Foreign Policy magazine reported on the recent BRICS meeting, which added six new members. It said: This week’s geopolitical headliner is expanding the clique. BRICS—an economic bloc consisting of Brazil, Russia, India, China, and South Africa—invited six new nations to… Read More »Expanding BRICS
The Inflation Reduction Act included an $80 billion increase over ten years for the Internal Revenue Service. Subsequently as part of the agreement on the debt ceiling, the IRS budget would be cut by up to $21.4 billion over three… Read More »IRS Funding
I am worried that my previous post may have been too favorable to bankers. Bankers are not universally loved. They have a reputation for foreclosing on decent people having a hard time financially, for not lending to anyone except those… Read More »Good Bank, Bad Bank
This article in The Economist magazine describes well what happened with Silicon Valley Bank and some other impending bank failures. It also describes the other side of the banking business, which is getting less attention today. The lesson of SVB… Read More »SVB and Bank Profits
The Economist magazine’s cover story is about the fall of Goldman Sachs as one of the leading financial institutionsin the world. The short leader article can be found here, and the longer cover story can be found here. The leader… Read More »The Economist Sinks Goldman Sachs