When the Invisible Hand Gets Shaky…

Increasing domestication of banks is building a threat to globalization, and in a world of scarce credit has put special pressure on that most global of industries, ship finance. Taxpayers clearly want their money to support lending that will bear them direct benefits…it’s easy to see why a working mother in Glasgow, for example, might be hard pressed to understand why bailing out an over-leveraged Greek company with ships on order in China is the best use of her tax money. And so RBS has proclaimed its intention to reduce its shipping clients by around 40%.

But in Asia, the story is a little different. Shipyards in particular and sometimes shipping companies as well employ thousands upon thousands of workers and pay the wages that provide for these workers

This is only an excerpt of When the Invisible Hand Gets Shaky…

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