A recent report by Washington think tank Global Financial Integrity reveals the fatal flaw in the world’s globalized financial architecture: It has not been accompanied by a globalized governance and regulation system. This became alarmingly apparent in 2008 when the world’s financial system collapsed due to incompetence and skullduggery by Wall Street and U.S. mortgage lending practices. But the failure to apply controls across the global economy represents a serious threat to all and is quantified in the report, sponsored by the Ford Foundation, entitled Illicit Financial Flows: The Most Damaging Economic Condition Facing the Developing World. The unimpeded flow …read more
Source: The Huffington Post
