Thanks to reporting by Bloomberg today, we are getting the view that JPM in London has run amuck trying to become a major profit center by specializing in corporate derivative transactions similar to those used in the lead-up to the mortgage meltdown in 2007-2008 that caused several banks to become insolvent and need to be bailed out.

FORBES: JP Morgan's $370 Billion Hedge Fund Made Foolish Bets With Bank's Cash

People who grew up in America and western Europe have become used to the idea that the West dominates the world economy.

ECONOMIST: A game of catch-up

Poorer Chileans, who make up more than half the population, have become used to material well-being unimaginable a decade ago.

ECONOMIST: Chile