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Nouriel Roubini
A photograph. Roubini is Professor of Economics and International Business at the Stern School of Business, New York University (USA). His new book is called Crisis Economics: A Crash Course in the Future of Finance. He co-authored it with Stephen Mihm.
Is it possible for finance to serve the economy? Is it possible for the economy to serve the common good? How important is it for the common good to serve people? Nouriel Roubini answers the difficult questions at the Zermatt Summit on Humanising Globalisation (Switzerland) - YouTube video (5 mins).
The Zermatt Summit is exploring ways to change globalisation from being a bad thing to being a good thing. People need to be placed at the centre of the globalisation process, whereby the world of high finance will serve the economy, the economy will serve the common good, and the common good will care for the people, enhancing the prospects of poorer and socially marginalised groups. For the individual to be able to reach his or her full potential, he or she must be able to blossom within a society which supports the family, community and enterprise in an inclusive political structure. More here. Zermatt is a million miles away from Barcelona, where the few remaining Bilderberg cabal parasites are holding their last wake and trying to decide whether it is too late to change sides.
Hungary stands on brink of sovereign default. Biggest Hungarian commercial bank trading halted on Budapest Stock Exchange.
Hungary's Budapest-based OTP Bank Plc provides commercial banking services in Hungary, Bulgaria, Slovakia, Romania, Croatia, Serbia, Montenegro, Ukraine and the Russian Federation. More here (04.06.10), here (04.06.10) and here (04.06.10). US-based Hungarian currency speculator, George Soros, has run a personal currency exchange in Budapest, Hungary, for many years involving, it is said, Iván (or András?) Szász, the Hungarian Chamber of Commerce, and OTP Bank. Some time ago, the US Treasury provided Soros with US Dollar currency plates so that he could print off-the-record US Dollar bills. These were intended for Soros' own use within the Bush-Clinton syndicate and to help finance European CIA BlackOps outside the reach of lawful Congressional oversight. The banknote paper used for printing these dollar bills in Hungary was 75% percent cotton and 25% percent linen, produced on Fourdrinier papermaking machines. Soros' Hungarian operation processed this paper into dollar bills using Intaglio printing presses, manufactured by KBA Giori (Wuerzburg, Germany). The Hungarian sovereign default ripples are being felt particularly strongly at two major European banks: Société Générale (France) and Commerzbank-Dresdner (Germany). Hidden, toxic, Hungary-related derivatives at both institutions are beginning to visibly depress their stock valuations.