Russia’s recent bailout of two major banks will cost the country billions of rubles. But the future of the Russian banking system, and its impact on the nation’s economy, is still uncertain. Russia is finally emerging from a serious recession, with growth predicted for 2018. However, the recent rescue of B&N Bank and Otkritie Bank highlighted […]
Islamists not only look at religion as a panacea to political issues, but also as a provider of social justice and an engine of economic prosperity.
If terrorists entered the U.S. today to conduct a 9/11-scale attack and used the same money-movement methods employed by the hijackers in 2001, it is “possible, but not probable” that their financial activities would bring them to the attention of intelligence and law-enforcement officials. That’s the assessment of Dennis M. Lormel, who led the […]
To American policymakers working through the sequester, Cyprus’ 10 billion euro bailout must sound like a rounding error. Context is key: the amount equals nearly half of Cyprus’ annual GDP. Euro-watchers first warned that the disjointed political path to the bailout agreement — including a proposed tax on all Cyprus bank deposits — adds to the […]
The banks thst lent about $40 billion to the state-owned corporation Dubai World must have figured, “Okay Dubai doesn’t have oil, but it’s part of a larger oil country (United Arab Emirates), and it’s in an oil region, and so they’re good for the money.” Apparently, no one thought that an enterprise based on ridiculously over-priced real […]
One heart-warming story I have been following has been the epic international showdown between the IRS and the Swiss banking giant UBS. Until recently, if you were to ask any American to name a “good” country, Switzerland would probably have come to mind first, because of its role in World War II. More recent events […]