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peter schiffer

The Corrupt Banking System - 0 views

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    The Corrupt Banking System
Skeptical Debunker

Lawrence Lessig: Systemic Denial - 0 views

  • So in coming to this meeting of some of the very best in the field -- from Elizabeth Warren to George Soros -- I was keen to hear just what the strategy was to restore us to some sort of financial sanity. How could we avoid it again? Yet through the course of the morning, I was struck by two very different and very depressing points. The first is that things are actually much worse than anyone ever talks about. The pivot points of our financial system -- the infrastructure that lets free markets produce real wealth -- have become profoundly corrupted. Balance sheets are "fictions," as Professor Frank Partnoy put it. Trillions of dollars in liability hide behind these fictions. And as expert after expert demonstrated, practically every one of the design flaws that led to the collapse of the past few years remains essentially unchanged within our financial system still. That bubble burst, but we can already see the soaring profits of the same firms that sucked billions in taxpayer funds. The cycle has started again. But the second point was even worse. Expert after expert spoke as if the problems we faced were simple math errors. As if regulators had just miscalculated, like a pilot who accidentally overshoots the run way, or an engineer who mis-estimates the weight of cargo on a plane. And so, because these were mere errors, people spoke as if these errors could be corrected by a bunch of good ideas. The morning was filled with good ideas. An angry earnestness was the tone of the day.
  • There were exceptions. The increasingly prominent folk-hero for the middle class, Elizabeth Warren, tied the endless list of problems to the endless power of "the banking lobby." But that framing was rare. Again and again, we were led back to a frame of bad policies that smart souls could correct. At least if "the people" could be educated enough to demand that politicians do something sensible. This is a profound denial. The gambling on Wall Street was not caused by the equivalent of errors in arithmetic. It was caused by a corruption of the system by which we regulate those markets. No true theorist of free markets -- and certainly none of the heroes of even the libertarian right -- believe that infrastructure markets like financial systems can be left free of any regulation, including the regulation of rules against fraud. Yet that ignorant anarchy was the precise rule that governed a large part of our financial system. And not by accident: An enormous amount of political influence was brought to bear on the regulators of these core institutions of a free market to get them to turn a blind eye to Wall Street's "innovations." People who should have known better yielded to this political pressure. Smart people did stupid things because "the politics" of doing right was impossible. Why? Why was their no political return from sensible policy? The answer is so obvious that one feels stupid to even remark it. Politicians are addicts. Their dependency is campaign cash. And in their obsessive search for campaign funds, they let these funders convince them that for the first time in capitalism's history, markets didn't need the basic array of trust-producing regulation. They believed this insanity because it made it easier for them -- in good faith -- to accept the money and steer financial policy over the cliff. Not a single presentation the whole morning focused this part of the problem. There wasn't even speculation about how we could build an alternative to this campaign funding system of pathological dependency, so that policy makers could afford to hear sense rather than obsessively seek campaign dollars. The assembled experts were even willing to brainstorm about how to educate ordinary Americans about the intricacies of financial regulation. But the idea of changing the pathological economy of influence that governs how Washington governs wasn't even a hint. We need to admit our (democracy's) problem. We need to get beyond this stage of denial. We need to recognize that until we release our leaders from a system that forces them to ignore good sense when there is an opportunity for large campaign cash, we won't have policy that makes sense. Wall Street continues unchanged because the Congress that would change it is already shuttling to Wall Street fundraisers. Both parties are already pandering to this power, so they can find the fix to fund the next cycle of campaigns. Throughout the morning, expert after expert celebrated the brilliance in Franklin Roosevelt's response to the Nation's last truly great financial collapse. They yearned for a modern version of his system of regulation. But we won't get to Franklin Roosevelt's brilliance till we accept Teddy Roosevelt's insight -- that privately funded public elections tend inevitably towards this kind of corruption. And until we solve that (eminently solvable) problem, we won't make any progress in making America's finances safe again.
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    Everyone recognizes that our nation is in a financial mess. Too few see that this mess is not simply the ordinary downs of a regular business cycle. The American financial system walked the American economy off a cliff. Large players took catastrophic risk. They were allowed to take this risk because of a series of fundamental regulatory mistakes; they were encouraged to take it by the implicit, sometimes explicit promise, that failure would be bailed out. The gamble was obvious and it worked. The suckers were us. They got the upside. We got the bill.
Leonardo Gottems

Disruptive Innovation, high taxes, and corruption influence Brazil's growth: Liberty Su... - 0 views

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    The Fórum da Liberdade (Liberty Summit) took place at the PUC-RS in Porto Alegre on past Monday and Tuesday. The event has been happening for 25 years to talk on issues related to economic freedom, entrepreneurial ideas, and individual rights. This year's summit discussed "2037: que Brasil será o seu?" ( 2037: how your Brazil will be like). Fórum da Liberdade is held yearly by the Brazilian Institute of Business Studies (IEE).
Fiona C

Corporate hospitality and M&A in emerging markets = corruption risk? - 0 views

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    Many companies are not aware of the new set of risks they face resulting from the new UK Bribery Act (April 2010). Here are some of the issues.
arjun aswal

Azeem Ibrahim: Malaise in Malaysia: Corruption in High Places - 0 views

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    A self-made success in a number of diverse fields, Glasgow-born Azeem Ibrahim has been described by his peers as a brilliant young scholar, financial wizard and last of the true remaining polymaths. In 2007, Azeem became the youngest person on Carter Anderson's UK Power 100 list, which described him as one of the most influential and highest-achieving people in Britain. The same year Azeem was included in the Observer Courvoisier Future 500 - a definitive list of the nation's most forward-thinking and brightest young innovators.
azharp1

Online Payments Made Easy - 0 views

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started by azharp1 on 22 Nov 16 no follow-up yet
azharp1

Online Payments Made Easy - 0 views

Payoneer provides innovative solutions for both private and corporate clients who need to send & receive payments from abroad. The way they operate is via the creation of collection accounts abroad...

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started by azharp1 on 22 Nov 16 no follow-up yet
Arabica Robusta

What's the new global source for fresh, shiny produce? Famine-ridden Ethiopia - 1 views

  • The new scramble for Africa was triggered by a convergence of events: surging demand for biofuels, rising consumption patterns in China and India and the 2008 global food crisis, when the price of corn and wheat tripled, almost overnight. Responding to sudden hyperinflation, rioting and panic buying, at least 30 countries, including Argentina, Vietnam, Brazil, Cambodia and India, banned or sharply reduced food exports. In short order, Japan and South Korea, who import 70 per cent of their grains, joined a parade of countries turning to Africa to lock in means of production beyond their borders.
    • Arabica Robusta
       
      Goldman Sach's food speculation is worthy of mention here.
  • When it emerged that Daewoo, the South Korean giant, had signed a 99-year lease granting it close to half of Madagascar’s arable land, protests broke out in Antananarivo, the country’s capital, eventually sinking both the deal, and the president.
  • as Heilberg told the German magazine Der Spiegel after closing the deal in Darfur, “When food becomes scarce, the investor needs a weak state that does not force him to abide by any rules.” Sudan, a dictatorship ranked among the five most corrupt countries on the planet, certainly qualifies. Heilberg’s deal was approved by the deputy commander of Sudan’s People’s Liberation Army (SPLA), the official army of semi-autonomous southern Sudan. “This is Africa,” he recently told Rolling Stone. “The whole place is like one big mafia. I’m like a mafia head. That’s the way it works.”
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  • Some African intellectuals bridle at Western criticism of the play on Africa. “They’re here because we want them here,” says Teshome Gabre-Mariam, one of Ethiopia’s top lawyers. “We can’t ignore the development potential of this venture. We have everything to gain, nothing to lose.”
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    Every day, a workforce of 1,000 locals pick, pack and load hundreds of tons of fresh produce onto waiting trucks, including 30 tons of tomatoes alone. After reaching the capital, Addis Ababa, the produce is flown to a handful of Middle Eastern cities, entirely bypassing Ethiopia, one of the hungriest places on the planet. The trip from vine to store shelf takes less than 24 hours. It's the latest project by Saudi oil and mining billionaire, Sheikh Mohammed Al Amoudi. And it may be the future of farming.
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Alex Parker

Dams be damned: is hydropower holding countries back? - 1 views

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    A 2000 report by the World Commission on Dams showed a huge fall in popularity, leading some to declare the era of the dam was over. Almost two decades on and they are enjoying something of a renaissance. Andrew Tunnicliffe speaks with Professor Benjamin Sovacool about the impact dams have on the socioeconomics of a country and why corruption is often rife.
Arabica Robusta

In India the granaries are full but the poor are hungry | World news | Guardian Weekly - 4 views

  • because the public distribution system (PDS) is undermined by bureaucracy and corruption, 60m tonnes of grain is lying in warehouses or under plastic sheeting, and, according to the Hindustan Times, 11m tonnes of it has been destroyed by the monsoons.
  • Since the 1970s green revolution, agricultural production has continued to rise, but not to benefit the hungry. Half of India's children aged under five suffer from malnutrition, and the rate remained stable between 1999 and 2006 despite the economic growth in those years. India is the world's 11th largest economic power but still has more people in poverty than sub-Saharan Africa, even though it has not suffered from civil wars and political crises.
  • A universal public distribution system would be a life-saver for the hungry, while for the others it would be a form of financial support and social security," explained Jean Drèze, an economist and member of the Right to Food movement. But he estimates the cost of the reform to be more than $21.8 billion. Is the country prepared to devote 1.5% of its GDP for the fight against hunger? The answer will lie in the government's Right to Food Act, which should be revealed before the end of the year.
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