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Articles by Pablo Pardo

About the Author

Pablo Pardo
Pablo Pardo is Washington DC correspondent of El Mundo. Journalist especialized in International Economics and Politics.
monthy python

World economy 7th July 2014

The Monty Python and BIS sadomonetarism

WASHINGTON | By Pablo Pardo | The Monty Python are back in London, and one of their most famous sketches revolves around the phrase “nobody expects the Spanish Inquisition.” The Bank of International Settlements (BIS) is like the Spanish Inquisition, only less funny and more predictable than the British surreal comedy group: it is the bearer of orthodoxy, even if it means sending everybody to the stake. Its prescriptions are suicidal in economic terms, wrong from a moral point of view, and unjust from a societal perspective. 

No Picture

World economy 18th June 2014

Let’s hope Alan Krueger is wrong and Janet Yellen right

WASHINGTON | By Pablo Pardo | Maybe central banks and market participants are giving too much weight to the unemployment rate when trying to gauge future inflation. Instead, they should look at the short-term unemployment rate, because the long-term unemployed risk becoming economic pariahs. 

No Picture

World economy 9th June 2014

NSA: Online surveillance is easy and it is cheap

WASHINGTON | By Pablo Pardo | It has been one year since, out of the blue, Edward Snowden came out to tell everybody that the Internet is ‘supervised’ by the NSA. And it has been only four days since British giant Vodafone announced that at least six different governments tap its calls. We have lost our online virginity, in case there were still some who had it (apparently, there were). Now we know that the wandering around Internet is almost as private as yelling in the middle of the street.

credit suisse

Markets 26th May 2014

Credit Suisse: When fines are no longer part of the operational costs

WASHINGTON | By Pablo Pardo | Criticism to the fine imposed by the United States department of Justice to Credit Suisse have been almost universal. For instance, The New Yorker’s John Cassidy has remarked that Credit Suisse’s CEO, Brady Dougan, has said that “we have found no instances where clients cannot do business with us,” as a proof of the lack of impact of the $2.5 bn. (EUR1.9 bn.) fine. 

p28 European elections

In Europe 20th May 2014

EU elections: The iron rule of economic growth and popular support

WASHINGTON | By Pablo Pardo | In 2007, 70 percent of Spanish citizens had a favorable opinion on the EU. After seven years of recession, banking collapses and sovereign debt crisis, support is now at just 50%, two points below the United Kingdom’s. This is not the only area where Euro-skepticism has taken hold in the Spanish public opinion. Only 38 percent of Spaniards believe now that “the [European] economic integration has strengthened the economy.” In Britain, the proportion is 41 percent.

 

fed

Markets 12th May 2014

Nobody waiting for the Federal Reserve

WASHINGTON| By Pablo Pardo | The US private sector already reached the same employment figures it had before the subprime crisis started. This is one of the first solid signs of the so-called Gran Recession at the other side starting to fade. Given that the Federal Reserve has a dual mandate, including price stability as well as full employment, that suggests the still leading world economy- which could become the second after China if the World Bank’s forecast is correct- is beginning to take cruising speed.

 

gary becker

World economy 5th May 2014

Gary Becker: the importance of being born at the right time

WASHINGTON | By Pablo Pardo | The last time I interviewed Gary Becker in his office I told him: “I hope to visit you here in ten years.” It had been almost ten years—December 1996—since I had visited him in his office. He smiled and said: “Well, I hope to be around in ten years.” Unfortunately, his wish was not fulfilled. The interview was on June 7, 2006, so he had just around 7 years and 10 months left to live. Becker, however, had exactly the same appearance the first time I had met him in 1996. He was still playing tennis and swimming.

1 thecorner

Markets 5th May 2014

“We at the IMF see hot spots in the U.S. shadow financial system”

WASHINGTON | By Pablo Pardo | Shadow banking in the U.S. doubles in size to the banking system, just the opposite than in Europe. According to the IMF’s number 3, José Viñals, it’s in the shadow financial where there is “a debt that grows very quickly and investors who are underestimating the risk of certain financial assets.” And he adds: “Careful, we’ve heard that song before.”