The money network:

The money network:

Why crowdfunding threatens traditional bank lending

China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

July 1999

Sex, loathing and videotape in Russia



Now that Russia has given up its ridiculous ambition to become an advanced capitalist nation in the space of a historical nano-second, Russians can revert to their favourite pursuits: relieving their anguish with sardonic humour and suspecting that their plight is the result of a grand conspiracy.

Not that these pastimes - perfected throughout years of deprivation and communist party politicking - ever really died out. But the strength of the liberal argument did worry a small minority for a short time in the early 1990s that the market might really deliver up what it promised and the jokes would have to be changed. They should not have been concerned.

A combination of Russia's inefficient political system, the desire of a small elite to get rich quick at the nation's expense and the inability of the IMF and others to understand how a state-planned economy can be reformed - even had its...


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