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In the 1960s, I attended the University of Chicago and spent many hours with Milton Friedman and graduate students in his economics department. They called themselves “the Chicago school,” and they stood apart from the professors of economics at Harvard, MIT, Stanford, et al. Those were the days of High Keynesian economics. The Chicago school
August 14, the 117-year old London silver fix will be no more. The fix, which now is set by HSBC, Scotia-bank and Deutsche Bank, has been deemed no longer viable because Deutsche is dropping out and cannot find a buyer for its seat on the fixing body. Critics of the fixing process have for decades
The US Justice Department recently announced–with much bravado–that BNP Paribas, a major French bank, had agreed to pay a record penalty of $8.9 BILLION for transferring money on behalf of Sudan and other countries sanctioned by the United States. The fine is more than triple the amount paid collectively by six other banks for similar
