June 16, 2006
The Months Ahead
(three more essays on the way…)
blowing bubbles
“Under capitalism, man exploits man.
Under communism, it’s just the opposite.”
- John Kenneth Galbraith
An in-depth examination of the history of financial euphoria – from tulips in the Netherlands to technology in America – and its ominous implications for the global housing bubble. Guided by the writings of the late J.K. Galbraith, a Canadian-born economist who served under Roosevelt, Truman, Kennedy and Johnson, the piece will explore how easily humans are swept up by the promise of profit, and how quickly they all seem to forget when the boom inevitably goes bust.
anti-social security
“In gambling, the many must lose in order that the few may win.”
- George Bernard Shaw
Since 1975, the Ontario Lottery Gaming Corporation and its predecessors have generated more than $21 billion dollars for the province of Ontario. In what amounts to a “stealth tax” on the province’s poorest constituents, our legislators are essentially stealing from Peter to pay Paul, running various lotteries and casinos under a mandate of job creation, tourism, and yes, “responsible gaming entertainment”. For decades, the massive Crown corporation has preyed on the hopes and dreams of the lower-middle class, with slogans like “Just imagine” and scenes of luxury, leisure and early retirement. This article will examine how lotteries have become such a popular distraction among the world’s poorest citizens, and why legislators seldom stop to consider what effect those dreams might have on the hearts and wallets of the global have-nots.
dirty laundry
From billionaire despots and mafia kingpins to corrupt energy traders and file-sharing empires, the article will delve into the sordid and often treacherous waters of the underground economy, and emerge with some insight into this trillion dollar market. Today, money laundering is as fascinating as it is dangerous. Wars are financed by it, auditors are jailed because of it, and for a few hundred dollars, you can do it from home in your underwear. But as governments miss out on all those lucrative tax dollars, and law enforcement agencies struggle to keep up with their criminal nemeses, a gaping hole has emerged in our global financial system, one that threatens the very fabric of modern civilization.