http://www.ft.com/Financial TimesPeople lined up to entrust their savings to Bernie Madoff. Many got a tip from a friend or adviser about a Wall Street operator with a great record. No one thought he was operating a Ponzi scheme but plenty thought he had an unfair advantage, writes John Gapper http://us.ft.com/ftgateway/superpage.ft?news_id=fto1217200814512885122008-12-17T14:37:28.0000000-05:00The process by which the astonishing changes of the past 30 years have occurred owes as much to accident and experiment as to grand design, writes David Pilling http://us.ft.com/ftgateway/superpage.ft?news_id=fto1217200814385785042008-12-17T14:29:07.0000000-05:00The fitness industry does not appear to be in robust health. Clubs will have limited room for manoeuvre in a serious sales downturn, writes Jonathan Guthrie http://us.ft.com/ftgateway/superpage.ft?news_id=fto1217200814323585032008-12-17T14:23:36.0000000-05:00To lower credit costs the Fed must now intervene to mitigate impediments to the flow of privately intermediated funds, writes Mark Gertler http://us.ft.com/ftgateway/superpage.ft?news_id=fto1217200814323384992008-12-17T14:20:52.0000000-05:00A transparent financial system will see the reduction of asset values, but the costs of an untransparent system are far higher, writes Dennis Snower http://us.ft.com/ftgateway/superpage.ft?news_id=fto1217200814022984882008-12-17T13:54:22.0000000-05:00Central banks may resort to their most powerful weapons against deflation: the printing press and the "helicopter drop" of money. Will this work? Yes. But returning to normality will prove far more elusive, writes Martin Wolf http://us.ft.com/ftgateway/superpage.ft?news_id=fto1216200815144682982008-12-16T15:01:08.0000000-05:00Government support for energy-related research and development in the UK has consistently been the lowest in the G7, writes Stephen Radley http://us.ft.com/ftgateway/superpage.ft?news_id=fto1216200814205382792008-12-16T14:13:14.0000000-05:00It would be consoling to believe these individuals know in their hearts they are at fault, but are advised not to admit it, writes John Kay http://us.ft.com/ftgateway/superpage.ft?news_id=fto1216200814090282742008-12-16T13:54:58.0000000-05:00The US can no longer achieve its objectives without the backing of regional partners and China, Europe and Russia, write Richard Haass and Martin Indyk http://us.ft.com/ftgateway/superpage.ft?news_id=fto1216200814030982702008-12-16T13:51:43.0000000-05:00Delaying euro adoption until greater convergence has been achieved is tantamount to saying it cannot help in a crisis, writes Marcin Piatkowski http://us.ft.com/ftgateway/superpage.ft?news_id=fto1216200813513282632008-12-16T13:41:30.0000000-05:00The person who creates a work should be able to enjoy the value of that for the duration of his or her natural life, writes Andy Burnham http://us.ft.com/ftgateway/superpage.ft?news_id=fto1215200814392780482008-12-15T14:28:24.0000000-05:00Producers and consumers require realistic forecasts and an orderly market. The need is to develop a common understanding, writes Nick Butler http://us.ft.com/ftgateway/superpage.ft?news_id=fto1215200814330180452008-12-15T14:24:25.0000000-05:00If the government's programme for the next parliament is at best vague, the Tories offer nothing more substantive, writes Philip Stephens http://us.ft.com/ftgateway/superpage.ft?news_id=fto1215200814085680352008-12-15T13:59:28.0000000-05:00It is now clear that, far from being immune to the global financial crisis, China is very vulnerable. Its economy may not be hit as hard as that of the US. But as a poorer country – with a less resilient political system – it could suffer worse, writes Gideon Rachman http://us.ft.com/ftgateway/superpage.ft?news_id=fto1215200814023280302008-12-15T13:50:49.0000000-05:00Companies that trade with Israeli settlements are severely undermining our attempts to secure a viable two-state solution, writes Salam Fayyad http://us.ft.com/ftgateway/superpage.ft?news_id=fto1214200814273578282008-12-14T14:11:38.0000000-05:00Reforming US healthcare is a heroic undertaking, crucial to economic prospects. Now, on top of the difficulties that sank a previous plan, it must bid for financial and political resources against the vast outlays that the recession will pre-empt, writes Clive Crook http://us.ft.com/ftgateway/superpage.ft?news_id=fto1214200814150178252008-12-14T13:59:48.0000000-05:00The region's production is most likely to decline. The economic pain will be high and potentially destabilising, writes Michael Pettis http://us.ft.com/ftgateway/superpage.ft?news_id=fto1214200813504677972008-12-14T13:37:26.0000000-05:00What Burnham's proposal will do is create a windfall for a few music companies with some valuable recordings, writes Andrew Gowershttp://us.ft.com/ftgateway/superpage.ft?news_id=fto1214200813265977922008-12-14T13:17:22.0000000-05:00We have already failed to avoid 1929. The best we can do is to avoid 1930, 1931 and 1932. It will depend on the policy response, writes Wolfgang Münchau http://us.ft.com/ftgateway/superpage.ft?news_id=fto1214200812572977882008-12-14T12:49:34.0000000-05:00Harvard's plans to restructure its literature course reveal a confusion about what a college English department is supposed to do, writes Christopher Caldwell http://us.ft.com/ftgateway/superpage.ft?news_id=fto1212200814513876342008-12-12T14:39:06.0000000-05:00Peer Steinbrück's outburst against British leaders is an exception in a country that regards Britain with benign indifference, says Bertrand Benoit http://us.ft.com/ftgateway/superpage.ft?news_id=fto1212200814205776192008-12-12T13:50:00.0000000-05:00By giving cash to companies that are in the worst trouble and have the most political clout, governments are in danger of investing their money badly, writes John Gapper http://us.ft.com/ftgateway/superpage.ft?news_id=fto1212200813331775982008-12-12T13:23:20.0000000-05:00The next US administration should expand engagement with China and view it as a partner rather than competitor, write James Rice and Matthew Waller http://us.ft.com/ftgateway/superpage.ft?news_id=fto1211200815315674312008-12-11T15:23:00.0000000-05:00The downside of debt is not too obvious when the government revels in borrowing and encourages student debt, writes Jane Owen http://us.ft.com/ftgateway/superpage.ft?news_id=fto1211200815202774252008-12-11T15:04:49.0000000-05:00Confidence will be restored if the industry is freed of the burden of interest payments and is given a fresh start, writes Joseph Stiglitz http://us.ft.com/ftgateway/superpage.ft?news_id=fto1211200815135874222008-12-11T15:02:51.0000000-05:00The biggest challenge is getting through the extended emergency support to a more sustainable structure, writes Martin Wolf http://us.ft.com/ftgateway/superpage.ft?news_id=fto1211200815013174182008-12-11T14:50:00.0000000-05:00The shift to a low carbon economy will not be painless. But nor is global warming. The way to mobilise the masses in the battle to keep the planet cool is to recast the argument. Opportunity sells a lot better than do hair shirts, writes Philip Stephens http://us.ft.com/ftgateway/superpage.ft?news_id=fto1211200814561174102008-12-11T14:44:09.0000000-05:00Consumers should not be regarded as Pavlov's dogs, automatically responding to stimuli offered by politicians, write Leszek Balcerowicz and Andrzej Rzonca http://us.ft.com/ftgateway/superpage.ft?news_id=fto1210200815075571792008-12-10T14:56:45.0000000-05:00Jonathan Guthrie writes that a redundant motor assembly worker is deemed to be 10 times more tragic than a workless bank clerkhttp://us.ft.com/ftgateway/superpage.ft?news_id=fto1210200815013271762008-12-10T14:50:44.0000000-05:00Hardly surprisingly, the continent views as foolish the excesses that led Europe and the US into so much trouble, writes David Pilling http://us.ft.com/ftgateway/superpage.ft?news_id=fto1210200814560271732008-12-10T14:43:22.0000000-05:00If the downturn is as severe as most analysts predict, political systems in many fragile states will be in danger, writes Anatol Lieven http://us.ft.com/ftgateway/superpage.ft?news_id=fto1210200814434871722008-12-10T14:35:09.0000000-05:00 The Tribune Company, which owns the Chicago Tribune and the Los Angeles Times, has filed for bankruptcy while the New York Times Company followed by saying it might mortgage its Renzo Piano-designed headquarters building to reduce debt, writes John Gapper http://us.ft.com/ftgateway/superpage.ft?news_id=fto1210200814373271672008-12-10T14:21:23.0000000-05:00If the new administration is going to achieve change we can believe in, a good start would be to junk the baseball references, says Michael Fullilove http://us.ft.com/ftgateway/superpage.ft?news_id=fto1209200815055769612008-12-09T14:57:04.0000000-05:00What impact will the recession have on work over the next decade? There are enough clues for us to make a guess, says Lynda Gratton http://us.ft.com/ftgateway/superpage.ft?news_id=fto1209200815055669602008-12-09T14:51:20.0000000-05:00The larger the business, the more likely that legislators will see political advantage in being helpful, writes John Kay http://us.ft.com/ftgateway/superpage.ft?news_id=fto1209200814234069472008-12-09T14:13:35.0000000-05:00A think-big initiative could degenerate into a scary porkfest with a UK-style tax gamble tacked on to it, writes Holger Schmieding http://us.ft.com/ftgateway/superpage.ft?news_id=fto1208200815001667662008-12-08T14:44:50.0000000-05:00While the outcome is shocking, the mistakes leading to Baby P's killing were a depressingly ordinary example of casual incompetence, writes Michael Skapinker http://us.ft.com/ftgateway/superpage.ft?news_id=fto1208200814412967612008-12-08T14:25:51.0000000-05:00For the first time since homo sapiens began to doodle on cave walls, there is an argument, an opportunity and a means to make serious steps towards a world government. Europe already has a government for 27 countries. Could the model go global, asks Gideon Rachman http://us.ft.com/ftgateway/superpage.ft?news_id=fto1208200814240267542008-12-08T14:13:47.0000000-05:00When making policy, central bankers and finance ministers should remember to invite competition authorities into the room, writes Irwin Stelzer http://us.ft.com/ftgateway/superpage.ft?news_id=fto1207200814595265612008-12-07T14:45:25.0000000-05:00With the economy shrinking at a frightening rate, the Obama administration needs to focus intently on devising an effective fiscal stimulus. This needs to be large, fast, temporary and do as much as possible to support demand writes Clive Crook http://us.ft.com/ftgateway/superpage.ft?news_id=fto1207200814422265512008-12-07T14:29:45.0000000-05:00Bystanders cause others to be bystanders. So when you see a quantitative "expert", shout for help, call for his disgrace, make him accountable. Do not let him hide behind the diffusion of responsibility http://us.ft.com/ftgateway/superpage.ft?news_id=fto1207200814300765492008-12-07T14:18:41.0000000-05:00No government ever ought to be leak-proof. The vast majority of stuff that leaks ought to leak, writes Christopher Caldwell http://us.ft.com/ftgateway/superpage.ft?news_id=fto1205200814123263732008-12-05T14:01:56.0000000-05:00The biggest error was to take too seriously voices clamouring for a path to sound finance once the recession is over, writes Samuel Brittan http://us.ft.com/ftgateway/superpage.ft?news_id=fto1204200815331661522008-12-04T15:21:38.0000000-05:00If the understanding of economics within government is radically incomplete, it is worse in society generally, writes Jesse Norman http://us.ft.com/ftgateway/superpage.ft?news_id=fto1204200814212861252008-12-04T14:09:13.0000000-05:00There is perhaps less trust between the French and German governments than at any time in the past 20 years, writes Charles Grant http://us.ft.com/ftgateway/superpage.ft?news_id=fto1204200814151361212008-12-04T14:04:17.0000000-05:00A majority of French citizens now have a positive opinion of their president, but they are also deeply pessimistic and apprehensive, warns Dominique Moisi http://us.ft.com/ftgateway/superpage.ft?news_id=fto1203200815022059082008-12-03T14:50:13.0000000-05:00Robert Rubin needs to find a way to make up for his part in Citi's downfall. My suggestion is that, in addition to giving up his bonus for this year and last, he returns the bonuses he got in 2005 and 2006, when Citi's risk-taking ratcheted up, writes John Gapper http://us.ft.com/ftgateway/superpage.ft?news_id=fto1203200814570559012008-12-03T14:45:58.0000000-05:00A country's underlying institutions need to be impartial and dependable. That is not the case in Thailand, writes David Pilling http://us.ft.com/ftgateway/superpage.ft?news_id=fto1203200814570559042008-12-03T14:42:17.0000000-05:00It is time to suspend unquestioned faith in a quick return to the past and adjust to the reality of change, writes Mohamed El-Erian http://us.ft.com/ftgateway/superpage.ft?news_id=fto1203200813453358752008-12-03T13:32:32.0000000-05:00Only very aggressive and co-ordinated policy actions will ensure the global economy recovers in 2010 rather than facing protracted stagnation and deflation, writes Nouriel Roubini http://us.ft.com/ftgateway/superpage.ft?news_id=fto1202200815023156842008-12-02T14:53:04.0000000-05:00