Latest news with #financialCrisis
Yahoo
5 days ago
- Business
- Yahoo
Stanley Fischer, former Bank of Israel governor, passes away at 81
Fischer was praised for his transformative impact on Israel's economy and global monetary policy, especially during the global financial crisis of 2008. Stanley Fischer, former Governor of the Bank of Israel, passed away on Saturday at age 81. He held dual Israeli and American citizenship. Fischer served as Governor of the Bank of Israel from 2005 to 2013, and also served as Vice Chair of theFederal Reserve from 2014 to 2017, under the Obama administration. The Bank of Israel eulogized Fischer, writing, "Prof. Fischer made a decisive contributor to Israel's economy - both in his role as the IMF's representative to Israel in the 1980s, when he played a significant part in formulating the 1985 economic stabilization program, and during his tenure as Governor of the Bank, when he led a responsible economic policy during a challenging period that included the global financial crisis of 2008." Current Governor Prof Amir Yaron stated, 'The people of the Bank of Israel, past and present, and I bow our heads today in memory of Prof. Fischer, whose contribution to the Bank of Israel and the advancement of Israel's economy was decisive. We share in the family's deep sorrow. May his memory be a blessing.' Prof. Zvi Eckstein, head of the Aaron Institute for Economic Policy at Reichman University and former Deputy Governor of the Bank of Israel, commented on Fischer's passing, calling him a "visionary." 'Stanley Fischer was one of the greatest economists of our generation: a visionary, a guiding teacher, and an exemplary figure in public service. I had the privilege of working alongside him for about five years at the Bank of Israel." "I saw firsthand his tremendous contribution to shaping Israel's economy and to the historic legislation that enshrined the independence of the Bank of Israel. Beyond that, he was a brilliant scholar whose understanding of the dynamics of monetary policy and its impact through long-term contracts transformed economic thinking worldwide. May his memory be blessed, and may his contribution remain engraved in our hearts and our professional thinking," Eckstein wrote.
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
JPMorgan's Jamie Dimon Predicts ‘Crack in the Bond Market,' Citing U.S. Fiscal Mess
JPMorgan JPM -0.14%decrease; red down pointing triangle Chase Chief Executive Jamie Dimon delivered a dire warning for the markets, predicting a crisis unless the U.S. takes steps to address its spiraling national debt. 'You are going to see a crack in the bond market, OK?' Dimon said during an interview at the Reagan National Economic Forum in California. 'It is going to happen.'
CBC
28-05-2025
- Business
- CBC
Carney met with former prime minister Harper on day of throne speech: sources
Social Sharing During a visit to Ottawa to watch the King deliver the speech from the throne, former prime minister Stephen Harper met privately with Prime Minister Mark Carney, according to two sources familiar with the matter. The Prime Minister's Office declined to comment on the meeting, with spokesperson Audrey Champoux saying they "had nothing further to say." CBC News reached out to Harper for comment via his consulting firm, Harper & Associates, but did not immediately receive a response. Though it's unclear what they discussed, the two men have a long shared history that was highlighted repeatedly during the federal election campaign. Carney was the governor of the Bank of Canada from February 2008 to June 2013, while Harper was serving as prime minister. Both played a role in steering the country's economy through the 2008 financial crisis. During the federal election, Harper endorsed Conservative Leader Pierre Poilievre, who served as a cabinet minister in his government. Harper appeared in Conservative ads in the latter part of the campaign, and also wrote a fundraising letter taking aim at Carney's role in managing the recession. "I have listened, with increasing disbelief, to Mark Carney's attempts to take credit for things he had little or nothing to do with back then," wrote Harper in a letter used for Conservative fundraising. He said Carney was not involved in the "day-to-day management" of Canada's economy during the global recession and was undermining the work of former finance minister Jim Flaherty. Flaherty died of a heart attack in 2014, weeks after retiring from Harper's cabinet. The current prime minister painted a rosier portrait of his relationship with Harper. In an interview with CBC's chief political correspondent Rosemary Barton during the Liberal leadership race, Carney said he had been offered other political positions before deciding to run. "For example, Prime Minister Harper asked me if I would be his finance minister in 2012," Carney said. He said he declined the offer because he felt it "wasn't appropriate." He said it didn't feel right to "go directly from being governor into elective politics." A Harper-era communications director said in February that Carney was "not telling the whole story." Harper was also seen engaging with another former prime minister, his former political rival Justin Trudeau, at Tuesday's speech from the throne. They were photographed in conversation, exchanging jokes and laughs.
Bloomberg
28-05-2025
- Business
- Bloomberg
Asia's Big Dollar Unwind May Just Be Getting Under Way
For decades, Asia's export powerhouses had a simple financial strategy: Sell goods to the US, then invest the proceeds in American assets. That model is now facing its biggest threat since the 2008 global financial crisis as Donald Trump tries to remake global trade and the US economy — upending the logic behind $7.5 trillion of investments from Asia. Some of the world's biggest money managers say an unwind is just getting started.
Bloomberg
27-05-2025
- Business
- Bloomberg
Asia's $7.5 Trillion Bet on US Assets Is Suddenly Unravelling
For decades, Asia's export powerhouses had a simple financial strategy: Sell goods to the US, then invest the proceeds in American assets. That model is now facing its biggest threat since the 2008 global financial crisis as Donald Trump tries to remake global trade and the US economy — upending the logic behind $7.5 trillion of investments from Asia. Some of the world's biggest money managers say an unwind is just getting started.
