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The old central-bank playbook of slashing interest rates to spur consumption, investment, and employment has become less effective since the 2008 financial crisis. Yet without effective tools and the public's confidence, central banks will be unable to rise to the occasion when the next recession arrives.
More inclusive global growth in a world with free capital mobility does not require a “global” government that taxes and redistributes, but it does require global taxation and tax cooperation. Countries should be free to set their own taxes, but they should be required to share tax-relevant information.
French President Emmanuel Macron has drawn criticism for describing NATO as brain dead and pursuing a rapprochement with Russian President Vladimir Putin. But now that a wayward America could abandon the continent at any moment, Macron's argument for European defense autonomy is difficult to refute.
COLUMBUS, OHIO – In a better world, my nieces and nephews in Equatorial Guinea would respect our country’s president for overseeing the careful management of revenues pouring in from oil, and for using these funds for development. In a better world, my nieces and nephews would honor the United Nations’ main cultural institution, UNESCO, for insisting on improving the education and health of Africa’s children.
But in the world as we know it, relatively few people love and respect President Teodoro Obiang. His biggest fans might include the high-living members of his family, along with selected business executives in the United States and Europe, where he spends quite a bit of his money. Or certain members of the UN Human Rights Council: during a session in March, some states had the gall to congratulate Equatorial Guinea for its “unequivocal commitment” to human rights.
Board members of UNESCO also seem to love and respect Obiang. They have accepted $3 million from him for a prize named in his honor. The prize is supposed to recognize the work of individuals and institutions, including non-governmental organizations, for scientific research in the life sciences that improves the quality of human life. Perhaps the recipients will love Obiang, too.
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