air con

Staggering assessment of the cost of keeping American troops cool….
From NPR
The amount the U.S. military spends annually on air conditioning in Iraq and Afghanistan: $20.2 billion.
That’s more than NASA’s budget. It’s more than BP has paid so far for damage during the Gulf oil spill. It’s what the G-8 has pledged to help foster new democracies in [...]

fast money

From The London Review of Books –

What goes on in stock markets appears quite different when viewed on different timescales. Look at a whole day’s trading, and market participants can usually tell you a plausible story about how the arrival of news has changed traders’ perceptions of the prospects for a company or the [...]

economic hip hop

Two of the Twentieth centuries great economists facing off across the divide of their beliefs. Their only weapons? The flow of their rhyme….

chicken counting, eggs unhatched

For years, the most profitable industry in America has been one that doesn’t design, build, or sell a single tangible thing. A compelling assesment of the finance industry, by John Cassidy, from The New Yorker

A few months ago, I came across an announcement that Citigroup, the parent company of Citibank, was to be [...]

money matters

This excellent article, discusses Alasdair MacIntyre’s views on ethics generally and more particularly his views on finance and the financial sector. Alasdair is notable particularly for his revival of Aristotlean ethics and makes some extremely interesting points regarding the failure of traditional ethical modes in contemporary society.

From the very impressive,  Prospect Magazine
When it comes to [...]

How business works….

The Monster : How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America–and Spawned a Global Crisis
Michael W Hudson
From Investor Insight
Up and down the line, from loan officers to regional managers and vice presidents, Ameriquest’s employees scrambled at the end of each month to push through as many loans as possible, to [...]

Blogger Heroes

This is an interesting story on a number of levels. In the first instance, it is a major piece of investigative reporting that uncovered a systematic abuse of mortgage holders by institutional banks, yet it wasn’t broken by the mainstream media but by bloggers. It is a clear example of  the new paradigm of news distribution in [...]

A world without banks

I don’t know how seriously I take the claims of financiers that say the money market is the dynamo of the economy. It seems that their role in managing demand economies  amounts to nothing more than encouraging bubbles and then getting out before the bust.  The recent enormous and unprecedented investment of public funds to support a [...]

A few euros short….

This is a wonderful story, filled with extraordinary duplicity, intriguing manipulations, astounding figures and one of the world’s oldest and most influential monasteries. Highly recommended.
Vanity Fair has a look at the the plight of the Greek economy,
In just the past decade the wage bill of the Greek public sector has doubled, in real terms—and [...]

Doing Business

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