The Great Debate UK

from The Great Debate:

Secrecy’s out, so here’s what Swiss banks can still offer

brady555

If Swiss banks were to cast off their usual discretion and make a marketing pitch these days, it might start off something like this:

Dear Potential Client,

While we would be delighted to open an account and manage your money for you, once you’ve complied with our anti-money laundering provisions, please be advised that we will no longer be able to help you avoid taxes back home, and in fact may soon start providing account details to your national tax authorities. Moreover, if you are American, please stay away. We’ve been so beaten up by the Justice Department that we’d rather not take your money at all.

That may not sound like a compelling proposition, but it hasn't scared off everyone -- so far. In fact, according to the latest monthly statistics published by the Swiss National Bank, foreigners have been depositing a growing volume of assets into Swiss banks. The 45 billion Swiss Francs ($50 billion) invested in Swiss savings and deposit accounts at the end of March represent an almost 30 percent increase from a year ago.

Yet these strong numbers belie the existential angst among bankers in Zurich and Geneva. Switzerland is bowing to massive international pressure -- regulatory, judicial and political -- to clean up its banking system, and the big question is how it can remain competitive as a financial center once it has done so. The fabled secrecy that Swiss banks used to provide -- and which was a key to its attractiveness as a financial center -- has been cracked open and replaced by a more nebulous form of confidentiality and privacy, the full details of which still need to be hammered out in international agreements.

from The Great Debate:

Europe is under siege from both the left and right

eu combo

Elections will begin on Thursday across the 28 European Union member states to elect national representatives to the European Parliament, which regulates trade, borders and some elements of foreign policy. Though this is a continent-wide election, voters historically use it to send a message to their own nation’s governing party. With the meteoric rise of anti-European populism on the political left and right, however, things promise to buck that trend this time.

This was not how things were supposed to be. Five years ago, at a meeting of the European Union’s heads of state and government in Lisbon, Portugal, European leaders signed a treaty that foresaw these elections as defining the political direction of the European Union. This week’s elections are supposed to mark a turning point, as competing progressive, liberal, green and conservative visions of Europe’s future vied for popular support.

from The Great Debate:

Fires in Vietnam could ultimately burn Beijing

vietnam

The spilling of blood and burning of factories by anti-Chinese rioters sweeping across Vietnam reinforces Beijing’s message to other countries claiming territory in the South China Sea: resistance is costly and ultimately futile.

But a region in which anti-Chinese sentiment grows and where sovereignty disputes disrupt trade and economic growth will burn Beijing as well. Over the long term, a commitment to peaceful dispute resolution in accordance with international law, including some concessions on historic claims, would serve China better than its current path.

The Great Sleep Debate

Not that long ago everyone was lamenting the slovenliness of the British public. We didn’t work hard enough, took too many holidays and anxiety was rising about how we would ever keep up with our harder-working, more productive peers in China and the East. However, the tides is changing and, guess what, slovenliness is back.

Slovenliness is not quite accurate, but these days we can’t read a paper without being told that we need to get more sleep, be more mindful, take better care of ourselves and quit our technology addictions. Apparently, our need to tweet, check email and watch the latest Game of Thrones is literally killing us. Experts from Harvard, Cambridge and Surrey Universities have put together a report on humans and our need for sleep, and have come to the conclusion that we are arrogant to ignore our circadian rhythms.

from The Great Debate:

The fight for a global minimum wage

Demonstrators gather during a nationwide strike and protest at fast food restaurants to raise the minimum hourly wage to $15 in New YorkOn Thursday, fast-food workers in more than 30 countries across six continents will take coordinated action on an unprecedented scale. In the United States, they will walk off their jobs in 150 cities -- the largest strike ever. Workers around the world will join these protests in 80 cities.

The protestors are set to take over a McDonald’s during lunchtime rush hour in Belgium; hold flash-mobs at McDonald’s restaurants across the Philippines, and conduct a teach-in at McDonald’s headquarters in New Zealand.

from The Great Debate:

Tracking the Nigerian kidnappers

nigeria -- candlelight vigil

Abubakar Shekau, the purported leader of Boko Haram, ignited international outrage when he announced that he would sell more than 200 of the kidnapped Nigerian schoolgirls “in the market.” Nations around the globe offered help to Nigeria.

Getting back the more than 200 Nigerian girls who were kidnapped from school a month ago will require a deep understanding of the environment the extremist group that took them operates in.

from Nicholas Wapshott:

Fighting for the future of conservativism

Britain's Prime Minister David Cameron delivers a speech to placard waving Conservatives during an European election campaign rally at a science park in Bristol

Establishment Republicans have been delighted by the victory of Thom Tillis, their favored candidate in last week’s North Carolina primary. After expensive advertising campaigns by establishment bagmen like the U.S. Chamber of Commerce and Karl Rove’s American Crossroads, mainstream conservatives believe they have a candidate who can beat Democrat Kay Hagan to win a valuable Senate seat in November.

Some commentators see Tillis’s triumph as a sign that other impending GOP primary races will also deliver electable candidates. Having watched the Senate slip from Republican grasp in 2012, as Tea Party candidates such as Todd Akin in Missouri, Christine O’Donnell in Delaware and Richard Mourdock in Indiana depicted the party as too extreme, they say the Tea Party is in retreat.

from The Great Debate:

Eurovision’s Conchita brings out Russia’s worst and Europe’s best

The most complicated thing said over this past weekend by a public figure came from the perfectly rouged lips of the winner of the Eurovision song contest, Conchita Wurst. “I really dream,” she said, “of a world where we don’t have to talk of unnecessary things like sexuality.”

That’s silly on two levels and deeply idealistic on a third.

It’s silly, first and most evidently, because sexuality won’t be unnecessary for a long while, and may last as long as this world does.

from Lawrence Summers:

Britain and the limits of austerity

The Bank of England is seen in the City of London

The British economy has experienced the most rapid growth in the G7 over the last few months. It increased at an annual rate of more than 3 percent in the last quarter -- even as the U.S. economy barely grew, continental Europe remained in the doldrums and Japan struggled to maintain momentum in the face of a major new valued added tax increase.

Many have seized on Britain’s strong performance as vindication of the austerity policy that Britain has followed since 2010, and evidence against the secular stagnation idea that lack of demand is a medium-term constraint on growth in the industrial world.

The Mid Staffs fine won’t bring cultural change to the NHS

–Ali Malsher is a former nurse who is now a clinical negligence partner at London law firm Anthony Gold. The opinions expressed are her own.–

Following the criminal fine for Mid Staffs yesterday, the public are rightly asking what this will mean for patients’ rights going forward. Will the imposition of such a large fine of £200,000 on a hospital trust have a positive effect on the way patients are treated in hospitals? Will the fine shock other trusts into shifting towards a culture of greater transparency? Currently, patients who have received substandard treatment suffer from a significant lack of information about what really happened and why. Is this going to be changed by yesterday’s announcement?

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