the fed's economic manuals, including technical models and historical analyses, shed insufficient light on today's economic situation. little wonder, then,ロレックス レディース
, that the latest release of the closely followed minutes of the federal open market committee meeting points to a divided body,snapback hats in dallas
, whose members anticipate divergent paths for monetary policy, with some expecting further accommodation and others expecting a round of tightening.
the situation in the us is not as acute as it is in europe, but policy impotency prevails here, too. despite unprecedented fiscal and monetary stimulus, economic growth remains sluggish, and unemployment is stuck at a worrisomely high level. the medium-term fiscal outlook continues to deteriorate while, in the short term,authentic mlb hats
, politicians play with the country's valuable aaa credit rating by arguing like schoolchildren over how to extend the debt ceiling.
newport beach – i don't know about you, but whenever i am in an airplane experiencing turbulence, i draw comfort from the belief that the pilots sitting behind the cockpit's closed door know what to do. i would feel very differently if, through an open door, i observed pilots who were frustrated at the poor responsiveness of the plane's controls, arguing about their next step, and getting no help whatsoever from the operator's manuals.
so it is unsettling that policymakers in many western economies today resemble the second group of pilots. this perception reflects not only the contradictory pronouncements and behavior of policymakers, but also the extent to which economic outcomes have consistently fallen short of their expectations.
disagreement in europe is not limited to that between "solution providers" (the troika of the european central bank, the european union, and the international monetary fund) and countries now implementing painful austerity measures (greece, ireland, and portugal). damaging discord has emerged within the troika itself, with a particularly disruptive impasse between frankfurt, where the ecb resides, and berlin,ヴェルニ 財布
, the seat of the german government.
in europe, policymakers have failed to counter an expanding sovereign-debt crisis in the eurozone's periphery, despite many summits and programs, multiple expensive bailouts, and the imposition of painful economic sacrifices on societies. like an airplane piloted in confusion, the european economy has not behaved according to the instructions. as greek prime minister george papandreou put it last week in his powerful letter to the head of the eurogroup, luxembourg's prime minister jean-claude juncker, "the markets and rating agencies have not responded as we had all expected."
with outcomes that fall far short of policymakers' projections, it is not surprising that there is little harmony in official circles. narratives increasingly conflict – and in an astonishingly open and unsettling way.
this perception is evident in europe, the united states, and japan, where indicators of economic sentiment are deteriorating again, already-weak recoveries are stalling, and over-stretched balance sheets are becoming even more precarious. understandably, companies and households are becoming even more cautious – inevitably making a difficult job for policymakers that much harder.
then there are the complex technical difficulties facing policymakers, to which us federal reserve chairman ben bernanke referred in his refreshingly candid manner, acknowledging that "
we don't have a precise read."
2011-07-25 16:55:37.0mohamed a. el-erianpity the policymakerspolicymakers, pity, europe, us, japan,1811048907op-ed contributors2@usa/enpproperty-->