" free trade and undercut stimulus spending.If the IMF's Walls Could Talk: A must-read from...
  • Breakfast Buffet, Thursday, March 26

    Newsweek's daily serving of news and views from around the world.Geithner Tightens the Knot on Wall Street: Geithner is expected to come out today with yet another announcement about a new program, this time a sweeping expansion of federal regulation of the financial system. One agency--probably the Fed--gets control of the regulatory bodies, which supposedly will be reformed themselves in coming months.Brazil and the Future of the Economy: President Luiz Inacio da Silva opines in the FT that a new economic order will emerge out of the present unpleasantness, and he hopes it will be free of the "dogmas" that long characterized policy prescriptions for countries like his.Containing the Developed World's Storm: George Soros writes of why and how the IMF and the G20 might protect the developing world from the "storm created in the developed world." He advocates long-term strengthening of the IMF.The Winter of Czech Discontent: Czech Prime Minister Mirek...
  • I Bite My Thumb at You, Sir!

    Gordon Brown gets publicly filleted by EU parliamentarian (and instant blogohero) Daniel Hannan, who dubs him the Devalued Prime Minister. Awwwww, snap!
  • Today in Excellent Questions for Timothy Geithner

    "Just how much do you want to gut-punch Paul Krugman?"Daniel Drezner over at Foreign Policy wanted to throw this one into the queue for CFR's live blogospherically interactive interview with the Treasury secretary this morning. Sadly, though, he resisted the temptation.
  • Breakfast Buffet, Wednesday, March 25

    Newsweek's daily serving of news and views on the economy from around the world. Mehs on Obama's Press Conference: WaPo's editorial captures the CW on the president's performance defending his budget in prime time last night. Media flacks were roundly befuddled by their colleagues' lack of attention to foreign policy questions. In case you forgot, the U.S. is still fighting two wars.Brazil's Problem with Rosy Glasses: After President Lula da Silva's projection that the global economic crisis would produce only a "ripple" in Brazil proved false, the WSJ says he is under fire for disingenuously cheerleading to keep investors from pulling out.Arab Unity, Delayed: Five Gulf states have abandoned their plans to develop a shared currency by 2010, long considered an untenable deadline, says Kuwait's Al-Watan.Toyota, anyone? Anyone?: Japanese exports plunged by about half in February, a record decline for the world's second-largest...
  • The Girly Men of Wall Street

    Are you stark raving mad at Wall Street? Nothing like a little emasculation to cheer you up. NEWSWEEK's own Daniel Gross weighs in on the Geithner plan and wonders where the hell all the capitalists have gone.
  • Breakfast Buffet, Tuesday, March 24

    Newsweek's daily serving of news and views on the economy from around the world. The Geithner Asset Plan: The Wall Street Journal grudgingly endorses the Geithner plan, pointing to the market rally as evidence that any plan--whatever its pitfalls--is better than uncertainty.The Bank Rescue: The New York Times offers a less optimistic assessment. Its editorial says buying up toxic assets puts taxpayers at too much risk, instead proposing that the government dissolve and restructure failing banks. Joseph Stiglitz agrees.The Importance of Empty Words: FT's Gideon Rachman predicts that insincere gestures will probably be all that come out of the upcoming G20 summit in London. But, he insists, those gestures at least set a standard for free trade at a time when the world's big players are tempted toward protectionism.Out With the Dollar:  China's central bank wants to replace the US dollar as the international reserve currency with a new global system controlled by...
  • The Second World's Debutante Ball

    The genesis of the G7 was a cigars-in-the-backroom kind of affair. Finance ministers from the US, Britain, France and Germany gathered in the White House Library one day in 1973 to discuss interest and exchange rates, flying so far under the radar they didn't even record minutes. (As their meetings became more regular, they dubbed themselves the "Library Group"). Two years later, the G7's first formal summit took place at an elusive country house, the Château de Rambouillet, located 30 miles outside of Paris. Rambouillet's guests concluded that such summits should never be "institutionalized" if they were to maintain their intent.So much for that idea. Next week's G20 is where the action's at, and it's as institutional as can be. The fun takes place at London's ExCel conference center, where the world's leaders will sit through plenary sessions, working meals, and press conferences chatting about plans their ministers...
  • Breakfast Buffet: Monday, March 23

     Tim Geithner's Economic Elixir, Revealed: Timothy Geithner attempts to save face after a rough week with an editorial in the WSJ defending his various economic recovery programs. Details TK in an 8:45 a.m. briefing on the plan.Barack Obama, International PR Wizard: Barack Obama goes the global route, hitting up the op-ed section of 31 papers around the world as Geithner's wingman on the new proposal.The World Is Round, Once Again: CFR's Brad Setzer illustrates why the world's crumbling financial system is bringing an end to the "Chimerica" of Bretton Woods II. One stunning indicator of the scope of this monster: Lehman's collapse had a bigger impact on international money flows than did 9/11.The Wisdom of Continental Drift: James Surowiecki explains why Europeans are the new conservatives. Americans, by default, are the new wild-eyed leftists. And that may be exactly what the doctor ordered.Stiglitz & the UN Call for G20 Overhaul: A panel of...
  • Is Starbucks Election Offer Legal?

    Remember that nice, civic-minded advertisement that debuted during "Saturday Night Live" and shot to viral fame on YouTube? The one where you get free coffee for telling your chipper barista that you just voted? Well, the offer may not be exactly legal. Election laws prevent individuals and organizations from offering monetary incentives to get people to the polls, keeping partisan hacks from bribing potential voters likely to swing their way. Unfortunately for national chains like Starbucks, Krispy Kreme, Ben & Jerry's and sex-toys emporium Babeland, the definition of "monetary incentive" also includes offers of free stuff like coffee, donuts, ice cream, and, um, a certain sleeve-like contraption called "The Maverick."Would anyone actually pursue legal action against such altruistic institutions? Probably not. According to D.C.-based election law expert Kenneth Gross, the offers were neither partisan nor overly generous nor particularly conce...