Elliott Morss has spent most of his career teaching and working as an economic consultant to developing countries on issues of trade, finance, and environmental preservation. Dr. Morss received a B.A. from Williams College in 1960 and a Ph.D. in political economy from The Johns Hopkins University ...
more Elliott Morss has spent most of his career teaching and working as an economic consultant to developing countries on issues of trade, finance, and environmental preservation. Dr. Morss received a B.A. from Williams College in 1960 and a Ph.D. in political economy from The Johns Hopkins University in 1963. He has taught at the University of Michigan, Harvard, Boston University, Brandeis, and most recently at the University of Palermo in Buenos Aires.
For several years, he worked in the Fiscal Affairs Department of the International Monetary Fund. He later helped establish Development Alternatives, Inc. (dai.com), a firm that became the largest contractor to the U.S. foreign assistance program (AID). Since his first IMF assignment in Ghana in 1966, he has worked in 45 countries. He has been the President of the Asia-Pacific Group, a British Virgin Islands for profit company with investments in Cambodia, China, and Myanmar. With Dr. Zhu Jia-Ming, he established Green China, an American NGO with the mission to increase the dialogue in China on the trade-offs between economic growth and environmental preservation. Dr. Morss has co-authored six books and published more than 50 articles in professional journals. He is currently working on a book that “road-maps” the rapidly evolving global financial services industry.
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What Looks Crazy At First Might Be The Ideal Solution: Meet Greece's New Currency, The U.S. Dollar
Charles: How is $ better than #Euro for #Greece? Both give them too strong a currency for them to buy goods with. And using either currency, their exports are not competitive. The consequence will be what has happened with Euros, Greece runs out of dollars. Unless I am missing something, only solution: a weaker currency, like bringing back drachma..
The Eurozone Is Doomed: Why ECB Bond Purchases And The Greek Election Don’t Matter
Joe:
You ask an important question. Switching from the Euro to your own currency in the best of times is a complex process fraught with problems. It would be easy for Germany because it is such a strong country, but the Euro would take a real hit. For Greece to switch currencies, very difficult. However, it has to be done. I would start by having the central bank announce that in six months, the government would make payments in the new currency and government tax collections would have to be made in the new currency. That would create a market for the new currency relative to other currencies. Of course, that announcement would trigger capital outflows as holders of Euros moved them out of the country. It would be a very disruptive period. Some good news: Greece is a member state in the IMF and it would help.
Greek purchasing power and hence its GDP would fall because Greek citizewwns would have to pay more for imports than they now do.
Hope this helps!
Recent News From Xinyuan Real Estate Not Good, BUT….
Susan: Big financial houses, like TPG, rarely signal moves. My guess on what TPG will do: Most entities like TPG have return goals in specified time periods for their investments. If they don't make goals, they liquidate. They have other investments lined up. Notable that TPG has removed any mention of XIN from its web site.
Recent News From Xinyuan Real Estate Not Good, BUT….
Justin: No chance of bankruptcy. The company is making money and had $234 million in cash in September..Even with the temporary RE slowdown, XIN will make $31-$33 million this year.My guess is that in the last two months, the banks have figured out how to implement real estate loosening policy the government put in place last summer. And the cut in interest rates just announced will increase RE demand further.