Tuesday, October 28, 2014

Why World is Doomed: Starting Reinvention with creative destruction

The chief commentator of the Financial Times, Martin Wolf, calls the unleashing of the capital markets a "pact with the devil... sounds like a plot thought up by Jozef Imrich the young hero faces off against a mafia-like system of left and right extremes!

It isn't necessary, of course, to attend the London conference on "inclusive capitalism" to realize that industrialized countries have a problem. When Berlin Wall came down 25 years ago, the West's liberal economic and social order seemed on the verge of an unstoppable march of triumph. Communism had failed, politicians worldwide were singing the praises of deregulated markets and US political scientist Francis Fukuyama was invoking the "end of history."
Politicians and business leaders everywhere are now calling for new growth initiatives, but the governments' arsenals are empty. The billions spent on economic stimulus packages following the financial crisis have created mountains of debt in most industrialized countries and they now lack funds for new spending programs.
Why Europe is doomed, in 3 paragraphs Washington Post

If there is a rock star among global bank analysts, it's Mike Mayo. The wiry financial expert loves loud ties and tightly cut suits, he can do 35 pull-ups at a time, and he likes it when people call him the "CEO killer."  He was in his late 20s when he arrived on Wall Street, a place he saw as symbolic of both the economic and the moral superiority of capitalism. "I always had this impression," says Mayo, "that the head of a bank would be the most ethical person and upstanding citizen possible." But when Mayo, a lending expert, worked for well-known players like UBS and Prudential Securities, he quickly learned that the glittering facades of the American financial industry concealed an abyss of lies and corruption
Head of a most ethical country in the collapsing world: Putin’s speech at the Valdai Club – full transcript Vineyard of the Saker (Scott)

Let the Democrats Rot Counterpunch

The class warfare of Halloween Cathy O’Neil. Lordie.

The Zombie System: How Capitalism Has Gone Off the Rails Der Spiegel (Jeff J). Would’t call this splits among the elite. More like cracks starting at the edge.

The Best Places to Be an Expat Wall Street Journal (Li). Almost certainly a list for rich expats.