imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Tell the NSA: StopWatching.US

Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - json version - email this article - view hidden posts - tags and related articles
link:

Banks, Bankers and Banksters

by Florian Hauschild Tuesday, Oct. 09, 2012 at 4:15 AM
marc1seed@yahoo.com

An unrestrained speculative capitalism emerged out of investment capitalism. New financing instruments are invented. Risks are trivialized or glossed over to soothe the population. Boundless indebtedness becomes the norm. The new age led to immediate profit eclipsing investment.

BANKS, BANKERS AND BANKSTERS

[The following summary of the 129 minute TV-documentary broadcast 10/2/2012 is translated from the German on the Internet, http://www.arte.de.]

The face of capitalism changed when conservative politicians in Great Britain and the US took over government at the beginning of the 1980s. Increasing deregulation enabled big banks and financial institutes to become more powerful. The free play of forces marginalized the social aspect of the market economy. A speculative capitalism arose whose actors did not avoid very risky transactions. In 2007 many real estate credits burst. The result is a worldwide financial crisis. The dramatic events are traced in a two-hour documentary film.

A “neoliberal revolution” that changed capitalism began with the assumption of power of Margaret Thatcher in Great Britain in 1979 and Ronald Reagan in the US in 1981. Politics increasingly refused its regulatory influence in favor of a free play of economic forces. Capitalism lost its social aspects more and more. Deregulation allowed banks to become ever more powerful. An unrestrained speculative capitalism emerged out of investment capitalism. New financing instruments are invented everywhere whose benefits are more than questionable. Risks are trivialized or glossed over to soothe the population. Boundless indebtedness of private and public budgets became the norm.

Commercial banks, hedge funds and insurances take undreamt-of risks. Money moves ever-faster around the world. Whether raw materials, real estate or inscrutable financial instruments, speculators stop at nothing if profits beckon. Nothing can deter them. Then the real estate credits burst first in the US in 2007 and a worldwide financial crisis began that continues today. The dramatic development of the last decades is traced in a two-part documentary by Jean-Michel Meurice and Fabrizio Calvi.

THE GREAT KILLING

[This summary of the 2012 TV-documentary from France and Finland to be broadcast on 10/16/2012 and 10/20/2012 is translated from the German on the Internet.]

With Margaret Thatcher’s 1979 election victory in Great Britain and Ronald Reagan’s US presidency from 1981, a “neoliberal revolution” began that radically changed capitalism by reducing its social aspects. This era came to an end in 2007 with a real estate crisis that plunged the western world into an economic depression and initiated a time of economic and political uncertainty with no end in sight in 2012.

When Margaret Thatcher in Great Britain and Ronald Reagan in the US took over government, these two convinced ideologues started an unparalleled deregulation campaign with the help of economic advisors of the most powerful big banks. Bit by bit, they shattered everything created after the Great Depression of 1929 and the postwar era to give capitalism a social component. Their successors, whether conservative or “leftist,” continued this policy. Ironically the last official act of the democrat Bill Clinton in the Oval Office was signing a law that completely disarmed the state and allowed the financial markets to develop as they pleased.

The new age led to general indebtedness and a speculative capitalism in which immediate profit is more enticing than investment. The whole world bears the risks and no longer the individual investor. A deep trench opened up between the production- and the financial-sector.

Speculation always existed in capitalism. What earlier was an exception now became the rule. Worldwide financial management fell out of joint. The oligopoly of the big banks was the uncertainty factor. Social inequality grew with the new economic elite. Then the reality of the financial giants tore us from our dreams. In 2007 the system imploded. The filmmakers Jean-Michel Meurice and Fabrizio Calvi offer insight in the mechanisms that led the world of finance into the current crisis.

THE DANCE OF GREED

[This summary of the 2012 TV-documentary is translated from the German on the Internet.]

In the course of the last 30 years, neoliberalism in economic policy enabled the banks to become ever-more powerful. Profit has the highest priority. Speculations define businesses instead of investments. Politics comes more and more under the influence of omnipresent financial managers. Will the present financial crisis change anything?

Commercial banks, hedge funds and insurances play with risks and trust, with true and false values and assets. Derivatives become increasingly complex. Commissions soar into the immeasurable. The money supply moves ever faster around the whole world. The danger of a financial bubble increases. Whether with raw materials, real estate credits or inscrutable financial instruments, speculators stop at nothing in their search for profit.

How could this system gain acceptance? Why couldn’t the states control it any more? The answer seems obvious: the bankers assumed power. In the United States the “octopus” named Goldman Sachs is all-pervasive and many men and women in power positions were or are still active for this bank. In Europe, above all in Brussels, the omnipresent banks dictate their laws to the states. Despite the global financial crisis, a change is not in sight.

HOW BANKS MAKE MONEY

Insights in the Snowball System

By Florian Hauschild and Tobias Tulinius

[This article published September 9, 2012 is translated abridged from the German on the Internet, http://le-bohemien.net/2011/09/09/wie-banken-geld-machen/.]

The mechanisms of the money system do not solve the classical problems of capitalism. An enlightened money system analysis is an expansion of capitalism criticism, not an abridged capitalism criticism. No criticism of certain occupational groups should be confused with the mathematical-logical facts of the money system. The goal is showing the problems in the money system have a systemic nature and are not confined to the actors.

In the social-political discourse, system-critical voices can be heard from nearly all political directions. “Conservatives” see that “leftists” were often right. Leftists admonished and warned that concrete capitalism does not function. In the meantime, this has become a truism.

However the expanding criticism has not changed present EU crisis management. With the controversial ESM Stability and Fiscal Pact, the European elite from Merkel to Sarkozy threatens to restrict nation-state possibilities, cement the European deficit in democracy and transparency and demonize critics of the bailout umbrellas.

Even if a coordinated economic- and financial policy is part of a currency union, the question is raised: under what presuppositions and criteria should this political change be realized.

The public debate about money is carried out tirelessly. But where money comes from and how our money system functions are hardly discussed. That compound interest anchored in the money system leads to increasing assets redistribution is irrefutable. Critics of this thesis are isolated and easily refuted…

The following questions result from democratic theory:

Why did the state transfer the license to create money to private banks? The direct award of credits to the public authority by the Central Bank was prohibited in the Eurozone since the second stage of the European Monetary Union of 1994. The state must borrow money from commercial banks.

Why does the state – all of us – become indebted to private banks for the money created by these banks?

Why is a functioning money system seen as a largely private and not as a public function?

Why are there no public communal banks that also create money?

Grappling with these questions leads to another crucial question: How is a democratic political system and a stable economic system possible without a just democratic money system? The question whether we live in a democracy or under a dictatorship of the financial markets depends on the kind of money system that we use (cf. http://www.pigs.de).

RELATED LINKS:

Free Internet Book, “Investing, not Betting,” 67pp, Brussels, April 2012
http://www.finance-watch.org
VIDEO: “The United States of ALEC,” http://www.billmoyers.com, September 30, 2012
http://billmoyers.com/episode/full-show-united-states-of-alec/
http://www.rdwolff.com
http://www.therealnews.com
http://www.socialistproject.ca
http://www.buzzflash.com
http://thinkprogress.org



Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

Water in California - info proliferated now is dubious J28 5:04PM

Pacifica clearly endangered. Reposting info here: J28 2:34PM

Video: Occupy Love (2013), 1 hr 19 min J28 4:43AM

Who declares themselves to be the ultimate-only-valid-authority here on current wars elsew J27 11:11AM

MDRC's Rent Reform Assault: Section 8 tenants vs. affordable housing industry J24 12:24AM

Obama at LA Trade Tech J23 3:23PM

Los Angeles Joins World Wide Protest Against Israeli Aggression J22 6:33PM

Los Angeles Joins World Wide Protest Against Israeli Aggression J22 5:48PM

Los Angeles Joins World Wide Protest Against Israeli Aggression J22 5:28PM

Protest Israeli Shelling of Gaza J21 1:58AM

#SaveTheInternet Rally J20 11:24AM

PACIFICA is shify-ing more J18 8:55PM

Radical Women Study Group J16 4:43PM

KIDS REPLANT WILSHIRE FRUIT TREES UPROOTED BY VANDALS J16 2:34PM

Emails Needed by Thursday, July 17 to Save the South Central Farm (Again) J15 4:40PM

Is AFT Pres Weingarten On The Take? J12 7:45AM

LA Living in Vehicle Law Found UnConstitutional J11 12:22PM

KPFK News covers the Che Cafe struggle J10 9:33PM

Public Comment on South Central Farm Site J07 10:44PM

Successful Protest at new Burbank Hobby Lobby on 4th J06 5:17PM

Protesters Violently Arrested in Murietta J05 12:44AM

Gallery Opening Highlights Journalist’s Creativity, Insights, and Passions J03 11:52AM

Indymedia On Air - Che Cafe show J02 10:27AM

Save the Che: Letter from Zack de la Rocha J29 8:47PM

Political Thriller Citizen Koch Premieres in Los Angeles J28 2:35AM

Veteran and Families of Military hold Press Conference J18 7:36AM

Furious Homeowners Occupy Lobby of Fannie Mae in Pasadena J16 4:15AM

Change Links Revival J12 12:09PM

More Local News...

Other/Breaking News

Our Land, Our Business J29 4:40PM

Argentina Braces For Default J29 12:09PM

Back To School Fair J29 11:43AM

Dirt Dog J29 11:19AM

Christian Zionism: The Heresy that Undermines Middle East Peace J29 7:53AM

Memorandum 2014 J29 4:01AM

Paraphysique de la violence J28 9:49AM

Philippine President told: Re-energize the campaign for reforms J28 3:23AM

Panthers in the Hole: French Angola 3 Book Illustrates US Prison Crisis J27 12:13PM

¡Abajo las nuevas exacciones criminales de Israel! J27 11:41AM

looks ok to me... J27 10:32AM

Down with the latest criminal abuses by the Israeli State! J27 10:21AM

THE BOOK OF JOSHUA | ZIONAZIS J26 9:52PM

Video: Left Forum on Thomas Paine 1 hr, 23 min J26 4:21PM

Surpopulation et paupérisation J26 9:13AM

AVAAZ_GAZA_war crimes J26 8:07AM

Israeli-Palestinian Science Organization (IPSO) Struggles for Peace J26 8:02AM

Snake Valley Festival in Baker NV fights SNWA ‘Water Grab’ J26 6:59AM

Nuclear Bomb LA 1983, Revelations tortured Witness Recovers from 14 year coma J25 7:52PM

The Shortwave Report 07/25/14 Listen Globally! J24 5:00PM

Come for the education, Stay for the fun at the OC Health & Wellness Fair J23 10:59PM

Philippine president signs law requiring tobacco companies to put graphic health warnings J23 3:55AM

Rockets found in Gaza school J22 10:57PM

Statement on the Gaza Genocide J22 8:32PM

Capitalism and War: Pope Francis J22 4:18AM

Geekouts Link's for June and July 2014 J22 1:14AM

ADI holds Week of Action Against Circus Suffering J21 11:41AM

phantom protests J21 7:35AM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy