Kenneth Rogoff: The Case for Deeply Negative Interest Rates

The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( MAY 10, 2020 This week at [Project Syndicate]( Katharina Pistor accuses Germany's Federal Constitutional Court pushing the limits of the country’s constitutional law; Kenneth Rogoff makes the case for a policy of effective deep negative interest rates, backed up by measures to prevent cash hoarding by financial firms; Joseph E. Stiglitz, Edmund S. Phelps, and Carmen M. Reinhart call for a sustainable compromise between Argentina and its private creditors; and more. Join the conversation. Economics & Finance [Germany’s Constitutional Court Goes Rogue]( [Katharina Pistor]( warns that the country's constitutional court risks endangering the euro and possibly even the European Union. Economics & Finance [The Case for Deeply Negative Interest Rates]( [Kenneth Rogoff]( argues that such a policy would help developed countries and be a boon to emerging and developing economies. Economics & Finance [Restructuring Argentina’s Private Debt is Essential]( [Joseph E. Stiglitz]( [Edmund S. Phelps]( and [Carmen M. Reinhart]( and nearly 140 members of the economics and finance community urge private creditors to accept a proposal that many other crisis-hit economies will need as well. Economics & Finance [COVID-19 and the End of Individualism]( [Diane Coyle]( argues that the pandemic has highlighted the irreducibly collective, interconnected character of modern life. [Germany’s “Zero Hour” – Then and Now]( On Point [Germany’s “Zero Hour” – Then and Now]( [Helmut K. Anheier]( reflects on the successes and shortcomings of the country's 75-year history of coping with the Nazi past. Economics & Finance [Planning for an American Bankruptcy Epidemic]( [Ben Iverson]( and [Mark Roe]( say a major increase in judicial capacity in the coming months is essential to avoid even more economic pain. Politics & World Affairs [An Abysmal Failure of Leadership]( [Joseph S. Nye, Jr.]( laments that the American and Chinese presidents have squandered the opportunity to redefine strategic power. [Green Today, Gone Tomorrow?]( Big Picture [Green Today, Gone Tomorrow?]( PS commentators assess whether the COVID-19 crisis could usher in a more sustainable and resilient economy. Economics & Finance [Germany’s Judges Declare War on the ECB]( [Willem H. Buiter]( explains how a new ruling by the country's Federal Constitutional Court could unravel the entire eurozone. Economics & Finance [US States Need Federal Funding to Combat the Pandemic]( [Laura Tyson]( calls for substantially more federal stimulus to cover state and local governments' budget shortfalls. [Say More: Shang-Jin Wei]( Say More Interview [Shang-Jin Wei]( urges countries to reduce trade barriers, offers a baseline scenario for China's economy in 2020, and highlights what Chinese and Americans are missing about each other. Economics & Finance [The Misguided War on Global Value Chains]( [Célestin Monga]( shows why dismantling cross-border supply networks in response to the COVID-19 pandemic would be self-defeating. Health & Development [Building Food Security During the Pandemic]( [Tony Blair]( and [Agnes Kalibata]( highlight four ways the international community can prevent a catastrophe in developing countries. Support High-Quality Commentary For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world’s foremost leaders and thinkers on the issues, events, and forces shaping their lives. As the COVID-19 pandemic escalates, and its effects reverberate around the world, that mission is more important than ever – and we remain committed to fulfilling it. But there is no doubt that the intensifying crisis puts us, like so many other organizations, under growing strain. If you are in a position to support us, please [subscribe now](. As a subscriber, you will enjoy unlimited access to our On Point suite of long reads and book reviews, Say More contributor interviews, The Year Ahead magazine, the full PS archive, and more. You will also directly support our mission of delivering the highest-quality commentary on the world’s most pressing issues – including the latest outbreak-related developments – to as wide an audience as possible. By helping us to build a truly open world of ideas, every PS subscriber makes a real difference. Thank you. [SUBSCRIBE NOW]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.