The worlds top financial watchdog has uncovered $14 trillion of global dollar debt hidden in derivatives and swap contracts, a startling sum that doubles the underlying levels of offshore dollar credit in the international system. The scale of this lending greatly increases the risk of a future funding crisis if inflation ever forces the US Federal Reserve to tighten hard, draining worldwide liquidity and potentially triggering a dollar surge. – Telegraph
The boss of Britains last state-owned train operator today attacked Labours plans to renationalise the railways, insisting that the move would dramatically force up fares. Michael Holden, who ran the renationalised east coast network, warned that abolishing private operators …
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