Rostowski has been Poland’s finance minister for six years, making him the country’s longest-standing finance chief since the end of Communism in 1989. He has helped Poland become the European Union’s sole member to avoid recession following the financial crisis. Markets have praised Rostowski, born in Britain to Polish exile parents, for the fiscal discipline he has enforced. But the slowdown, which saw the economy flirt with contraction at the turn of the year, proved deeper than Rostowski had anticipated, forcing him in July to raise the deficit and cut public spending.
The Morning Ledger: Ex-Finance Official’s Job Switch Makes Waves in Delaware
Unclaimed-property fees in the fiscal year ended June 30 totaled $566.5 million, or 14% of total state receipts. And Kelmar has earned more than $90 million in fees from Delaware over the past three years. Kelmars Mr. McQuillen said it was only natural that Kelmar, one of the largest audit firms specializing in unclaimed property, would get the bulk of the states business in that area. We got those jobs because of our capacity and the quality of the work we do, nothing more.
Introducing “Government Finance Quasi-Capitalism”
I never imagined this amount of non-productive debt could be issued at historically low market yields. Instead of protesting, exuberant markets fell in love with reflationary measures. Globally, its been a period of unprecedented Credit and speculative excess. Attendant maladjustment has been most pronounced throughout the emerging markets. China has had four years of terminal Credit Bubble excess to wreak financial and economic havoc.