In a bid to make finance safe, we have ended up forcing developing countries to rely on their own resources or on dangerous new benefactors, such as China for funds.
A growing portion of the financial ecosystem has retreated into the shadows where there is neither transparency nor regulation.
On a Sunday night 10 years ago, I...
When governments build barriers to protect companies, then consumers suffer, growth stagnates, and the entire country falls behind the rest of the world.
Over generations, Bihar’s bane has been its utter lack of urbanisation. But now, even Bihar is urbanising. Or let’s say, rurbanising. Two decades under Nitish Kumar have created a new elite in its cities.
Indian govt officials last month skipped Turkish National Day celebrations in Delhi, in a message to Ankara following its support for Islamabad, particularly during Operation Sindoor.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
The free money from Fed or QE was meant to reflate bank balance sheets, which were running on negative equity. Firstly banks took this money and gave it to their trading desks & made outlandish profits for their shareholders but these were not passed on to depositors. Because the personal & commercial lending unit is separate from trading. Secondly the rationale for QE [to sell it to the public in order to use tax payer funds] was that banks would start lending again. This was a lie. They never intended to. Much more profitable to trade it. Thirdly Goldman & Morgan cynically converted to bank holding company in order to be eligible for this free Fed money. Banking has not been boring. In fact there’s not much press on it but banks have been going gangbusters with Free Fed money. Why should they pay depositors any more than zero % ? The handcuffs were needed. Now Trump has removed Dodd Frank, so Wall Street can shoot itself in our feet … again.
The free money from Fed or QE was meant to reflate bank balance sheets, which were running on negative equity. Firstly banks took this money and gave it to their trading desks & made outlandish profits for their shareholders but these were not passed on to depositors. Because the personal & commercial lending unit is separate from trading. Secondly the rationale for QE [to sell it to the public in order to use tax payer funds] was that banks would start lending again. This was a lie. They never intended to. Much more profitable to trade it. Thirdly Goldman & Morgan cynically converted to bank holding company in order to be eligible for this free Fed money. Banking has not been boring. In fact there’s not much press on it but banks have been going gangbusters with Free Fed money. Why should they pay depositors any more than zero % ? The handcuffs were needed. Now Trump has removed Dodd Frank, so Wall Street can shoot itself in our feet … again.