Piracy Exchange!

The heavily-armed Somali pirates roaming the waters in the Horn of Africa have made tens of millions of dollars from ransoms. The deployment by foreign navies in the Indian Ocean and the strategic Gulf of Aden has only driven the attackers to hunt further from the shores. Now the gangs have become even more sophisticated. They have set up a stock exchange to manage their investments! The...

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  • The New Glossary of Finance Terms

    The website, www.thereformedbroker.com, claims to be an irreverent and insightful blog on Wall Street. Recently, it posted its own definitions of various financial terms. Here’s a sample:

    Bonus: A form of extortion whereby employees of a company extract either shareholder or taxpayer money for their own pleasure regardless of the success or failure of the said company.

    Derivatives: Trading...

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  • Capital Mess?

    It is 20 years since the Berlin Wall collapsed, ending State socialism whose most visible outcomes were the tyranny of the State, the secret police, food shortages and continuously declining living standards. It also looked like a crushing victory for capitalism. Well, it all depends on the context. In a global poll for the BBC World Service, only 11% of the more than 29,000 people questioned...

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