Let’s restate that, because it gets more shocking the more you think about it. The bailout money came from the European Central Bank and the IMF, largely meaning the taxpayers of France, Germany and other prosperous nations of Western Europe. Exactly none of it went to restore social services or repair roads in Greece. All of it was used to make payments on the Greek government’s existing debt — most of which was to banks in Western Europe. So Angela Merkel and François Hollande (then the French president) and other political leaders extorted money from their own taxpayers, on the pretense that they were helping out a small, struggling nation on Europe’s southern fringe, and siphoned it directly to the biggest European banks, largely in their own countries. It was a direct wealth transfer from ordinary people to the financial elite.
Wall Street giant Bank of America Merrill Lynch has picked Dublin as the preferred location of its EU hub, joining a growing number of international financial groups to outline initial plans for how they plan to deal with the fallout from Brexit.
Speaking to The Irish Times in Dublin on Friday, group chief executive Brian Moynihan said this will result in the bank’s existing Irish subsidiary merging with its current most important EU banking unit, based in London.
It will also involve the group setting up an EU trading operation, or broker-dealer, in the Republic, which will require separate Central Bank approval, he said.
In one sector after another, the US is falling behind. The US isn’t losing its global leadership, its walking away.
We are witnessing a historic passing of the baton of global leadership on technology and climate from the United States to China. The new U.S. administration has said it will abandon climate action, gut clean energy funding, and embrace coal and oil — the dirty energy sources of the past that experts say can’t create a large number of sustainable new jobs. At the same time, China is slashing coal use and betting heavily on clean energy, which is clearly going to be the biggest new source of permanent hig
If my view is broadly correct, the great foreign policy challenge of our age will be to manage cooperation among many competing and technologically advanced regions, and most urgently to face up to our common environmental and health crises. We should move past the age of empires, decolonization, and Cold Wars. The world is arriving at the “equality of courage and force” long ago foreseen by Adam Smith. We should gladly enter the Age of Sustainable Development, in which the preeminent aim of all countries, and especially the great powers, is to work together to protect the environment, end the remnants of extreme poverty, and guard against a senseless descent into violence based on antiquated ideas of the dominance of one place or people over another.
Jeffrey D. Sachs is University Professor and director of the Center for Sustainable Development at Columbia University, and author of “The Age of Sustainable Development.”
Are Republicans aiding Chinese efforts to undercut America’s global economic sway?
That’s the case some Democrats are making, complaining that GOP lawmakers are eroding U.S. soft-power overseas by refusing to back the key international institutions where the U.S. has long exercised intellectual, political and economic leverage.