I’ve been gobsmacked to see that not only is Larry Summers on various short lists of candidates to become the next Fed chairman, but that Summers is also supposedly closing in on the favorite, Janet Yellen.
Read more...It may seem a bit presumptuous to question how Edward Snowden has conducted his affairs so far. After all, he is still alive and not in the tender care of the so-called American justice system, despite having crossed the surveillance arm of the world’s only superpower and fomenting multiple diplomatic uproars. And the political part of Snowden’s project seems to be going as well as he could have hoped.
But it isn’t clear Snowden has been as adept in his personal affairs of late. His press conference in Russia may have made a tenuous situation worse.
Read more...If oil and gas is a profoundly dynamic phenomenon, then so too must be environmental risk and conflicts over natural resources—and we are not getting the full picture from the mainstream media, according to Michael T. Klare, professor of peace and world security studies at Hampshire College, TomDispatch blogger, and author of Rising Powers, Shrinking Planet: The New Geopolitics of Energy (Metropolitan Books, 2008). As risk multiply, conventional sources evaporate and we are left with “extreme” energy, renewables may be the only way to avoid war and disaster.
Read more...The status of the US dollar as the world reserve currency gives the US tremendous advantages. Among them: it allows the Fed to export inflation, while the Federal Government can run a huge deficit with impunity. But now an angry Russia has had enough!
Read more...More about a possible link between bankrupt Irish ex-billionaire Sean Quinn’s asset hiding activities and the Taylor family’s company registration businesses (GT Group and successors)
Read more...Is there a connection between New Zealand’s Ian Taylor and Sean Quinn, Ireland’s asset-hiding bankrupt? Could be…
Read more...In my last post on the attempts to clamp down on New Zealander Ian Taylor’s buccaneering (ahem) company registrations, which have facilitated arms-smuggling and massive moneylaundering, I wrote of his latest venture
Read more...Naturally, various official and unofficial sleuths will now be sniffing after this new firm and the “reputable Asian jurisdiction”…
One awaits the next grisly sightings of Taylor’s legacy, registered in “Asia”, or Delaware, or London, or wherever.
It appears that New Zealand’s company incorporation regime has soiled itself, lavishly, again. This time, the Russian mafia appear to be involved.
Read more...There is so much crookedeness among our elites that it’s hard to know, absent more systematic study, whether Harvard is playing a leading role in this decline.
However, the glaring gap between Harvard president Drew Faust’s talk on ethics and her recent actions has stuck with me and I’ve concluded it merits discussion.
Read more...More old and new delights from the little shop of horrors that is the New Zealand Company Registry
Read more...A recent post by Ezra Klein, “What ‘Inside Job’ got wrong,” manages the impressive feat of being spectacularly off base, rhetorically dishonest, and embarrassingly revealing of the lack of a moral compass all at once.
Since being off base is a major part of Klein’s brand, I suppose one should not be surprised; those who’ve had the good fortune to have limited contact with his output can read Jon Walker’s “Ezra Klein: Insurance Exchanges Don’t Work and Must be Expanded Dramatically,” or Physicians for a National Health Care Program’s “Does Ezra Klein really think ‘managed care didn’t kill anyone’?” for two of many examples.
I’m going to shred this piece in some detail, first, because it will be entertaining, and second, I hope that it will encourage readers to take a cold, bloodyminded look at the excuses made for malfeasance in our elites.
Read more...We wrote a couple of days ago about the young versus old economy struggle over who will be the next leader of the IMF in the wake of Dominique Strauss-Kahn’s resignation. Ever since its inception, the IMF had had a European in charge. Christine Lagarde, the finance minister of France, is the favorite, and the US and Europe have enough votes to determine the outcome.
Representatives of several emerging economies voiced their objections, pointing to a comment made by Jean-Claude Junker, president of the Euro group, in 2007: “The next managing director will certainly not be a European”.
The Financial Times reports that the unhappiness has gone beyond complaints in the media to an open rift.
Read more...By Satyajit Das, the author of “Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives”
Martin Gilman (2010) No Precedent, No Plan: Inside Russia’ 1998 Default; MIT Press, Cambridge, Massachusetts
Victor C. Shih (2008) Factions and Finance in China; Cambridge University Press, Cambridge, Massachusetts
Carl E Walter and Fraser J. T. Howie (2010) Red Capitalism: The Fragile Financial Foundation of China’s Extraordinary Rise; John Wiley, Singapore
According to myth, Russian minister Grigory Potyomkin ordered the erection of fake settlements, consisting of hollow facades of villages along the Dnieper River, to impress Empress Catherine II, about the value of her new conquests during her visit to Crimea in 1787. More than two centuries later, emerging market nations have borrowed the strategy. These three books provide insights into the Potemkin-village-like structure of emerging economies.
The Pentagon, to secure supply lines, is effectively making payments to warlords in Afghanistan. Not only is that undermining the central government (as in by reinforcing competing centers of power), but it also appears to be helping to fund the insurgents. Now before you put that overview in the “You cannot make this stuff up” […]
Read more...It’s easy for Americans to pooh-pooh bearish talk about the dollar. Yet the sterling was once the reserve currency, and has fallen, what, by 80% since it lost its standing. With increasingly dubious accounting and lax enforcement, the US capital markets no longer stand out by virtue of being better regulated. Yes, they still may […]
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