http://www.ft.com/comment/columnists/martinwolfhttp://www.ft.com/rss/comment/columnist/martinwolfFT.com - Martin Wolfen© Copyright The Financial Times Ltd 2009. "FT" and "Financial Times" are trademarks of the Financial Times. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse.client.support@ft.com (Client Support)Thu, 19 Nov 2009 22:39:48 +0000Sat, 21 Nov 2009 02:14:13 +0000Newspapers60http://news.ft.com/cms/d1f3ce1a-6bbe-11da-bb53-0000779e2340.gifhttp://www.ft.com/comment/columnists/martinwolf(PICS-1.1 "http://www.classify.org/safesurf/" L gen true for "http://www.ft.com/" r (SS~~000 1))http://traxfer.ft.com/cms/s/0/f9d3132c-d55b-11de-81ee-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/f9d3132c-d55b-11de-81ee-00144feabdc0.htmlThe case for generous subventions to banks is to restore the financial system to health. It is not to enrich bankers, particularly not those engaged in the sorts of trading that destroyed the system in the first place, writes Martin Wolf Thu, 19 Nov 2009 22:39:48 +0000http://traxfer.ft.com/cms/s/0/7e8bfed6-d3b2-11de-8caf-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/7e8bfed6-d3b2-11de-8caf-00144feabdc0.htmlObama should have made clear the need for China to revalue its currency and rebalance the global economy when he met Hu Jintao, writes Martin Wolf. He could reasonably threaten punitive action, such is the need for changeTue, 17 Nov 2009 20:06:49 +0000http://traxfer.ft.com/cms/s/0/123efa0e-ce2f-11de-a1ea-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/123efa0e-ce2f-11de-a1ea-00144feabdc0.htmlHas capitalism failed, as communism did? No. Some transition countries are in crisis; but transition itself is not. Liberal democracies and market economies can reform and adapt. They have shown these qualities before. They must do so again, writes Martin Wolf Tue, 10 Nov 2009 21:03:54 +0000http://traxfer.ft.com/cms/s/0/dcb25106-ca41-11de-a3a3-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/dcb25106-ca41-11de-a3a3-00144feabdc0.htmlDiversity brings social benefits, but also costs, arising from declining trust and erosion of a sense of shared values, writes Martin Wolf Thu, 5 Nov 2009 20:25:42 +0000http://traxfer.ft.com/cms/s/0/a7977fc6-c8c2-11de-8f9d-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/a7977fc6-c8c2-11de-8f9d-00144feabdc0.html It is idiotic to discuss the reduction of the huge fiscal deficits, without considering the nature of the offsetting adjustments in the private and external sectors. Some adjustments would be desirable, but others would be extremely perilous, writes Martin Wolf Tue, 3 Nov 2009 21:59:52 +0000http://traxfer.ft.com/cms/s/0/38164e12-c330-11de-8eca-00144feab49a.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/38164e12-c330-11de-8eca-00144feab49a.htmlThe era when central banks could target inflation and assume that what was happening in asset and credit markets was no concern of theirs is over. Not only can asset prices be valued; they have to be, writes Martin Wolf Tue, 27 Oct 2009 20:27:08 +0000http://traxfer.ft.com/cms/s/0/0a8a6362-bf3d-11de-a696-00144feab49a.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/0a8a6362-bf3d-11de-a696-00144feab49a.htmlThere is a way of making finance safe: deposits would be 100 per cent reserve backed; and the liabilities of other investment vehicles would be adjusted for the market value of their assets at all times. Banking would disappear, writes Martin Wolf Thu, 22 Oct 2009 20:31:58 +0100http://traxfer.ft.com/cms/s/0/97e0f540-bda9-11de-9f6a-00144feab49a.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/97e0f540-bda9-11de-9f6a-00144feab49a.htmlThis recovery has been no accident. When central bank money is almost free, prices of risky assets are recovering, competitors have disappeared or are weakened, making money is a relatively simple matter for the strong survivors, argues Martin Wolf Tue, 20 Oct 2009 20:53:17 +0100http://traxfer.ft.com/cms/s/0/9165b8b0-b82a-11de-8ca9-00144feab49a.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/9165b8b0-b82a-11de-8ca9-00144feab49a.htmlRecent figures have proved that the dollar's fall is a symptom of success, not of failure. All the same, the dollar-based global monetary system is defective. It would be good to start building alternative arrangements, writes Martin Wolf Tue, 13 Oct 2009 22:17:58 +0100http://traxfer.ft.com/cms/s/0/9220b908-b43d-11de-bec8-00144feab49a.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/9220b908-b43d-11de-bec8-00144feab49a.htmlThe UK deficit will hit 11.6% this year while the US's reaches 12.5%, writes Martin Wolf. The transatlantic cousins are now the terrible fiscal twins. Tightening is needed, but it must not come too soon.Thu, 8 Oct 2009 23:30:07 +0100http://traxfer.ft.com/cms/s/0/e3bbb9fa-b2aa-11de-b7d2-00144feab49a.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/e3bbb9fa-b2aa-11de-b7d2-00144feab49a.htmlThe economy is back on track, but it is too soon to celebrate victory, writes Martin Wolf. Rebalancing, reform and regulation are still needed, none of which will be easy. Resistance from the banks is already threatening to poison the political debate.Tue, 6 Oct 2009 22:11:01 +0100http://traxfer.ft.com/cms/s/0/34cbca0c-ad28-11de-9caf-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/34cbca0c-ad28-11de-9caf-00144feabdc0.htmlDemanding that banks act as narrow utilities solves the problem of the financial system taking control of the power to print money, but would need to be paired with a ban on other forms of banking. Such radical ideas may yet be entertained, writes Martin Wolf Tue, 29 Sep 2009 21:11:37 +0100http://traxfer.ft.com/cms/s/2/b41626be-ab83-11de-9be4-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/2/b41626be-ab83-11de-9be4-00144feabdc0.htmlMartin Wolf welcomes a seminal empirical study of the frequently repeated cycles of euphoria, panic and default in public debt and global financeMon, 28 Sep 2009 03:18:54 +0100http://traxfer.ft.com/cms/s/0/69351f18-a941-11de-9b7f-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/69351f18-a941-11de-9b7f-00144feabdc0.htmlOnly in a country both besotted with property and determined to tax the middle classes, rather than the hugely wealthy, would people object to this obviously just idea, writes Martin Wolf Thu, 24 Sep 2009 20:39:05 +0100http://traxfer.ft.com/cms/s/0/160e4cc4-a7a7-11de-b0ee-00144feabdc0.html?o=%2Frss%2Fcomment%2Fcolumnist%2Fmartinwolfhttp://www.ft.com/cms/s/0/160e4cc4-a7a7-11de-b0ee-00144feabdc0.htmlRemember how poor hundreds of millions of Chinese still are. Then consider that the net transfer of resources abroad was equal to a third of personal consumption. China needs to increase consumption, and that means revaluing the currency, writes Martin Wolf Tue, 22 Sep 2009 22:20:18 +0100