Where justice is denied, where poverty is enforced, where ignorance prevails, and where any one class is made to feel that society is an organized conspiracy to oppress, rob and degrade them, neither persons nor property will be safe.” - Frederick Douglass, 1886

Here are a few links. We were on holidays last week. Enjoy!

Here’s Why White-Collar Criminals Often Go Free – The best way to rob a bank is to own it: white collars criminals are skillful and supported by an army of lawyers that navigate grey legal areas to allow their clients to avoid penalties. As a result, besides a few high profile cases, most white collar criminals go unpunished. See also: the Great Financial Crisis.

The End of Cash; The End of Freedom – The drives to end cash worldwide in the name of fighting corruption and the grey economy may eventually create some kind of Orwellian society where everything is tracked, analyzed and stored for later use. Self censuring must then become the norm and the ability to think will disappear along with it.

Did the City of London Just Press the Panic Button on Brexit? – The City within the city of London has gained tremendously from the EU and handles huge amounts of the world’s financial exchanges. Brexit is threatening these businesses and France appears to be willing to take over the role of center of the financial world. The City thus started to push for a slow down on Brexit.

Is Productivity Growth Becoming Irrelevant? – The focus on GDP growth and productivity growth may not capture adequately the changes of service societies, since services are less quantifiable and IT is taking a growing share of workers’ burden.

Another economist challenges MB on mass immigration – A Guardian journalist challenged MacroBusiness’ take on Australia’s high immigration level that are degrading livability, affordability and overall standards of living of Australians, especially in large cities. Given the taboo about immigration in Europe, we believe this is an interesting read to put things in perspective.

Private Equity Firms Sued Over Retailer Bankruptcies – Private equity funds are receiving increasingly bad coverage due to their strategy of leveraging up the companies, squeezing costs to the extreme and paying themselves hefty dividends has shown to propel target companies to bankruptcy while leaving creditors on the side.

Globe staff photos of the month, July 2017

About Carlito Riego

"Great perfection may appear imperfect, but its usefulness is inexhaustible. Great abundance may appear empty, but its usefulness cannot be exhausted. Great correctness may appear twisted, great skills appear crude, great eloquence appear awkward. Activity conquers cold; inactivity conquers heat. Clear serenity governs the world." - Lao Zi