On April 13, 2012, the US Department of the Treasury released new cost estimates for the Troubled Asset Relief Program. Looking principally at actual and projected contractual cash flows, the document concludes that: "Overall, the government is now expected to at least break even on its financial stability programs and may realize a positive return." 

David Hume correctly predicted 250 years ago that the government would infallibly abuse the privilege of incurring debt.

Recently there have been a number of disturbing economic and political developments in Europe that heighten the risk that the Eurozone will experience a spate of sovereign debt defaults within the next six months.

Europe's economy looks like it will continue to get worse, before it gets better.

After many years of false starts, the Japanese economy may finally be set to boom—or at least to enter a period of sustained growth with a sharply rising stock market.

The Postal Service needs to be converted into a regular business, facing market competition and disciplined by active, focused shareholders. It must be permitted to reduce its high and rigid costs, and to adjust to the realities of a new communications marketplace. This should be done through de-monopolization, corporatization, and eventual privatization, as has been done in many other countries.

The IMF is being disingenuous in expecting us to believe that Greece can successfully restore internal and external balance to its economy through severe budget cutting without resort to a debt restructuring or a euro exit.

South African policymakers should not underestimate the European sovereign debt crisis, which is likely to spark global financial market turbulence that will have a severe impact on the South African economy.