Zeros by the dozen

Reuters

BRIC woes make African economies shine brighter

Growth gap

Climate change tail risks aren't like Wall Street's

Sting in the tail

Dissing Uncle Sam is a low-cost political tactic

Hegemon light

Broken BRIC

US jobs data entrench slow-growth economy

Groundhog month

Business Standard

Boring US growth is here, clear, get used to it

New normal blues

Obama's African power plan echoes 1930s US moves

Power to the people

Bernanke's legacy at Fed won't be his to forge

Managing expectations

Junk-jobs nation

Currency wars worsen risk of trade insurgencies

Trading down

Margaret Thatcher's government was Schumpeterian: it destroyed as well as created

Thatcher's economic revolution was not bloodless

BRICS inch towards alternative to dollar bloc

BRICS bloc

Rousseff's popularity a lagging economic indicator

Short-term high

Venezuela's new capital controls just won't work

Rube Goldberg device

Fed's supertanker looks destined to make big waves

Watch the wake

Latin America can't afford parochial finance

Goodbye cruel world

US stocks may soar higher - only to crash-landThe S&P 500 Index of US stocks is nearing a new record close to eclipse the peak of 1,565.15 set in October 2007. Simple interest-rate based valuations, such as the so-called Fed model, suggest the benchmark could more than double again - but on long-term assumptions, it would then crash-land.The Fed model equates the earnings yield on stocks with the prevailing 10-year Treasury bond yield. This yardstick proved a reasonable predictor for shares between 1982 and 2007, with stock markets rising as interest rates fell. The relationship has broken down since then.The model named for the Federal Reserve is flawed, accounting neither for the inflation protection built into stocks nor, on the downside, for the extra risk of stock over US government bonds. Nevertheless, ultra-low interest rates tend to push stock prices higher. Were the S&P 500 to align with the Fed model so the earnings yield equaled today's two per cent return on 10-year

Bubble trouble

US economy warming up - for those participating

It's cold out there

Chavez's economic programme did everything but work

Hugone

Mexican manufacturing puts China, Brazil in shade

Martin Hutchinson