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
伦敦—自去年10月以来,石油价格首次突破了每桶50美元。看起来是时候更新我在2015年1月所做的分析了。
当时,我指出50美元左右将成为石油价格的长期顶部。当时原油仍在60美元以上,几乎所有人都认为50美元是铁底。毕竟,期货市场预测价格将保持在75美元或以上,沙特和俄罗斯政府需要100美元的价格才能保持预算平衡;而任何低于50美元的价格都被认为是不可持续的,因为这将让美国页岩油行业破产。
事实证明,去年上半年,布伦特原油确实在50美元到70美元的区间内波动,然后再8月初决定性地跌破50美元,当时取消伊朗制裁显然将大幅提高全球供给。此后,50美元果真成为石油价格的顶部。但现在这一水平已被突破,它会再次成为底部吗?
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