7th November 2011
There was a popular saying on Wall Street during the recent credit bubble: "When the tide is high, nobody knows you are swimming naked." So if we apply this expensive lesson learned from Wall Street, it's hard not to suspect that a lot of people have been swimming naked in China in recent years as well. The Diplomat
"Harvard grads frequently go on to highly influential jobs on Wall Street, at think tanks, and in government. Did the principles they learned in their alma mater's most popular class cause America's financial crisis and growing wealth gap?" Good
Joseph Stiglitz analyses the protest movement that has now become global, with the protests engulfing Wall Street. Pointing to the rise in inequality, the contrast between overregulated democracy and unregulated bankers have not gone unnoticed by protesters. Project-Syndicate
Former Bank of England MPC member Andrew Sentence offers four ways in which the committee should be reformed. Here's one: "the MPC mandate should be tightened to counter the reinterpretation and redefinition of inflation target which has occurred over the past couple of years." Bullion Vault
Peter Morgan criticises the Bank of England for subsidizing the housing market by setting low interest rates. "As soon as house prices start to fall dramatically the false sense of wealth will disappear and the impact low interest rates will have on aggregate prices will go with it." Adam Smith
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