July 20th, 2011
09:49 AM ET

5 Key Op-eds: Dodd-Frank, BRICS and Debt Plans

 “A Dodd-Frank Retreat Deserves a Veto.” Timothy Geithner, Wall Street Journal.

“As the Democratic Chairmen of the Senate Banking Committee and the House Financial Services Committee Chris Dodd and Barney Frank initiated negotiations on the bill, we expected backing from both sides of the aisle. Even after that proved impossible in the House, where reform passed initially without a single Republican vote, we remained hopeful that common-sense efforts would garner bipartisan backing. But senior Republican negotiators on the Senate Banking Committee were unable or unwilling to define a core set of reforms they could support.”

“Another Overhyped Challenge to U.S. Power.” Joseph Nye, Wall Street Journal.

"As a challenge to the United States, BRICS is unlikely to become a serious alliance or even a political organization of like-minded states. More aptly, it should be seen as a locus for critics to occasionally tweak the tail feathers of the eagle."

“Europe's Travails and Our Collective Fate.” Joseph Stiglitz, New York Times.

“As in the United States, much of the revenue shortfall arises simply from the weak economy. Putting Greece, Spain and the other countries that are languishing back to work would do more to restore fiscal order than all the speeches and austerity measures combined.”

“A debt plan Republicans can support.” Robert Pozen, Washington Post.

“In short, Congress could include a revenue component of $400 billion in a $2.4 trillion deal on the debt ceiling without violating the Republican commitment not to increase tax rates. Instead, Congress could eliminate special-interest provisions for corporations and restrict overly expansive deductions for individuals.”

“Greece can restructure its debt without default.” Jeffrey Sachs, Financial Times.

“The most likely consequence of a Greek default will be a profound crisis of confidence that could swallow the Greek banks and possibly tear Greece from the euro.  If that were to happen, the costs to the entire eurozone would be devastating. The loss of credibility would lead to higher interest rates for a generation. Weaker countries would face repeated speculative attacks. Banking crises could become the norm.”

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Topics: Economy

soundoff (12 Responses)
  1. [(S3kShuN8)]

    FZ, please expound upon the meaning of the word "BRICS" in the context of this article.

    July 20, 2011 at 10:50 am |
    • j. von hettlingen

      The BRICS are BRAZIL, RUSSIA, INDIA, CHINA and SOUTH AFRICA, These emerging economies are the answer to the G8.

      July 20, 2011 at 11:23 am |
      • j. von hettlingen

        "BRICS is unlikely to become a serious alliance or even a political organization of like-minded states." Culturally these five countries don't have much in common, Geographically it makes sense that Russia, China and India join forces.

        July 20, 2011 at 5:12 pm |
  2. j. von hettlingen

    “Europe's Travails and Our Collective Fate.” Joseph Stiglitz, New York Times.
    The "European social model has worked extraordinary well and not just in Germany". Well this model was the achievement of the 6 founding members' travail: France, Germany, Holland, Belgium, Italy and Luxemburg. Those EUROZONE countries, which are in deep crisis, they joined the European Union much later.
    I'm afraid only Italy and France are deeply involved – not out of altruism – with the Arab Spring and I doubt if our economic model would be able to contribute much to the transition in the Middle East.

    July 20, 2011 at 11:14 am |
  3. barefoot_med_student

    BRICS would be Brazil, Russia, India, China and South Africa, correct? I find it hard to believe that the USA insists once again to see a different alliance as a challenge to them, instead of countries looking to improve the state of their citizens. There is a lot my country does that I don't agree with, but joining BRICS certainly isn't one of those.

    July 20, 2011 at 11:21 am |
  4. [(S3kShuN8)]

    |\/|_IF_i_HAVE_TO_POST_ONE_WORD_AT_A_TIME_to_break_past_the Auto-Censor, I will do precisely that !!!!!!!!!!!!
    CNN FIX YOUR LIST OF "bad words" !!!!!!!!!!!!

    July 20, 2011 at 2:41 pm |
  5. [(S3kShuN8)]

    This WHOLE discourse seems trivial to me...

    July 20, 2011 at 2:41 pm |
  6. [(S3kShuN8)]

    ...We are almost twelve years into a period of time that everyone thought would NEVER arrive...

    July 20, 2011 at 2:42 pm |
  7. [(S3kShuN8)]

    ... I was _working_ in 1999 when a REAL meltdown was imminent on our collective horizon...

    July 20, 2011 at 2:42 pm |
  8. [(S3kShuN8)]

    ...Now we have these arbitrary artificial "CRISES" (and I use the term LooseLY) every other week if not every other day...

    July 20, 2011 at 2:43 pm |
  9. [(S3kShuN8)]

    WHEN WILL THE HUMAN RACE WISE UP AND REALIZE THAT we are all bound to this ONE EARTH regardless of Race, Religion, S3xual preferences, etc. ... ????:????

    July 20, 2011 at 2:43 pm |
  10. [(S3kShuN8)]

    ... With that now said, I would like to clarify the distinction between "Marriage" (A 'sacred' covenant between one man and one woman) and a "domestic partnership" (all family structures living under one roof) ...

    In a way, every human being on God's Green (and blue) Earth falls within the broad category of "domestic partnership" since we are all bound by the same LAWS of Gravity.

    ...

    July 20, 2011 at 2:52 pm |

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