This election is making me feel oh so special. One party is gallantly protecting me from the other party’s “war on women.” The president wants my vote so badly that he’s trying to scare me with his opponent’s plan to return to “the social policy of the 1950s,” which I assume means back-alley abortions. Both parties are aggressively courting me in their quest for the women’s vote.
A few months ago, the Bank for International Settlements, which acts as a bank for the world’s central banks, warned in its annual report that “the financial sector needs to recognize losses” and “adjust balance sheets to accurately reflect the value of assets.” We are starting to get a taste of what that means, and it’s not all bad.
The busiest subway stop in downtown Washington was until recently festooned with green banners and billboards warning of a terrible danger. One of America’s great national symbols is under attack: the dollar bill.
Over the past three decades, the global financial system has become more dynamic and interconnected, more concentrated and complicated than ever before. Financial engineering seems to know no limits to creating new instruments that link institutions in new ways.