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Untouchable Banks: The End of the Easy Life (I)

The largest banks of Wall Street, the London City and other financial centers of the West have always been considered «Too Big to Fail». Such big-name banks were categorized as «untouchables», «sacred cows» which were destined to exist forever. And that is not surprising; the demise of any one of the «sacred cows» of the banking world could plunge not only one country, but the entire world into the depths of crisis. After all, the «sacred cows» existed outside of the so-called market economy, with its fierce competition, high risks, bankruptcies and defaults. They lived their lives in the oases of «banking socialism»...

Valentin KATASONOV | 05.11.2013




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OUR COLUMNIST
    Finian CUNNINGHAM

Ending the Cold War on Cuba? From the Freezer to the Chiller

As US President Barack Obama announced his surprise «historic» bid to normalise relations with Cuba this week, the New York Times swooned with glowing news. ‘US to Restore Full Relations With Cuba, Erasing a Last Trace of Cold War Hostility’ was how its top headline put it. Welcoming the development, the American «newspaper of record» said Obama vowed to «cut loose the shackles of the past» and to «sweep aside one of the last vestiges of the Cold War». But, purple prose aside, the hard detail is that the ongoing illegal American embargo on Cuba will stay in place. Moreover, the move comes as Washington slaps on more sanctions against Russia and unleashes new sanctions on Venezuela...

19.12.2014
 
 
 
 
 
 
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