Archive for October, 2011
"What exactly would I be doing?"’ I asked my interviewers. They explained that the intern would work mainly on a campaign for corporations to pay all employees a living wage…Didn’t they find it a bit ironic, I asked, that they were looking for an unpaid intern?"
Alaska’s Billion Dollar Mountain — How Jim McKenzie acquired the mining rights to a mountain of rare earths worth billions. "I didn’t think I’d get into the minerals business. It looks like I orchestrated this brilliant move, right? But it’s just inadvertent luck”
Will the Eurozone’s bailout attempt fail? "Undermining the value of CDS insurance could deeply distort the market. If banks or other investors lose faith in their ability to hedge risks, they will be tempted to cut back on risk or demand higher yields."
New Technologies Redraw World Energy Picture — Good primer on complicated subject. Giant new oil and (especially) gas fields will extend era of affordable fossil fuels. On the face of it, good news for consumers. But bad news for alternative fuels, and for the environment
#OWS: One Insider’s View On How Banking Lost Its Way — Former derivatives trader, now successful VC, with sharp analysis of banking crisis and need for reform.
The story of the last three decades is not the story of government starved of funds by rich people. It’s a story of public sector that has consistently done less with more, a liberalism that defended the interests of unions, affluent seniors, the education bureaucracy — rather than the middle class.
"Trade with developed nations helps developing countries expand labor rights themselves. Why? International trade gives producers incentives to meet the standards of their export markets."
16:54 < novochar> Are there examples of small companies that make money from trading stocks or FX not paying outrageous of money for their internet connection? 16:55 < novochar> I’m wondering if I were to spend 10 years developing FX trading software, would there be any payoff
I was going to link to today’s episode of Global Public Square, but since it ended just a minute ago, I’ll be quoting the transcript.
Remember, Sachs was the one who advocated radical privatization and “shock therapy” in the 1980s. He has advised international banking institutions and governments in favor of highly deregulated free markets.
Yet recently, he came out in support of Occupy Wall Street.
Today, on Fareed Zakaria’s GPS, he was attacked by Niall Ferguson, who used Sachs’ own past policies as ammunition:
SACHS: I’m talking about investment in education. I’m talking about investment in job skills. I’m talking about investment in science and technology. Talking about investment in 21st century infrastructure. And we’ve been for 30 years demonizing government. We’ve been demonizing taxation. We have neglected to understand that a proper economy runs on two pillars, a market and government. And until we come back to that basic level of understanding that we need a mixed economy, not just a market economy, we’ll continue to fail.
ZAKARIA: Final thought on -
FERGUSON: Well, I’m sure the Chinese are listening to this debate with glee thinking, well, there are still academics in the west who think that the route to salvation is to expound the role of the state because that’s certainly not what is happening in China. It is not what is happening in India. It is not what is happening in Brazil. The most dynamic economies in the world today are the ones which are promoting market reforms and reining in the rule of the state which in those countries grew hypertrophically (ph) in the 20th century and that is a big problem in Jeff Sachs’ argument.
SACHS: Thank you for the lecture. But the catching up phenomenon is quite different from the problems that the United States or other high income societies face right now, and for us -
FERGUSON: The problem is the falling behind phenomenon.
SACHS: — and for us to be able to have high prosperity at the living standards we want, we need training, we need education. We need infrastructure. We need governments that can pay for that.
FERGUSON: But you forgot and we need higher progressive taxation on the private sector, because that’s the most important part –
SACHS: And we need the rich to pay their way, absolutely. Because they’ve run away with the prize. And they’ve run away with the -
FERGUSON: There’s a simplification.
ZAKARIA: Unfortunately -
SACHS: Part of the solution, stop calling it just one thing, Niall.
ZAKARIA: All right. I don’t think – I think this is one of the rare cases where I was superfluous as a moderator. Niall – Jeff Sachs, Niall Ferguson, thank you very much.
We will be right back.
I’ll link to the video if it is online before this post goes underwater.