By Rana Foroohar
Apr 15, 2013
It's getting tougher for capital to move around the world. That's dangerous for everyone
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I feel this is a very important article like the last one on the end of the Merit system in U.S. colleges.
But since I couldn't quote it here I put "The End of---" word button above so you can read it.
The problem for most of the world likely will be it will be harder to start new businesses, get new loans to expand businesses and it likely will be harder to finance houses and vehicles for the average person as well. So, people will have to either borrow money from wealthy relatives or save up cash for whatever they want to do. In some ways there is less likelihood of going bankrupt this way but it will also slow things down a lot in regard to world progress.
Later: I think the main reason Globalization of money has stalled is because of how risky the Internet is presently becoming combined with uneven financial protections around the world. When someone in ANY country can do crimes over the Internet through banking in another country and not worry about EVER being extradited to the country the crime has been committed in it means that the only recourse of that country is to hire hit men to do in those committing the crimes in another country and to hope other criminals in that country notice. This kind of thing isn't sustainable for companies or countries. And so, banking and the Internet will naturally be separated more and more for everyone's benefit worldwide. I don't think the Internet will get safer. It's sort of like the dikes in Holland. If people want water out of the dikes a million people can siphon it out at any time. NO amount of guards (firewalls) is going to stop that. Only National firewalls that don't let money in and out will. So, that would mean criminals would have to go to the specific nation to commit a financial crime. (And then they become vulnerable to that nation's legal system.) (Potentially).
One reason money is having trouble moving around the world is that at the very least 1 trillion dollars is lost through the internet worldwide yearly. (This is a documented minimum figure).
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