Crisis

The 2008 financial crisis revisited

Sometime after 1987 I decided to keep a collection of books about financial crisis. “Barbarians at the Gate,”1 was a good read, with smaller-than-life villains,...
Graphic of a tree shaped like a dollar sign getting blown apart by strong wind.

What lessons did we learn from the global financial crisis?

The global financial crisis began on Aug. 9, 2007 when BNP Paribas halted redemptions in three hedge funds that had invested in U.S. subprime...
Two hands - one painted with EU flag, one with UK flag.

Brexit – the story so far and what happens next

It is more than two years since the U.K. narrowly voted to leave the European Union and yet the terms of the departure, scheduled...
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Do ‘economic substance’ tests have any substance?

The European Union, through its Code of Conduct Group on Business Taxation, is drawing up a blacklist of “non-cooperative jurisdictions” that will be subject...
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Opportunities for crypto-havens to capture business

Blockchain technology is set to drive a new era of global public policy competition. In May 2018, the premier of Bermuda, David Burt, announced...
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More than a bubble

Ten years ago, massive uncertainty roiled financial markets. Major firms collapsed or teetered on the edge of insolvency. Asset values plunged. Every TV show...
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Chapter 11 claims trading: New empirical evidence on how to win plans and influence...

The influence, for good or ill, of hedge funds and other claims traders on the modern Chapter 11 plan process has been the subject...

The US as the world’s newest IFC and its impact on the Caribbean

During the last decade or so, the status of the U.S. as a superpower has enabled it to increasingly obtain market share from other...
Cryptocurrency coins

Taking on tokenization

You cannot avoid it. Everywhere you turn, people are talking about cryptocurrency, investing in cryptocurrency, debating the future of cryptocurrency. You cannot walk down...
GDPR

Technology and privacy – Is the GDPR already out of date?

Nothing challenges the effectiveness of privacy laws like technological innovation. As the volume of data being generated about individuals increases, technology is making it...
Graphic showing scissors cutting the 'T' in TAX in half

Massive deficits and tax cuts: Good for US growth or harmful in the long-run?

The election of Donald Trump in November 2016 was not just a public referendum on American social values, but on fiscal policy as well....

Can U.S. regulators do fintech?

In a recent speech, Commissioner Hester Peirce from the U.S. Securities and Exchange Commission (SEC) admonished financial regulators against behaving like “helicopter parents,” treating...
Swiss Flag

Swiss review of corporate taxation: a typical Swiss consensus story

For the first time in its history, Switzerland will review its corporate taxation not for internal reasons but in response to international pressure. Switzerland has...
The book The tragedy of Kabul Bank on s ahelf.

The tragedy of Kabul Bank

When Kabul Bank was put into conservatorship in early September 2010, its $1.3 billion dollar balance sheet represented one third of total bank deposits...

Full transparency: Why offshore financial centers and cryptocurrencies have more in common than you...

Cryptocurrencies have a lot in common with offshore financial centers. Those of you who live offshore may despise this notion, and those of you...

EU inflexibility in the Brexit negotiations

Why is Brexit proving so difficult to negotiate? It is not as if there are not enough options on the table. Michel Barnier’s infamous...
Graphic made up of photos of European landmarks on the left merging into a photo of Greece on the right.

Turning Europe into Greece

Sixteen years after faking its fiscal numbers and nine years after the onset of its sovereign insolvency, Greece has finally managed to officially “exit”...
A copy of Judicial Fortitude, by Peter Wallison, sitting on a shelf

Judicial Fortitude: The Last Chance To Rein In the Administrative State, by Peter Wallison

Peter Wallison is a rarity in public life. He has been both a high-level government official in the administration of President Ronald Reagan and...
Figure 3 showing Annual growth rates for the high-income, non-African developing, and African countries, 1965-2015 (15 year moving average)

Economic freedom, development and the changing world economy

Economic development and growth are driven by gains from trade, innovation and private investment. Economic freedom is central to each of these sources of...

Modern Monetary Theory

In its publication Global Sustainable Development Report 2019, the United Nations includes a section called Governance of Economic Transition. Its official purpose is to...
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