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Category Archives: Financial System

Commentary – Put Harriet Tubman on the $20 Bill

Cato Institute: “Washington’s latest symbolic battle is looming. America’s money celebrates its early political leaders, white males all. There’s now a campaign to provide for greater currency diversity. The group Women on 20s held a poll on what woman should be added: the victor was famed antislavery activist Harriet Tubman, who narrowly beat out First Lady Eleanor Roosevelt. Finishing further behind were Rosa Parks, the Civil Rights heroine, and Wilma Mankiller, the first female Cherokee chief.

Of course, it wouldn’t be the first time that a woman appeared on America’s money. Suffragette Susan B. Anthony graced the ill-fated dollar coin that was little used and quickly forgotten. The Native American Sacagawea later did the same and suffered a similar fate.

The Treasury Department is authorized to choose figures for America’s money. The administration has almost total discretion, since all that matters is that the person be dead. President Barack Obama indicated his interest in showcasing more women, encouraging feminist groups to rev up their political engines.

Republican legislators should take up the challenge and introduce a resolution urging the Treasury to add Tubman. There’s nothing sacred about the present currency line-up. After all, America was created by many more people than presidents and other politicians.

…Tubman would be a great choice to replace [Andrew Jackson]. She represents the best of America. She was born between 1820 and 1822 in Maryland to slave parents. She was christened Araminta Ross and her mother fought hard to hold the family together. Tubman was hired out and often beaten. She suffered permanent harm but her strong Christian faith helped sustain her. After her owner’s death in 1849, which led his widow to begin selling their slaves, she escaped through the Underground Railroad to Philadelphia…”

Global economy remains weak as subdued trade drags down growth

OECD Economic Outlook May 2019: “A year ago, the OECD warned about how trade and policy uncertainties could significantly damage the world economy and further contribute to the growing divide between people. A year later, global momentum has weakened markedly and growth is set to remain subpar as trade tensions persist. Trade and investment have… Continue Reading

Robots to take 400,000 finance jobs in the next decade

Opimas Report – Workforce of the Future:Transplanting Technology Skill Sets to the Capital Markets 2019-05-16 – “The post-crisis regulatory tsunami that hit the capital markets over the past 10 years has had a major impact on the global industry’s workforce. Despite strong downward pressure on margins, financial institutions embarked on massive recruitment for their risk… Continue Reading

Recession Ready: Fiscal Policies to Stabilize the American Economy

This volume [256 pages] —a joint project by The Hamilton Project and the Washington Center for Equitable Growth—focuses on the workhorse antirecession programs known as “automatic stabilizers.” “The Great Recession is remembered, and properly so, for its massive destruction of household wealth and job losses that reached over 800,000 in a single month. In just… Continue Reading

House Intel Committee releases transcripts of Michael Cohen’s 2 day closed-door testimony

Cohen’s February 2019 testimony can be found here. Cohen’s March 2019 testimony can be found here. [May 20, 2019], the House Permanent Select Committee on Intelligence voted to release Michael Cohen’s testimony and related exhibits to the public by a vote of 12 – 7. Afterwards, Chairman Adam Schiff (D-CA) made the following statement: “With… Continue Reading

US District Judge in DC rules Congress may subpoena records from Trump accounting firm

BuzzFeedNews: ” A federal judge in Washington, DC, on Monday rejected President Donald Trump’s efforts to block a subpoena issued by House Democrats to his longtime accounting firm. US District Judge Amit Mehta wrote in a 41-page opinion that the House Oversight Committee had presented “facially valid legislative purposes” in subpoenaing Mazars LLP for financial… Continue Reading

This economics journal only publishes results that are no big deal

Vox – Most new publications, upon their launch, seek to promote their content as novel, surprising, exciting. A new journal that began publishing this week does … the opposite of that. “Start with the name: Series of Unsurprising Results in Economics (SURE). The journal publishes papers with findings that are, well, really boring — so… Continue Reading

The 2019 Fortune 500 List: The Prize of Size

From industry dominating mergers to legacy second-acts, the world’s highest-revenue-generating companies make moves that reverberate. – Consider this fact: Just 500 companies—the ones on this year’s ­Fortune 500 list, to be precise—produced enough revenue last year to equal two-thirds of the entire economic output of the United States. Think about that a minute: just 500… Continue Reading

Office of Government Ethics releases Trump’s 2018 financial disclosure

Axios – The Office of Government Ethics has released President Trump’s 2018 financial disclosure form, shedding light into how much money he made in the second full year of his presidency. [the full text document is embedded in this article] “Quick take: Income at Trump’s D.C. golf club was up $500,000 to about $13.3 million,… Continue Reading

Auditing for Bias in Resume Search Engines

Investigating the Impact of Gender on Rank in Resume by Le Chen, Ruijun Ma, Anikó Hannák and Christo Wilson “In this work we investigate gender-based inequalities in the context of resume search engines, which are tools that allow recruiters to proactively search for candidates based on keywords and filters. If these ranking algorithms take demographic features into account… Continue Reading

10 Ways for Congress to Respond to the Mueller Report

POGO – “Special Counsel Robert Mueller’s report on the Russian government’s efforts to interfere in the 2016 presidential election has been public for nearly three weeks. Since then, Members of Congress on both sides of the political aisle have debated the report’s findings, and there are many disturbing issues raised in it that Congress could… Continue Reading

Australia’s central bank takes ‘responsibilty’ for note typo

Reuters – “Millions of A$50 ($35) banknotes in Australia have an embarrassing typographical error that was overlooked by the country’s central bank before they were printed and circulated. The goof first became known on Thursday when a listener on radio outlet Triple M sent the station a magnified photo of the Reserve Bank of Australia’s… Continue Reading