The Chinese slowdown shows that the global financial system is still failing. current rules would mean a brighter,more stable future, not just for emerging markets but for the whole worldBill Gross, and America’s “bond king”,who made his fortune betting on IOUs from companies and governments, is suing his erstwhile employer for $200m, and we learned final week. He says his colleagues were driven by greed and “a lust for power”.
His chutzpah was a timely reminder of the huge sums won and lost in the world of globalised capital,but also of the power that still lies in the hands of men (they are mostly men) like Gross, who sit atop a system that remains largely untamed despite the lessons of the past seven years.
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Source: theguardian.com