A future climate disaster, or “green swan” event, could bring down the global financial system, according to a new report from the Bank for International Settlements (BIS), an international financial organization that serves as a bank for central banks around the world.
As each ten-year milestone approaches – from the collapse of Lehman Brothers on September 2008 to the G20 London Summit held on 2 April 2009 – much will be written about the role of each of the major culprits: the reckless bankers, the weak regulators, the captured credit rating agencies and the blind economists. But what about civil society? What is there to learn from the experience of the financial crisis, and what does this mean for the future of civil society?
The problem with the Eurozone is that it is a monetary union that does not have the necessary requisites of a fiscal union and political union that would set up the rules and mechanisms to allow the central authorities to move capital from surplus to deficit regions.
…[T]he transfer of wealth that has been created, that has been taken from the saver and from the taxpayer to “mend the financial system” or to keep it from falling off the cliff is extraordinary.
You probably know the joke that starts with the question "how do economists hunt bears?"
A few stories from a single issue of the Financial Times show how little things have changed, and how few lessons have been learned, since the 2008 financial crisis.
The latest World Economic Outlook from the International Monetary Funds (IMF) paints a gloomy picture of slowing growth across the world.
I think we’ve got to the point where we have to name British politics for what it has become: a wholesale looting of the state and the public, with the complicity of the political class, to reward the financial sector.
Tourism is also quickly gaining a new status of fundamental resource in the Italian economy.
Money can be looked at as a marker for energy (alternatively; money is a claim on energy). As energy prices rise and/or energy supplies decline, this will depreciate the purchase value of money (and other paper constructs representing money).
Last year, Sofia witnessed first hand the near complete collapse of the island’s economy…