In our economy that some call free enterprise and others call capitalism, the concentration of ownership in which fewer and fewer own more and more took a giant step forward in late August when Bank of America Corp. acquired a $2 billion equity stake in Countrywide Financial Corp. The meaning of this move, as reported…
The world economy is in a dangerous state. In no small measure it is due to the outsourcing of jobs by the leading nations, including the United States. When jobs are outsourced they are moved out of the mother country to lands where cheap, child and even slave labor are available. What can be done…
Once upon a time when the sun never set on the British Empire, the crown jewel in the imperial crown was a country called India. There were many agricultural products that the empire derived from India, including opium. When the power loom for weaving textiles made its appearance, the native Indians started up a lively…
Foreclosures of homes are the big pain of the day. Millions of families who once proudly boasted that they had reached a level of earnings that allowed them to buy a house are now squirming as lending institutions threaten foreclosure. What happened? The good old days came and departed. Families, mainly middle class, who could…
At the most recent televised debate among aspirants for the Democratic nomination for president, the subject of “outsourcing” played a prominent role. In goodly part, this may have been due to the fact that the program was sponsored by the AFL-CIO. Outsourcing is the common practice of multinational corporations, which have, over recent years, shut…
The world’s richest man, according to The Wall Street Journal, is a Mexican son of Lebanese immigrants. His name is Carlos Slim. He is master of the monopoly. No matter what the field in which he operates, he soon makes it his private domain. He is the modern refinement of an ancient economic tendency described…
In the closing days of July, the stock market began to sag. No one seems to know why. We are informed that the American economy is in good shape. We are also advised that the global economy is also in good shape. Some theorize that it has to do with bad loans on housing. But,…
The story of mankind is a story of endless ironies. Thanks to medical science, people are living longer. The result is that governments around the world are confronted with the challenge of providing adequate medical care for their aging populations. When Bismarck introduced old-age insurance to Germany, he set the retirement age at 65 with…
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