Technical change that has spread to many countries and is biased toward using more skilled labor and capital is a major source of greater income inequality, but it is also a major source of economic growth. Since economic growth has been a major source of poverty reduction since the Industrial Revolution, it would be prudent to recognize that redistribution policies come at a cost.
Category: Politics
A Grieving Father Pulls a Thread That Unravels BNP’s Illegal Deals
A bus bombing two decades ago — and a New Jersey father’s quest for justice — inadvertently set off a chain of events that led American prosecutors to accuse some of the world’s biggest banks of transferring money for nations like Iran.
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“The fact that our case laid the groundwork for these actions is really a tribute to Alisa who would be 40 this year,” he said.
What Timothy Geithner Really Thinks
Geithner paused for a moment. “Can you design a system ever that allows you to be indifferent to the failure of any institution, in any state of the world?” he asked aloud before answering his own question. “You can design a system, and I think we have, that allows you to be indifferent in most states of the world: the five-year flood, the 15-year flood, the 30-year flood, maybe even the 50-year flood,” he said. “But there are constellations of storms, of panics, of fires that are so bad that it’s very hard to imagine that you could be indifferent to the failure of the financial system.”
Credit Suisse Helped U.S. Clients Hide Assets
I am pretty sure these clients were part of a jury, selecting the 2014 Swimsuit models for SI.
The report describes one instance in which a Credit Suisse banker “traveled to the United States to meet with the customer at the Mandarin Oriental Hotel and, over breakfast, handed the customer bank statements hidden in a Sports Illustrated magazine.”
And then, the Goldman Sachs elevator,
One client also recalled, when visiting a Credit Suisse office, taking an elevator with “no buttons” that was “controlled remotely.”
How to Resolve the Fiscal Problems of Southern Europe?
As the Greek case shows, citizens cannot endure privations for a long period of time.
A very interesting chronological review of the events that undermined Baltic republics which then spread to the Southern Europe.
Abnormal Capitalist 