By Russell Lamberti On January 15 2013 it came to light that beef being sold in some major British supermarkets contained horse DNA. What has followed has been one of the great food scandals of our time, as major name brands across Europe were discovered to have been selling beef diluted with cheap horse and [...]
By Russell Lamberti International trade is one of the most misunderstood issues in economics. The common misguided narrative goes something like this: exports are good and imports are bad, therefore exports should be promoted by industrial policies, while imports should be curtailed as much as possible by industrial policies. This is the basic thinking behind [...]
By Russell Lamberti The world is in a currency war. What is that? It’s when governments devalue their currencies in order to protect domestic industries against foreign competition. They believe that if their exchange rate is weaker domestic producers will be able to export more products overseas because they can price their product cheaply to [...]
By Russell Lamberti Last week a US court ruled that Samsung Electronics had to pay $1 billion to Apple Inc. for patent infringement. Samsung made a cool $6 billion profit in the 2nd quarter of 2012 on revenue of nearly $50 billion, so $1 billion, in the final analysis, is pretty manageable. But that’s not [...]
By Russell Lamberti
Economic events around the globe over the past five years have revealed one important fact: the modern banking system is fundamentally dysfunctional.