BONN -- White-collar crime continues to reinvent itself in newer and ever more devastating ways. In a recent such case in Germany, socialism presents itself again the foe of all financial institutions and wealth.
One female bank employee in her 60s laundered more than $11 million from the accounts of wealthy clients to their less affluent counterparts. The resulting overdrafts caused the bank losses in over $1.5 million, on top of the millions stolen from the wealthy.
The communist "Robin Hood" approach to wealth distribution is just not applicable in real life, argues the World Trade Foundation (WTF). Traditional economics dictates that equal distribution of wealth would terminate all trade, eliminating the principal source of positive relations in the world of foreign policy.
The WTF firmly believes that this woman's breach of wealthy, deserving clients' trust should be punished thoroughly to discourage any such happenings in the future. The Foundation was disgusted to learn that the employee will simply be fired and served a 22-month suspended sentence.
Related reading: http://news.bbc.co.uk/2/hi/europe/8376532.stm
Tuesday, November 24, 2009
Thursday, October 22, 2009
Eastwood in Eastern Europe
TBILISI -- How do you create a historic movie about an event to which there are two stories? Clint Eastwood's solution of creating two movies (such as his Flags of our Fathers and Letters from Iwo Jima) makes a strong case. At least so it seems in Eastern Europe, where plans are taking place for the filming of two movies about the war in Georgia in the summer of 2008.
Hollywood is shooting for its version of the film, starring Andy Garcia as President Saakashvili (see left), potrayed from the Georgian perspective while Serbian director Emir Kusturica plans to create his own film, from the South Ossetian perspective. Thus, the filmmakers are in essence putting the two sides of the story into the mainstream as their version of history.
The World Trade Foundation (WTF) recognizes the lucrativeness of this opportunity. Firstly, the duality of the movies represents a larger amount of spending and production in the film industry worldwide. But the real growth opportunities stemming from this move are in fact the opportunities devised from adding duality to history.
If history was always written in duality, news media, textbook publishers and historians would bask in the amount of new content needed to be produced. The WTF encourages the public not to protest or halt this trend, as the loss in the slightly obscured public knowledge of history and the world today would be greatly overshadowed by the large and sustainable gains available by adding each new version of history.
Related reading: http://news.bbc.co.uk/2/hi/europe/8316018.stm
Image source: BBC News
The World Trade Foundation (WTF) recognizes the lucrativeness of this opportunity. Firstly, the duality of the movies represents a larger amount of spending and production in the film industry worldwide. But the real growth opportunities stemming from this move are in fact the opportunities devised from adding duality to history.
If history was always written in duality, news media, textbook publishers and historians would bask in the amount of new content needed to be produced. The WTF encourages the public not to protest or halt this trend, as the loss in the slightly obscured public knowledge of history and the world today would be greatly overshadowed by the large and sustainable gains available by adding each new version of history.
Related reading: http://news.bbc.co.uk/2/hi/europe/8316018.stm
Image source: BBC News
Sunday, October 18, 2009
Safety Second
NEW YORK, NY -- Among the most prominent modern threats to both our economy and society as a whole is the recent political faction known as the ‘green’ movement. These opponents of development and economy call for a return to pre-Industrial Revolution society and promote various often severe restrictions on the affluent quality of life that is so demonstrative of the success of North America’s capitalism.
However, the World Trade Foundation (WTF) believes that they have taken their actions too far. One of their more recent developments is an outright challenge to driving safety and threatens harm to citizens. Labelling larger, safer cars are “gas guzzlers,” the activists are now promoting the use of smaller cars such as the line of Smart cars.
Originally unavailable in North America due to the imminent danger they posed to drivers and passengers, the recent up-taking of the green movement by the public has led to their introduction onto North American streets.
Nonetheless, the WTF deplores the bypassing and fundamental neglect of the very safety regulations that keep us alive while driving. The safety regulatory body known as the Insurance Institute for Highway Safety (IIHS) acknowledged that the Smart Fortwo is classified in a group of its own, known as ‘micro-cars’. This class is one smaller even than the Mini Cooper’s. While this Smart model has received top safety ratings in its class, the IIHS explains that these ratings cannot be compared between classes, which “means a small car that earns a good rating isn’t safer than a large car that’s rated less good”. Thus, the Fortwo’s—and any other micro-car’s—top ratings really only mean that, as a passenger on the road, they are a safer choice than ATVs and perhaps shopping carts.
Furthermore, the WTF expresses strong concern and worry for the impact that the green revolution may have on the American economy. As people trade in their classical American SUVs and vans to imported smaller cars, American car companies are losing market share and profitability. This jeopardizes many of the domestic jobs here in the automotive industry. Moreover, taking larger cars off the streets also reduces oil demand, which further damages the American economy.
But the ultimate sacrifice rests with the endangered motorists. Disillusioned by the sway of the green movement, they risk not only their jobs but also their lives by putting safety second.
Related reading: http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20080514/smart_car_080514/20080514?s_name=Autos
Image source: CTV News
However, the World Trade Foundation (WTF) believes that they have taken their actions too far. One of their more recent developments is an outright challenge to driving safety and threatens harm to citizens. Labelling larger, safer cars are “gas guzzlers,” the activists are now promoting the use of smaller cars such as the line of Smart cars.
Originally unavailable in North America due to the imminent danger they posed to drivers and passengers, the recent up-taking of the green movement by the public has led to their introduction onto North American streets.
Furthermore, the WTF expresses strong concern and worry for the impact that the green revolution may have on the American economy. As people trade in their classical American SUVs and vans to imported smaller cars, American car companies are losing market share and profitability. This jeopardizes many of the domestic jobs here in the automotive industry. Moreover, taking larger cars off the streets also reduces oil demand, which further damages the American economy.
But the ultimate sacrifice rests with the endangered motorists. Disillusioned by the sway of the green movement, they risk not only their jobs but also their lives by putting safety second.
Related reading: http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20080514/smart_car_080514/20080514?s_name=Autos
Image source: CTV News
Sunday, September 27, 2009
The Free Trade Tax
READING, UK -- The very pillars of free trade are once again under fire. This time, international law and politics are the aggressors. UK-based construction firm Mabey & Johnson was recently fined with 5 million British pounds under charges of corruption associated with the acquisition of international construction contracts. Iraq, Ghana, and Jamaica are listed as among the nations involved.
The "unusual case" was opened following a drastic change in the board of directors. Five of the company's prior directors resigned and were replaced with new members who decided to reveal the company's doings to the Serious Fraud Office (SFO). Following extensive talks with the SFO, the company pleaded guilty to "two charges of conspiracy to corrupt and one charge of breaching UN sanctions".
Of particular interest is the related UN sanction: Mabey & Johnson was found in violation of the UN oil-for-food program in Iraq, a humanitarian-based amendment to the prior comprehensive sanctions against Saddam Hussein's regime following its invasion of Kuwait in 1990. Detailed evidence documents the upkeep of very positive "extensive commercial interests" in Iraq following the Gulf War and the subsequent sanctions.
The World Trade Foundation (WTF) strongly objects to the irrational treatment of Mabey & Johnson as well as the economic isolation of the citizens of Iraq. Repeatedly, economic theory has demonstrated that free unregulated trade is mutually beneficial between nations. It not only creates more jobs but it also positively affects the standards of life in all nations involved. Thus, in essence, politics simply becomes an unnecessary layer of bureaucracy that obstructs the betterment of welfare around the world.
While demonstrating its willingness to resist the negative forces of isolation and pressure politics, had secured itself over 60 million British pounds' worth of international contracts. This added stream of revenue has helped drive employment in the UK, while also acting as a force of foreign investment in otherwise isolated regions. The WTF asserts that Mabey & Johnson was acting in the mutual interests of both the UK and the other target states.
In essence, the 5-million-pound fine that Mabey & Johnson incurred for its "close personal relationships" and "white man's handshakes" with business partners abroad fails to be a true deterrent of crime, but rather acts as a tax on the over 60 million pounds to be reaped from truly free trade.
Related reading: http://news.bbc.co.uk/2/hi/uk_news/8275626.stm
The "unusual case" was opened following a drastic change in the board of directors. Five of the company's prior directors resigned and were replaced with new members who decided to reveal the company's doings to the Serious Fraud Office (SFO). Following extensive talks with the SFO, the company pleaded guilty to "two charges of conspiracy to corrupt and one charge of breaching UN sanctions".
Of particular interest is the related UN sanction: Mabey & Johnson was found in violation of the UN oil-for-food program in Iraq, a humanitarian-based amendment to the prior comprehensive sanctions against Saddam Hussein's regime following its invasion of Kuwait in 1990. Detailed evidence documents the upkeep of very positive "extensive commercial interests" in Iraq following the Gulf War and the subsequent sanctions.
The World Trade Foundation (WTF) strongly objects to the irrational treatment of Mabey & Johnson as well as the economic isolation of the citizens of Iraq. Repeatedly, economic theory has demonstrated that free unregulated trade is mutually beneficial between nations. It not only creates more jobs but it also positively affects the standards of life in all nations involved. Thus, in essence, politics simply becomes an unnecessary layer of bureaucracy that obstructs the betterment of welfare around the world.
While demonstrating its willingness to resist the negative forces of isolation and pressure politics, had secured itself over 60 million British pounds' worth of international contracts. This added stream of revenue has helped drive employment in the UK, while also acting as a force of foreign investment in otherwise isolated regions. The WTF asserts that Mabey & Johnson was acting in the mutual interests of both the UK and the other target states.
In essence, the 5-million-pound fine that Mabey & Johnson incurred for its "close personal relationships" and "white man's handshakes" with business partners abroad fails to be a true deterrent of crime, but rather acts as a tax on the over 60 million pounds to be reaped from truly free trade.
Related reading: http://news.bbc.co.uk/2/hi/uk_news/8275626.stm
Friday, September 11, 2009
When the Right Way is Wrong
APIA -- Running a small country in the modern world is a very difficult feat. The miniscule size of the economy, combined with the lack of significant amounts of resources and labour means that most countries will not spend significant amounts time considering trade or any other economic or political interactions. Samoans, however, may have found an innovative solution to this problem.
Samoa, a tiny island country in the Pacific, has begun taking steps towards greater regional integration. Among these initiatives is the recent decision to switch from driving on the right side of the street to the left. By switching to the driving directions of all of its neighbours, Samoa's switch represents a big leap towards regional integration in the South Pacific.
The World Trade Foundation (WTF) sees many benefits in this. Firstly, it means that Samoa will now be able to import cheaper cars from its neighbours in Australia and New Zealand, where they also drive on the left side. Furthermore, it means that Samoa will become more involved with its neighbours and progress towards the entire South Pacific region operating as one body.
Much like the EU or NAFTA, regional integration seems to be the most viable solution for the South Pacific to be taken seriously. On the one hand, as a larger body, the South Pacific would have a much stronger say in economic and political relations and interactions. On the other hand, the union of all these microstates would make many of the larger, wealthier nations happy, too, as they complain that in many international bodies, each of these tiny nations has the same voting power as they do. In the future, the WTF would like to see further eradication of minor barriers and differences such as culture and religion and work towards greater unification.
This direction of change is mutually beneficial for the smaller and more significant nations. Due to its benefits, the Foundation has declared the changing of driving directions and any subsequent steps towards regional integration as WTF-approved actions.
Related reading: http://news.bbc.co.uk/2/hi/asia-pacific/8243110.stm
Samoa, a tiny island country in the Pacific, has begun taking steps towards greater regional integration. Among these initiatives is the recent decision to switch from driving on the right side of the street to the left. By switching to the driving directions of all of its neighbours, Samoa's switch represents a big leap towards regional integration in the South Pacific.
The World Trade Foundation (WTF) sees many benefits in this. Firstly, it means that Samoa will now be able to import cheaper cars from its neighbours in Australia and New Zealand, where they also drive on the left side. Furthermore, it means that Samoa will become more involved with its neighbours and progress towards the entire South Pacific region operating as one body.
Much like the EU or NAFTA, regional integration seems to be the most viable solution for the South Pacific to be taken seriously. On the one hand, as a larger body, the South Pacific would have a much stronger say in economic and political relations and interactions. On the other hand, the union of all these microstates would make many of the larger, wealthier nations happy, too, as they complain that in many international bodies, each of these tiny nations has the same voting power as they do. In the future, the WTF would like to see further eradication of minor barriers and differences such as culture and religion and work towards greater unification.
This direction of change is mutually beneficial for the smaller and more significant nations. Due to its benefits, the Foundation has declared the changing of driving directions and any subsequent steps towards regional integration as WTF-approved actions.
Related reading: http://news.bbc.co.uk/2/hi/asia-pacific/8243110.stm
Wednesday, September 9, 2009
WTF Special: Why Global Warming is Good
As a result of the rather manipulative work of scientists and environmentalists sponsored by certain left-leaning governments, many of the world's people wrongly fear global warming. When it first began rapidly growing in the 1970s, globalization, too, was widely feared in the world. Yet the truth of the matter is, it has actually been good for most of the world by helping accelerate and expand trade relations and create new wealth.
The World Trade Foundation (WTF) is convinced that rather than being a global threat, global warming is more of a worldwide force of change and should be embraced. This WTF Special report is created to educate the public about the truth about global warming and its benefits.
Firstly, it is important to rationally analyze the scientists' fears about global warming. Yes, climates around the world will change. The scientists emphasize that many regions, like the rainforests of South America, will disappear. This is not exactly true. What they neglect to mention is that, in fact, it should be viewed as having those regions shift farther away from the equator rather than completely disappearing. And with their shifting habitats, of course, the animals will move, too. Thus, while global warming may be a force of regional ecological landscaping and extinction, it is a balanced global force, by re-establishing those same ecosystems elsewhere.
Secondly, the WTF wishes to address the fears about the impact on human populations. While the redistribution and shifting of populations will be almost inevitable due to global warming, there are numerous positive impacts associated with this shift. The new combinations of cultures and population changes are ideal opportunities for new business ventures to drive the economy. Recall the Great Famine of Ireland and the subsequent movement of hundreds of thousands of Irish people to North America. Many of these Irish people have used the significantly greater opportunities available to create new businesses such as their many taverns. Had they remained in Ireland, they would not have all been able to profitably create taverns. The benefits of shifting populations are no new revelation: as documented in the Old Testament, the single greatest force behind the establishment of the Promised Land is the exodus that Moses led out of Egypt.
Thus, in analyzing the impact of global warming in a more objective manner, it is evident that it is a force of change rather than evil. That said, the WTF encourages the public to quickly put a stop to the significant damage done to economies worldwide through the socialist scientists' and policitians' "green" movement and embrace the benefits of global warming.
The World Trade Foundation (WTF) is convinced that rather than being a global threat, global warming is more of a worldwide force of change and should be embraced. This WTF Special report is created to educate the public about the truth about global warming and its benefits.
Firstly, it is important to rationally analyze the scientists' fears about global warming. Yes, climates around the world will change. The scientists emphasize that many regions, like the rainforests of South America, will disappear. This is not exactly true. What they neglect to mention is that, in fact, it should be viewed as having those regions shift farther away from the equator rather than completely disappearing. And with their shifting habitats, of course, the animals will move, too. Thus, while global warming may be a force of regional ecological landscaping and extinction, it is a balanced global force, by re-establishing those same ecosystems elsewhere.
Secondly, the WTF wishes to address the fears about the impact on human populations. While the redistribution and shifting of populations will be almost inevitable due to global warming, there are numerous positive impacts associated with this shift. The new combinations of cultures and population changes are ideal opportunities for new business ventures to drive the economy. Recall the Great Famine of Ireland and the subsequent movement of hundreds of thousands of Irish people to North America. Many of these Irish people have used the significantly greater opportunities available to create new businesses such as their many taverns. Had they remained in Ireland, they would not have all been able to profitably create taverns. The benefits of shifting populations are no new revelation: as documented in the Old Testament, the single greatest force behind the establishment of the Promised Land is the exodus that Moses led out of Egypt.
Thus, in analyzing the impact of global warming in a more objective manner, it is evident that it is a force of change rather than evil. That said, the WTF encourages the public to quickly put a stop to the significant damage done to economies worldwide through the socialist scientists' and policitians' "green" movement and embrace the benefits of global warming.
Thursday, September 3, 2009
Super-Chavez Me!
BRASILIA -- For the past few decades, Venezuela has been South America's main and only significant outpost of socialism and obstacle to free trade. However, with its biggest supporters in the area being only the separatists in neighbouring Colombia and the misled Native American president of Bolivia, Chavez's centrally-planned Venezuela has largely been ignored.
Yet the World Trade Foundation (WTF) regrets to hear that Brazil may soon join its ranks. The country's president, Luis Inacio Lula Da Silva, has revealed plans for the government to take a larger stake in Brazil's oil resources. Under the new regulations, Brazil's national oil firm, Petrobras, would automatically be entitled to a 30% stake in all ventures into Brazil's oil resources. Additionally, it would be the sole operator in all such ventures.
President Da Silva claims the additional revenue would be used towards helping fight poverty and towards promoting development in the country. This is an unfair distribution of wealth, as foreign oil venturers with more money should be fully entitled to Brazil's resources, no matter what the underlying excuse may be.
Noting the obvious impediment to its primary pillar, free trade, the WTF has already issued calls for restraint and reconsideration. However, it is evident that Da Silva is following the greed and egotism of his Venezuelan counterpart, Chavez, and the WTF may have to resort to adding Brazil to its list of outposts of socialism and obstacles to free trade.
Related reading: http://news.bbc.co.uk/2/hi/business/8230774.stm
Yet the World Trade Foundation (WTF) regrets to hear that Brazil may soon join its ranks. The country's president, Luis Inacio Lula Da Silva, has revealed plans for the government to take a larger stake in Brazil's oil resources. Under the new regulations, Brazil's national oil firm, Petrobras, would automatically be entitled to a 30% stake in all ventures into Brazil's oil resources. Additionally, it would be the sole operator in all such ventures.
President Da Silva claims the additional revenue would be used towards helping fight poverty and towards promoting development in the country. This is an unfair distribution of wealth, as foreign oil venturers with more money should be fully entitled to Brazil's resources, no matter what the underlying excuse may be.
Noting the obvious impediment to its primary pillar, free trade, the WTF has already issued calls for restraint and reconsideration. However, it is evident that Da Silva is following the greed and egotism of his Venezuelan counterpart, Chavez, and the WTF may have to resort to adding Brazil to its list of outposts of socialism and obstacles to free trade.
Related reading: http://news.bbc.co.uk/2/hi/business/8230774.stm
Monday, August 31, 2009
Injustice is Served
LAGOS -- Corruption has once again infiltrated the political ranks of Africa. In a move widely condemned by the World Trade Foundation (WTF) and numerous similar organizations, the Nigerian government has recently cracked down on the backbone of its financial and economic systems.
Under the guise of corruption investigations, the government has frozen all shares belonging to five of the nation's largest banks. Earlier, the government had granted the five banks a total of 400 billion naira ($2.6 billion) in bail-out loans due to lack of cash reserves. However, the banks continued to run into debt due to bad loans eventually totalling 1.14 trillion naira between the five of them.
The government used this outcome as a means of scapegoating the nation's banks with the blame for the crisis on the hard-hit Nigerian economy. The EFCC, Nigeria's governmental commission against financial crimes, is reporting that one senior bank executive has already been charged with corruption crimes and that "other executives will appear in court later."
The WTF calls for restraint on the government's side, recognizing these executives' innocence and good intentions. In stressful times in the financial sector, little hope is left for the banks and the very least these executives can do is write off a couple of under-the-table loans to "individuals or companies using fictitious names" (naturally, without approval from the board). In that way, they can at the very least ensure the welfare of their family and friends.
Related reading: http://news.bbc.co.uk/2/hi/business/8230692.stm
Under the guise of corruption investigations, the government has frozen all shares belonging to five of the nation's largest banks. Earlier, the government had granted the five banks a total of 400 billion naira ($2.6 billion) in bail-out loans due to lack of cash reserves. However, the banks continued to run into debt due to bad loans eventually totalling 1.14 trillion naira between the five of them.
The government used this outcome as a means of scapegoating the nation's banks with the blame for the crisis on the hard-hit Nigerian economy. The EFCC, Nigeria's governmental commission against financial crimes, is reporting that one senior bank executive has already been charged with corruption crimes and that "other executives will appear in court later."
The WTF calls for restraint on the government's side, recognizing these executives' innocence and good intentions. In stressful times in the financial sector, little hope is left for the banks and the very least these executives can do is write off a couple of under-the-table loans to "individuals or companies using fictitious names" (naturally, without approval from the board). In that way, they can at the very least ensure the welfare of their family and friends.
Related reading: http://news.bbc.co.uk/2/hi/business/8230692.stm
Wednesday, August 26, 2009
The African Caste
ABUJA -- Developed and popularized in Hindu South Asia, the caste system of classes has been implemented in various scenarios and uses around the world. One of the most successful such examples is the modern establishment of trade and wealth between the world's economies.
Within this system, the economies of the world are classified into 3 castes: the 'developed' economies (or the First World), the 'developing' economies (alternately, the Second World), and the 'underdeveloped' economies (often referred to as the Third World). As with the traditional religious and social caste system seen in much of the Hindu world today, economies are assigned to one specific caste, which has a specific rank of importance and power in the system. Additionally, it is nearly impossible for members of one caste to leave their caste and join another.
First implemented by imperialist-era Europe to establish viable colonies and trade routes to newly-claimed territories in the Far East, Africa, and the New World, the economic caste system has been a crucial pillar in establishing the worldwide distribution of wealth and power and helping cement trade routes and relations.
Regrettably, there are also those opposed to this set-up of resource transactions--"enemies of free trade" as the World Trade Foundation (WTF) dubs them. Among these non-conformists stands current Nigerian President Umaru Yar'Adua. Rejecting his nation's African 'underdeveloped' caste, Mr. Yar'Adua recently revoked a South Korean consortium's license to some of its off-shore oil fields. Citing failure on the Koreans' part to follow through on promised payments on the license, the Nigerian government granted the license to an Indian firm instead.
With the backing of the WTF, the South Korean consortium filed a complaint demanding that President Yar'Adua "did not have such power", reportedly referring to his nation's status as a member of the 'African caste'. As a lower caste nation, Nigeria should not have complete sovereignty over all its resources.
The purpose of the economic caste system is to rest power within the developed nations so that they can make the best use of the resources of underdeveloped caste economies, which often lack the necessary tools and technology. After all, how else is wealth created, if not by buying rights to oil fields worth billions of dollars for a promise of a couple hundred million dollars?
Related reading: http://news.bbc.co.uk/2/hi/business/8212573.stm
Within this system, the economies of the world are classified into 3 castes: the 'developed' economies (or the First World), the 'developing' economies (alternately, the Second World), and the 'underdeveloped' economies (often referred to as the Third World). As with the traditional religious and social caste system seen in much of the Hindu world today, economies are assigned to one specific caste, which has a specific rank of importance and power in the system. Additionally, it is nearly impossible for members of one caste to leave their caste and join another.
First implemented by imperialist-era Europe to establish viable colonies and trade routes to newly-claimed territories in the Far East, Africa, and the New World, the economic caste system has been a crucial pillar in establishing the worldwide distribution of wealth and power and helping cement trade routes and relations.
Regrettably, there are also those opposed to this set-up of resource transactions--"enemies of free trade" as the World Trade Foundation (WTF) dubs them. Among these non-conformists stands current Nigerian President Umaru Yar'Adua. Rejecting his nation's African 'underdeveloped' caste, Mr. Yar'Adua recently revoked a South Korean consortium's license to some of its off-shore oil fields. Citing failure on the Koreans' part to follow through on promised payments on the license, the Nigerian government granted the license to an Indian firm instead.
With the backing of the WTF, the South Korean consortium filed a complaint demanding that President Yar'Adua "did not have such power", reportedly referring to his nation's status as a member of the 'African caste'. As a lower caste nation, Nigeria should not have complete sovereignty over all its resources.
The purpose of the economic caste system is to rest power within the developed nations so that they can make the best use of the resources of underdeveloped caste economies, which often lack the necessary tools and technology. After all, how else is wealth created, if not by buying rights to oil fields worth billions of dollars for a promise of a couple hundred million dollars?
Related reading: http://news.bbc.co.uk/2/hi/business/8212573.stm
Monday, August 17, 2009
A Global American Dream
BEIJING -- Last week, with the backing of the World Trade Foundation (WTF), the WTO declared that China's policy of allowing the goods to be imported only by state-run firms "broke global trade rules." This US-initiated investigation is yet another example of how the United States are helping other nations and fixing their political and economic systems.
Explaining that China's centrally-planned communist system was naturally inferior to its own free-market capitalist establishment, America filed the WTO complaint against China's import regulations. It ruled that, in essence, Chinese central planning and state-run trade policy, a pillar of the communist political system, was incompatible with the US, requiring it to adjust.
The WTF applauds America's determination to--just like in Vietnam and Iraq--forego a nation's right to sovereignty when necessary to assist that nation and help it conform its political systems to the Americans'. In a few years' time, the Chinese economy will start to resemble its American counterpart much more and the Chinese people will finally have wide-spread and proper access to important services such as McDonald's, Coca-Cola, and Ford vehicles.
Hoping to further minimize the potentially negative influence of Chinese culture, the US is also considering imposing import restrictions on major exports, such as car and truck tires, from the Asian manufacturing giant. In turn, the US aims to be able to better reach Chinese customers through China's privatized distributors, thus aiding the materialization of a more global American Dream.
Related reading: http://news.bbc.co.uk/2/hi/business/8205014.stm
Explaining that China's centrally-planned communist system was naturally inferior to its own free-market capitalist establishment, America filed the WTO complaint against China's import regulations. It ruled that, in essence, Chinese central planning and state-run trade policy, a pillar of the communist political system, was incompatible with the US, requiring it to adjust.
The WTF applauds America's determination to--just like in Vietnam and Iraq--forego a nation's right to sovereignty when necessary to assist that nation and help it conform its political systems to the Americans'. In a few years' time, the Chinese economy will start to resemble its American counterpart much more and the Chinese people will finally have wide-spread and proper access to important services such as McDonald's, Coca-Cola, and Ford vehicles.
Hoping to further minimize the potentially negative influence of Chinese culture, the US is also considering imposing import restrictions on major exports, such as car and truck tires, from the Asian manufacturing giant. In turn, the US aims to be able to better reach Chinese customers through China's privatized distributors, thus aiding the materialization of a more global American Dream.
Related reading: http://news.bbc.co.uk/2/hi/business/8205014.stm
Monday, August 10, 2009
Ethical Investing
FRANKFURT -- Ever since man first laid aside resources for better use elsewhere, man has been investing. This practice has come a long way since then. Even the days of speculation seem to be over; the notion of more traditional and longer-term loyalty investments is slowly reconquering the minds of bankers and investors around the world. This is a special report by the World Trade Foundation (WTF) documenting the rise of this latest fad.
One of the pioneers and principal supporters of this trend is religion. More and more banks are now offering special banking services to suit the requirements of various religions, reflected in the growing availability of options such as Sharia banking in the world today.
However, a recent incident at a German Roman Catholic bank reveals that some of these banks are already abusing their clients' trust. In this particular case, invested some of its clients' assets in impious ventures such as defence, birth control, and tobacco.
Following the revelation of this trespass of beliefs and values, the bank issued a statement of apology. Nonetheless, the WTF warns that similar abuse of trust is imminent and poses a significant threat to modern society.
In our modern day and age, church and the state are separate. However, in order to continue to preserve the positive morals and values of our society and ancestors, the church must exercise some form of power: religious ethical banking is the solution. Yet if our banks continue to invest in these sinful practices, no matter how profitable, society will never be able to rid itself of evils such as birth control and stem cell research.
Related reading: http://news.bbc.co.uk/2/hi/europe/8180739.stm
One of the pioneers and principal supporters of this trend is religion. More and more banks are now offering special banking services to suit the requirements of various religions, reflected in the growing availability of options such as Sharia banking in the world today.
However, a recent incident at a German Roman Catholic bank reveals that some of these banks are already abusing their clients' trust. In this particular case, invested some of its clients' assets in impious ventures such as defence, birth control, and tobacco.
Following the revelation of this trespass of beliefs and values, the bank issued a statement of apology. Nonetheless, the WTF warns that similar abuse of trust is imminent and poses a significant threat to modern society.
In our modern day and age, church and the state are separate. However, in order to continue to preserve the positive morals and values of our society and ancestors, the church must exercise some form of power: religious ethical banking is the solution. Yet if our banks continue to invest in these sinful practices, no matter how profitable, society will never be able to rid itself of evils such as birth control and stem cell research.
Related reading: http://news.bbc.co.uk/2/hi/europe/8180739.stm
Thursday, July 30, 2009
White Lies
TORONTO, ON -- A little truth can go a long way. But a new study being conducted by the Bank of Canada--Canada's central bank and monetary policy regulator--suggests that a white lie can go a much longer way. It appears that Mark Carney, Governor of the Bank of Canada, was trying to stimulate positive thinking among investors, businesses, and consumers earlier this month when he announced that Canada's economy was recovering.
Analysts at the World Trade Foundation (WTF) discovered the white lie recently after comparing the Governor's statements with factual data. With significant negative growth in real GDP and an ever-rising unemployment rate, the economy looks far from ready to recover. The huge decline in commodity prices also does little to justify Mr. Carney's optimism.
Nonetheless, the Governor's efforts are not in vain. His calming words are being reflected in investor and consumer optimism, in turn reflected in better performance among the banks, now better adjusted to the recessionary economy.
The WTF congratulates Mr. Carney on his excellent implementation of monetary policy and supports his vision of a better world--powered by a few white lies.
Related reading: http://www.cbc.ca/money/story/2009/07/24/f-second-quarter-earnings-picture.html
Analysts at the World Trade Foundation (WTF) discovered the white lie recently after comparing the Governor's statements with factual data. With significant negative growth in real GDP and an ever-rising unemployment rate, the economy looks far from ready to recover. The huge decline in commodity prices also does little to justify Mr. Carney's optimism.
Nonetheless, the Governor's efforts are not in vain. His calming words are being reflected in investor and consumer optimism, in turn reflected in better performance among the banks, now better adjusted to the recessionary economy.
The WTF congratulates Mr. Carney on his excellent implementation of monetary policy and supports his vision of a better world--powered by a few white lies.
Related reading: http://www.cbc.ca/money/story/2009/07/24/f-second-quarter-earnings-picture.html
Monday, July 27, 2009
Collective Bargaining
TONGHUA -- Trade unions have come a long way since their humble beginnings in the late 19th century. These essential institutions in the labour market have been and continue to be vital in ensuring employees' working conditions and rights. In particular, the World Trade Foundation (WTF) salutes the efforts and achievements of a group of steel workers here in Tonghua, north-eastern China.
After reports of Tonghua Steel and Iron Group being taken over by private firm Jianlong Group, many steel workers feared for their jobs. Realizing the ineffectiveness of already common-place collective bargaining tactics such as strikes and walkouts, the labourers staged a riot in the factory and around the city in Tonghua.
Albeit the 200 or so injured during the confrontation, the workers were able to quickly beat the newly-appointed general manager Chen Guojun to death, effectively putting an end to any possibility of a takeover, a feat which the regional government confirmed shortly afterwards.
The WTF proudly recognizes the innovative and efficient collective bargaining methods that the Chinese workers enacted and congratulates them on their job-saving efforts against the destructive merger plan.
Friday, July 24, 2009
Government Greed
BRUSSELS -- At a time when the financial system needs its government the most, the government lets it down. To the dismay of the World Trade Foundation (WTF), the European Commission has decided to withhold from government assistance for banks, leaving them to foot their own restructuring and acquisitions.
Earlier on, Europe's financial sector had witnessed very promising government assistance, with approval for 70 bank rescues during this crisis. However, the sudden change of heart is leaving many banks questioning their viability in the future.
Arguing that they need to "re-invigorate competition", the commission now insists that aided banks have to pay their own restructuring costs, even at the expense of assets and cancelled acquisitions. Yet it is common knowledge that direct subsidization is the most effective form of boosting competition.
With the extra assets and capital to take over and buy out their competitors, a nation's banks could greatly increase their relative competitiveness and overall market control. Thus, the WTF calls on the European Commission to set aside its greedy nature and shelve its plans for "banks viable without state support" in favour of more aggressive and effective money management.
After all, the best use of taxpayers' money is not towards lowering the cost of medication for patients or a textbook in school, but towards solid and promising expansion of the nation's economy and financial sector. Only then can it truly develop a competitive edge over other banks, both domestically and abroad.
Thursday, July 16, 2009
Old-School Bartering
NEW YORK, NY -- Financial crisis mayhem once again spurs business reorganization. This time, it appears to be a full-out bid on Bank of America (BoA) by the ex-secretary of the US Treasury, Mr. Hank Paulson. The action followed talks of Bank of America's CEO Kenneth Lewis potentially reneging on prior plans to purchase the failing Merrill Lynch in September 2008.
Merrill Lynch, one of the largest holders of the "toxic" debt produced as a result of the housing and credit crisis, was quite likely to crash if Bank of America had not rescued it. The US Treasury predicted further financial instability if another investment banking giant like Merrill Lynch were to collapse.
But rather than striving for a bailout package for the firm, the then-secretary of the US Treasury appeared to have turned to a more traditional negotiation settlement tactic: bartering. Disagreeing with BoA's CEO and Board of Directors in their consideration of retracting their offer, Mr. Paulson appeared to have exchanged numerous job threats with BoA CEO Kenneth Lewis in return for a controlling stake in the takeover decision.
With the backing of the World Trade Foundation (WTF), Mr. Paulson justified his heroic actions by revealing that they were in the best interests of the US and both banks. This is especially evident from the about $45 billion in bail-out fund injections that Bank of America needed in the subsequent months after the takeover.
Related reading: http://news.bbc.co.uk/2/hi/business/8152858.stm
Tuesday, July 14, 2009
Reviving the Economy
NEW YORK, NY -- Amidst the turmoil of investor fear and bankruptcy protection filings, Goldman Sachs stands strong as the knight in shining armour of the world's economic crisis--in the only important economy, at least. This champion of investment banks has just reported a very promising $3.44 billion in profits, from total net revenues of $13.8bln, of which a notable $6.65 billion went towards pay and bonuses for employees.
The WTF welcomes this move from Goldman Sachs and the altruistic intentions behind it. Having successfully paid off its last instalment of a $10-billion bail-out loan from the US government, Goldman Sachs has every right to reward its employees by distributing half of all of its revenue among its employees' salaries.
After all, it would be bad news for the competitiveness of its rival banks if Goldman Sachs retained a larger portion of its earnings towards its coffers and investment initiatives, to be used for potential further profits and gain. This holds especially true in the present sluggish retail markets: no point in investing in upstart firms and other new job opportunities when all those businesses are going to fail in the coming months anyways because people are losing jobs and spending less. Instead, it is a much more financially sound investment to distribute that money among the managers and investors at Goldman Sachs so they can purchase more luxury goods such as motorboats and new cars, which are almost guaranteed to last at least 10 years.
In the end, it is consumer spending that will revive the economy and the WTF proudly applauds Goldman Sachs for taking a big step in the right direction.
Related reading: http://news.bbc.co.uk/2/hi/business/8149762.stm
The WTF welcomes this move from Goldman Sachs and the altruistic intentions behind it. Having successfully paid off its last instalment of a $10-billion bail-out loan from the US government, Goldman Sachs has every right to reward its employees by distributing half of all of its revenue among its employees' salaries.
After all, it would be bad news for the competitiveness of its rival banks if Goldman Sachs retained a larger portion of its earnings towards its coffers and investment initiatives, to be used for potential further profits and gain. This holds especially true in the present sluggish retail markets: no point in investing in upstart firms and other new job opportunities when all those businesses are going to fail in the coming months anyways because people are losing jobs and spending less. Instead, it is a much more financially sound investment to distribute that money among the managers and investors at Goldman Sachs so they can purchase more luxury goods such as motorboats and new cars, which are almost guaranteed to last at least 10 years.
In the end, it is consumer spending that will revive the economy and the WTF proudly applauds Goldman Sachs for taking a big step in the right direction.
Related reading: http://news.bbc.co.uk/2/hi/business/8149762.stm
Sunday, July 12, 2009
Contraband from Africa
LONDON, UK -- We see them every day in the streets of London. Their prevalence in the past few decades here in the United Kingdom has transformed Britain and has very much de-stabilized British society. Like illegal and unwanted contraband from anywhere else, illegal immigrants from Sub-Saharan Africa should be prevented from crossing the border.
The WTF applauds British National Party (BNP) leader Nick Griffin for his initiatives towards this crisis. "What needs to be done as an example is to sink a couple of boats near the shores of Libya" explains Mr. Griffin. "Throw them lifebelts so they can paddle back, so they understand they will never get to Europe".
It is about time that the UK and the rest of Europe made their stance on illegal immigrants crystal clear. Firing a couple of warning shots at boats carrying this kind of contraband would teach them a strong lesson.
The entire world is divided into regions with different social and economic characteristics. This disparity in wealth is what facilitates international trade. But if the richer regions allow their poorer counterparts to export their poor people to them, then the income disparity which is so critical to trade and business will shrink significantly. In the words of Mr. Griffin: "the alternative is accepting that Britain eventually is going to end up like Africa."
Related reading: http://news.bbc.co.uk/2/hi/uk_news/politics/8146585.stm
The WTF applauds British National Party (BNP) leader Nick Griffin for his initiatives towards this crisis. "What needs to be done as an example is to sink a couple of boats near the shores of Libya" explains Mr. Griffin. "Throw them lifebelts so they can paddle back, so they understand they will never get to Europe".
It is about time that the UK and the rest of Europe made their stance on illegal immigrants crystal clear. Firing a couple of warning shots at boats carrying this kind of contraband would teach them a strong lesson.
The entire world is divided into regions with different social and economic characteristics. This disparity in wealth is what facilitates international trade. But if the richer regions allow their poorer counterparts to export their poor people to them, then the income disparity which is so critical to trade and business will shrink significantly. In the words of Mr. Griffin: "the alternative is accepting that Britain eventually is going to end up like Africa."
Related reading: http://news.bbc.co.uk/2/hi/uk_news/politics/8146585.stm
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