From 600+ conversations with the world’s leading thinkers.
China for example, aims to increase their buying by 400,000 barrels a day in the last quarter of 2012, and will be adding over 750,000 barrels of new refining capacity. That economic engine is still turning, but what people want is to be able to price that trade-flow.
Well, do you remember those Venn Diagrams from school? Those overlapping circles to represent what two things do and don't have in common? The overlap of these two is incredibly fertile territory and this is exactly where businesses in the U.S. and UK see each other – places where they both need to do business and want to do business.
You are all so smart… and this was so bad… how could your discipline have not seen it coming? Implicit in the Queen's question was the assertion that economists don't get out enough and talk to people in the wider economy.
And a country that stops its citizens having access to Facebook, say, or Google or Skype, faces real disadvantages – from inward investment to domestic discontent…
Today's business book says: business exists to maximize profit for the shareholders. I think that's the dumbest idea I've ever heard in my life.
By founding my own charities, I solved that problem. Charity occupies around a third of my life, it's a big challenge and a big responsibility. Around eight years ago, I decided to donate at least half my wealth to charitable causes during my lifetime or upon my death.
If you view the world from a moral perspective, you have no option but to address climate change in a timely fashion. The good news is that the moral imperative is backed-up by economics, technological advance and capital shifts.
Seventeen of the top twenty universities in the world are in the USA, one third of all students who leave their countries to study in another come to the USA. There are only a handful of countries who spend relatively more on R&D than the USA.
The second big change I foresee is the continued convergence of the complex OTC derivatives market and the exchange traded futures and equity options market. Those lines will continue to blur due to regulation, legislation, increased capital and margin requirements, increased requirements for trade reporting, and increased pre and post trade price transparency in OTC markets.
I'm constantly bemused when I hear about some amazing energy or agricultural company that is for profit, but works with low-income people and a non-profit leader says, 'you know Jacqueline, charging people who are poor is immoral…' – you know what else is immoral? 700 million people who have no electricity.
What I believe is the bigger benefit; is that it makes it much more difficult for governments to trick the domestic financial system to favour particular borrowers, to milk savers through variable interest rates and so forth.
We have open and transparent pricing through our futures exchange- that means price is determined by buyers and sellers and not an 'official' selling price set by a producer.