Andrew West

Andrew West is a Contributing Economics Editor for Capitalism Magazine. In 1997 he received the Chartered Financial Analyst designation from the Association for Investment Management and Research.

A New Yorker Remembers the World Trade Center

As I quickly walked away, I did not want to look back at its towers, battered and bearing the scars of its evil attackers. I do not want to remember the WTC burning or falling, for that was not its essence.

“Blood In The Streets” in Asia — Again.

While the eyes of the world have been focused on the spectacular rise and fall of the NASDAQ over the past 12 months, Asian stocks have had an even more spectacular ride, declining to levels not seen since the depths of the 1997-98 Asian financial crisis. The Asian...

Time to De-Cycle?

Last week, while going through a pile of international research, I saw a report that shocked me: it was an analysis of defensive stocks with low valuations in Hong Kong. I hadn't seen defensive-value-themed research of that sort for at least two years, as investment...

The Market Strikes Back: Return of the Value Manager

Early this year during a dinner discussion, a high-level manager at a well-known brokerage firm announced to the table that within a few years "value" managers [e.g. Warren Buffet] will be extinct, and that the greatest fear he had about his personal portfolio was...

Europe’s High Fuel Taxes: Virtue or Vice?

High oil prices and rising fuel taxes have lit an explosion of fury across the European continent, resulting in protests and blockades of depots and refineries. Following the recent oil price rise, the Europeans have finally realized what a massive burden fuel taxes...

Bank of Japan Interest Rate Hike is a Canard

On August 11th, Japan's central bank, the Bank of Japan (BOJ), announced its first interest rate hike in ten years. For seventeen months, the BOJ had lent money overnight to the banking system at a rate of zero; that is, no interest. Now, with the hike, it will charge...

Malaise in Malaysia

Anwar Ibrahim, Malaysia's former deputy prime minister and former finance minister, was recently sentenced to nine years in jail after he was found guilty of sodomy. The verdict, which has been condemned by government leaders and human rights groups around the world,...

The IMF in Asia: Please Hold Your Applause

Last week I noticed two important articles in the press regarding the Asian recovery. "Fortune" magazine, representing the new "establishment" view, ran an article celebrating the Asian economic recovery, giving the IMF credit for the improvements. In sharp contrast,...

The “Third Way” Moves Two Ways In Europe

In recent years, the leftist parties of England and Germany returned to power by promising voters that they had turned their back on command and control, tax and spend, economic policies. Instead they promised to "transcend" the old right and left by pursuing an...

Pirates of the Internet

Pirates of the Internet

For years, lawyers representing Silicon Valley were rightly emphasizing the importance of intellectual property rights.Such rights were the major issue in the final Uraguay round of GATT meetings. At that time, trade negotiators warned that American companies and...

Hong Kong’s Contradictory Property Policies

Once again, the Hong Kong government has swung from manic to depressive over its property market. A few years ago, in an attempt to gain popularity with the poor, the government reacted to high property prices by promising more government housing programs and more...

Krugman’s Green Cheese is All Rotten

I read a most outrageous article in last Sunday's New York Times written by Paul Krugman, the Times' Keynesian economist in residence. (Available with free registration) Entitled "Green Cheese Rules," the article was inspired by a theory proposed by the famous...

On China: Put your money where your mouth is

Over the last month, we heard numerous discussions about whether granting Permanent Normal Trading Relations (PNTR) to China, in preparation for its entry into the World Trade Organization (WTO), was a good thing or a bad thing. Most who opposed the bill suggested...

The New Era Nikkei Falls Flat

Last month, the formulators of the Nikkei 225 attempted to update the index in order to reflect the growth of the high-tech sector in the Japanese economy. While editors at the Nihon Keizai newspaper were operating on the belief that the index had become increasingly...

Read their lips Hong Kong: “New taxes!”

For the sixth year in a row, Hong Kong has been named the world's freest economy in the Heritage Foundation's annual "Index of Economic Freedom." One of the reasons for this is its low taxes, and what the Hong Kong government boasts on its web site is a "simple and...

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