The world still needs a way to stop hot money scalding us all
by Heather Stewart from on (#Q4CM)
The Chinese slowdown shows that the global financial system is still failing. New rules would mean a brighter, more stable future, not just for emerging markets but for the whole world
Bill Gross, America's "bond king", who made his fortune betting on IOUs from companies and governments, is suing his erstwhile employer for $200m, we learned last week. He says his colleagues were driven by greed and "a lust for power".
His chutzpah was a timely reminder of the vast sums won and lost in the world of globalised capital, but also of the power that still lies in the hands of men (they are mostly men) like Gross, who sit atop a system that remains largely untamed despite the lessons of the past seven years.
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