Archive for January, 2008

Currently reading Kornai – The Socialist System. I chose some ideas describing the system. – Messianic belief that socialism is destined to save mankind– socialist production relations offer more favorable conditions for developing the forces of production than capitalist production relations– planning allows one to avoid crisis of overproduction and the incalculable losses they involve– […]


Credit cards and other consumer-finance businesses are deteriorating fast as America‚Äôs economy flirts with recession. Citi reported a $4.1 billion rise in credit costs in its American retail operations for the quarter and indicated that losses will grow. It does not help that a hefty 13% of its loans are to subprime borrowers. Corporate lending […]