DEC 02, 2017

The Blockchain Is Bigger Than Any Bubble


An influential new recruit has joined the chorus of bitcoin skeptics. The chief investment officer of UBS, the world’s biggest wealth manager, says it’s too risky to be added to the firm’s portfolios -- and his assessment is relatively mild. Others have called it “the very definition of a bubble” and even “a fraud.”

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NOV 25, 2017

Britain's Budget Is an Impossible Balancing Act


Pity Philip Hammond, the U.K.'s chancellor of the exchequer. His budget announcement today has to contend not just with the long-term fiscal implications of sluggish growth in productivity -- a nagging issue for the British economy -- but also with the government's lack of a parliamentary majority and the enormous uncertainty surrounding Brexit.

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NOV 18, 2017

Richard Cordray's CFPB Has Done Its Job Well


President Donald Trump will soon get a chance to remake the Consumer Financial Protection Bureau, one of the signature creations of the 2010 Dodd-Frank financial reform law. The current director, Richard Cordray, has just announced his intention to step down.

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NOV 11, 2017

Insuring Against the Risk From Insurance


Compared with the banks, insurance companies withstood the calamity of 2008 pretty well. American International Group Inc. was the main exception -- it needed an enormous bailout -- but the rest of the industry was spared the worst. Does this mean that insurance companies pose no great challenge for financial regulators?

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NOV 06, 2017

Asia Can Make TPP Work Without the U.S.


Donald Trump's grand tour of Asia will attract a lot of attention this week, but in one respect the fuss will be misleading. The president will be no more than a bystander when the region's leaders make a very big decision -- whether to go ahead with the Trans-Pacific Partnership, a deal that the U.S. designed and subsequently abandoned.

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