Last week’s settlement between the Justice Department and five giant banks reveals the appalling weakness of modern antitrust. The banks had engaged in the biggest price-fixing conspiracy in modern history. Their self-described “cartel” used an exclusive electronic chat room and coded language to manipulate the $5.3 trillion-a-day currency exchange market. It was a “brazen display … Continue reading »
capitalism
The economic exhortation of Pope Francis
I’m glad to see Pope Francis’ apostolic exhortation Evangelii Guardium featured so prominently in the media. With a 224-page document and a 2000 year Church history, however, media coverage is bound to include some oversimplifications. One is the title of Emma Green’s piece in the Atlantic, “The Vatican’s Journey From Anti-Communism to Anti-Capitalism.” While the article includes a … Continue reading »