imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

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

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

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. 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,” www.billmoyers.com, September 30, 2012

http://billmoyers.com/episode/full-show-united-states-of-alec/

www.rdwolff.com

www.therealnews.com

www.socialistproject.ca

www.buzzflash.com

http://thinkprogress.org



Report this post as:

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

Mesa, Arizona police officer kills unarmed white man A08 9:50PM

Israeli leaders should be prosecuted for war crimes A08 9:48PM

Paraphysique de l'autorité A08 12:11AM

Two Podcasts on fbi corruption A06 10:13PM

Fbi assassins assault & try to kill DAVID ATKINS A06 7:29PM

More Breaking News...
© 2000-2018 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