Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
The structure of the euro zone has "doomed" the euro currency to "failure," and if changes aren't made, the region could suffer a break-up, Nobel prize–winning economist Joseph Stiglitz said Tuesday.
"Unless they put in place the kinds of institutions we have in the United States that do allow a single currency to work, they are going to face the real threat of some form of a break-up," the Columbia University professor said in an interview with CNBC's "Power Lunch."
The problem is when the euro was constructed, two important mechanisms of adjustment used when a country hits a shock — the exchange rate mechanism and the interest rate — were taken away, he explained.
"Then instead of putting something into place, they tied the hands of Europe further by restricting the ability to use fiscal policy, and then they told the central bank to … focus mainly on inflation."
Stiglitz, who is the author of the new book "The Euro: How a Common Currency Threatens the Future of Europe," believes the euro zone is trying to have it both ways, living in what he calls a "halfway house," which is "unsustainable."
He believes it will have to do one of two things. It can move toward "more Europe," which means putting in additional institutions like a banking system. He also would like a way to mutualize debt and would like to see the mandate for the European Central Bank change.
"These are not big changes economically, but they are bigger than the politics seem to allow for today. And the result of that is if they don't make those changes, it's really hard to see how the single currency will survive," Stiglitz said.
The euro zone can also go toward less integration, "which means some form of an amicable divorce, perhaps a breaking up into two or three regions, some kind of flexible euro system," he said.