With the second monumental bailout of wealthy corporations in a little over a decade, the public is beginning to discover both the shabby reality and the hyperreal absurdity of a financial practice termed “stock buybacks.” It sounds innocent, as if it described a process by which conscientious...
India needs urgent reforms to its financial system because banks have created a major crisis by lending unwisely to big borrowers who lack the ability or intention to repay their debts. The financial system in the economy is like the circulatory system in the human body. And banks form its...
A battle between pessimism and optimism is being waged about whether Europe is stuck in a quagmire or marching back to growth. Euro area growth rates continue to be disappointing. Despite all the excitement that the launch of a new currency in 1999 brought to Europe, since 2007 we have witnessed...
