Is Soros On The Ropes?

Although multi-billionaire hedge fund tycoon and international political pot-stirrer George Soros lost big with the election of Donald Trump as president of the United States and the victory of the Brexit referendum in the United Kingdom, he stands to lose further ground, politically and financially, as the winds of political change sweep across the globe.
Soros, who fancies himself as the master of placing short put options on stocks, often cleaning up to the tune of billions of dollars in the process when the stock values collapse, has been dealt a few financial body blows. Recently, the Dutch securities market regulator AFM accidentally revealed on line all of Soros’s short trades since 2012. Soros’s trades were revealed on AFM’s website and were removed after the regulator realized the error. However, the Soros data had already been captured by automatic data capturing software programs operated by intelligence agencies and brokerage firms that routinely scour the Internet looking for such mistakes.
Among the bank shares targeted by Soros was the Ing Groep NV, a major institution and important element of the Dutch economy. After campaigning against Brexit, Soros bet against the stock of Deutsche Bank AG, which he believed would fall in value after Britain voted to leave the EU. Deutsche Bank stock fell 14 percent and Soros cleaned up. But Soros’s celebration was temporary. With Trump’s election, Soros lost a whopping $1 billion in stock speculation. Surrounded by his fellow financial manipulators, Soros explained his recent losses while attending the recent World Economic Forum in Davos, Switzerland.
Soros’s mega-wealthy cronies placed their own bets against smaller Dutch firms. Those firms included Ordina, an information technology firm; Advanced Metallurgical Group; and the real estate group Wereldhave N. V.

This post was published at Zero Hedge on Jan 29, 2017.

Here’s What Happens If Hillary Wins…

At an event in Davos, Switzerland on Friday, Larry Summers gave you a glimpse of how regressive a Hillary Clinton presidency will be…
Regular readers are familiar with Summers…
He’s the former Treasury Secretary and Clinton crony who’s first in line to return to his former post at Treasury if Hillary is anointed on Tuesday.
The last time we caught up with Summers he was mindlessly proposing that the government should buy stocks to artificially boost the stock market and economy.
Not content with the government taking ownership over large swaths of the stock market, Summers is now taking his ‘government as the supreme father’ fantasies one step further…

This post was published at Wall Street Examiner by Michael Covel ‘ November 7, 2016.

Former Treasury Secretary Summers Calls For End Of Fed Independence

At an event in Davos, Switzerland earlier today, Former U. S. Treasury Secretary, Larry Summers, argued that Central Bank independence from national governments should be scrapped in favor of a coordinated effort between politicians, central bankers and treasury to engineer inflation. Seems reasonable, right?…what could possibly go wrong?
According to Market Watch, Summers argued that Central Bank independence came from “an understanding of the macroeconomic policy problem that is not relevant to current times.” Ironically, he argued that Central Bank “insulation” was required in the 70s/80s when the “White House” and “Congress” could not be trusted to fight inflation.
So does this indicate that Summers’ baseline assumption is that politicians today are more trustworthy than in the 70s/80s? Perhaps Summers is the one that is “insulated” from reality? Is it possible that he’s completely missed the fact that one of our presidential candidates is currently under multiple investigations by the FBI for various allegations of corruption and fraud? Meanwhile, both presidential candidates are polling at among the lowest rates ever experienced for “trustworthiness” while the job approval rating of Congress has never been lower…but sure, we should grant them even more power to wreak havoc on the U. S. economy for political gain…why not?
Central bank independence ‘comes from an understanding of the macroeconomic policy problem that is not relevant to current times,’ Summers said in a speech at the International Monetary Fund.

This post was published at Zero Hedge on Nov 4, 2016.

Apple Tax Grab by EU Invades IRS Airspace

On August 30th, the European Union (EU) Commission ordered the Irish government to reclaim some $14.6 billion of so-called back taxes plus interest from Apple Inc. The order challenged sovereign tax authority within the EU and well-established international tax rules. The aggressive stance of the Commission set off a furor of high level political argument among taxing authorities and multinational companies accustomed to complex but legal international tax planning. Apple’s case was big enough to place it at center stage in a simmering problem for governments in striking a balance between attracting businesses, creating jobs, generating taxes and deciding precisely what type of earnings can be taxed.
In a testament to how strange the taxing regimes have become, the Irish government has protested loudly and is reluctant to take the nearly 15 billion the EU says it is entitled. When small countries turn down such sums, it should be clear that the stakes are much higher.
With uncontrolled socialism and Keynesian monetary policies killing economic growth around the world, governments have ever greater need to wring revenue from the relatively stagnant pool of corporations and wealthy individuals. While the crackdown on personal tax havens, in Switzerland and the Channel Islands for instance, has been largely successful, corporations have become extremely adept using legal loopholes and creative international accounting to move revenues from high tax jurisdictions to countries where rates are lower. As of October, Reuters reported that U. S. based companies have some $2.1 trillion parked abroad in order to avoid high domestic taxes. Apparently Apple, the world’s largest company by market capitalization, accounts for over $180 billion of this total.
The U. S. corporate tax rate of 35 percent is widely considered to be uncompetitive and even excessive when compared with Ireland’s 12.5 percent rate (and even the 20 percent in the UK). It is an old adage that capital flows to where it is treated best. Ireland rolled out the red carpet for Apple, a decision that greatly benefited both.
Apple established a company in County Cork, Ireland in October 1980, sometime before Apple blossomed financially. Since then, Apple has become one of the largest taxpayers in the world and, according to its CEO, Tim Cook, the largest taxpayer in Ireland where it employs almost 6,000 people, mostly in high paying jobs, adding great benefit to the Irish economy both directly and by encouraging copycat corporations. (A Message to the Apple Community in Europe, 8/30/16)

This post was published at Euro Pac on September 15, 2016.

Oil Glut Set to Worsen as Nigeria and Libya Fields Restart

Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks.
Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was said to be ready to resume shipments of Qua Iboe crude, the country’s biggest export grade, which averaged about 340,000 barrels a day in shipments last year, according to Bloomberg estimates. On top of that, a second Nigerian grade operated by Royal Dutch Shell Plc is scheduled to restart about 200,000 barrels a day of flow within days.
While there are reasons to be cautious about whether the barrels will actually flow as anticipated, a resumption of those supplies – more than 800,000 barrels a day in all – could more than triple the global surplus that has kept prices at less than half their levels in 2014. It would also come just as members of the Organization of Petroleum Exporting Countries and Russia are set to meet in Algiers later this month to discuss a possible output freeze to steady world oil markets.
‘If you have some restart of Nigeria and some restart of Libya, then the rebalancing gets pushed even further out,’ Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland, said by phone. ‘It complicates matters a lot before the meeting in Algeria.’

This post was published at David Stockmans Contra Corner By Laura Hurst, Elisha Bala-Gbogbo and Angelina Rascouet, Bloomberg Business ‘ September 15, 2016.

Signs of Desperation

Idiocy and mendacity are a bad combo in the affairs of nations, especially in elections. The present case in the USA displays both qualities to near-perfection: on one side, a boorish pseudo-savior in zero command of ideas; on the other side, a wannabe racketeer-in-chief in full command of her instinctive deceit. Trump offers incoherent rhetoric in opposition to the current dismal order of things; Clinton offers empty, pandering rhetoric in defense of that order. Both represent an epic national drive toward political suicide.
The idiocy and mendacity extend to the broad voting public and the discredited elites pretending to run the life of the nation. The American public has never been this badly educated and more distracted by manufactured trivia. They know next to nothing. Even college seniors can’t name the Secretary of State or find Switzerland on a map. They don’t know in what century the Civil War took place. They couldn’t tell you whether a hypotenuse is an animal, a vegetable, or a mineral. Their right to vote is a danger to themselves.
The elites operate in their own twilight zone of ignorance, only at a loftier level, flying on wings of sheepskin. Submitted for your approval: Harvard wizard Kenneth Rogoff’s new book, The Curse of Cash. This is the latest salvo in the international campaign to herd all money into the control of central banks and central governments, supposedly to make central planning of the economy more effective – but really for the purpose of extending the fallacy that the mis-pricing of credit and collateral (that is, of everything) can save the current incarnation of crony capitalism, and more to the point, save the fortunes of the racketeers running it, along with the reputations of their intellectual errand boys. Henceforth, all ‘money’ transactions would be traceable, allowing unprecedented power for authorities to regulate the lives of citizens.

This post was published at Wall Street Examiner on September 12, 2016.

Bill Gross says negative interest rates are nothing but liabilities

Call bond-market veteran Bill Gross a ‘broken watch.’ He doesn’t care.
His gripe about negative interest rates and a flood of debt, which he considers a risk, not a fix, for a global economy that’s still limping out of the financial crisis, is challenged daily by resilient demand for the bonds he’s bearish on. But even if being ‘right’ eventually is a hard sell right now, he’s not backing down, Gross said in his latest monthly commentary.
‘The problem with Cassandras, such as Gross and Jim Grant and Stanley Druckenmiller, among a host of others, is that we/they can be compared to a broken watch that is right twice a day but wrong for the other 1,438 minutes,’ Gross wrote. ‘But believe me: This watch is ticking because of high global debt and out-of-date monetary/fiscal policies that hurt rather than heal real economies.’
Germany, Switzerland, France, Spain and Japan are among countries that have negative yields on government-issued debt. Their hope is that cheap, even free, borrowing raises inflation and revives asset prices that can filter through economies; they argue extreme policies have been needed. Gross and others have argued that rates, including those at the Federal Reserve, at near zero or below won’t create sustainable economic growth and actually undermine capitalism.

This post was published at David Stockmans Contra Corner By RACHEL KONING BEALS, Marketwatch ‘ September 1, 2016.

Are Negative Rates Backfiring? Here’s Some Early Evidence

KORSCHENBROICH, Germany – Two years ago, the European Central Bank cut interest rates below zero to encourage people such as Heike Hofmann, who sells fruits and vegetables in this small city, to spend more.
Policy makers in Europe and Japan have turned to negative rates for the same reason – to stimulate their lackluster economies. Yet the results have left some economists scratching their heads. Instead of opening their wallets, many consumers and businesses are squirreling away more money.
When Ms. Hofmann heard the ECB was knocking rates below zero in June 2014, she considered it ‘madness’ and promptly cut her spending, set aside more money and bought gold. ‘I now need to save more than before to have enough to retire,’ says Ms. Hofmann, 54 years old.
Recent economic data show consumers are saving more in Germany and Japan, and in Denmark, Switzerland and Sweden, three non-eurozone countries with negative rates, savings are at their highest since 1995, the year the Organization for Economic Cooperation and Development started collecting data on those countries. Companies in Europe, the Middle East, Africa and Japan also are holding on to more cash.
Economists point to a variety of other possible factors confounding central-bank policy: Low inflation has left consumers with more money to sock away; aging populations are naturally more inclined to save; central banks themselves may have failed to properly explain their actions.

This post was published at David Stockmans Contra Corner on August 9, 2016.

LEAKED: UBS, other Banks ‘Scrutinized’ by Singapore over Money Laundering in 1MDB Scandal

It just doesn’t let up with these banks…. ‘Three people with knowledge of the matter’ told Reuters that Singapore’s central bank, the Monetary Authority of Singapore (MAS), is ‘scrutinizing,’ as Reuters put it, several banks over suspicions that they broke anti-money-laundering rules in processing transactions of the scandal-infested Malaysian state-owned fund 1MDB.
The banks include UBS, DBS Group Holdings, Falcon Private Bank, and Coutts International. DBS is based in Singapore. The other three are based in Switzerland.
The 1MDB scandal revolves around $4.2 billion that, according to a Malaysian parliamentary investigation earlier this year, went missing or ended up in overseas accounts whose owners couldn’t be determined. These transactions were all processed by banks. In 2013, $681 million appeared in the personal account of Malaysian Prime Minister Najib Razak, who also served as chairman of 1MDB until recently. Najib has denied any wrongdoing – it was a gift from a member of the Saudi royal family, he’d claimed. And Malaysia’s Attorney-General Mohamed Apandi Ali cleared him in January of corruption or criminal offences.

This post was published at Wolf Street on July 17, 2016.

Global Trade On Flat Line Since January 2015 – – Protectionist Headwinds Rising

The slowdown in world trade has been much worse than previously reported, with global trade volumes plateauing over the past 18 months amid a rise in protectionism, according to a new report.
The analysis illustrates why business leaders such as GE’s Jeff Immelt are anxious about trade and the world economy as politicians such as US Republican presidential candidate Donald Trump rail against ‘globalism’ and promise to erect new barriers to commerce.
Policymakers and economists have grown increasingly concerned about a slowdown in global trade growth. But according to the latest report by Global Trade Alert, which monitors protectionism around the world, that growth has disappeared altogether with the volume of goods traded around the world stagnant since January 2015.
Such a prolonged period of no growth is rare in economic history, said Simon Evenett, professor of international trade and economic development at Switzerland’s University of St Gallen and the report’s lead author. ‘It really doesn’t happen very much outside of recessions,’ he said.
The report is based on data collected by the Netherlands Bureau for Economic Policy Analysis, which publishes a much-watched monthly report on global trade volumes. Its latest data, for April of this year, shows that both exports and imports globally remain below where they were in January 2015 and have moved very little in the period since then.

This post was published at David Stockmans Contra Corner on July 15, 2016.

Meltdown! Central Banks Are Destroying The Global Bond Market

Japanese, German and Swiss bond yields fell to records, as government debt around the world extended its best gains in two decades, with the prospect of Britain leaving the European Union boosting demand for havens.
Federal Reserve Chair Janet Yellen fueled the rally by saying Wednesday slow productivity growth and aging societies may keep interest rates at depressed levels. Fewer Fed officials expect the central bank to raise interest rates more than once this year than they did three months ago, based on projections the central bank issued. The Bank of Japan said inflation in the nation may be zero or negative, while holding monetary policy unchanged.
The bond rally is sending benchmark 10-year yields to unprecedented levels in some countries. Japan’s tumbled to minus 0.21 percent. Australia’s fell below 2 percent. Germany’s plunged below zero. Even Switzerland’s 30-year yield briefly turned negative, as sub-zero yields, once considered unthinkable, are becoming more common.
‘New Abnormal’
‘It’s the new abnormal,’ said Park Sungjin, the head of principal investment in Seoul at Mirae Asset Securities Co., which oversees $7.7 billion. ‘The abnormal is normal now.’

This post was published at David Stockmans Contra Corner on June 16, 2016.

Only 10 Countries Not At War

The world is becoming a more dangerous place and there are now just 10 countries which can be considered completely free from conflict, according to authors of the 10th annual Global Peace Index.
The worsening conflict in the Middle East, the lack of a solution to the refugee crisis and an increase in deaths from major terrorist incidents have all contributed to the world being less peaceful in 2016 than it was in 2015.
And there are now fewer countries in the world which can be considered truly at peace – in other words, not engaged in any conflicts either internally or externally – than there were in 2014.
According to the Institute for Economics and Peace, a think tank which has produced the index for the past 10 years, only Botswana, Chile, Costa Rica, Japan, Mauritius, Panama, Qatar, Switzerland, Uruguay and Vietnam are free from conflict.
Brazil is the country that has dropped out of the list, and as one of the worst performing countries year-on-year represents a serious concern ahead of the Rio Olympics, the IEP’s founder Steve Killelea told The Independent.
But perhaps the most remarkable result from this year’s peace index, he said, was the extent to which the situation in the Middle East drags down the rest of the world when it comes to peacefulness.

This post was published at David Stockmans Contra Corner on June 8, 2016.

Imperial Washington At Work – -Always Attack The Wrong Country

There are numerous tactics available to those who aim to make problems worse while pretending to solve them, but misdirection is always a favorite. The reason to want to make problems worse is that problems are profitable – for someone. And the reason to pretend to be solving them is that causing problems, then making them worse, makes those who profit from them look bad.
In the international arena, this type of misdirection tends to take on a farcical aspect. The ones profiting from the world’s problems are the members of the US foreign policy and military establishments, the defense contractors and the politicians around the world, and especially in the EU, who have been bought off by them. Their tactic of misdirection is conditioned by a certain quirk of the American public, which is that it doesn’t concern itself too much with the rest of the world. The average member of the American public has no idea where various countries are, can’t tell Sweden from Switzerland, thinks that Iran is full of Arabs and can’t distinguish any of the countries that end in -stan. And so a handy trick has evolved, which amounts to the following dictum: ‘Always attack the wrong country.’

Need some examples? After 9/11, which, according to the official story (which is probably nonsense) was carried out by ‘suicide bombers’ (some of them, amusingly, still alive today) who were mostly from Saudi Arabia, the US chose to retaliate by attacking Saudi ArabiaAfghanistan and Iraq.

This post was published at David Stockmans Contra Corner on April 1, 2016.

Origins Of The Global Dollar Short – – -A Note On The Rise Of The Eurodollar

There is certainly not enough attention paid to the evolution of eurodollars and even less devoted to how it all started. In my analysis, those two facets are inseparable as the origins of the eurodollar space tell us a lot about how and why it became what it is. The Japanese, for instance, were being squeezed by really unrelated funding pressures in 1963 that began in Italy, worked through Switzerland and ended up with the Japanese government actually selling US Treasuries to fund what was among the first problems with the ‘dollar short.’ In many ways, things have never changed even if the format has and complexities greatly proliferated.
According to some theories, the start of the eurodollar (or a strand of it) can be traced back to one British outfit – Midland Bank. The context was the middle 1950′s and it has to be understood the systemic nature of sterling at that moment in history. For several reasons, British monetary policy was exceedingly ‘tight’ and not just in the normal central bank interest rate scheme. The Chancellor of the Exchequer in 1957 even went so far as to prohibit the pound from financing trade between parties unrelated at all to the British currency – the very essence of what a reserve currency is supposed to do. In other words, with sterling already in crisis, UK authorities banned foreign counterparties from using the pound to facilitate exchange between two (or more) non-sterling currencies. Unless the ultimate transaction was settled in pounds at the start or at the end, banks were supposed to turn away the business.
That opened the door for some other medium of exchange that could be both very flexible and less susceptible to such interference, and given that there was only one other candidate (gold being increasingly disfavored in this context despite the lip service of Bretton Woods) it was only a matter of time before dollars would fill the gap. US monetary and government officials, however, were not particularly enthusiastic over the possibility as it would mean further pressure on the US current account – dollars would have to flow overseas in order to build up enough ‘gravity’ to act as fluid global agent of exchange. That was already the case in certain money centers where US dollar trade had already been taken up, but even as late as the 1950′s there was still an enormous proportion of global geography conducting trade in sterling that would need transition.

This post was published at David Stockmans Contra Corner on March 22, 2016.

The Red Ponzi Springs A Big Leak – -False Invoicing To Hide Capital Outflows Is Rampant

Days after the Switzerland-based Bank for International Settlements played down fears over capital flight out of China, new trade data has put the spotlight on a channel used to ferret out billions worth of illicit money flows: phantom goods.
A steep rise in China’s reported imports from Hong Kong has raised concerns that trade invoices are being manipulated to get capital out of the country amid fears the yuan will continue to weaken. February data released Tuesday show those imports jumped 89 percent from a year earlier, even as total imports fell 14 percent. While the rise wasn’t as great as in January, economists said the spike follows similar patterns in recent months that point to companies using trade channels to pay for goods far in excess of their value or even that don’t exist at all.

This post was published at David Stockmans Contra Corner on March 9, 2016.

NIRP – No Need to Go There

A new acronym has entered the lexicon of central banking in recent months – NIRP, which stands for negative interest rate policy. If ZIRP, zero interest rate policy, won’t stimulate faster growth in nominal spending and faster growth in the prices of goods and services, then perhaps central bank-engineered negative short-term interest rates will do the trick. In June 2014, the European Central Bank (ECB) introduced NIRP and the central banks of Switzerland, Denmark, Sweden, and Japan have recently done so as well. For the most part, NIRP involves a central bank paying a negative rate of interest on a portion of reserves or deposits held by private depository institutions (mainly commercial banks) by the central banks. One purpose of NIRP is to encourage banks to make more loans by penalizing them with a negative nominal return on ‘excess’ reserves held by the central bank. Another purpose of NIRP is to achieve a lower structure of real (inflation-expectations adjusted) interest rates. After all, if the yields on short-maturity interest rates are at zero and investors expect deflation, then the real yields on these securities would be positive. (The real yield is the nominal yield minus inflation expectations. If the nominal yield is zero and inflation expectations are negative, i.e., deflation is expected, and then zero minus a negative number result in a positive number.) If nominal aggregate demand is growing at a sub-optimal rate, then a lower structure of real interest rates would likely cause the quantity of bank credit required to increase, which if the credit were granted would, in turn, cause growth in aggregate demand to increase. NIRP is a remedy for insufficient demand for bank credit.
Read Will the US Go Negative in 2017?
But if growth in nominal aggregate demand is sub-optimal because of an insufficient supply of bank credit, then NIRP will not be effective in remedying the situation. If banks do not have the capital to support their acquisition of more loans and securities with credit and interest rate risk, then charging these banks a ‘storage fee’ for reserves held at the central bank will not induce them to create more credit. It will do the opposite. The extra expense charged banks by the central bank for reserves storage will reduce bank profits, inhibiting growth in the bank capital necessary to allow banks to increase their acquisitions of loans and securities.

This post was published at FinancialSense on 03/08/2016.

From The Watch Watch – -Swiss Exports Slide For Seventh Consecutive Month

Swiss watch exports slid for the seventh consecutive month as plummeting stocks and slowing economies damped demand for luxury timepieces in their main markets.
The two biggest destinations for Swiss watch exports – Hong Kong and the U. S. – were almost exclusively responsible for the global downturn, the Federation of the Swiss Watch Industry said in a statement Thursday.
Shipments dropped 8 percent to 1.52 billion francs ($1.53 billion) in January, according to data from Switzerland’s customs office. That compares with a 3.7 percent gain in the same month in 2015.

This post was published at David Stockmans Contra Corner on February 22, 2016.

Red Ponzi Update – -Greatest Capital Flight In History

For lovers of dramatic numbers, China has long been a gift. The flood of cash leaving the country has produced another impressive statistic: We are witnessing the greatest episode of capital flight in history.
China’s foreign-exchange reserves fell by $700 billion last year. The flood of cash across its borders is complicating the country’s economic transformation and is raising the risks of problems in other emerging markets, where cash already is flowing outward.
‘What happened in 2015 coming out of China was unprecedented in magnitude,’ saidCharles Collyns, chief economist for the Institute of International Finance, a global trade group for the financial industry.
The size of China’s $10 trillion economy and its still-huge foreign reserves means the outflow won’t cause an immediate crisis in the country, though there are risks. According to World Bank data, the $700 billion decline in China’s foreign-currency reserves is bigger than the total foreign-currency reserves of all but three other central banks in the world – Japan, Switzerland and Saudi Arabia. China’s outflows are the biggest in absolute terms, although other countries have had larger outflows relative to the size of their economies.

This post was published at David Stockmans Contra Corner on January 29, 2016.

The Chinese Economy Is Sinking, Not Transitioning

It makes for quite the juxtaposition, though perhaps not so jarring given that global banks are still enormous and disparate operations. On the one hand, Citigroup’s CEO was eminently confident from within the confines of Davos and the status quo:
The market is ‘adjusting’ to a series of headwinds that can be overcome, Citigroup CEO Michael Corbat said Thursday, a day after the S&P 500 fell to its lowest level in nearly two years.
‘We view what’s going on really as more a repricing than any big fundamental shift,’ he told CNBC’s ‘Squawk Box’ at the World Economic Forum in Davos, Switzerland.
The question is who is the ‘we’ to which he is referring? It was just a year ago that no bank would even contemplate the possibility of recession entering Janet Yellen’s perfect year, especially as it was setup by ‘unquestionable’ growth in the middle of 2014 (best jobs market in decades). This January, however, while Citi’s CEO downplays recent turmoil, the staff inside his very own bank is thinking very much otherwise:
The global economy is on the brink of a recession, with central bank stimulus less forthcoming and growth weakened by the slowdown in China, Citigroup warned on Thursday.
The bank cut its 2016 global growth forecast to 2.7 percent from 2.8 percent and slashed its outlook for the U. S., U. K. and Canada, plus several emerging markets including Russia, South Africa, Brazil and Mexico. [emphasis added]

This post was published at David Stockmans Contra Corner on January 28, 2016.

The Astonishing Gift Of The Money Printers – – The World’s Richest 1% Now Have More Wealth Than The Rest Of Humanity

The richest 1 percent is now wealthier than the rest of humanity combined, according to Oxfam, which called on governments to intensify efforts to reduce such inequality.
In a report published on the eve of the World Economic Forum’s annual meeting in Davos, Switzerland, the anti-poverty charity cited data from Credit Suisse Group AG in declaring the most affluent controlled most of the world’s wealth in 2015. That’s a year earlier than it had anticipated.

This post was published at David Stockmans Contra Corner by Bloomberg Business ‘ January 18, 2016.