The banking system we take for granted is unfixable. The good news is that we no longer need to rely on any private, rent-seeking, socially destabilizing network of banks, at least not the way we have so far.
shows why the current private system is unfixable – and why we don’t need to tolerate it anymore.
Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
发自纽约—在上个月的《联合国气候变化框架公约》第二十六次缔约方大会上,数百家金融机构宣布会拿出数万亿美元资助气候变化解决方案。然而有一个重大障碍横亘在了众人面前:世界金融体系实际上阻碍了面向发展中国家的资金流,给许多国家设下了一个金融死亡陷阱。
经济的发展取决于对三种主要资本的投资:人力资本(健康和教育)、基础设施(电力、数字、交通和城市)和商业。贫穷国家以上各项资本的人均水平都较低,因此也具备通过对其予以均衡投资进而实现快速增长的潜力。如今这种增长可以而且应当是绿色和数字化的,而不是过往那种高污染型增长。
全球债券市场和银行体系本应为可持续发展的高增长“追赶”阶段提供足够的资金,但这一切却并没有发生。从全球债券市场和银行流向发展中国家的资金依然很少,同时对借款人来说成本极高且不稳定。发展中国家借款人每年支付的利息费用往往要比富裕国家高出5~10%。
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