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Why China Crushed Its Own Tech Giants
In late 2020, Beijing did the unthinkable: it attacked its own champions. Trillions in market value vanished, the world’s largest IPO was halted, and entire industries were banned overnight. Western investors called it “economic suicide,” but they were looking at stock prices while China was looking at its society. This episode explains why the “Golden […]
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How Unelected Regulators Unleashed the Derivatives Monster and How It Might Be Tamed
It was not the highly visible acts of Congress but the seemingly mundane and often nontransparent actions of regulatory agencies that empowered the great transformation of the U.S. commercial banks from traditionally conservative deposit-taking and lending businesses into providers of wholesale financial risk management and intermediation services. — Professor Saule Omarova, “The Quiet Metamorphosis, How […]
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The Public Bank That Wasn’t: New Jersey’s Excursion into Public Banking
In 2017, Phil Murphy, a former Goldman Sachs executive, made the establishment of a public, state-owned bank a centerpiece issue during his run for New Jersey governor. He regularly championed public banking in speeches, town halls and campaign commercials. He won the race, and the nation’s second state-owned bank following the stellar model of the Bank […]
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Defusing the Derivatives Time Bomb: Some Proposed Solutions
The “protected class” is granted “safe harbor” only because their bets are so risky that to let them fail could crash the economy. But why let them bet at all? This is a sequel to a January 15 article titled “Casino Capitalism and the Derivatives Market: Time for Another ‘Lehman Moment’?”, discussing the threat of […]
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Casino Capitalism and the Derivatives Market: Time for Another “Lehman Moment”?
Reading the tea leaves for the 2024 economy is challenging. On January 5th, Treasury Secretary Janet Yellen said we have achieved a “soft landing,” with wages rising faster than prices in 2023. But critics are questioning the official figures, and prices are still high. Surveys show that consumers remain apprehensive. There are other concerns. On December 24, 2023, Catherine […]
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“The Great Taking”: How They Can Own It All
“’You’ll own nothing and be happy’? David Webb has gone through the 50-year history of all the legal constructs that have been put in place to technically enable that to happen.” [Oct 2 interview titled “The Great Taking: Who Really Owns Your Assets?”] The derivatives bubble has been estimated to exceed one quadrillion dollars (a […]
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Squeezed by the Shorts: Time to Ban Short Selling?
Short sellers have made a killing in the recent banking crisis, scalping $14.3 billion from bank stock owners just in March of this year. Short sellers “borrow” stock they don’t own and immediately sell it, driving the price down. Then they buy it back at the lower price, return the stock, and pocket the difference. […]
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Give More Bite of the Apple to Charity
Here is a letter that Steve Clifford and I sent to the CEO Tim Cook of Apple corporation, whose percentage of charitable giving relative to its taxable income is astoundingly low as compared to other corporations noted below. Apple should increase its charitable giving. April 24, 2023 Tim Cook, CEO Apple, Inc. One Apple Park […]
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Laying Bare the Adani Group
There is nothing Gautam Adani will not do for money. In this sense, he is admirably dedicated to greed, so much so he has become its foremost caricature worthy of permanent enthronement. Mark this man’s name in the scriptures of eternity: There was nothing he did not do for the filthy lucre. For the unfamiliar […]
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