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On May 23, 1719, one of the greatest financial bubbles in the history of the world kicked off when the Compagnie Perpetuelle des Indes was granted a monopoly by the French monarchy over all the trading rights of all French colonies worldwide. The company’s stock price quickly soared, from 300
It seems like every time I come to Panama now the first word that springs to mind is “impressive”. I first traveled to Panama back in 2003… fourteen years ago. I remember landing at Tocumen International Airport for the first time– it was a depressing backwater that was barely functioning.
I’ve written before a number of times about the long laundry list of reasons why I base myself and most of my business operations in Chile. I could go on forever about this, but in short the country presents an exceptional mix of business, investment, and lifestyle opportunities that are
In 1927, US Supreme Court Justice Oliver Wendell Holmes famously wrote that “taxes are what we pay for civilized society.” This quote is enshrined at the Internal Revenue Service, and it’s a rallying cry for people who constantly argue for higher taxes. Almost everyone completely misunderstands what he meant. First
In a scathing editorial published in the Wall Street Journal today, the president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, blasted US banks, saying that they still lacked sufficient capital to withstand a major crisis. Kashkari makes a great analogy. When you’re applying for a mortgage or business
About 20 years ago when I was still a cadet at West Point, my economics professor organized a class trip to the Federal Reserve Bank of New York. The part of the trip that I remember most was touring the Fed’s high security vault, 80 feet below street level beneath
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