News
STRUCTURAL ADJUSTMENT: HOW THE IMF AND WORLD BANK REPRESS POOR COUNTRIES AND FUNNEL THEIR RESOURCES TO RICH ONES
Fifty-two years ago, Cyclone Bhola killed an estimated 1 million people in coastal Bangladesh. It is, to this day, the deadliest tropical cyclone in recorded history. Local and international authorities knew well the catastrophic risks of such storms: in the 1960s, regional officials had built a massive array of dikes to protect the coastline and open up more territory for farming. But in the 1980s after the assassination of independence leader Sheikh Mujibur Rahman, foreign influence pushed a new autocratic Bangladeshi regime to change course. Concern for human life was dismissed and the public’s protection against storms was weakened, all in order to boost exports to repay debt.
Help the Working Class by Deregulating Housing Construction
Economist Bryan Caplan explains how cutting back on zoning and other restrictions could create millions of new jobs for workers - on top of other beneficial effects. Both leftists and "national conservative" right-wingers have lamented declining job opportunities for the working class—particularly males, and proposed to revive their fortunes through a variety of subsidies and protectionist measures. But my George Mason University colleague, economist Bryan Caplan points out a much better way to create millions of attractive new working class jobs:
Visualizing $65 Trillion in Hidden Dollar Debt
The scale of hidden dollar debt around the world is huge. No less than $65 trillion in unrecorded dollar debt circulates across the global financial system in non-U.S. banks and shadow banks. To put in perspective, global GDP sits at $104 trillion. This dollar debt is in the form of foreign-exchange swaps, which have exploded over the last decade due to years of monetary easing and ultra-low interest rates, as investors searched for higher yields. Today, unrecorded debt from these foreign-exchange swaps is worth more than double the dollar debt officially recorded on balance sheets across these institutions.
Swiss central bank posts biggest loss in its 116-year history
The Swiss National Bank on Monday reported a loss of 132 billion Swiss francs ($143 billion) for the 2022 financial year, citing preliminary figures. It represents the biggest loss in the central bank’s 116-year history and equates to roughly 18% of Switzerland’s projected gross domestic product of 744.5 billion Swiss francs. Its previous record loss was 23 billion francs in 2015.
From Joe
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