Fitch Issues Warning If Fiscal Cliff Is Not Avoided
Fiscal Cliff Threatens US Rating, Says Fitch
A warning was issued by ratings firm Fitch that the US rating could be in jeopardy if an agreement on the fiscal cliff is not reached.
“That could erode medium-term growth potential and financial stability. In such a scenario, there would be an increased likelihood that the U.S. would lose its AAA status,” said the ratings agency, according to CNBC.
Do the young hold the future of US-China relations?
Current US-Sino relations are built on old assumptions and deeply-held skepticism of one another’s motives. But a recent Pew poll suggests that the younger generations hold less animus toward each other, which could be the foundation for a new generation of cooperation.
“American Millennials are a generation that seeks to resolve disputes and conflicts by searching for win-win solutions rather than absolute victories over their opponents. Recent research suggests that their Chinese counterparts share many of the same attitudes. This bodes well for relations between their two countries in coming decades,” write Morley Winograd and Michael D. Hais in the New Geography magazine.
On The Christmas Reading List
Clive Crook suggests in Bloomberg that Justin Yifu Lin’s “The Quest for Prosperity” is a book on the reading list of anybody interested economics. In a nutshell, Crook says, Lin is proposing “a middle way between two contending schools: structuralism, which emphasizes barriers to development that government intervention is needed to overcome, and the neoclassical approach, which stresses market forces and frowns on industrial planning. He calls his hybrid “new structuralism,” suggesting a closer affinity with the first.”
The Atlantic’s List Of Important Ideas Of 2012
It is the end of the year and that means lists, lists, and more lists. The Atlantic magazine offers its own list of the Top Ten Ideas for the last year. Among the ideas that changed the world in 2012 were tha centrists cannot change the state of US politics, that there is a benefit to be gained from workers with autism, and that public policy could be improved if a more “trial-and-error” approach were adopted.