Criminal banks and criminal capitalism (tags)
Since the 1970s, the real economy and the financial economy have been increasingly diverging. Gigantic assets vagabond around the globe, desperately looking for profitable investment opportunities.
IMF Chief Warns of Financial Disaster Driven by Inequality (tags)
IMF Head Kristalina Georgieva warns of a return of the Great Depression driven by inequality and financial sector instability in a speech delivered at the Peterson Institute of International Economics.
Finance Capitalism and the Digital Economy (tags)
The financialization of the economy and the rise of the commercial Internet are directly connected... At the beginning of the digital economy, as Marianna Mazzucato and others showed, was an investing state that took over the installment financing for digitalization.
State Indebtedness as a Power Strategy (tags)
Contracting debts exploded under neoliberalism since the 1980s - unlike the state debts in the Keynesian era from the 1950s to the 1970s - and produced s structural debt bondage for the overwhelming majority.
TTIP Undermines the Constitutional State (tags)
TTIP, Transatlantic Trade and Investment Partnership, is a deregulation agreement, a great redistribution project benefiting mammoth corporations at the expense of women and the 99%. Loud protest caused the EU commission to suspend negotiation on the investor right to sue.
Modesty as an Economic Model (tags)
"This completely deregulated sphere (derivatives) ultimately grew to greater dimensions than the real economy. That was undoubtedly absolute madness..A smaller financial sector need not be unconditionally bad.. The economy is a faith like every other..."
European Bank Socialism (tags)
The motto "Too big to fail" frees the financial sector from all chains. In the future, the banks will not have to assume any liability for taking irrational risks. Instead they can commit fraud without limit-in a system that already leads us to the brink and creates millions of unemployed.
The Error is in the System (tags)
The financial crisis mutated into a global economic crisis and a state debt crisis. The financial crisis was not a "bump in the road" or an industrial accident but a systemic and structural crisis that caused $11 trillion of wealth to vanish while millions lost their jobs. homes and pension
How do we get out of here? Alternatives to Austerity (tags)
Austerity is not the only way to make up for massive government debt and lack of revenue following self‑induced disasters in private finance. There are fairer ways to balance the books.
A Financial Boom Despite the Crisis (tags)
For the banks, deficit state budgets become important clients. They compensate the private demand for credit. The financial boom is completely based on support measures of state organs. An economic upswing is not in sight.
Overcoming the Dominance of Finance Capital (tags)
Changing power relations means taking up the social and political struggle against finance capital and regaining control over social resources. Reversing the redistribution of income from top to bottom is a prerequisite for containing the money flows in the financial sector.
The Dominance of the Financial Sector is a Mortal Danger (tags)
"This huge wealth transfer from the `real' economy to the world of finance has also created a vicious cycle of credit dependency.."
Investments of the state in the infrastructure, in educational- and social services, are urgently necessary. One positive aspect of the crisis is that the financial sector has begun to shrivel. The shriveling of the financial sector must be accompanied and controlled by the state.
The Return of the State (tags)
The state is welcome again in this plight. The brazenness with which those who caused the crisis now demand state subsidies to bailout the financial system is just as breathtaking as the state readiness to fulfill this demand.
Banks get Bailout,Public gets Credit Card Usury!!! (tags)
"If you're able to charge 30 percent or, in a payday lender case, 200 or 300 percent, you don't care so much if the loan-in fact, you actually want the loan not to be repaid. You want people to go into debt. You want to accumulate this interest. ..........................................................................