At the last BRICS summit held in March in New Delhi, development banks of the participating countries agreed on a proposal to extend credit in local currency for trade, project financing and infrastructure projects. So far, no clear mechanism on
Like the recent east coast earthquake, the Budget Control Act of 2011 left Washington shaken and completely confused, the epicenter being the Department of Defense. While some are saying that the super committee will be able to reach a deal
Dr. Peter Diamond has once again found himself in the cross-hairs of Sen. Richard Shelby of Alabama, the highest ranking Republican serving on the Senate Banking Committee. A Nobel laureate and MIT professor, Diamond has been nominated three times for
It’s official. The New York Stock Exchange has been sold to, in one CNBC anchor’s words, ‘a bunch of foreigners’. The iconic trading floor of the NYSE was tense this morning as CNBC’s Mark Haines’ grilled CEO Duncan Niederauer on
Yesterday at the National Press Club, Fed Chairman Ben Bernanke delivered a lengthy sermon justifying his grand strategy for the US economic recovery. In his discourse, the Chairman made it abundantly clear that, in his view, it was unfair to
We are navigating through truly uncharted political and economic territory. Members of the financial cognoscenti have freshly alluded to the notion of the ‘government bubble’ as the next blow to the world economic order. Since 2008 we have seen the
The news is in. Even you can open an account at the Bank of China in New York or Los Angeles. But you have to hurry, trading will be limited. What does this bank account entail? According to the Wall
This week the world discovered that Goldman Sachs and Russian investor Digital Sky Technologies are planning to invest $500 million in Facebook, a deal which values the company at $50 billion. As a part of the deal, Goldman also plans
Evidently, at least one member of Congress thinks that $500,000 of your tax dollars is appropriate to construct a fish passage barrier for salmon in Alaska. Although the Republican conference in both the House and Senate has sworn off earmarks,
The municipal bond market is having a tough time today largely in part of looming rumors concerning the expiration of the Build America Bond or ‘BAB’ program. After all, this program was omitted from Obama’s tax deal with Republicans. As