{"id":11921,"date":"2015-06-10T23:49:45","date_gmt":"2015-06-11T03:49:45","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11921"},"modified":"2015-06-10T23:49:45","modified_gmt":"2015-06-11T03:49:45","slug":"the-impunity-trap-by-jeffrey-d-sachs-project-syndicate","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/06\/10\/the-impunity-trap-by-jeffrey-d-sachs-project-syndicate\/","title":{"rendered":"The Impunity Trap by Jeffrey D. Sachs | Project Syndicate"},"content":{"rendered":"

Jeffrey D. Sachs, Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University, highlights one of the great challenges to modern society: public indifference to dishonest and unethical behavior.<\/p>\n

The ability of those who wield great public and private power to flout the law and ethical norms for personal gain is one of the more glaring manifestations of inequality. The poor get life sentences for petty crimes, while bankers who fleece the public of billions get invitations to White House state dinners…..<\/p>\n

In some societies and economic sectors, impunity is now so pervasive that it is viewed as inevitable. When unethical behavior by political and business leaders becomes widely viewed as \u201cnormal,\u201d it then goes unpunished by public opinion, and is reinforced as normal \u2013 creating an \u201cimpunity trap.\u201d For example, with politicians in the United States now so flagrantly and relentlessly on the take from wealthy donors, much of the public accepts new revelations of financial impropriety (such as the Clinton Foundation\u2019s morally dubious financial dealings) with a cynical yawn.<\/p>\n

The situation in the global banking sector is especially alarming. A recent careful study of ethical attitudes in the financial-services industry in the US and the United Kingdom showed that unethical and illegal behavior is indeed now viewed as pervasive…..<\/p>\n

Yet not all societies or sectors are caught in an impunity trap. Some societies, most notably in Scandinavia, maintain the expectation that their public officials and business leaders should and will act ethically and honestly. In these countries, ministers are forced to resign for petty infractions that would seem trivial in other countries.<\/p><\/blockquote>\n

What is needed is a two-pronged approach. Firstly, a “broken window pane” strategy, where strict enforcement against minor infringements will reduce the occurrence of major violations. Second, ensure that penalties imposed on major transgressors in the banking industry, politics, sports administration (FIFA), and other public areas are sufficient to act as a visible deterrent to others. <\/p>\n

Imposing a billion dollar fine on a bank for illegal behavior penalizes shareholders not the perpetrators who generally get away scot-free. A two-year jail sentence for senior executives involved would be a far more effective deterrent.<\/p>\n

Read more at The Impunity Trap by Jeffrey D. Sachs – Project Syndicate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jeffrey D. Sachs, Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University, highlights one of the great challenges to modern society: public indifference to dishonest and unethical behavior. The ability of those who wield great public and private power to flout the law and ethical … <\/p>\n

Continue reading “The Impunity Trap by Jeffrey D. Sachs | Project Syndicate”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29],"tags":[58,1012,1794,2813,3536],"class_list":["post-11921","post","type-post","status-publish","format-standard","hentry","category-the-big-picture","tag-broken-window-pane-strategy","tag-deterrent","tag-impunity","tag-public-tolerance","tag-unethical-behavior"],"yoast_head":"\nThe Impunity Trap by Jeffrey D. Sachs | Project Syndicate - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Impunity Trap by Jeffrey D. 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When the conduit works effectively, the injection of demand from corporate Investment is sufficient to offset the 'leakage' from demand caused by Savings. Savings patterns alter during a financial crisis, however, with concerned\u2026","rel":"","context":"In "Market Insights"","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"Employment Growth and Private Nonresidential Fixed Investment","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-15-investment-jobs.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-15-investment-jobs.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-15-investment-jobs.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13724,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/06\/11\/signs-of-recovery\/","url_meta":{"origin":11921,"position":1},"title":"Signs of recovery","author":"ColinTwiggs","date":"June 11, 2015","format":false,"excerpt":"A strong blue candle on the S&P 500 daily chart suggests that the latest correction is over. Penetration of the descending trendline would confirm. 21-Day Twiggs Money Flow recovery above zero would strengthen the signal. Recovery above 2120 would signal an advance to 2200*. Look for confirmation from the Dow\u2026","rel":"","context":"In "Market Insights"","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"S&P 500 Index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-11-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-11-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-06-11-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":12139,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/06\/goldman-sachs-doubles-down-on-lower-for-longer-scenario-oilprice-com\/","url_meta":{"origin":11921,"position":2},"title":"Goldman Sachs Doubles Down On Lower-For-Longer Scenario | OilPrice.com","author":"ColinTwiggs","date":"August 6, 2015","format":false,"excerpt":"ZeroHedge quotes Goldman Sachs' Jeffrey Currie: ....Not only will the macro forces keep prices under pressure, but historically markets trade near cash costs [near $50\/bbl] until new incremental higher-cost capacity is needed (even the IEA has revised 2015 non-OPEC output growth from existing capacity up by 265 kb\/d since March).\u2026","rel":"","context":"In "Crude Oil & Natural Gas"","block_context":{"text":"Crude Oil & Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7691,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/04\/the-insufferable-conceit-macrobusiness\/","url_meta":{"origin":11921,"position":3},"title":"The insufferable conceit | MacroBusiness","author":"ColinTwiggs","date":"May 4, 2013","format":false,"excerpt":"Sell on News at Macrobusiness observes: Columbia University economist Jeffrey Sachs recently commented that the financial system is plagued by large scale fraud. He blamed it on a docile president, a docile White House and docile regulators........ Sachs is right in his observations, of course. But I am not sure\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7502,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/19\/fixing-the-banking-system-for-good\/","url_meta":{"origin":11921,"position":4},"title":"Fixing the Banking System for Good","author":"ColinTwiggs","date":"April 19, 2013","format":false,"excerpt":"I believe we have a crisis of values that is extremely deep.... because the regulations and legal structures need reform. I meet a lot of these people [from] Wall street on a regular basis. I\u2019m going to put it very bluntly: I regard the moral environment as pathological...... I have\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/7VOWnnEphjI\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8471,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/09\/23\/saving-medicare-the-case-for-market-based-health-reform\/","url_meta":{"origin":11921,"position":5},"title":"Saving Medicare: The Case for Market-Based Health Reform","author":"ColinTwiggs","date":"September 23, 2013","format":false,"excerpt":"In a paper to Catholic Health Conference Australia, Jeremy Sammut highlights the need for revision of Australia's national health care system. ....health spending already consumes a third of the NSW budget..... and if health spending continues to grow at current rates, health will consume the entire NSW budget in 20\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11921"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11921\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}