Another sordid example of banksterism -- money laundering -- surfaced this week accompanied, not surprisingly, by a blistering global poll that shows faith in capitalism is shrinking. The HSBC (Hong Kong and Shanghai Bank Corporation), the largest financial institution in Europe, revealed "major internal-control problems" and plans to apologize for its lapses next week to members of a U.S. Senate subcommittee into terrorist and trafficking money laundering.
Diane Francis is the Editor-at-Large at the National Post, Senior Fellow at the Atlantic Council in Washington DC in the Eurasia Section, Adjunct Faculty at Singularity University in Mountain View California, a Distinguished Professor at Ryerson University Ted Rogers School of Management and a Director of Lake Shore Gold. She is one of the world’s leading business writers and keynote speakers on the trends and geopolitics that transform companies, individuals, governments and societies around the world. <br> <br> Diane has written nine books on white collar crime, politics, immigration, economics, geopolitics and finance, including the bestseller, Who Owns Canada Now: Old Money, New Money and the Future of Canadian Business. Diane is a regular guest on Canadian and U.S. news television and radio and was a columnist for Maclean’s Magazine, New York Sun, the Financial Post and Toronto Sun Newspapers. She was a Visiting Fellow at Harvard University’s Joan Shorenstein Center on the Press, Politics and Public Policy and has been a Media Fellow for the World Economic Forum for 20 years. <br> <br> Diane divides her time between Toronto and New York City. <br> <br> Learn more about Diane at <a href="http://dianefrancis.com" rel="nofollow">dianefrancis.com</a>
The good news is that, win or lose, President Obama has succeeded after decades of attempts in providing the type of healthcare the rest of the developed world provides. America's private-sector health experiment has failed abysmally and is on its way out. Governments outside the U.S. deliver medical care better and cheaper. The proof exists all over the world, except in the minds of partisans who would defend the indefensible.
07/03/2012 07:52 EDT
Greeks will watch the Euro 2012 soccer match between their country and Russia before going to the polls on June 17. If the Greeks lose, the country will vote to stay in the Eurozone. If they win, all bets are off. But, like football, forecasting is impossible (unless the games are rigged) which means that anything can happen. Here are three possible scenarios.
06/18/2012 01:00 EDT
Last week, Royal Dutch Shell PLC began rolling out a strategy that will dramatically change the energy world. With revenues larger than the economies of Alberta, Saskatchewan and British Columbia combined, Shell is betting big on natural gas to replace oil as the world's foremost transportation fuel. This is the game-changer.
06/12/2012 09:38 EDT
Mulcair lives in the lap of the luxury he rails against, offers ruinous prescriptions that attract headlines, and does not do his homework. On the other hand, Mulcair is good news for the Tories, but Canada faces serious choices and needs intelligent conversation. It need a smart opposition as a check and balance.
06/04/2012 03:08 EDT
I bought Google in its early days because I figured out the business model, and that it was simply a ubiquitous newspaper with a gargantuan circulation that would make billions by selling ads around its content. But I didn't buy Facebook because I have never understood it. But here's another angle that bothered me.
05/30/2012 07:52 EDT
Quebec's unruly students are no different than the Greeks. Both have enjoyed free rides for years, both are being asked to pay their share of the tab and both are refusing to do so. The Greeks are going to fall behind the Romanians in living standards in short order while the students are making a fuss over a pittance. That makes the Quebec students, in a sense, even more irresponsible.
05/22/2012 07:37 EDT
For nearly 20 years, Alan Greenspan was the most powerful banker in the world as chairman of the Federal Reserve Board until 2006. Here, Greenspan speaks with National Post Editor-at-Large, and Huffington Post contributor Diane Francis regarding the eurozone crisis.
05/15/2012 02:21 EDT
Put another way, allowing a large head office to be acquired allows foreigners to acquire pieces of the country's upside, its living standards, reputation, opportunity, tax base, intellectual property, and networks. This is like selling the family jewels.
05/06/2012 06:14 EDT
Every year, the flow of people fluctuated according to supply and demand. Some years, a total of 60,000 people were allowed in, and some others years 150,000. This guaranteed that immigrants found work because they were screened properly to insure their success. Then in 1986 the Mulroney government opened up the floodgates.
05/04/2012 06:13 EDT
Conventional wisdom is that this is the market at work. This is not the market at work. This is manipulation of a government system of open-ended mortgage insurance that is poorly supervised. What is going on here is a deluge of hot money from abroad that is creating an artificial, and potentially dangerous real estate bubble.
05/03/2012 02:06 EDT
Not only should China be banned from construction or bidding, but Investment Canada should ban Chinese companies from buying resource companies, or related assets. They low-ball to get contracts, then use shoddy materials, and have no respect for the rule of the law in Canada.
05/02/2012 02:39 EDT
All the talk recently about the Chinese building a pipeline through British Columbia is what most threatens the project's future. It's also an indication that the private sector does not get it. The pipeline will only be built if Albertans, British Columbians and B.C. First Nations make a deal.
04/10/2012 04:30 EDT
So while the Republicans labour away at a pretend march to Washington, the sitting President Barack Obama concentrates on key states, or issues, to win re-election. Regions matter and it's surprising that the talk shows, pundits, and news coverage rarely examine this.
03/26/2012 12:13 EDT
A recent conference in Ottawa had experts debating progress in Ukraine, which since the Orange Revolution in 2004 has stalled. In 2012 the country lurches toward bankruptcy and toward becoming a Russian vassal again, which should be of concern to Canada. For one, an estimated 1.5 million Ukrainians live here.
03/13/2012 07:48 EDT
Ontario and Quebec should stop badmouthing the west and demand reform to the immigration mess Ottawa has perpetuated since 1986. The burden of providing healthcare, education, and other social services for new immigrants has added more costs to their budgets than interest on their debts, the Detroit bailout, and all-day junior kindergarten in Ontario or $7-a-day daycare in Quebec combined.
03/05/2012 04:31 EST
Voters in every jurisdiction should vote every year on one simple, multiple-choice question: How much of a budget increase, if any, should the city/province/federal government be permitted next year? The choice should range from negative to positive. For example, the ballot choice would go as low as minus five per cent but only as high as the rate of inflation.
02/23/2012 04:52 EST
After Harper's China visit, Canada must be ruthless when it comes to its own interests and should visit other major Asia-Pacific nations. This is not about friendship, but about business. This country must realize that it can and should leverage its resources to get value-added and manufacturing export business.
02/13/2012 05:14 EST
In interviewed Huguette Labelle, former head of the Canadian International Development Agency in Davos last week about her thoughts on the world's number one issue: "Corruption kills," she says. "The World Bank estimates that the cost is $1.3 trillion a year. This is in the form of bribes, tax evasion, money laundering."
02/08/2012 12:53 EST
The conundrum is that world needs strong economic growth but debts make this impossible. As "responsible" governments or individuals save to reduce debts, economic growth contracts and makes debts higher.
01/04/2012 11:04 EST
SUBSCRIBE AND FOLLOW