David Brown

David Brown is the chief executive of New View Economics. Over a career spanning four decades in London, David held roles as chief economist in a number of international investment banks.
David Brown
David Brown is the chief executive of New View Economics. Over a career spanning four decades in London, David held roles as chief economist in a number of international investment banks.

Latest from David Brown

Macroscope | Three ways China can use policy freedoms to shore up its economy and lead the world out of the mess

China’s policy options amid a slowing economy are to strike a face-saving trade deal with the US, devalue its currency and offer cheap loans at home. Beijing must use them all.

20 Aug 2019 - 1:18AM

China’s policy options amid a slowing economy are to strike a face-saving trade deal with the US, devalue its currency and offer cheap loans at home. Beijing must use them all.

Three ways China can use policy freedoms to shore up its economy and lead the world out of the mess
Macroscope | A trade war truce? The US and Chinese economies need one, but they also need domestic reforms to stave off global catastrophe

The US’ overreliance on expansionary fiscal policy when the country is already deeply in debt is a recipe for disaster. Beijing, for its part, needs reforms to spur domestic demand, not currency depreciation that could further provoke the US.

13 Aug 2019 - 3:52AM

The US’ overreliance on expansionary fiscal policy when the country is already deeply in debt is a recipe for disaster. Beijing, for its part, needs reforms to spur domestic demand, not currency depreciation that could further provoke the US.

A trade war truce? The US and Chinese economies need one, but they also need domestic reforms to stave off global catastrophe
Macroscope | Europe must fix its economy with stimulus to help the people, and member countries, that need it most

Neither austerity nor supply-side economics that put the haves before the have-nots will pull Europe out of its doldrums. To rescue the economy, Brussels must help its poorer members and spend on key infrastructure and social services.

5 Aug 2019 - 10:33PM

Neither austerity nor supply-side economics that put the haves before the have-nots will pull Europe out of its doldrums. To rescue the economy, Brussels must help its poorer members and spend on key infrastructure and social services.

Europe must fix its economy with stimulus to help the people, and member countries, that need it most
Macroscope | A post-Brexit ‘Boris boom’? Stimulus, the pound beating expectations and a possible EU deal may make it happen

Britain is an important enough trading partner for the EU to work out a late deal, much as it once did with Greece. Furthermore, Britain looks like it’s taking the gloves off and getting ready to spend big.

30 Jul 2019 - 3:05AM

Britain is an important enough trading partner for the EU to work out a late deal, much as it once did with Greece. Furthermore, Britain looks like it’s taking the gloves off and getting ready to spend big.

A post-Brexit ‘Boris boom’? Stimulus, the pound beating expectations and a possible EU deal may make it happen
Macroscope | With Brexit, Iran tensions and likely global financial instability, the US dollar is far from down and out

While the trade war, political uncertainties in the US and lower interest rates have hit sentiment surrounding the US dollar, risks in Europe and the prospect of higher oil prices could still trigger a flight to the US currency.

22 Jul 2019 - 10:26PM

While the trade war, political uncertainties in the US and lower interest rates have hit sentiment surrounding the US dollar, risks in Europe and the prospect of higher oil prices could still trigger a flight to the US currency.

With Brexit, Iran tensions and likely global financial instability, the US dollar is far from down and out
Macroscope | Economic slowdown’s spread to Asia highlights the need for global policy coordination

The sluggishness of the global economy shows the need for broad policy coordination to head off the next financial crisis. The challenge will be creating conditions that are self-sustaining and which work for all economies, not just a few.

15 Jul 2019 - 10:27PM

The sluggishness of the global economy shows the need for broad policy coordination to head off the next financial crisis. The challenge will be creating conditions that are self-sustaining and which work for all economies, not just a few.

Economic slowdown’s spread to Asia highlights the need for global policy coordination
Macroscope | The global economy needs an end to the US-China trade war and increased spending on public services – not more interest rate cuts

The world has been awash with easy money for a decade and interest rates are already dangerously low. To boost bonds and reward savers, global stimulus should involve more coordinated spending on infrastructure, health and education.

8 Jul 2019 - 11:16PM

The world has been awash with easy money for a decade and interest rates are already dangerously low. To boost bonds and reward savers, global stimulus should involve more coordinated spending on infrastructure, health and education.

The global economy needs an end to the US-China trade war and increased spending on public services – not more interest rate cuts
Macroscope | Wealthy financial markets must start to pay their way to help the poor, and a global ‘Robin Hood’ tax is the way to do so

When financial markets crashed in 2008, central banks were quick to slash interest rates and print money. The subsequent financial boom was basically subsidised by taxpayers. Now it’s time financial markets returned the favour.

2 Jul 2019 - 5:10AM

When financial markets crashed in 2008, central banks were quick to slash interest rates and print money. The subsequent financial boom was basically subsidised by taxpayers. Now it’s time financial markets returned the favour.

Wealthy financial markets must start to pay their way to help the poor, and a global ‘Robin Hood’ tax is the way to do so
Macroscope | As global growth slows, the world needs a new Marshall Plan, not lower interest rates

Central banks cutting rates will only feed the addiction to cheap money. Instead, the US, Europe and Japan must contribute more to global efforts, like infrastructure-spending plans, to reboot recovery and worldwide trade.

25 Jun 2019 - 3:36AM

Central banks cutting rates will only feed the addiction to cheap money. Instead, the US, Europe and Japan must contribute more to global efforts, like infrastructure-spending plans, to reboot recovery and worldwide trade.

As global growth slows, the world needs a new Marshall Plan, not lower interest rates
Macroscope | US Fed set to lead the way on lower interest rates, and China can benefit from another cut

As global economic conditions grow more worrisome, China should lower interest rates and ramp up spending in key areas such as health, welfare and pensions, thus motivating citizens to save less and get the consumer-driven economy moving.

10 Jun 2019 - 10:36PM

As global economic conditions grow more worrisome, China should lower interest rates and ramp up spending in key areas such as health, welfare and pensions, thus motivating citizens to save less and get the consumer-driven economy moving.

US Fed set to lead the way on lower interest rates, and China can benefit from another cut
Macroscope | China can still achieve its 6-6.5 per cent growth target – if it acts quickly to resolve the trade war

Beijing needs more overall policy loosening and stimulus measures to meet its goal, and Trump’s overzealous implementation of tariffs is China’s chance to prove itself to be a responsible economic power.

3 Jun 2019 - 10:21PM

Beijing needs more overall policy loosening and stimulus measures to meet its goal, and Trump’s overzealous implementation of tariffs is China’s chance to prove itself to be a responsible economic power.

China can still achieve its 6-6.5 per cent growth target – if it acts quickly to resolve the trade war
Macroscope | Why the Fed, and central banks in China, Europe and Japan should work together on rate cuts to stop the global economic rot

It can stonewall, but ultimately the US central bank will respond to economic conditions by lowering interest rates. Other major economies have a similar need for stimulus, so this should be a chance for global policy coordination.

27 May 2019 - 10:29PM

It can stonewall, but ultimately the US central bank will respond to economic conditions by lowering interest rates. Other major economies have a similar need for stimulus, so this should be a chance for global policy coordination.

Why the Fed, and central banks in China, Europe and Japan should work together on rate cuts to stop the global economic rot
Macroscope | The US will lose badly in the trade war with China and imperil the world economy if both countries don’t cooperate

US exports to China are down much more dramatically than China’s exports to the US. China has also sold more Treasury bonds in March, putting pressure on the already large US fiscal deficit.

21 May 2019 - 2:32PM

US exports to China are down much more dramatically than China’s exports to the US. China has also sold more Treasury bonds in March, putting pressure on the already large US fiscal deficit.

The US will lose badly in the trade war with China and imperil the world economy if both countries don’t cooperate
Macroscope | Should central banks be revamping their monetary policy frameworks and liaising more with governments?

With the trade war threatening already slowing global growth, it could be time for central banks to synchronise their efforts more closely with government fiscal goals. While crossing the line separating government and central banks might be harder in advanced economies, China may be better placed to do so.

13 May 2019 - 10:24PM

With the trade war threatening already slowing global growth, it could be time for central banks to synchronise their efforts more closely with government fiscal goals. While crossing the line separating government and central banks might be harder in advanced economies, China may be better placed to do so.

Should central banks be revamping their monetary policy frameworks and liaising more with governments?
Macroscope | Donald Trump should back off from pestering the Fed, but central banks could cut interest rates further

With the US economy still showing signs of vulnerability, money markets are factoring in the possibility that the Fed will cut interest rates. A coordinated move by central banks in China, Japan and Europe to slash rates would benefit the global economy.

7 May 2019 - 1:14AM

With the US economy still showing signs of vulnerability, money markets are factoring in the possibility that the Fed will cut interest rates. A coordinated move by central banks in China, Japan and Europe to slash rates would benefit the global economy.

Donald Trump should back off from pestering the Fed, but central banks could cut interest rates further
Macroscope | The bull market is a monster the central banks helped create. What can they do now to keep it under control?

The central banks did such a good job of stimulating the world economy after 2008, they abetted the longest bull market in history. Now they are stuck, seemingly unable to roll back interest rates without triggering another crash.

30 Apr 2019 - 7:12AM

The central banks did such a good job of stimulating the world economy after 2008, they abetted the longest bull market in history. Now they are stuck, seemingly unable to roll back interest rates without triggering another crash.

The bull market is a monster the central banks helped create. What can they do now to keep it under control?
Macroscope | US-China trade talks could seal the deal for investors looking for reasons to be optimists

After months of depressing data, good news out of China and the US has investors reconsidering their hesitance about stocks. Successful trade talks could lay remaining doubts to rest.

22 Apr 2019 - 10:18PM

After months of depressing data, good news out of China and the US has investors reconsidering their hesitance about stocks. Successful trade talks could lay remaining doubts to rest.

US-China trade talks could seal the deal for investors looking for reasons to be optimists
Macroscope | China shouldn’t count on currency stability to last. Rather, it should take steps to make the yuan a safe haven

While Beijing may breathe easier now than in 2018, global conditions remain uncertain, meaning China should hasten reforms to strengthen the yuan’s position as a reserve currency, to challenge the dominance of the US dollar.

15 Apr 2019 - 10:24PM

While Beijing may breathe easier now than in 2018, global conditions remain uncertain, meaning China should hasten reforms to strengthen the yuan’s position as a reserve currency, to challenge the dominance of the US dollar.

China shouldn’t count on currency stability to last. Rather, it should take steps to make the yuan a safe haven
Macroscope | Trade war, Brexit and slowdowns in China and Germany are likely to curb the stock market euphoria

While a trade deal between the US and China will offer a reprieve, US President Donald Trump’s attempts to protect the American automobile industry will have global ramifications, including on a Europe reeling from Brexit uncertainty.

8 Apr 2019 - 10:26PM

While a trade deal between the US and China will offer a reprieve, US President Donald Trump’s attempts to protect the American automobile industry will have global ramifications, including on a Europe reeling from Brexit uncertainty.

Trade war, Brexit and slowdowns in China and Germany are likely to curb the stock market euphoria
Macroscope | China’s thrifty consumers are key to its economic growth – can Beijing convince them to spend more?

As China’s economy slows, in addition to loosening monetary policy and investing in technology to counter the impact of its falling birth rate, the country must strengthen welfare provisions, such as health care, to bolster consumer confidence.

1 Apr 2019 - 10:18PM

As China’s economy slows, in addition to loosening monetary policy and investing in technology to counter the impact of its falling birth rate, the country must strengthen welfare provisions, such as health care, to bolster consumer confidence.

China’s thrifty consumers are key to its economic growth – can Beijing convince them to spend more?
Macroscope | The Federal Reserve has halted policy normalisation. Now, other central banks should follow suit

The Fed’s decision to stop interest rate rises and the shrinking of its balance sheet this year should be a cue for central banks in Europe, Japan and particularly China to take steps to bolster economic activity.

25 Mar 2019 - 10:22PM

The Fed’s decision to stop interest rate rises and the shrinking of its balance sheet this year should be a cue for central banks in Europe, Japan and particularly China to take steps to bolster economic activity.

The Federal Reserve has halted policy normalisation. Now, other central banks should follow suit
Opinion | The US and China must end their trade war so the world can work together to restore economic order

From out-of-control US deficits to Europe’s sluggish growth and China’s over-reliance on exports, the world has problems it will take cooperation to address, and the trade war is a big distraction.

18 Mar 2019 - 10:27PM

From out-of-control US deficits to Europe’s sluggish growth and China’s over-reliance on exports, the world has problems it will take cooperation to address, and the trade war is a big distraction.

The US and China must end their trade war so the world can work together to restore economic order
Macroscope | China, Europe, Japan and the US should coordinate policy to reboot global growth, and inflation

The fear of hyperinflation after the global financial crisis proved to be overblown. Instead, today, there’s the opposite problem: sluggish inflation means advanced economies risk the ‘Japan syndrome’.

11 Mar 2019 - 10:26PM

The fear of hyperinflation after the global financial crisis proved to be overblown. Instead, today, there’s the opposite problem: sluggish inflation means advanced economies risk the ‘Japan syndrome’.

China, Europe, Japan and the US should coordinate policy to reboot global growth, and inflation
Macroscope | Good news for investors: Donald Trump needs a China trade deal as badly as they do

Confusion reigns in global markets, as world growth and even US manufacturing slow. But the US president’s eagerness to achieve a breakthrough with China should not be underestimated, even as dark clouds surround his presidency at home.

4 Mar 2019 - 10:25PM

Confusion reigns in global markets, as world growth and even US manufacturing slow. But the US president’s eagerness to achieve a breakthrough with China should not be underestimated, even as dark clouds surround his presidency at home.

Good news for investors: Donald Trump needs a China trade deal as badly as they do
Macroscope | Trade war deal or no deal, the damage to the world economy has been done. Central banks must act soon

The trade war has taken its toll on export-led nations such as Germany, Japan and China. With indications that even the US economy is losing steam, it’s time for central banks to pick up the slack.

25 Feb 2019 - 10:27PM

The trade war has taken its toll on export-led nations such as Germany, Japan and China. With indications that even the US economy is losing steam, it’s time for central banks to pick up the slack.

Trade war deal or no deal, the damage to the world economy has been done. Central banks must act soon
Macroscope | It’s time for China to be honest about the poor shape of its economy

The comforting numbers, rose-tinted projections and all-round positive spin that Beijing has been feeding the public have to stop. The Chinese economy is in trouble and policymakers must take radical action to stop the rot.

7 Mar 2019 - 12:36PM

The comforting numbers, rose-tinted projections and all-round positive spin that Beijing has been feeding the public have to stop. The Chinese economy is in trouble and policymakers must take radical action to stop the rot.

It’s time for China to be honest about the poor shape of its economy
Macroscope | China and Europe’s economic insecurity suggest the glory days for the convergence trade are over

Economic worries suggest Beijing will come under pressure to commit to fiscal intervention, which would be likely to widen the spread between Chinese and US bonds.

11 Feb 2019 - 10:24PM

Economic worries suggest Beijing will come under pressure to commit to fiscal intervention, which would be likely to widen the spread between Chinese and US bonds.

China and Europe’s economic insecurity suggest the glory days for the convergence trade are over
Macroscope | China’s currency is heading for a volatile year – and that may be a good thing

Beijing has a choice: blow its foreign exchange reserves on stabilising the renminbi or let it reach equilibrium on its own. The latter would be the better choice in the long term.

6 Feb 2019 - 10:24PM

Beijing has a choice: blow its foreign exchange reserves on stabilising the renminbi or let it reach equilibrium on its own. The latter would be the better choice in the long term.

China’s currency is heading for a volatile year – and that may be a good thing
Macroscope | Besides US-China trade troubles, Europe’s economic and political struggles should have us on edge, too

Germany’s slide towards recession and Italy again threatening a revolt could mean big trouble for China’s economy, even if the trade war is resolved.

28 Jan 2019 - 10:32PM

Germany’s slide towards recession and Italy again threatening a revolt could mean big trouble for China’s economy, even if the trade war is resolved.

Besides US-China trade troubles, Europe’s economic and political struggles should have us on edge, too
Macroscope | How China’s yuan can gain ground against the US dollar and the euro as a global reserve currency of choice

The yuan has a gap to fill as the dollar’s share as a reserve currency slips and concerns about the euro’s future persist. However, market liberalisation and a hands-off approach to the currency in China are crucial.

21 Jan 2019 - 10:34PM

The yuan has a gap to fill as the dollar’s share as a reserve currency slips and concerns about the euro’s future persist. However, market liberalisation and a hands-off approach to the currency in China are crucial.

How China’s yuan can gain ground against the US dollar and the euro as a global reserve currency of choice