Author: Michael Pettis

Can Pedro Sanchez save the PSOE?

Last month Pedro Sánchez Castejón was chosen to be the new leader of Spain’s center-left Socialist Party (PSOE).  El Pais called his appointment a “renewal” of the PSOE, although Sánchez seems to have been chosen mainly because he is too young and unknown to suffer from the revulsion most Spaniards feel towards the political establishment. […]

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Zounds! Hacked again!

I apologize to those who have submitted comments but for the past nearly four weeks I have been unable to enter into my blog as editor, which means that I have been able neither to post new entries nor to approve comments. I finally regained control last night and tried to approve all the legitimate […]

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What do bank share prices tell us about growth?

Tom Holland had an interesting piece in the South China Morning Post three weeks ago in which he discusses the low valuations of Chinese banks. About a decade ago, if I remember correctly, Chinese banks were trading between three and four times book. Those valuations have dropped considerably since then: On Monday, the weighted average […]

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