Comment, analysis and more from Tuesday's FT, Jagdish Bhagwati: Shame on you, Mr Obama, for pandering on trade President Barack Obama infamously killed the multilateral Doha Round last December by instructing his representative at the World Trade Organisation to be a "rejectionist" negotiator, writes Bhagwati, a professor of law and economics at Columbia University. Mr Obama is wet behind the ears on outsourcing, and his surrender to the "manufactures fetish" is a disaster. Philip Stephens: The way to cut bonuses is to scrap public subsidies for banks Few will shed tears for Fred Goodwin or Stephen Hester, writes the FT's Stephens. Bill Gross: Zero-based money risks trapping recovery Isaac Newton may have conceptualised the effects of gravity when that mythical apple fell on his head, but could he have imagined Neil Armstrong's hop-skip-and-jumping on the moon, or the trapping of light inside a black hole? Probably not, writes Gross, the founder and co-chief investment officer of Pimco. Minsky, originator of the commonsensical "stability leads to instability" thesis; the economist with naming rights for 2008"s "Minsky Moment"; the exposer of the financial fragility of modern capitalism; probably couldn't imagine the liquidity trap qualities of zero-based money, because who could have conceived 30 or 40 years ago that interest rates could ever approach zero for an extended period of time? Editorial on EBA It has long been plain that European banks need more light shone on their exposures and a stronger capital footing, says the FT.. Dambisa Moyo: Africa can remind the world of the capitalist way Take a walk in downtown Lagos and you'll see bustling shopping malls and streets populated not just by domestic restaurant chains but increasingly by global brands like KFC, which will soon have 20 restaurants in Nigeria, and Walmart, which is expected to soon open two flagship stores, writes Moyo, author of Dead Aid, How the West Was Lost and the forthcoming book Winner Take All. Lex on China and Europe China's position on bailing out the eurozone is as ambivalent as, well, Germany's, says Lex. This entry was posted by Kate Mackenzie on Tuesday, February 7th, 2012 at 7:35 and is filed under Uncategorised.