Thomas I. Palley

For Thomas I. Palley's latest contributions to The Japan Times, see below:

Jul 24, 2013

To avoid the currency wars

The global economy needs exchange rate coordination now to damp the possibility of "currency wars" as countries seek to gain competitive advantage.

Nov 5, 2009

Dollar dying at the hands of a weak renminbi

WASHINGTON — Over the last several weeks, the dollar’s depreciation against the euro and yen has grabbed global attention. In a normal world, the dollar’s weakening would be welcome, as it would help the United States come to grips with its unsustainable trade deficit. ...

Aug 29, 2009

One hand clapping for the Fed's Bernanke

WASHINGTON — President Barack Obama’s nomination of Ben Bernanke to a second term as Chairman of the U.S. Federal Reserve represents a sensible and pragmatic decision, but it is nothing to celebrate. Instead, it should be an occasion for reflection on the role of ...

Nov 27, 2008

Letting the Big Three fail risks a meltdown

WASHINGTON — The financial crisis that began in 2007 has been persistently marked by muddled thinking and haphazard policymaking. Now, the U.S. Treasury is headed for a mistake of historic and catastrophic proportions by refusing to bail out America’s Big Three automakers. Make no ...

Jun 30, 2008

Best way to beat the oil barons

Over the past 18 months, oil prices have more than doubled, inflicting huge costs on the global economy. Strong global demand, owing to emerging economies like China, has undoubtedly fueled some of the price increase. But the scale of the price spike exceeds normal ...

Feb 14, 2008

Washington suffering from debt delusion

WASHINGTON — A second big American interest-rate cut in a fortnight, alongside an economic stimulus plan that united Republicans and Democrats, demonstrates that U.S. policymakers are keen to head off a recession that looks like the consequence of rising mortgage defaults and falling home ...

Feb 8, 2008

Breaking the monopoly on econ theory

WASHINGTON — For 25 years, the so-called Washington Consensus — comprising measures aimed at expanding the role of markets and constraining the role of the state — has dominated economic development policy. As John Williamson, who coined the term, put it in 2002, these ...

May 23, 2007

How Japan fuels financial instability

NEW YORK — Over the past several years, much attention has focused on the role of China’s trade surplus in creating today’s global financial imbalances. But too little attention has been paid to the role of Japan’s policy of near-zero interest rates in contributing ...