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Starling is pleased to offer the seventh edition in its annual Compendium series for 2024, a comprehensive report detailing the priorities and activities of bank regulators regarding firm culture and conduct risk management. This year's report features contributions from more than 30 senior banking industry executives, regulators and central bankers, international standard-setters, and academics. We also report on major developments, events, and analysis on culture & conduct risk management supervision across major global financial markets.
Can politicians introduce an Infinite Tax and get away with it? And add taxes on losses to top it off? Yes, they can! Using the enactment of an unrelated law and hiding everything behind 92 words. All of it mixed with slogans praising its goodness for society. But the tax formulation can be reverse-engineered to show its infinity and the delicate engineering design behind the words. The hyperbolic curves are worth a million words. It was no accident. Is this unconstitutional? The Federal Fiscal Court says: yes. But politicians, are looking forward to fighting until the end. Because establishing a precedent would open the door for infinite taxes on everything.
Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk...
A unique, highly readable approach to the environmental crisis, with alternating chapters outlining the effects on society if left unchecked, and the radical actions we can take to prevent it Now includes updated sections on COVID-19 and COP26 The environmental emergency is the greatest threat we face. Preventing it will require an unprecedented political and social response. And yet, there is still hope. Academic, physicist, environmental expert and award-winning science communicator Paul Behrens presents a radical analysis of a civilization on the brink of catastrophe. Setting out the pressing existential threats we face, he writes, in alternating chapters, of what the future could look like at its most pessimistic and hopeful. In lucid prose, Behrens argues that structural problems need structural solutions, and examines critical areas in which political will is required, including women's education, food and energy security, biodiversity and economics. The book was printed with two different jackets, to illustrate the unique duality of the author's approach.
Something has gone seriously wrong with the American economy. The American economy has experienced considerable growth in the last 30 years. But virtually none of this growth has trickled down to the average American. Incomes have been flat since 1985. Inequality has grown, and social mobility has dropped dramatically. Equally troubling, these policies have been devastating to both American productivity and our long-term competitiveness. Many reasons for these failures have been proposed. Globalization. Union greed. Outsourcing. But none of these explanations can address the harsh truth that many countries around the world are dramatically outperforming the U.S. in delivering broad middle-cl...
An insider offers a “forceful critique...of Big Tech's steady erosion of democracy” (The New Yorker) and describes what must be done to stop it Over the past decades, under the cover of “innovation,” technology companies have successfully resisted regulation and have even begun to seize power from governments themselves. Facial recognition firms track citizens for police surveillance. Cryptocurrency has wiped out the personal savings of millions and threatens the stability of the global financial system. Spyware companies sell digital intelligence tools to anyone who can afford them. This new reality—where unregulated technology has become a forceful instrument for autocrats around...
The investment profession is in a state of crisis. The vast majority of equity fund managers are unable to beat the market over the long term, which has led to massive outflows from active funds to passive funds. Where should investors turn in search of a new approach? Pulak Prasad offers a philosophy of patient long-term investing based on an unexpected source: evolutionary biology. He draws key lessons from core Darwinian concepts, mixing vivid examples from the natural world with compelling stories of good and bad investing decisions—including his own. How can bumblebees’ survival strategies help us accept that we might miss out on Tesla? What does an experiment in breeding tame foxes...
A leading economic historian presents a new history of financial crises, showing how some led to greater globalization while others kept nations apart The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into “good” crises, which ultimately expand markets and globalization, and “bad” crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history—from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis—James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and...
Jeff Bezos has become the era's biggest business story. At one point the richest man on the planet, Amazon's executive chairman has built one of the most efficient wealth-creation machines in history with more than 2 percent of U.S. household income currently being spent on the hundreds of millions of products speedily shipped from the company's global warehouses. All this convenience, however, has a cost. "Bezonomics" promises massive job disruptions and the further infiltration of AI and Big Tech into our lives. In Bezonomics, award-winning Fortune magazine writer Brian Dumaine unveils the principles Bezos uses to gain increasing market power - customer obsession, extreme innovation, and long-term thinking, all driven by artificial intelligence - and shows how these tactics are being replicated by companies worldwide. If you want to know what the most unstoppable business model of the future will look like, this is a vital read.
The Compendium is a publication of Starling Insights, a membership-based platform that is a resource for and by the community of leaders, experts, and practitioners working to bring new ideas and tools to the governance and supervision of cultural, behavioral, and other nonfinancial risks and performance outcomes. Readers will find discussion throughout this report, in articles by and interviews with dozens of contributors, among them: regulators, supervisors, central bankers and policymakers; standard setting bodies and industry associations; industry executives and peers from other sectors; prominent legal thinkers and practicing attorneys; as well as renowned scholars from various disciplines. We are humbled by their continued collective generosity and hope that our 2023 Compendium is found to be as valuable to readers as its predecessors.