Latest news with #NiallFerguson
Bloomberg
2 days ago
- Business
- Bloomberg
Summers and Ferguson on a New US-China 'Cold War'
Former Treasury Secretary Lawrence H. Summers and Hoover Institution's Niall Ferguson see the United States' current relationship with China from two different sides. Ferguson states that the US and China have a 'symbiotic but not symmetrical relationship,' and Summers believes they have a 'hostile codependence.' But, they both agree that the tax and spending bill will not do much to give the US the upper hand. (Source: Bloomberg)
Bloomberg
3 days ago
- Business
- Bloomberg
US-China Future, Cheap Gas, UK Losing Millionaires, Investing in Big Law
This week, former Treasury Secretary Lawrence H. Summers and Hoover Institution's Niall Ferguson debate US and China's "hostile codependence." And, as President Trump touts lower gasoline prices, some experts explain why it's concerning. Plus, more millionaires in the UK are packing their bags for Italy, but will it be for good? Later, how will private equity change Big Law? (Source: Bloomberg)
Malay Mail
5 days ago
- Business
- Malay Mail
Trump's ‘Big Beautiful Bill': False reforms with systemic repercussions across the world — Phar Kim Beng
JUNE 5 — In the theater of American politics, which is becoming ever more bizarre, few spectacles rival the audacity of President Donald Trump's latest legislative endeavor: the so-called 'One Big Beautiful Bill.' This ambitious package, championed by the White House, promises sweeping tax cuts and increased spending, all under the guise of economic revitalisation. True to form, President Donald Trump once again is peddling something big and bold despite the fact that the net effects are actually bad for the United States if not the whole world. How? Beneath its gilded veneer lies a fiscal mirage that threatens to exacerbate the very issues it purports to resolve. The Congressional Budget Office (CBO) projects that this bill would add a staggering US$2.4 trillion (RM10.18 trillion) to the national debt over the next decade. The US is already wobbling with a national debt of US$36 trillion. As of 2024, according to the research of Professor Niall Ferguson, for the first time ever, the revenue of the US government can no longer generate enough income streams to pay off the interest cost of the national debt. Any country that faced this problem in the past, be it Spain, Netherlands and the British Empire — in the heydays of colonialism even — has had to surrender its conquest. Trump, rather than making 'America Great Again', is toying with the idea of making America grossly over leveraged. Global and strategic economic imbalance would take on an added urgency and total realignment, some of which could include great and proxy wars. Asean being a regional organisation at the crossroads of great power rivalries in all its maritime routes cannot avert itself from these problems. At any rate, the key provisions of Trump's tax cuts include making the 2017 tax cuts, eliminating taxes on tips and overtime, and significantly increasing defense and immigration enforcement spending. While the administration touts these measures as catalysts for growth, many economists remain skeptical, warning that such unchecked borrowing could lead to higher interest rates and reduced private investment. Notably, Elon Musk, once a proponent of governmental efficiency, has emerged as a vocal critic. Labeling the bill a 'disgusting abomination,' Musk cautions against the unsustainable debt burden it imposes. His concerns are echoed by fiscal conservatives within the Republican Party, who fear that the bill's expansive scope undermines long-standing principles of fiscal responsibility. Moreover, the bill's social implications are profound. The CBO estimates that approximately 10.9 million individuals could lose health insurance coverage due to proposed cuts to Medicaid and the introduction of stringent work requirements. Such measures disproportionately affect vulnerable populations, raising ethical questions about the administration's commitment to social welfare. In essence, the 'One Big Beautiful Bill' epitomises a policy approach that prioritises short-term political gains over long-term fiscal stability and social equity. As the Senate deliberates its fate, lawmakers must weigh the bill's alluring promises against its potential to deepen economic disparities and inflate the national debt. The path to genuine reform lies not in grandiose legislation but in measured, inclusive policymaking that addresses the nation's challenges without mortgaging its future. 'Making America Great Again,' (MAGA) seems to be bent on making America grab anything at will, in order to ingratiate itself to the grouchy and ghastly behavior of Trump. Little wonder some of the member states of the Gulf Cooperation Council (GCC), a week after meeting Trump, have had to consider the importance of meeting the key leaders of Asean, in turn, China. Even President Emmanuel Macron of France has had to fly to Vietnam, Indonesia and Singapore to entrench the interest of France in Southeast Asia. One should keep in mind that France is a Development Partner of Asean and a self declared Indo Pacific power. National leaders are not necessarily challenging Trump head on. But they are exploring different strategies and tactics of realigning themselves to a new order. One where the Global North and Global South can work together granted that the US has seemingly adopted more and more policies that no longer make any common sense, despite the pledge of Trump to return the world to one that is defined by it during his inauguration in January 2025. * Phar Kim Beng is a professor of Asean Studies, International Islamic University Malaysia. * This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Bloomberg
09-05-2025
- Business
- Bloomberg
The Shift Away From the Dollar Is Picking Up Steam
On the new episode of Trumponomics: Niall Ferguson and Fareed Zakaria join to place Donald Trump's ambitious plans for the US economy in historical perspective. Listen on Apple, Spotify, or wherever you get your podcasts. Banks and brokers in Asia are seeing rising demand for currency derivatives that bypass the dollar, as trade tensions add a sense of urgency to a years-long shift away from the greenback.
Bloomberg
07-05-2025
- Business
- Bloomberg
Looking to Nixon for a Peek at Trump's Future
Economics Trumponomics Niall Ferguson and Fareed Zakaria join Trumponomics to offer some historical perspective on this moment in American history. Subscribe to Trumponomics on Apple Podcasts Subscribe to Trumponomics on Spotify The annual Milken Institute Global Conference represents one of the greatest concentrations of investment capital on the planet, and this year's gathering was no exception. One can assume the investing titans and financial leaders who paid a pretty penny to attend were looking for answers from speakers like US Treasury Secretary Scott Bessent on the Trump administration's plans for tariffs, tax cuts and deregulation.
