The purpose of the global financial system is to allocate the worlds savings to their most productive uses. When the system works properly, these savings are channeled into investments that raise living standards; when it malfunctions, as in recent years, savings are channeled into real-estate bubbles and environmentally harmful projects, including those that exacerbate human-induced climate change. - Jeffrey Sachs, Sydney Morning Herald
Posted on: Wed, 31 Dec 2014 18:05:54 +0000