How to Use Fiscal and Monetary Policy to Make Us Rich Again

During the post war Golden Age, from 1950 to 1973, US median real wages more than doubled. Today, they are lower than they were when Jimmy Carter was President. If you want an explanation why Americans are pessimistic about their future, that is as good a reason as any. In a recent article, Noah Smith [...]

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How Capitalist Central Banks Have Been Creating the Next Financial Crisis

As central bankers, finance ministers, and government policy makers head off to their annual gathering at Jackson Hole, Wyoming, this August, 24-26, 2017, the key topic is whether the leading central banks in North America and Europe will continue to raise interest rates this year; another topic high on the agenda is when the three [...]

The real economy has little to gain, and much to lose

When tighter regulations were imposed on the banks after the Financial Crisis, the largest among them, the very ones that threatened to bring down the financial system, began squealing. Those voices are now being heard by Congress, which is considering deregulating the banks again. In particular, they claim that current capital requirements force banks to [...]

Equifax Executives Sold $1.8M in Stock Before Disclosing Massive Data Breach

the credit reporting agency Equifax said Thursday that a software vulnerability left personal information for 143 million people exposed to hackers, in one of the largest data breaches in U.S. history. Equifax said the information included Social Security numbers, driver’s license information, credit card numbers and other data. Bloomberg reports that just days after learning [...]

Ex-Banker Gets 7 Years in Prison for Taking Bribes While African Minister

A Guinea-born former Wall Street banker was sentenced to seven years in prison for laundering $8.5 million in bribes that he took while a government minister in the West African country. Mahmoud Thiam was convicted in May of taking illegal payments to help China International Fund Ltd. win exclusive rights to mine Guinea’s iron, gold, [...]