Good Investment

Posts Tagged ‘capitalism’

Complete video at: fora.tv HSBC Bank Chairman Stephen Green addresses the concept of market fundamentalism and shares his views on the government’s role in capitalism. He contests the notion that the market is self-policing, and emphasizes the respective responsibilities of both businesses and the government in regulating commerce. —– “Asia is re-taking its place on the world stage” in this century, which will require fundamental changes in the global macro-economy and global political relationships, according to HSBC Bank Chairman Stephen Green. Discussing his new book Good Value: Reflections on Money, Morality and an Uncertain World with Asia Society President Vishakha Desai at the Asia Society’s New York Center, Green declared, “The whole center of gravity of the world is shifting from West to East.” – Asia Society Stephen Green is Chairman of HSBC. He is a career banker, having joined The Hongkong and Shanghai Banking Corporation Limited in 1982 with responsibility for corporate planning activities. He was Group Treasurer, with responsibility for HSBC’s treasury and capital markets businesses globally from 1992 to 1998, and executive Director, Corporate, Investment Banking and Markets, from 1998 to 2003, when he was appointed Group Chief Executive. He has worked in Hong Kong, New York, the Middle East and London and has extensive international experience and knowledge of the HSBC Group.

It was the bursting of the American subprime housing bubble that triggered the Global Financial Crisis, and while the US is slowly climbing out of its worse slowdown since the Great Depression, with house prices edging tentatively upwards with the recovery, unemployment in America is still stuck at close to 10 per cent and some of the country’s most credible economists are still refusing to rule out a slide back into recession. But while Australia these days is able to rely substantially on Asian markets, particularly China, to feed our ongoing resources boom, the fragility of America – and Europe, for that matter – are still capable of hurting the stronger economies. Yale University economist Robert Shiller is a perhaps America’s pre-eminent academic expert on fluctuations in both the housing and stock markets. He was the first to warn explicitly of the looming subprime disaster in 2005….. www.abc.net.au *