One hundred fifty years ago, the U.S. was two years into a brutal Civil War. The financial cost left the federal government under enormous stress, leading to a result no one had imagined: the first modern system of bank regulation.
Over the past four years, the Federal Reserve has become the most important branch of government. It has acquired unprecedented powers over almost all aspects of American life. It has also become much more politicized than at any time in living memory. Expect further attacks on its independence and integrity at election time. The spirit of Andrew Jackson lives on.
Standards Life Investments, Edinburgh’s largest fund manager, plans to buy more real estate stocks in the U.S. and Asia and sell some properties in Brazil and Poland to improve the performance of one of its funds.
“Bloody Bloody Andrew Jackson,” a youthful romp of a rock musical taking a caricatural view of Jackson and American history, has transferred to Broadway’s big league in what may be an act of pride that goes before a fall.
Scotland’s real estate fund managers are increasing stakes in central London property developers Derwent London Plc and Great Portland Estates Plc , betting they’ll benefit from a shortage of modern office space.
Presidents who enjoy successful second terms usually pull fresh thinking into their inner circles and maintain close working relations with Congress. Barack Obama has shown little inclination to do either.