In its financing attempts that brought the resource-rich country to become indefinitely indebted for a long time, the Government of Angola sought a US$15 billion loan from China (one of many) last May. Just as this latest round of financing commenced, Standard and Poors downgraded Angola’s sovereign credit rating to B- due to concerns about […]
Continuing coverage on the Rise of State-sponsored Capitalism” href=”http://globaleconomy.foreignpolicyblogs.com/2009/05/09/the-rise-of-state-sponsored-capitalism/” target=”_blank”>I’ve written about frequently here in my Global Markets blog — namely the Chinese state’s spin on capitalism. Though there were many critics early on — and still are in many quarters — who argued that China’s state-managed version of capitalism was unsustainable, it seems the long-term sustainability of so-called ‘State Capitalism‘ has been proven, and is even gathering steam in unlikely places — India, Cuba, Vietnam and the Middle-East to name a few — with great success. It’s a trend that Western financial centers should be attuned to, nor should it be dismissed as the global financial architecture continues to evolve following the global financial crisis.
Trade, global economic competition, job growth, the Federal deficit, spending cuts, taxes, infrastructure investments and technology innovation were the focus of President Obama’s annual State of the Union address to a newly divided Congress last night.
The U.S. Senate this week passed a sweeping bank regulation bill that will make major changes to the U.S. financial system. The legislation cracks down on banks and Wall Street in the hopes of avoiding another major financial meltdown.
The U.S. Senate had finally, and unexpectedly, passed the much ballyhooed Wall Street Reform legislation. The Senate vote, 59-39, represents a major achievement for the Obama administration despite strong GOP opposition and coming just months after the historic, but substantially watered-down, Healthcare reform package.
Wall Street reform bill is taking that rarest of paths as it meanders through the Senate: it’s actually gaining tougher provisions against the industry as it proceeds, not being watered down to win votes as health care reform was. And that puts the president’s opponents, Republicans, in an increasingly difficult position.
Financial Regulatory Reform Update from around the horn for the week of 11 May 2010.
Today’s precipitous sell-off in US Markets – the most volatile single day of trading in Wall Street history – my most recent read, After the Fall: Saving Capitalism From Wall Street & Washington, by Nicole Gelinas of the Manhattan Institute, is suddenly very relevant. Her premise is that robust financial markets support capitalism, they don’t imperil it.
Chronicles the rise and fall of the efficient market theory and the century-long making of the modern financial industry, Justin Fox’s The Myth of the Rational Market is as much an intellectual whodunit as a cultural history of the purveyors, the perils and possibilities of financial risk.
The latest from Davos: global bank regulators unite to urge large banks to embrace reform. Regulators also endorsed the more aggressive efforts by the U.S. (Obama) administration.
Daily update of talking points, central issues being discussed in Davos’ World Economic Forum 2010 by world leaders in politics, finance, central banks, corporate, energy, lobbyists and philanthropy.
Finally capitulating to voter outrage, and the very kind of “Change” he campaigned on last year, President Obama proposed tough new financial industry restrictions under what he called “the Volcker Rule” – named after Paul Volcker, the former Fed Chair.
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