by Adanna Chukwuma, INESAD
Despite the progress the world has made towards eliminating extreme poverty, one in five people on the planet are still unable to provide for their most basic needs. A report by the High Level Panel—a 27 member group advising the United Nations on a global development framework beyond the target date for the Millennium Development Goals (MDGs)—on the post-2015 development addresses this unacceptable statistic by placing the eradication of poverty on the global agenda. The question that begs answering: ‘What and whose poverty?’
by Marc Faber, Daily Reckoning
For the greater part of human history, leaders who were in a position to exercise power were accountable for their actions. If they waged wars or had to defend their territories from invading hostile forces, they frequently lost their lives, territories, armies, power and crowns. I don’t deny that some leaders were irresponsible, but in general, they were fully aware that they were responsible for their acts and, therefore, they acted responsibly.
by L. Randall Wray, New Economic Perspectives
I recently returned from conference in Brazil jointly sponsored by the Levy Economics Institute, the Ford Foundation, and the Brazilian research group MINDS. It is part of a bigger project to take Hyman P. Minsky global. In my view, Minsky was hands-down the greatest economist of the second half of the twentieth century and he deserves the attention he’s getting. Watch for an upcoming film by Monty Python’s Terry Jones that will feature Minsky and his work. Minsky will even make an appearance—or, more accurately, a bigger-than-life Minsky puppet will be in the film. (Steve Keen and I were also interviewed.)
by Cliff Wachtel, FX Empire
Speculation about the outcome of the US budget and debt ceiling battle was the prime market mover last week, and is a likely prime driver of global asset markets this week.
For those seeking to distinguish between the hype and reality, or in need of a review of how this issue does and does not matter, here's a quick guide.
Hasn't the Federal Reserve done enough harm already...?
It comes to something when every story you read in the papers gives you a headache and makes you ask: What's the agenda?
I can't help asking that question reading today's Wall Street Journal, and the article entitled "New Alarm on Shadow Loans".