Markets Archives - Page 680 of 782

The Grand Charade Of UK’s Most Dangerous Banker

Barclays Chief Executive Bob Diamond surprised many this month when he admitted on a lecture broadcast on BBC Radio 4 Today that banks had done a “poor job” of explaining how they contribute to society and that many people had failed to notice how the banks had changed since the 2008 financial crisis. But while Diamond’s statements appear reconciliatory, much of what he said was cosmetic, window-dressing, and lacking in real substance. Has “the most dangerous man in Britain” changed his spots or has this been all one grand charade?

Obama Wants to “Stop Using Taxpayer Money to Buy Swag”

Against a backdrop of massive debt, US President Barack Obama has signed an executive order putting an end to unnecessary federal government spending on giveaways such as t-shirts and key rings.

Are France And Germany Planning A Smaller Eurozone?

Conflicting reports have emerged in reputable news sources on whether stronger eurozone economies such as France and Germany had already been in discussion over the possibility of creating a smaller but more integrated eurozone, which would see a drastic overhaul in the European Union system.

A Global Transcendence of Change – What The 99% Really Want: Joseph Stiglitz

Across the world, protestors are agitating for change. On one level, the protesters are asking for little: a chance to use their skills, the right to decent work at decent pay, a fairer economy and society. Their hope is evolutionary, not revolutionary. But, on another level, they are asking for a great deal: a democracy where people, not dollars, matter, and a market economy that delivers on what it is supposed to do.

Fannie Mae Asks For $7.8 Billion More In Federal Aid

The Federal National Mortgage Association, more commonly known as Fannie Mae, announced on Tuesday that it would require a further $7.8 billion in federal aid from the US Treasury Department in order to stay afloat, after reporting third-quarter losses of up to $5.1 billion.

Australia Green Lights Pay-to-Pollute Tax

In a move aimed at lowering carbon emissions, Australia sent a strong message Tuesday that there is a hefty price to pay for pollution and climate change.

After many years of fierce debate, the Australian Senate approved the Clean Energy Act by 36 to 32 votes, breaking out in cheers and applause after the outcome was drawn requiring Australia’s coal-fired power stations and other major carbon emitters to pay-to-pollute.

A New Russian Empire: What Exactly Is Putin Planning?

If Russia has its way, a Eurasian Union (EuU) will be formed by 2015 – comprising of Russia and many of its former territories under the old Soviet Union regime. The EuU, while not a recreation of the Soviet Union, is a representation of a new Russian empire that will serve the nation’s strategic and economic needs; even at the expense of a new confrontation with the US.

Shadow Banking Outperforms its Pre-Crisis Levels

In a time when the banking and finance industry is fighting to maintain profitability, the shadow banking system has managed to surpass its pre-crisis level, growing bigger than it was before the financial crisis.

The Blame Game: If The Banks Didn’t Cause The Financial Crisis, What Did?

For a few years now, the banking industry has shouldered much of the blame for the massive financial crisis that is threatening the health of the global economy, while many others have been quick to point out the glaring lack of financial regulation. But, interestingly, there is now a growing awareness of what is known as the “shadow banking system” and findings have shown that they may have been the ones who caused the crisis after all.

Reclaiming Economics As A Moral Science

Many believe that science is about innovation that can improve the living conditions of humanity. For decades, the study of economics was conceived and taught as a “moral science,” until the fateful day Cambridge University decided to categorize economics under the school of “social science.” One of this year’s Nobel Prize winner for economics is a keen advocate of efficient markets, a school of thought that has contributed much to the current financial meltdown. In light of the current economic crisis, we wonder: What has economic science done for humanity?