Few policymakers ever claim credit for causing stagnation and recessions. Yet, they do so all the time, justifying their actions by some supposedly higher purpose.

MySay: US policies slowing world economy

Do Malaysians really understand what is happening with inflation, beyond the pain inflicted by rising prices? This is important because public perceptions influence political choices and policymaking.

Before the US mid-term elections in early November, 87% of likely voters said inflatio...

My Say: US Fed, not inflation, is now the greatest threat to economic recovery

Natural flows do not respect national boundaries. The atmosphere and oceans cross international borders with little difficulty, as greenhouse gases (GHGs) and other fluids, including pollutants, easily traverse frontiers.

Yet, in multilateral fora, strategies to address climate change a...

My Say: Rich nations doubly responsible for greenhouse gas emissions

The latest annual climate conference has begun in the face of a worsening climate crisis and further retreats on climate action by rich nations following the energy crisis induced by NATO’s (North Atlantic Treaty Organization) sanctions after the Russian invasion of Ukraine.

Copping ou...

My Say: COP27 fiddling as the world warms

Developing countries have long been told to avoid borrowing from central banks to finance government spending. Many have even legislated against central bank financing of fiscal expenditure.

Central bank fiscal financing

Such laws are supposedly needed to curb inflation — be...

My Say: Developing countries need monetary financing

Preoccupied with enhancing their own “credibility” and reputations, central banks are again driving the world economy into recession, financial turmoil and debt crises.

Wall Street ‘cred’

Most central bank governors believe “credibility” is desirable and must be achieved by ...

My Say: Stop worshipping central banks

Central banks around the world — led by the US Federal Reserve, European Central Bank and Bank of England — are raising interest rates, ostensibly to check inflation. The ensuing race to the bottom is hastening a world economic recession.

Going for broke

New UK Prime Ministe...

My Say: Ideology and dogma ensure policy disaster

Policymakers have become obsessed with achieving low inflation. Many central banks adopt inflation-targeting monetary policy frameworks in various ways. Some have mandates to keep inflation at 2% over the medium term. Many believe this ensures sustained long-term prosperity.

The now uni...

My Say: Inflation-targeting farce: High costs, moot benefits

As rich countries raise interest rates in double-edged efforts to address inflation, developing countries are struggling to cope with slowdowns, inflation, higher interest rates and other costs, plus growing debt distress.

Rich countries’ interest rate hikes have triggered capital outfl...

My Say: A return to the 1980s — a new context but old threats

After four years of Donald Trump’s “America first” isolationism, US President Joe Biden announced “America is back”. His White House has since tried to find allies against China and Russia.

But it has not found many, especially in the Global South. His summit with Southeast Asian leader...

My Say: How not to win friends and influence people

Jomo Kwame Sundaram

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Jomo Kwame Sundaram

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