fix articles 3091, financial
Housing and Public Employment (tags)
How does the interplay of supply and demand affect the housing market? What influence does the financial market have on housing prices? What happens when tenant protection in tenancy law is relaxed and the market is given more leeway?
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.
Welcome to a `systemic risk' (tags)
In fact, the US has just passed one of the most progressive laws in its history. It departs from the economic strategies of the past few decades, which have favored capital income — of both ‘innovators’ and rentiers — and increasingly left the working class behind
A better future after COVID-19 (tags)
People must decide how they want to live and what they want to produce in a fair ecological exchange that respects the interests of all people. This would also reverse the logic of competition between countries which is based on lowering labor costs, and promote ecological goals.
8 points for a global agenda of structural change in the COVID-19 pandemic (tags)
"We can have democracy or concentration of wealth, not both," said Justice Louis Brandeis, the longest-serving Supreme Court justice."
Climate crisis and social transformation in times of corona (tags)
Companies go bankrupt, workers are laid off, and because the sources of income dry up, millions of people can no longer even buy the most basic necessities... What counts is whether the things produced can be sold on the market and make a profit.
Tax haven USA wants to dry up other tax havens (tags)
Two US states lure with particularly lax laws for companies. Constructions such as mailbox companies, which help to conceal the true owners of companies, are flourishing. The American government can certainly be accused of double standards in this matter:
When Wealth Destroys Wealth: Inverse Capitalism and its Limits (tags)
Ever-increasing real estate prices was an illusion. The boom that the US stock markets have experienced in recent years deserves the name fracking boom. Fictitious capital put the US economy back on the growth track.
Economic impact of corona lockdowns (tags)
Even before the current lockdown-induced economic depression, the assets of the lowest 20 percent of US households - between 2007 and 2019 - had fallen by about a third according to the Wall Street Journal, and their incomes had fallen by 2 percent in real terms
Financial Markets and National Socialism (tags)
Joseph Goebbels was appointed "Reich Minister for National Enlightenment and Propaganda "7 on March 15, 1933.: "The people should begin to think and react in a unified way. [...]" They should stand behind the actions of the government with full sympathy and support.
The economy for faith healers (tags)
Due to the sharpening contradictions of late capitalist socialization, barbarism, not reason, is increasing. Reason is not advancing in the overall historical movement, as once postulated by Hegel. Only the overcoming of this false whole, would offer humankind a chance of survival.
Our normality is not returniing (tags)
If the government's response to the debt accumulated during the crisis is austerity, it will make the situation even worse. It is therefore right to call for a more active and visionary state policy that shows a way out of the crisis. What form will these policies take?
The Forgotten History of the Financial Crisis (tags)
In the United States between late 2008 and early 2009, 800,000 people were losing their jobs every month. By 2015, over nine million American families would lose their homes to foreclosure—the largest forced population movement in the United States since the Dust Bowl.
"We do not live in capitalism" (tags)
After the transition to Atlantic turbo-capitgalism, little can be recognized from the earlier times of the initiatives of the social market economy. In this situation, the counter-factual and fact-immune creed of all conservatives is enmeshed in a deep unconsciousness about the world.
Economics in the times of the coronavirus (tags)
Most people’s thinking is determined by the development of the Covid-19 crisis, the return of “the hour of executive power” (Gerhard A. Ritter), i.e. state of exception legislation, and the fears which it evokes as well as the economic measures in response to the health crisis.
Is Capitalism Out of Order? (tags)
Growing debt is actually not a big problem in a growing economy as long as it does not grow faster than the gross domestic product (GDP). The debt mountain of the capitalist world system is growing much faster than the world economic output.
Bernie Sanders in Las Vegas: Being free, being high and eminent domain (tags)
The proclamation of a national climate emergency, the ban on oil and gas exports and the import of cheap medicines from Canada are to be implemented by means of the so-called "Executive Order"
Housing for All (tags)
Housing as a human right is subverted by the right of speculation. The Vienna Housing Fund buys up potential property and prevents speculation. Rents in Vienna are much lower than in Munich. The state must intervene since private developers cannot build affordable units
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.
The Social State in the Age of Global Capitalism (tags)
Welcome to techno-corporate feudalism-where the richest three Americans have more wealth than 160 million, where the wealthiest 86 have more wealth than 3.6 billion, where the foul-mouthed cancelled free school lunches for 1 million and where market distortions rule.
Karl Polanyi on Unfettered Capitalism (tags)
Karl Polanyi condemned profit greed and deregulated markets. Today's capitalism critics are his heirs and don't know it. An unfettered capitalism is responsible for the world coming out of joint. "Finance capital was put in the driver's seat."
Financial Transparency Legislation Clears House Financial Services Committee (tags)
The bill would create a database of the real "beneficial owners" of American companies, potentially unmasking the true owners of thousands of shell companies.
Market Economy: The Superrich Endanger Democracy (tags)
It is easy to influence politics with a lot of money, and civil society is often just a nuisance. In the US, this problem is everywhere, but Europe is catching up.
From Enlightenment to Counter-Enlightenment (tags)
Brilliant minds elevated "the market" into a "higher being" of the post-modern age to which we must submit. The primacy of the market replaced the primacy of politics. Dr. Schulmeister is an economic researcher in Vienna whose latest book is "The Road to Prosperity" (2019).
What is a Crisis? A Retrospect on the 2008 Economic and Financial Crisis (tags)
The economic guild interprets crisis through an ideological lens. The financial crisis is redefined as a state debt crisis. Illuminating the systemic causes of crisis or discussing the crisis proclivity of the capitalist system is not possible anymore.
Housing Financialization, 66 pp (tags)
UN Forum Wrestles with Funding Development (tags)
After months of negotiations and four days of formal meetings, the United Nations voted on development policies at the fourth UN Financing for Development Forum. The UN meetings convene world leaders, ministers, governments, the IMF, World Bank and development groups. The annual process attempts to implement the 2015 Addis Ababa Action Agenda, an international agreement that includes policies on debt, tax, trade, transparency and aid.
The Financial Market Casino Controls Politics (tags)
Financial markets seem to be the measure of all things. Corporations are subsidized with trillions. In their "competition," small and medium-size businesses are the fools. A complex subsidy jungle exists in nearly all states, a "socialism for the rich" or "new feudalism."
IMF Issues Debt and Financial Crisis Warnings (tags)
As the Spring World Bank and IMF meetings begin, the IMF issued concerns over unsustainable debt and a possible financial crisis in two reports. African and Latin American debt experts are releasing new analysis of growing debt at the meetings.
IMF Warns of Global Financial Crisis Risk (tags)
For the second day in a row, the International Monetary Fund raised concerns of pending financial crisis. Ahead of the Spring IMF and World Bank meetings, the IMF released the Global Financial Stability Report, warning of "vulnerabilities" in corporate debt, house values and sovereign (country) debt.
IMF Says Global Economy Faces a "Delicate Moment" (tags)
As world leaders, finance ministers, business leaders and development groups gather for the Spring International Monetary Fund and World Bank meetings, the IMF raises fresh concerns about the global economy. The IMF releases the biannual World Economic Outlook Report noting a slowdown in global growth and focusing on economic challenges that include unsustainable debt, trade tensions and the impact of natural disasters on the financial system.
House Hearing Reviews Financial Transparency Legislation (tags)
The House of Representatives is holding hearings on legislative initiatives to deter corruption and secrecy in the global financial system. The Financial Services Subcommittee on National Security, International Development and Monetary Policy convenes a March 13th hearing on "Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime."
"Game Over" (tags)
The financial economy uncoupled from the real economy.
What are the Alternatives to Neoliberal Globalization? (tags)
Capitalism seemed to have a more social or civilized face for a time. After Roosevelt's New Deal and the defeat of fascism, gradual development of the social state occurred in Europe. Unions were accepted. The rulers were forced to political and social concessions.
Ten Years After the Financial Crash (tags)
US economic statistics are dubious since financial markets are based on financial products and money out of nothing. Tax havens, micro-second betting, stock buybacks and corruption through lobbying are market-distorting and cause revenue shortfalls.
The Populist Makers and Dangerous Optimism (tags)
The people vote and capital decides. Another capitalism appears that is marked by an anti-liberal and intolerant culture. The goal of the new capitalists is the same as the old capitalists: to make the rich even richer. The governing elites gamble away the future of coming generations.
The Attack of Corporations and the Rich on the Rest of Society (tags)
Inconceivable sums were given out without hesitation when the banks were bailed out from bankruptcy. The rich triumph and despise others as losers. Corporations and the rich must desist from their selfishness and accept their responsibility for society again.
Markets as a Fetish, Globalization, and Dissent Management (tags)
Economic inequality must be reduced and democratic participation regained. Resisting tax avoidance, financial market regulations, climate policy, and globally combating poverty should be priorities.
Driven to Consumption and Money out of Nothng (tags)
Growth originally created a material prosperity about which earlier generations could only dream. However, more economic growth does not lead to people becoming happier. We are prisoners of a system that forces us to permanent growth. Banks create credits.
G20 Discusses Preventing Financial Crisis and Small Island Economies (tags)
President Trump arrived in Buenos Aires on Thursday for the annual G20 meetings.
Debt and Tax Policies Needed to Prevent Crisis Says Finance Watchdog Group (tags)
Financial institutions, experts and economists fear a new wave of financial crises hitting countries from Ghana to Italy.
Trumponomics and Wall Street Rejoices (tags)
Economics should be a part of life, not a steamroller crushing creativity and self-determination. The state should serve the public interest and reduce poverty. Trumponomics is a disaster. The poor, seniors, children and students are under a vicious attack.
Dark Clouds Gather on Horizon for Financial System, Warns International Monetary Fund (tags)
Bali, Indonesia -The International Monetary Fund releases its "Global Financial Stability Report" ahead of its Annual Meetings held this year in Southeast Asia.
IMF Lowers Global Growth Projections and Raises Concerns of Financial Crisis (tags)
Bali, Indonesia - The International Monetary Fund released the World Economic Outlook Report and lowered global growth projections to 3.7 percent for 2018 and 2019.
The Criminality of the Elites (tags)
The offenses of the upper classes are hardly publicized. People wait in vain for strong interventions in the economic realm. Financial criminality harms the state, the community and economic growth (e.g. high-frequency trading, shadow banking, financial products)
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.
The Dictatorship of Corporations (tags)
Why do the majority of politicians so often make decisions against the public interest and in favor of industry? A new quality of lobbyism arose on account of the dramatically stronger market- and financial power of companies. I sound the alarm. The power relations in our society are shifting endangering democracy andthe market economy,
After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again (tags)
September 15th marks the ten-year anniversary of the Lehman Brothers investment firm collapse, symbolizing the onset of the 2008 global financial crisis.
Is the Financial Crash 2.0 Coming? (tags)
Market ideology has been on the advance since the 1980s. Only a few voices warned of the risks and instability of the liberalized financial markets. After they profited from the generous bailout packages, the banks began to speculate against the most indebted countries.
Promote Public Housing! (tags)
A basic principle of the market economy is that the market only reacts to solvent demand, not to needs. If a need is not reflected in a solvent demand, the market simply does not react. The supply side expansion of affordable housing is key, not subject promotion.
Capitalism and Worldwide Inequality (tags)
Thomas Piketty's motto "Inequality is always a problem when it is excessive" introduces the new World Inequality Report. Inequalities of income and wealth swell globally and in individual regions and nations.
Children Incorporated Earns 4-Star Rating on Charity Navigator (tags)
Children Incorporated Earns Coveted 4-Star Rating From Charity Navigator
Interview with Social Philosopher Friedhelm Hengsbach (tags)
The financial markets have uncoupled from the real economy since the middle of the 1970s. Politicians listen and react to every sound from the financial sector. Who paid for the bank bailout? The general public or the state made itself poor and guaranteed capital.
G7 Hurricane Debt Relief Caribbean/Small Islands (tags)
“This is the first time that Finance and Development Ministers are meeting jointly at the G7 and they can promote solutions for when financial crises and humanitarian crises collide" note Eric LeCompte, Jubilee USA Network Executive Director.
China's 6.9% Growth: The Superiority of the Plan (tags)
China has brought hundreds of millions out of poverty in only three decades thanks to the opening of the economy. In 1978, 90% of the population lived below the absolute poverty line of $1.90 a day. Today, there are `only' 43 million, three percent of the population of 1.4 billion.
The World Dependent on Central Banks (tags)
The situation seems extremely contradictory. The global economic and financial system has been clinically dead since 2008. It only functions because it is artificially kept alive by the central banks like a patient in the intensive care unit $!8 trillion was pumped into the global system.
Prohibiting Micro-Second Betting on the Exchanges (tags)
The financial sector that has gone off course should serve the real economy again in the future. The exchange functions like a gigantic casino. Throwing some sand int he gears with a transactions tax would slow down the speculation.
The US, the Dollar, IS and Saudi Arabia (tags)
The US treats IS and the Saudi royal house differently. For decades, Saudi Arabia has been the US' closest ally in the Middle East and therefore enjoys Washington's unrestricted solidarity despite all its crimes.
Crash on the Horizon (tags)
The systemic reasons for the crisis are more important than a sudden fall in prices. Stocks are held on average 22 seconds, not 6 months or ten years. Real-capitalism is a plus-sum game. Financial capitalism is a zero-sum game.
Crisis 2.0: A Policy for the 99% (tags)
The capital surpluses are a constant source of new speculative waves and maneuvers. The crisis of state finances is mainly a crisis of tax refusal. The elites shifted the tax burden from businesses and high incomes to consumer taxes and fees.
Debt, Corruption and Tax Policies Impact Poverty, Says Vatican at United Nations (tags)
During United Nations Human Rights Council meetings last week, Archbishop Ivan Jurkovič, the Geneva based Vatican representative stated, “We can no longer frame the debt crisis as an exclusively economic problem. It affects future generations, as well as the social conditions that allow the enjoyment of human rights of vast numbers of people entitled to the solidarity of the whole human family.”
The Future as Transformation (tags)
There is no future with present-day capitalism. Capitalism stands for a movement of endless profit-making. Only a radical breach with the capitalist accumulation dynamic can nurture the hope of a reasonably tolerable future for human civilization on this planet.
The Unsettling Truth about the Rolling Back of Dodd-Frank Regulations (tags)
The Unsettling Truth about the Rolling Back of Dodd-Frank Regulations
Is Economic Speculation a Form of Structural Violence? (tags)
According to neoclassical economic theory, the financial markets return to equilibrium. Problems only occur because of state intervention. The roaring twenties led to an enormous stock euphoria. In 2018, companies inflate their stocks in a $70 billion stock buy back program.
Capitalism Criticism 2.0 (tags)
"Capitalism contains crisis as rain clouds contain rain" (Jean Juares, 19th century socialist). Profits increase in the neoliberal model, not investment (Nicolas Krowall). The competitive pressure drives businessmen to reduce investments in labor and wages.
The Driving Force of Global Inequality (tags)
Behind closed doors, a powerful industry has developed worldwide since the 1980s: tax avoidance. Taxes that are avoided must be compensated by higher taxation of households with lower incomes.
IMF and World Bank Meetings Begin With Growth Forecasts and Crisis Risk Warnings (tags)
The International Monetary Fund (IMF) and World Bank begin their annual meetings which run between October 13th and 15th.
IMF Reports Global Growth and Releases New Ways to Predict Economic Crisis (tags)
The International Monetary Fund (IMF) releases its biannual report on global economic stability and presents new indicators it says can help predict financial crisis.
The Fairy-tale of the End of the Financial Crisis (tags)
Between 2008 and 2010, the EU Commission approved state aid of 4.3 trillion euros. The potential crisis of the global economy has grown and not declined. A system crash was prevented by the actions of central banks and states.
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.
Consumer Bank and Credit Card Rule Under Threat (tags)
On Thursday, Members of Congress took aim at a new banking and lending rule from the Consumer Financial Protection Bureau.
Mozambique Audit Reveals Corruption and Short Falls in Financial System (tags)
Ahead of President Trump's first G20 meeting in Germany this weekend, Mozambique released an audit exposing violations of the country's laws to secure now-defaulted loans.
Tax Avoidance: Drastic Consequences for the Public (tags)
Taxes are the most important foundation of all government activities and public services. Corporate economic activity and profits cannot be clearly assigned to individual nation states anymore. Founding offshore centers is child's play Tax avoidance and tax fraud lead to revenue crisis
Legislation Combats Shell Company Corruption (tags)
Representatives Carolyn Maloney (D-NY) and Peter King (R-NY) heralded the House introduction of the Corporate Transparency Act at a press conference at the House Triangle.
How the World Heads for the Next Crash (tags)
Governments secure the money of the rich. State debts have grown in nearly all countries of the world since 2010. Ten years after the outbreak of the financial crisis, the economy is again in a standstill or mired in crisis. Trump wants to cancel the recent bank regulations and cut corp taxes.
Economic Stagnation and its Mastery (tags)
Corporate profits explode while investments stagnate.Social housing declines with privatization. According to neoliberal theory, higher profits lead to grater investments and more jobs. In truth, higher profits lead to more use of tax havens and companies buying back their stock.
The President as Businessman (tags)
Trump's gigantic tax cuts will only benefit the rich. Revenue losses of six trillion dollars are expected for the first decade after the Trumpian tax cuts start. Trump sells the illusion that the old order can be restored.
G7 Could Move Financing for Famine Relief, Says Religious Development Group (tags)
As G7 leaders continue to meet in Taormina, Italy, relief groups like Oxfam International are intensifying calls for aid monies to address famine.
UN Forum Focuses on Financing for Development Goals (tags)
United Nations Deputy Secretary-General Amina Mohammed and the IMF's Christine Lagarde join world leaders for the Financing for Development (FfD) Forum at UN Headquarters.
Neoliberal Austerity Leads to Deeper Crisis (tags)
A high state share in the economy, developed social states and readiness to intervene actively and anti-cyclically prevent falling into a depression. Trump's demonizing regulation, Medicaid, public schools, Head Start, Meals on Wheels, taxation and democracy must be resisted
Consumer Bureau Escapes Congress Action to Remove Prepaid Rule (tags)
The Consumer Financial Protection Bureau (CFPB) escaped a May 11th deadline for Congress to void a rule designed to give prepaid card users similar protections as debit card users.
Capitalism in the Faith Crisis (tags)
Trust in the "invisible hand" is a religious exercise ensuring a rule over people that is destructive and fatal. Christians and Marxists wage a common struggle against the spirit, logic, and praxis of the false money-god and its servants.
Trumponomics: Failure Pre-Programmed (tags)
Macro-economic and ecological connections are simply ignored with the concentration on short-term profit. The planned reduction of corporate taxes from the current 35% to 15 or 20% recalls the Laffer-curve as the basis of Reagan's fiscal policy error.
Global Economic Risks Ahead Warns International Monetary Fund (tags)
The International Monetary Fund (IMF) released its bi-annual report on global economic stability, warning that the financial system could face serious risks in the year ahead.
IMF Warns of "Protectionism" and Risky Investing (tags)
The International Monetary Fund (IMF) released its bi-annual report on the state of the global economy, predicting that global growth will continue steadily but slowly.
Poverty Returns with Misguided Policy (tags)
The state should represent the public interest and yet private or special interests are in the driver's seat. Trump's proposed 2018 budget is a sledgehammer with cuts to Meals-on-Wheels, school lunches, WIC food assistance, National Institute for Health, EPA, PBS and Legal Services
One Year Anniversary of Panama Papers Leak (tags)
More than 11 million documents were leaked from a law firm based in Panama a year ago today.
Puerto Rico Oversight Board Holds Economic Growth Meeting (tags)
Puerto Rico's Financial Oversight and Management Board meets in San Juan to discuss economic growth proposals for the island.
Brazil wants democracy back II (tags)
The character, the lack of it, the temperament of the coup and of coupists that toppled Dilma Roussef last year was signaled through their first or one of their first legislative measures: the legalization of pedals, an administrative measure more than routine, used and abused for all, since always, and that is to hold resources for short periods, in order to smooth the financial roll. These were the only accusations that the coup leaders were able to brandish to remove the re-elected president and to establish parliamentarism, without the authorization of the population, required by the constitution.
Puerto Rico Religious Leaders Ask Congress to Pass Debt Crisis Actions (tags)
"As religious leaders in Puerto Rico, we urge you to act on behalf of the 3.4 million American citizens living on the island," wrote two prominent ministers to Congress about policies to help the debt-troubled island.
Treasury Extends Anti-Money Laundering Luxury Real Estate Regulations (tags)
Treasury's Financial Crimes Enforcement Network (FinCEN) renewed requirements for title insurance companies to identify the real owners behind shell companies in six major metropolitan areas.
Trump Voids Dodd-Frank 1504 Transparency Rule (tags)
President Trump signed into law Congressional action to void requirements that the oil, gas and mining industries report financial activity in countries where they operate.
Rethinking Economic Policy! (tags)
The economic crisis calls for social-democratic answers. The fading mass purchasing power (in Germany) is due to the increasing inequality of income and wealth. Deregulation promotes social problems like precariousness and greater income inequality.
Democracy and the Uncanny Power of Money (tags)
Growing inequality is the greatest political problem of our time. Governments are often only actors or puppets of an anonymous regime for the benefit of the privileged where the interests of simple people do not count.
An Uncertain Future for the Consumer Financial Protection Bureau (tags)
The future of a federal consumer watchdog agency is uncertain amidst pledges to reduce the agency.
Show Me The Money (tags)
Founded in 1996, the Los Angeles Real Estate Investors Club is the oldest and largest investor group in southern California. The Club helps people invest in real estate by offering monthly meetings and seminars featuring education, networking, and deals.
Democracy and the Social State (tags)
Finance capitalism and Citizens United turn life, language and democracy upside down as the $150 million given by Wall Street to Hillary Clinton fall under the rubric "social engagement." With these theses, Franz Segbers emphasizes the social state as the foundation of democracy.
Neoliberal Crisis Policy has Failed (tags)
The term "invisible hand of the market" goes back to Adam Smith. This assumes all economic activity promotes the common good. Neoliberalism's survival is surprising because its theoretical assumptions are dubious. People cling to neoliberal prescriptions against reality.
Causes of Great Problems Faded Out in Elections (tags)
Elections today have one thing in common: they don't change anything. Pseudo-battles dominate in which the actors are intensely focused on evading the burning questions and diverting the electorate from the real causes of problems..
Mozambique President Meets IMF and World Bank As Debt and Corruption Concerns Loom (tags)
Mozambique President Filipe Nyusi is in Washington for a series of meetings with International Monetary Fund (IMF) Managing Director Christine Lagarde, World Bank President Jim Yong Kim, Secretary John Kerry and US AID's Gayle Smith.
The Crises of Today's Economy (tags)
The market is not a subject but an instrument. Nevertheless "the primacy of the market" replaced "the primacy of politics." Neoliberalism actually serves the interests of finance capital. A doctor whose therapy causes sicknesses cannot understand this. Our elites are in great distress.
UN Summit Reaches Debt, Tax and Trade Agreements (tags)
Member countries of the United Nations Conference on Trade and Development (UNCTAD) renewed a mandate for the UN agency on economic issues. The agreement will guide UNCTAD's work for the next four years.
Is this the world's most radical mayor? Ada Colau of Barcelano (tags)
Adfa Colau spent the first years of the new millennium embroiled in activism, protesting and campaigning against wars, poor housing and gentrification. While working for the PAH, she developed her distinctive style of speech, which rests on a sincere, if carefully crafted, populism.
Planned Crises or Alan Greenspan's "Tsunami" (tags)
Greenspan knew his policy would create a financial bubble that ultimately had to burst. The subsequent crisis was consciously accepted since it speeded up the process of creative destruction. Lessons from the 2008 financial meltdown include shrinking the financial sector and expanding the public sector.
The Financial Crisis in the Light of the Social Market Economy (tags)
In 2007 and 2008 the US housing market almost completely collapsed. The crisis was brought about by a combination of state- and market failures. Extensive deregulation and violation of the liability principle were jointly responsible.
Tax Havens: Threat for Public Budgets (tags)
The common good is abused. The struggle against tax havens is a struggle for the rule of law and democracy. Apple, Google, Amazon, Boeing and GE shift tens of billions to tax havens. According to a 2013 article, one building in Delaware has 285,000 mailbox firms.
How Much State Does the Social Market Economy Need? (tags)
The use of property is only legitimate within the limits of the public interest. Whoever takes a risk must bear it and be liable for the losses. The state has the political task of laying down effective rules for risk assessment, liability and providing transparency. Distributive battles intensify.
"Panama Papers" Release Highlights Need for US Shell Company Legislation (tags)
More than 11 million leaked documents from a major Panama-based "off-shore" law firm reveal how the global financial system enables corruption and tax evasion.
Argentina Lower House Repeals Laws to Support Hedge Fund Debt Deal (tags)
Argentina's lower house of Congress voted 165-86 to repeal two laws that blocked the country from settling its decade-long debt dispute with a group of "hold-out" investors.
Former South African President Visits US to Stop "Illicit Financial Flows" (tags)
Former South African President Thabo Mbeki visits the United States February 16-19 to raise awareness on how the developing world loses money to corruption.
Bernie Sanders' Socialist America (tags)
Bernie believes there has been a corporate takeover of American democracy, and this is where he returns to the idea of political revolution. In nearly every speech he makes this clarion call, ...neither he nor any other politician can make the necessary changes alone.
Janet Yellen's Storytime (tags)
The US economy is not picking up speed, wages are not rising and the situation on the labor market has not improved... The world economy did not get going again after the greatest wealth redistribution in the history of humanity.
Puerto Rico Population Drops 10% Over Past Decade (tags)
Census Bureau estimates Puerto Rico's population shrinks by 10%, mostly during the island's financial crisis.
65 Economists Call for QE for People in the Eurozone (tags)
The campaign for Quantitative Easing for People is currently supported by 21 organizations and aims to redirect money created through the QE program to the real economy by either financing public investment spending in the eurozone or by distributing a citizens' dividend to all residents
"Who is saving Whom?" (tags)
"Who is saving Whom?" shows what remains hidden. A tremendous redistribution from the bottom to the top.. Rescuing is taking place, for the 99% however there is no sign of a rescue.
Casino Capitalism and Profit Maximization (tags)
In the 1960s the average holding time for stocks was 10 years. Now the holding time is not 9 months but 22 seconds. Like shareholder value, profit maximization leads to exploding inequality and the waste of resources. States are weakened by tax cuts.
Economic Crises as Sicknesses and Catastrophes (tags)
The 2008 financial crisis is often wrongly described as a "state debt crisis" where cause and effect are inverted and economists and the market are released from responsibility. Sickness and catastrophe metaphors dominate discussion
Memorandum 2015 (tags)
For 40 years, the Bremen study group has published memorandums. The council of experts promoted the profits of businesses, not aggregate economic demand. Mass unemployment surpassed the 5 million mark because of neoliberal structural reforms.
Canada had its best election ever! (tags)
Justin Trudeau and the Liberal Party with 184 seats became the Majority Party in O Canada two weeks ago. "When government trusts citizens, citizens trust the government," Trudeau said. With higher taxes on the wealthy and infrastructure investment, Canada will become more inclusive.
Tax Flight, Tax Avoidance and the Contribution of the Rich to Society (tags)
Multinational businesses cause the greatest losses through tax flight and tax avoidance. Between $21 and $32 trillion are invested in tax havens. Tax flight is a problem for democracy. Without tax revenues, politics renounces on creative possibilities.
Canadians Reject Harper: Hold the Cheers (tags)
Hedge Fund Threatens Trade Tribunal to Sue Peru for Old Military Debt (tags)
A US hedge fund is threatening to sue Peru for $5.1 billion over decades-old military debts it bought.
KPFK is going topsy-turvy, still, with employees and unions (tags)
KPFK is drowning in employee-union problems with emails flying from programmers affected and some untangling of what is actually occuring hard to comprehend. But here are excerpts from an informatory website that regularly offers some answers as no one else can, it seems.
Dollar As World's Reserve Currency Threatened (tags)
Puerto Rico’s Religious Leaders Call for Debt Relief and End to Austerity (tags)
Puerto Rico’s religious leaders called for debt relief in the face of the $72 billion financial crisis burdening the Caribbean US territory. At a press conference in San Juan, leaders of the principle religious groups laid out six principles to resolve the crisis.
Differing Views on China (tags)
Misguided Calls for More QE (tags)
Black Monday (tags)
Greece and Troika Agree on Bailout Deal in Principle (tags)
Deepening Greek Depression (tags)
United Nations Votes for Global Bankruptcy Principles (tags)
IMF: Greek Debt Untenable (tags)
Tsipras Surrenders to Troika Bandits (tags)
Entrapping Greece in Debt (tags)
Looming Greek Capitulation to Troika Bandits? (tags)
Leaked Trade in Services Agreement (TISA) Draft Text (tags)
Irresponsibly Calling Argentina's President Kirchner Anti-Semitic (tags)
Greek Bailouts for Creditors, not Economic Recovery (tags)
Scare-mongering Greeks to Vote "Yes" on Sunday (tags)
Greece: Ground Zero for Global Pillage (tags)
KPFK in Pacifica's meeting - more descriptions (tags)
These are excerpts REPOSTED for local LA listeners of KPFK - as to what else happens [not on-air-only presentations that are the slick surface of it all ] - written by a long-time prior dedicated PNB member.
Troika Intends Starving Greece Into Submission (tags)
Troika Rejects Greek Bailout Extension (tags)
Obama Wants Regime Change in Ecuador (tags)
TISA vs Public Services, 28 pp (tags)
The TISA is among the alarming new wave of trade and investment agreements founded on legally binding powers that institutionalize the rights of investors and prohibit government actions in a wide range of areas only incidentally related to trade.
FIFA Scandal Highlights Corruption in Global Financial System ;US Banks Named Too (tags)
FIFA, Money Laundering,World Cup, Jubilee USA Network
Secret Trade in Services Agreement (TISA) (tags)
Heading Toward Financial Maidan in Ukraine? (tags)
Wealth is not a Private Affair (tags)
The US faces a revenue- and a war-spending crisis. The top tax rate was over 70% from 1938 to 1982; corporations put trillions in tax havens. Alternative economics emphasize profit maximizing is not profit making. In financial capitalism,Profits explode, not investments.
KPFK'S rep to Pacific Bd Whitleblower -being kicked out ...plse sign petiton here (tags)
KPFK is losing a courageous whistleblower - one who dared to reveal secrets - that were requested by Atty General in a legal action - while pertinent & vital info was denied the AG by the Pacifica Na'l Bd members . So instead PNB conveniently wants to kick out a KPFK PNB member who complies with the investigation and laws ? what is going on ??? Since when is law-less-ness the better way to solvency ?
Overdue farewell to dogma (tags)
Mainstream economics did not see the crisis coming – and so far it has not done much to overcome it. However, at least in the USA, a rethink has started.
IMF Reports Debt and Human Crises Drive Uneven Growth (tags)
Global Stability and Economic Outlook Reports Released
Bashing Greek Prime Minister Alexis Tsiras's Moscow Visit (tags)
Video: Meltdown: The Secret History of the Global Financial Collapse, 42 min (tags)
700 free movies and 700 free E-books await you at www.openculture.com. Enjoy!
KPFK is integral part of Pacifica, going broke ? (tags)
KPFK says it is going to do another whiney begfest for more $$$ tomorrow, with claims they did not get enough money during the extra long fund raising they barely just completed. Could it also be due to these also secret non-transparent doings at Pacifica, which KPFK also is run by and where KPFK payors also pays for 'belonging' ....and thus we too seem to be crazily represented in -Pacifica and all the PNB members decide or decry - as also by some of KPFK's own LSB members are PNB members too ? what is going on anyhow? Can our LA local radio station continue on at all ? or is it being set up to be sold off, the building sold for cold cash and then ? dead air ? all gone ? money down that radio drain ?
Hypocritical and Hippocratic Economic Policy in Europe (tags)
The crisis is multilayered-a bank crisis, a crisis of wealth distribution and a misallocation of capital between long-term real investments and virtual financial investments.. The frugal Schwabian housewife is not a suitable model.
Greece Surrenders to Troika (tags)
TTIP: Trifling Economic Advantages at the Cost of Democracyand the Public Interest (tags)
The controversial investment-protection agreement establishes a parallel justice giving security to all investors.. The states would be liable for compensation for any lower profits.. We all know our plane can only survive when we do everything for a sustainable economy.
The Catastrophe has Already Begun (tags)
Capitalist growth has become the problem, promotes famines and strangles full employment. Can the world be rescued? Mass unemployment has never lasted as long as today; global problems increase... A change of consciousness is necessary so the population strives for justice.
TTIP: Redistribution of Power, not Free Trade (tags)
The TTIP (Transatlantic Trade and Investment Partnership agreement) involves the redistribution of power away from the parliaments and to the executive and its unelected lobbyists. The TTIP does not involve freedom of trade.
How Economists Change the World (tags)
Theory development is also a war over dominance. The goals of Hayek's war were expulsion of the Keynesians, liberalization of the financial markets, abandonment of full employment policy, dismantling the social state and weakening unions.
Thoughts on New Year's Eve (tags)
Ukraine Headed for Disaster (tags)
Economics is Onesided and Reactionary (tags)
The homo oeconomicus cannot be our hope and is not desirable or future-friendly. The economic benefits to the capitalist entrepreneur are in contradiction to nature and to the person..We face completely oversized financial markets that have uncoupled from the real economy creating value.
Market Euphoria: The Mother of All Ponzi Schemes (tags)
United Nations Votes for Process to Create Global Bankruptcy Framework (tags)
UN Process Could Limit Default and Stop Predatory Funds
Capitalism and Its Crisis Proclivity (tags)
The liberal economists of the 19th century claimed no crises could occur in capitalism since every supply creates its demand. On the other hand, Marx and Engels recognized early on the causes for crises in capitalism. The contradictions of the accumulation process lead to crises.
Open Letter on TTIP and Financial Regulations (tags)
The TTIP, "Trans-Atlantic Trade and Investment Partnership," has been secretly negotiated since June 2013 and massively threatens social and environmental regulations and public sector jobs. Corporations could sue states, states could not sue corporations and decisions are irrevocable.
Putin: Sanctions Violate International Law (tags)
Fed Ends QE (tags)
New thoughts on capital in the twenty-first century, 21 min (tags)
Thomas Piketty is the author of the 2014 bestseller "Capital in the 21st Century."
TheInheritance of Inequality and Rethinking Growth (tags)
The economy exists for people, not vice versa. Economics should be pluralist, not a monolith. The economy should be embedded in society; society should not be embedded in the economy. Thomas Piketty and alternative economics emphasize inequality and mass unemployment.
New Economy and New Prosperity (tags)
Economic structures that form the basis for social prosperity have become dysfunctional. The financial markets have expanded their original function and are now self-financed markets in which protection from risks has become a highly speculative business.
How Neoliberalism Gained Hegemony (tags)
The pressing question is why do the masses vote against their own interests and applaud those who champion goals opposed to their well-being or welfare? Ideas prevail because power is on their side, not because they are better. Neoliberalism went from sect to cultural hegemony
UN Vote Tuesday Could Create Global Bankruptcy Process, Deter Predatory Funds (tags)
The UN General Assembly votes Tuesday at 3pm (EDT) on a resolution that could create a global bankruptcy mechanism. Such a process could protect poor countries from predatory funds and limit future defaults. Jubilee USA's leadership, a group of religious leaders and financial experts sent a letter to United States UN Ambassador Samantha Power urging her to support the resolution.
United Nations Small Islands Conference Fails to Address Major Debt and Tax Crisis (tags)
As the Third International Conference on Small Island Developing States (SIDS) continues in Samoa, the agreed upon final outcome statement fails to address the major debt and tax crises facing many of the attending countries. According to the World Bank, 10 of the 30 most heavily indebted countries in the world are small islands.
Argentina Braces For Default (tags)
Argentina is likely to default barring a last-minute breakthrough in negotiations with hold-outs or a court order. Argentina's grace period to pay bonds restructured after its 2001 default expires July 30th. Predatory funds and hold-outs may use court ruling to target Grenada and the Democratic Republic of Congo.
Memorandum 2014 (tags)
Both Germany and the US follow an economic policy without enlightenment. Slight economic stimulation will not solve problems of mass unemployment and corporate welfare. Tax evasion of corporations and tax cuts for the super-rich lead to suffering and a revenue crisis.
Learning from Roosevelt: HIs "New Deal" (tags)
The Civilian Conservation Corps helped overcome the basic pessimistic mood in society. Within a few months, 500,000 young persons had hope again. The government should intervene in case of an economic emergency.
IMF Releases Paper on Ending Predatory Behavior (tags)
The International Monetary Fund (IMF) officially released a major paper focused on increasing stability in the financial system and preventing predatory hold-out behavior in debt restructuring.
Memorandum on Leaked TISA Financial Services Text (tags)
This memorandum provides a preliminary analysis of the leaked financial services chapter of the Trade in Services Agreement dated 14 April 2014.
Argentina Responds to Supreme Court with Debt Swap Plan (tags)
In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country to avoid paying hold-outs, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.
Supreme Court Refuses Argentina Debt Case (tags)
Supreme Court Refuses Argentina Debt and Validates Hedge Fund Predatory Behavior
Argentina Battles in Two World Cups (tags)
While National Team Prepares to Face Bosnia, Government Fights Hedge Funds at US Supreme Court
IMF Reviews International Financial Crises Solutions (tags)
As the IMF reviews solutions to international financial crises, religious and development groups urge reforms to protect the poor.
Argentina Files Final Response Urging SCOTUS to Accept Predatory Hedge Fund Debt Case (tags)
Argentina filed its final Supreme Court response to hedge fund NML Capital urging the high court to take the case that the Financial Times calls "the debt trial of the century." Jubilee USA filed an Amicus Curiae brief in March noting that the precedent in the case will impact debt restructurings, poor country access to credit and debt relief programs designed to help people living in extreme poverty. The US government and the International Monetary Fund support Argentina. On June 12th, the Supreme Court is scheduled to discuss whether or not it will hear the case.
Financial Market Inflammation (tags)
Bubble formation covered up a period of long-lasting stagnation... Former US Treasury secretary Larry Summers even spoke of stagnation as a "new normality"... The crisis consequences are shifted to other subjects. Unemployment and indebtedness are exported.
Challenging the Ruling Economic Orthodoxy: Economics Students Begin to Revolt (tags)
Pete Dolack writes the Systemic Disorder blog. He has been activist with several groups.
Intricacies of economic growth (tags)
The Two-Speed World (tags)
The new indebtedness is a consequence of the crisis caused by the financial industry-and in no way owed to an excessive social state, demographic change and so forth.. There are many critics of this policy of mastering crisis by flooding the financial markets with fresh money.
Ukraine: Ground Zero for Possible WW III (tags)
The Future of the Captured State (tags)
The Neoliberal Model: Profits without Investments (tags)
According to the neoliberal myth, higher profits would lead to more investments and more jobs. In truth, higher profits lead to corporations buying back their stock and currency speculation. In truth, higher investments lead to higher profits.
IMF World Economic Outlook: Economy Improves for Some as Inequality Persists (tags)
Debt Restructuring Process Discussed by IMF and G20
Banks and the New "Too Big to Jail" Doctrine (tags)
Eric Toussaint,is a historian and political scientist. He is the President of CADTM Belgium, and sits on the Scientific Council of ATTAC France. He is the co-author, with Damien Millet of Debt, the IMF, and the World Bank: Sixty Questions, Sixty Answers, and the author of many essays including entitled "The Trial ofanExemplary Man"
Casino Capitalism and Profit Maximization (tags)
“The state is consciously weakened to speed up the redistribution from bottom to top because that corresponds to the dogmas of the neoliberal ideology.” Our state was systematically weakened in the last 15 years by extensive tax cuts. I remember the lowering of the top income tax rate.
Plundering Ukraine for Profit (tags)
79 Religious and Development Institutions Join SCOTUS Filing in Argentina/NML Capital Case (tags)
Jubilee USA Network, a religious anti-poverty coalition, along with 78 other religious and development groups filed with the US Supreme Court in the case between Argentina and NML Capital
Jubilee USA Files to Supreme Court in Landmark Debt Case (tags)
75 Religious and Development Institutions Join SCOTUS Brief to Ensure Global Poor are Heard
Trade: Time for a New Vision, 20pp (tags)
50 civil society groups crafted the Alternative Trade Mandate in January 2014. States should be able to protect themselves from financial deregulation, risky financial products, genetically modified corn and salmon, chlorinated chicken and Investor-State Settlement mechanisms,
In the Whirlpool of Deregulation (tags)
The economy changed from real- to finance capitalism since the 1970s. This was not an accidental development. The economic researcher Stephan Schulmeister sees a pattern where deregulation created problems that were fought with more deregulation.
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..."
Obama's MyRA Proposal: Hold the Cheers (tags)
Jubilee USA Urges Business and Political Leaders at World Economic Forum to End Corporate (tags)
Washington, DC - Heads of state, financial ministers, celebrities and representatives from many of the worlds most powerful corporations are meeting in Davos, Switzerland for the 2014 World Economic Forum.
Obama Nominates Three Fed Governors (tags)
Supreme Court Decides to Hear Argentine Objection to Predatory Hedge Funds Targeting Argen (tags)
The Supreme Court will review a lower court's order for banks to give information on Argentine assets, including those assets held outside of US jurisdiction, to a group of hedge funds seeking to collect from Argentina's 2001 default. Additionally, the High Court will review if it is legal for these predatory hedge funds to target assets for collection outside of a US jurisdiction.
Book Review: "The Greatest Predatory Attack of History" (tags)
The 1933 Glass-Steagal law created a firewall between commercial and investment banks and prevented speculators from gambling with the money of savers. Restoring Glass-Steagal would restore trust and public spirit. Profit-making is not profit-maximizing; speculating is not investing.
100 Years of Financial Terrorism (tags)
Bracing for An Eventual Day of Reckoning (tags)
Predatory Hedge Funds and Argentina Face Supreme Court Showdown in Landmark Global Poverty (tags)
Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, debt holders who restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The majority of bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling.
Rigging Foreign Exchange Markets (tags)
Book Review: "The Victory of Capital" (tags)
A society can only provide for the future by investing today in the production of tomorrow...What may be sensible economically for a private individual or individual business could be harmful for the national economy, particularly when the economy staggers.
EU Fines Financial Institutions $2.3bn Over Manipulation of LIBOR, One of Largest Banking (tags)
The EU recently handed down billions of Euros in fines for eight large financial institutions because of their role in rigging benchmark banking interest rates.
VIDEO: "Overdose: The Next Financial Crisis" 46 min (tags)
By spending $4 billion in lobbying and campaign contributions, Wall Street banks carried out a "quiet coup" (Simon Johnson). Banks own this place (Sen. Dick Durbin). The state has become the "errand boy" of the banks (Bill Moyers)
Israel's War on Palestinian Children (tags)
Sabotaging Rapprochement with Iran (tags)
Market-conforming Democracy (tags)
Market-conforming democracy," Angela Merkel's guiding idea, is a pleasant-sounding description of plutocracy where the forms still exist but their substance is "financialized," where myths of privatization. corporate beneficence and self-healing markets are zombie gods.
Vilifying Venezuela's Maduro (tags)
Studying Economics Today is Like Brainwashing (tags)
The blind trust in efficient markets must be replaced and bankers given a new understanding. Profit making is different than profit maximization. Banks should be a public function, not a casino and the real economy and the environment not abandoned.
Heiner Flassbeck on the US Budget Conflict (tags)
The current ceiling of $16.7 trillion will be reached on October 17. If the political camps cannot agree on a new upper limit, the largest economy of the world will be insolvent – with possibly disastrous consequences for the world economy. This October 2013 interview is translated from German
Yellen's Fed Assures Business As Usual (tags)
Video: Jon Stewart tries to end government shutdown (tags)
"Private banks create money out of nothing and lend it to us...Money is gambled on financial markets...Money supply doubled in seven years 2000-2007 in the UK...Bailing out banks perpetuates a system that will never work..Money should only be used for productive purposes."
Capitalism is not the Opposite of the State (tags)
Without the permanent intervention of the state, there would be no functioning capitalism. No economic branch depends on the state like the financial branch The deregulation was based on the trick of slandering state regulation as strait-jackets.that could strangle the economy.
Who is System Relevant - Banks or the People? (tags)
We are experiencing the most brutal form of the neoliberal credo since the financial crisis: privatization of profits and socialization of losses. EU crisis policy bails out banks and drives the population into misery. We must change direction. We need a change of paradigms in policy.
Bernanke Stays the Course (tags)
The Thirteen Commandments of Neoliberalism (tags)
"Throughout the second half of the twentieth century, the neoliberal project stood out from other strains of right-wing thought.... It was a moveable feast, and not a catechism fixed at the Council of Trent."
Cost of the Crisis, 72pp (tags)
The cost of the Wall Street-caused financial collapse and ongoing economic crisis is more than $12.8 trillion. $12.8 dramatically understates the true costs of the crisis because so much is simply unquantifiable.
Politics Serving Free Financial Markets Creates False Incentives (tags)
Stable exchange rates, a strict regulation of (financial-) capital transactions, a transactions tax and low interest rates should make financial speculation so unattractive (“euthanasia of the profiteer”) that real investments would quickly expand to maintain full employment.
Declaring Syria Regime Illegitimate Sends Strong Human Rights Message and Exposes Lenders (tags)
Over the last year, a religious antipoverty organization has met with U.S. Treasury and White House officials to encourage them to declare the Syrian government of President Bashar al-Assad an illegitimate government. This action would impose restrictions on lending to Syria that supports its military or the needs of the Assad regime. When governments or financial institutions make this declaration it lets lenders know that if they lend to Syria they may not receive a return on their investment. Types of lending and financing that could be affected are arms contracts with Russia and oil investment from Iran.
‘End-game’ conspiracy or business as usual? (tags)
The problem isn’t greedy bankers, the problem is the system that enables the greedy bankers.
Ten Theses on the Crisis and its Solution (tags)
Problems don't disappear when they are ignored. Deregulation is a collective and political crisis. Language and democracy are endangered when arsonists are called firefighters, when private losses become public losses and crime in the suits is normalized as a business model.
Larry Summers: Wall Street's Man (tags)
Wall Street plunders Detroit while pensioners take blame (tags)
In North America, Detroit fulfills the same function as Greece does for Europe: A scapegoat. Larger economic and social forces, disinvestment and financial industry legerdemain are the major factors in Detroit’s financial struggles.
Alternatives to Stagnation and Depression (tags)
Politics has fought the symptoms of the great crisis with banking- and economic packages while its systemic causes remain untouched… The hardest phase of the great crisis is ahead of us, not behind us. All sectors try to safeguard their position through spending cuts...
Addicted to Liquidity Injections (tags)
Bernanke's announcing of lower monthly printing of money was enough to make stock exchanges collapse in many threshold countries. The monetary policy of printing money and zero interest is caught in a vicious circle. Liquidity glut generates credit growth.
"This is a Cold Putsch Against the Constitution" (tags)
Sahra Wagenknecht, co-vice president of DIE LINKE (The Left Party) in Germany, is the author of many books and articles on economic justice, the financial transactions tax and creative socialism.
For Immediate End of Austerity Policy in Europe (tags)
The growth model forced in the past with redistribution from bottom to top and increasing export surpluses has failed. For years, the demands of the Alternative Economic Policy study group emphasized combating unemployment and poverty and, taming the financial markets.
"Politics prepared the ground for financial war" (tags)
The current economic crisis is a product of political mistakes, economic incompetence and criminal energy. Capitalism altogether has been a declaration of war. Politics bungled deregulation. The wisdom of the market never existed.
U.S. accuses currency exchange of laundering $6 billion (tags)
U.S. prosecutors have filed an indictment against the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.
Economic Ethics After the Crisis (tags)
Peter Ulrich is an emeritus professor of Economic Ethics at the University of St. Gallen, Switzerland and author of Integrative Economic Ethics (2008). The economy should be embedded in society; society should not be embedded in the economy. The invisible hand is a myth to be unmasked.
Creative Destruction (tags)
The exodus from the casino capitalism producing ever faster and ever deeper crises cannot succeed without a broad and powerful democratic base. Parliamentary democracy is urged to finally take up the struggle around the primacy of politics
The Elite Look Down on Democracy (tags)
The thought-models of the economy have conquered all other social sciences. The person in these models is a homo oeconomicus, a rational agent whose only drive is maximizing his benefits. Only an action with the driving force of egoism is rational.
The State Should Rescue the Market Economy (tags)
A balance recession is more than a temporary slump of the economy. During a balance recession, private economic actors try to reduce their debts. The cheap money seeps out on the financial markets where it leads to new bubbles. The labor market does not function like other markets. Falling wages did not lead to more employment - as claimed for decades.
Financial War - How Banks and Bandits Endanger our Democracy (tags)
Political failure follows market failure. Participation in system criminality is without risk of prosecution. The financial crisis is not only a system failure. It was caused by human actions in the banking sector that are objectively punishable.
Fannie and Freddie in Good Hands with Mel Watt (tags)
Asset Distribution and the Financial Crisis (tags)
A perverse system arose out of the interaction of deregulation of the financial system and polarization of asset distribution. A reform of the financial system can only be part of the repair of the system. When wages grow again with productivity, an economic balance will be possible
Budget Cuts and Happy Times (tags)
For around three decades, a Troika from Wall Street, the US Treasury Department and the Federal Reserve pushed global (capital) investments with a mixture of tax cuts, cheap credits and overrated securities.
Gold Drops Most in 30 Years (tags)
Lanza and Holmes Fathers Both Linked to LIBOR/FICO Scandal (tags)
The fathers of both Adam Lanza and James Holmes were both potential whistleblowers in the LIBOR/FICO scandal. Following the shootings committed by their sons, neither father will testify. This is the classic MK ULTRA scenario of mind controlled puppets distracting the public from real issues of upcoming economic collapse. The psychology of MK ULTRA is a low budget CIA tactic to disarm the people of the U.S. following controlled shootings by overmedicated individuals.
Pope Francis Concern for Poor Drives Review of Vatican Bank (tags)
Jubilee USA Executive Director Releases Statement on Pope’s Focus on Corruption and Illicit Capital Flight Impacts on Poor
The BRIC - States: World Economy on a Silk Thread (tags)
In 2013 for the first time since the beginning of European industrialization, the production volumes of the threshold- and developing countries will surpass the volumes of the triad. Sinking real investments is true for all `developed' countries.
Are Reforms of the Financial Sector Enough? (tags)
This article focuses on seven errors and seven remedies of the financial crisis. The financial crisis was also a crisis of easy money. For years and again today, speculators exploited the situation that money was and is very easy to borrow in the US and Japan.
Defending IMF Financial Terrorism (tags)
Cyprus Postmortems (tags)
Cyprus Update (tags)
High Noon in Cyprus (tags)
Grand Theft Cyprus: Part II (tags)
Detroit Citizen’s Prepare to Fight Their Corporate Master (tags)
Fresh from shoving his “Right to Work for Less” legislation down the throats of Michigan’s workers, Governor Rick Snyder has grown bolder in pursuing a corporate agenda. He has now appointed Kevyn Orr of Jones Day law firm to act as an Emergency Financial Manager (EFM) of Detroit.
Grand Theft Cyprus (tags)
Detroit Symbolizes America's Decline (tags)
Penny Pritzker: Obama's Likely Commerce Secretary Choice (tags)
Tax Evasion and the Social State (tags)
The good social state invests in the social, in the education of children of the new lower classes... Taxes is the price we pay for a civilized society (Oliver Wendell Holmes).. The state share must increase in a developed society since ever greater demands are made on the state.
Chavez: A Personal Tribute (tags)
More Economic Straight Talk (tags)
The Liberal-Regressive Modern Age (tags)
The financial crisis of the states-dramatically intensified by the costs of bailing out the banks-shifts the costs to the broad population without touching the wealth of the economic elites. Political governing is increasingly uncoupled from the approval and influence of citizens.
Spectacle of Irrationality (tags)
The bailout umbrella may establish a modern kind of feudal rule. The abdication of politics is one of the worst consequences of the financial crisis. Many politicians believe the market-radical nonsense that tax cuts finance themselves.
Economic Straight Talk (tags)
Responding to financial crisis: are austerity and suffering inevitable? (tags)
Austerity in a recession is counter-productive. Lower taxes and lower wages mean lower demand, lower GDP, lower state revenue and higher unemployment.
US Economy: Troubled or All's Well? (tags)
Tim Geithner's Legacy of Shame (tags)
Wall Street's in Good Hands with Mary Jo White (tags)
Three Approaches to the Economic Crisis (tags)
Before 1980, wages, productivity, investments and production pushed one another and ensured general prosperity. After 1980 wages were dropped as a driving force of economic demand. Demand gaps were filled by consumer credits.
Cancellation of Illegitmate Debts Instead of Bailout Umbrellas for Financiers (tags)
The inflation of public indebtedness was an essential element for the enhanced power of financial capital. That inflation was a result of a conscious under-financing of the state and is a lever to enforce an austerity policy. Financialization intensified the pressure to precariousness.
Obama Picks Jack Lew for Treasury (tags)
Never mind! IMF now says austerity mistakes don’t matter (tags)
IMF paper says damage wrought by austerity much greater than expected, but it should continue anyway.
New York Times Supports Austerity Harshness (tags)
Fiscal Cliff Postmortems (tags)
Cliff Notes (tags)
Speculators trade in two weeks what the world makes in a year (tags)
The gargantuan size of the financial industry gives its largest players the power to dictate to the world’s governments.
How about Quantitative Easing for the People? (tags)
Giving the general population x-amount of money would certainly give the economy the boost that it needs instead of going to the bankers. More importantly, however, is for people to have faith in the economy again and that their future is secure.
From Financial Crisis to Stagnation: An Interview with Thomas Palley (tags)
"The way economies are organized and function is significantly the product of social choices, not the product of nature. Over the past thirty years we (society) have embraced a set of economic ideas..."
Austerity — the 1%’s Global Battle Cry (tags)
Whether we are left with the Fiscal Cliff or a Grand Bargain, workers in the U.S. face massive cuts to programs such as Medicare, Medicaid, Social Security, unemployment insurance, Food Stamp assistance and other needed social safety nets. This is an example of “austerity” which has largely been pursued in the U.S. until now, on a statewide and local level.
Ideology and Morality: What the Financial Crisis teaches about functioning of democracy (tags)
Moralizing is a form of argumentation found in many ideologies and academic systems of thought.. State interventions, we were taught, are bad because they run counter to the objective laws of the market.. The market is a social institution that we interpret in different ways..
Economists Argue over Distribution Question (tags)
More and more economists take distribution questions seriously. When inequality becomes too great in a national economy, the economy becomes unstable. Private indebtedness and income inequality massively increased in the US Financial markets uncoupled from real economy
6 Top Economists Explain Which President Is More Likely to Speed the Next Financial Crisis (tags)
Five years after the horrific financial collapse of 2007-2008, the economy remains fragile. No one is quite sure when another financial crash might happen. Five years? Ten years? There’s widespread worry, however, that whenever it comes it's likely to make 2007-2008 look like a picnic in comparison. A short list of some of our most urgent vulnerabilities shows that we could easily be plunged into hell once again unless politicians act responsibly and forcefully to avoid it:
Greek Whistleblower/Journalist Risks Imprisonment (tags)
CONTRA COSTA COUNTY SUPERIOR COURT JUDGE JUDY JOHNSON ACCUSED OF EMBEZZELING PUBLIC FUNDS (tags)
Johnson, female, black, is no stranger to financial schemes. For the past 8 years, she has been quietly serving as the president of an entity with the misleading name of California Consumer Protection Foundation AKA "CCPF"
Paul Ryan's soup kitchen photo-op wrecks charity organization: Doors may close (tags)
GOP vice presidential hopeful Rep. Paul RyanPaul Ryan may have drawn a few chuckles after his somewhat awkward soup kitchen appearance, but what the organization is now facing is no laughing matter.
Against Growth Mania and Fair Redistribution (tags)
How can we rebuild our society so we manage with less growth and not collapse when growth does not occur? Consumption beyond a certain level is pathological, a compensation or substitute for missed life (cf. Erich Fromm).
Quietly, the IMF confesses that austerity does not work (tags)
Not that those who reap rewards from austerity will admit it, but the IMF’s own calculations show that austerity accelerates economic decline.
Banks, Bankers and Banksters (tags)
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.
Is Capitalism Collapsing? (tags)
One of the causes for the obvious helplessness of the governments is that they function as simple receivers of orders of the financial industry. The financial industry has no interest in a policy that would make it liable for its inflicted disaster..
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.
Bailout Fraud and Unaccountability (tags)
Neoliberalism was the Godfather of the Financial Industry (tags)
Keynesianism was replaced by neoliberalism that guided the fallow investment capital into speculation.The development of social systems and the rise of real wages contributed to social peace and stabilizing the economic upswing by strengthening mass consumption.
Money Printing Madness (tags)
On the Solutions of Liberal Economists (tags)
The crisis has shaken economics to its foundations. The neoliberal mainstream has lost its support; economists alternate between self-doubt and arrogance. Once they believed in the rationality of economic actors and markets and the notion that financial management exists to serve the real economy.
Bankers Rule (tags)
The state became indebted to bailout the banks. Now the state pays them ever higher interests. The state should guarantee the deposits of small savers, not the debts of banks to other banks or hedge funds. The financial sector must be shriveled, the sector that uncoupled.
Trillions Stashed in Tax Havens (tags)
Saving a Failed System (tags)
The Extremist Society (tags)
"The barbaric core of capitalist socialization is on full display in the present system crisis. The propagandists of totalitarian economism come in the mask of democrats. Economic-profitability thinking is imposed on society. Our society has long been viewed as a business."
Goldman Sachs Free to Keep Stealing (tags)
Repaired Shoes or New Shoes (tags)
The economy demonstrates-in the Marxist sense-its primacy over politics. Whose interests are realized? New holes opened up after every bailout action in the last four years. Greece is only the tip of the iceberg. The debtor is not to blame for the disaster.
Illegitimate Sanctions on Iran (tags)
Approaching Financial Abyss (tags)
US retail sales figures slip again, showing decrease for third straight month (tags)
The road to recovery, as they might be saying on the campaign trail, is a hard one and expecting a sudden change in fortunes is fool hardy. Ever since the global financial crash in 2008, governments, political leaders and all sorts of economic and financial wunderkinds have been struggling to recover, the bite being still as wicked as before.
For a European Anti-Crisis Front (tags)
Lowering the public debt burden is not an end-in-itself. Debts could serve to stimulate the economy and improve the living conditions of the victims of the crisis. Debt reduction must occur mainly by increasing the tax revenues (higher tax rates and combating tax evasion), not only by cuts.
Libor Scandal Reflects a Cesspool of Financial Fraud (tags)
The Crisis and Beyond: Thinking Outside the Box (tags)
Claude Hillinger is a professor of economics at the University of Munich.
"Occupy may have already accomplished more than the 68ers" (tags)
"In bad times, politics hearkens back to the simple, heavy-handed neoliberal thought model. Neoliberalism simply says what the rich and powerful like to hear. The trust and faith of the younger generations in the established system is broken.."
Capitalism Can Be Cured (tags)
"The Occupy movement protests worldwide against the power of banks. The Indignados in Spain demonstrate against the system that gives them this crisis and high unemployment. No saying has been criticized more vigorously than Margaret Thatcher's `there is no alternative'."
California Calls for Austerity for Disabled Children (tags)
In the Budget Proposal for 2012-2013, Governor Jerry Brown proposes to defund California Children's Services' Medical Therapy Program by establishing harsh and restrictive financial requirements for the families of the disabled children who rely on this vital service.
Debt Tribunal and Green Socialism (tags)
Qualitative growth, breaking out of the box of quantitative growth, is the key to solving mass unemployment, environmental destruction and trade imbalance. A job in education costs 1/10 what a job in a chemical dye plant costs. The media is part of a system that refuses change.
Bankers, Hear the Signals! (tags)
The people may freely elect their governors. But the game ends whenever they want to force a redistribution of social wealth-even if the economic system only functions with redistribution. Democracy is social action, not a gift or a state (of rest).
Economist criticizes "pathological allegience" to economic models (tags)
The crisis was born when Maggie Thatcher and then Bill Clinton deregulated the financial markets. The explosive force that was detonated was incalculable. Economics gave support because it provides models.
The Banks Should Serve the Real Economy (tags)
Democracy, risk and liability are turned upside down when trillions bailout the banks and workers, unemployed and pensioners must pay the bill! We live from those who say No to trivialization of crisis, to the state being reduced to a trough or errand boy for the banks (Bill Moyers). The economy should be a part of life, not a steamroller crushing creativity.
The Great Devaluation (tags)
Democracy, risk and liability are turned upside down when trillions bailout the banks and workers, pensioners and unemployed must pay the bill. We live from those who say No to corruption, to the state reduced to a trough or errand boy for the banks (Bill Moyers).
USA Laws Butchering Banks and Causing Murder, See San Bruno, See FDIC Act of 1991 (tags)
The USA government has gone into full butcher mode with murders galore in the San Francisco Bay area to vouch for mayhem caused by change in banking laws. A sort of Wal-Mart of Banking Laws in 1999 and 1991 allowing banks such as Wachovia to Be Buthchered.
Shaky Economies (tags)
Defending the Indefensible (tags)
All Three Holding Hands, Skipping and Dancing (tags)
Politics is such an easy thing to get caught up in. This is especially true when there are issues of such critical importance as we face currently especially with regards to the economy and our military. Right now American politics seem so polarized and in many ways it can be, yet on the larger issues it hasn't been that way at all. The talk has been there, but when actual moves were made regarding the larger issues, the only two parties we have weren't so different at all.
Millionaire's Tax is the Best Debt Brake (tags)
Sahra Wagenknecht is a leader of the Left party, Die Linke, in the German Bundestag and author of "Freedom instead of Capitalism." Learning from other cultures is a strength, not a weakness. The University of British Columbia had a tuition freeze for 6 or 7 years and kept tuition at $2300.
Obama Authorizes Greater Wall Street Theft (tags)
The Pain in Spain (tags)
Obama's War on Iran (tags)
More for the one percent, less for the 99 percent (tags)
Apple will give $45 billion to stockholders but no has cash for its sweatshop workers, and other routine economic news.
Legislating Greater Wall Street Theft (tags)
Falling In Line (tags)
It is easy to get sucked into the ups and downs of elections. This year's presidential campaign is no different. The idea it's anybody's race and can go any way at any time gets played over and over for us like a two song playlist on repeat and shuffle. Except this two song playlist has added live commentary telling us every time that there is the distinct possibility the song could end up differently than we pretty much already know it will end up. We keep hearing in convincing fashion there is still the chance it could go differently this time. Yet if we've been paying attention we may see... well a distinct pattern perhaps.
City (Vancouver BC) announces rent bank for vulnerable residents (tags)
to read Barbara Ehrenreich's "The poor always with us, necessarily not us" published in: The Guardian, click on http://www.guardian.co.uk/commentisfree/cifamerica/2012/mar/15/the-poor-always-with-us/print
The Systemic Causes of the Crisis (tags)
The crisis is 30 years old, not 4 years old. The causes of the crisis can be found in the real goods-producing economy, not in the financial markets. The wildly proliferating financial markets did not drag the industry into crisis but kept alive the industry through credit-financed demand.
Medrciless Samaritans and 10 Causes of the Crisis (tags)
"There is no society. There are only individual men and women," said Margaret Thatcher. Margaret Thatcher, the former British Prime Minister, had a great share in the crisis in which Europe, capitalism and democracy find themselves.
The Autism of Economists (tags)
Analogous to a mechanical system, neoclassicists understood the economy as a perpetual cycle of production and consumption kept in balance by the price mechanism.
How Goldman Sachs Rules the World (tags)
Hank Paulsen had famous examples: Robert Rubin, Treasury secretary under Bill Clinton, also changed from Goldman Sachs into politics. Europe and the US are firmly in the grip of Goldman Sachs.
Greece: The Epicenter of Global Pillage (tags)
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
Dominant Economy Pretends Its Breakdown Was Unforeseeable (tags)
The consensus of the past two decades on how the macro-economy functions is shattered. The breakdown of the dominant economy is a consequence of the financial crisis, the "great shock."
Capitalism Doesn't Need Democracy (tags)
The minority of a minority have seriously damaged the public interest for personal enrichment. The community itself is culpable for not resisting its plundering.and choosing representatives that defend its interests.
On Protest and the "Occupy"-Movement (tags)
National economies are now subject to the pressures of this supra-national financial "market" and to the institutions helpful to this market like the IMF and the European Central Bank. "Bailout umbrellas" at the expense of the common taxpayer are opened up.
Whistling Past the Graveyard (tags)
The Crisis Explained (tags)
So much crisis was never analyzed with a crisis-conditioned satisfaction guarantee! Instead of seeking culprits, we must seek the systemic causes of the indebtedness dynamic. These gigantic debt mountains were necessary to keep capitalism functioning. Fewer and fewer workers can producer more and more goods in an ever-shorter time.
The New Normal: Economic Weakness and Decline (tags)
The Financial System as a Parasite of the Economic System (tags)
In the global tax competition over tax revenues collapsing worldwide, states are run by a global financial and banking system and made into debtors. The factors taxes and labor are effectively marginalized as mere costs to be shifted. Taxes and labor (straw) are transformed into gold.
Ongoing Global Economic Crisis (tags)
Shock Strategy for Europe (tags)
The cocktail of social cuts, deregulation and privatization struck societies like a blow. The economy hit the wall; social securities were taken away. The debt problems were used as "timely opportunities" to gain new ground for the free market.
Deepening Global Financial Trouble (tags)
The Worthless Value System of the Financial Branch (tags)
The Nobel Prize winner Milton Friedman wrote: "In a free economic system, there is only a single responsibility for the actors. Businesses must be carried out for the greatest possible profitability." To believers in the self-healing market, questions about guilt, humility and pangs of conscience must sound like questions from another world.
Banker Occupation and Europain (tags)
Alternative for the Euro Zone (tags)
In a new study, leftist economists from a dozen EU countries criticize the policy of the German government in the Euro crisis. Its analysis and the proposed solutions are wrong. The state deficits are not the cause of the crisis. The financial crisis caused the state deficits.
Beyond the Homo Economicus (tags)
The Homo economicus is a kind of calculating machine on two legs that incessantly calculates personal benefits and profit. His conduct follows the model of rational expectations. Incursions of the state will make possible more social equality.
Europe Lays an Egg (tags)
Learning from Roosevelt (tags)
Harry Hopkins, head of WPA under Roosevelt, created 4 million jobs in 2 months. How many jobs in health care, education, bridge repair, community centers and journalism could be created today? Solutions are not lacking, only political will. Viva sharing and redistribution!
Bailouts, Bondage and Political Bankruptcy (tags)
Criticism of Economists (tags)
Economists with their models could predict the values of economic variables but did not foresee the greatest worldwide economic crisis in 80 years. Mechanical-deterministic neoclassicism is a self-contained theoretical model offering simple answers.
Spreading Eurozone Contagion (tags)
Neoliberalism as Greatest Error in the History of Economic Thought (tags)
Efficiency and prosperity can only be realized on capitalist markets when the economic system is bound in a social order under the primacy of politics. Democratic legitimated politics and the provision of public goods is derived from the "anatomy of market failure."
Beyond Possessive Individualism (tags)
Shrinking the financial sector and abandoning neoliberal myths are vital to prevent the next crisis. The authors, German Young Socialists in their 30s, decry the myths that incomes are just, self-interest leads to public interest and economics and politics are separate.
Book Review: "The Great Crash or the Century Crisis" by Elmar Altvater (tags)
Capitalism is at an end and the whole world is drawn into the mess. Preventing this is an ethical imperative and a political duty. The multiple crisis has dragged on for years. The political class allows this to happen. Political answers to the debacle can only be found with clarity on causes.
America's New World Order Agenda (tags)
Financial Terrorism Rules Eurozone (tags)
Kicking the Cannes Down the Road (tags)
US Finds Culprit (tags)
Critical thinking and cultural shock have the power to turn the world upside down (like Jesus' parables and zen koans). Trivializing structural/systemic economic problems as motivational, psychological, bumps in the road or industrial accidents is a perversion.
Eurozone Bailout Deal: Hold the Cheers (tags)
When Financial Management Paralyzes Democracy (tags)
The 2010 Attac Bank Tribunal in Berlin was a civil society legal proceeding that decried the speculative business model: take excessive risks and burden taxpayers with the costs. Rating agencies should be public. Banks that are too big to fail are too big to exist and should be broken up
Occupy World - The Protest Against the Financial System Intensifies (tags)
Since the beginning of the financial crisis, governments from Berlin to Washington solemnly vowed to regulate the financial system more strongly, close the casino on the financial markets and call to account financially the speculators.for their inflicted damage. Deeds did not follow.
Global Economic Crisis Deepens (tags)
Economic Tremors (tags)
We are the 99% World Day of Awareness is a Peaceful Peak for Los Angeles (tags)
In contrast to other towns Occupy Los Angeles and the City shine. Photo Set 3 of 3 by Robert Stuart Lowden for Los Angeles Indymedia Set 1 http://la.indymedia.org/news/2011/10/248740.php Set 2 http://la.indymedia.org/news/2011/10/248760.php
We are the 99% World Day of Awareness is a Peaceful Peak for Los Angeles (tags)
In contrast to other towns Occupy Los Angeles and the City shine. Photo Set 2 of 3 by Robert Stuart Lowden for Los Angeles Indymedia
We are the 99% World Day of Awareness is a Peaceful Peak for Los Angeles (tags)
In contrast to other towns Occupy Los Angeles and the City shine. Photo Set 1 of 3 by Robert Stuart Lowden for Los Angeles Indymedia.
Six Proposals for Helping the 99% (tags)
Solidarity, social justice and sharing open doors while tax cuts for the super-rich only lead to exploding inequality. double standards and cynicism. Access could replace excess. The empire could be superseded by the republic.
Troubled Eurozone Finance Capital (tags)
Collapsing Debt Towers (tags)
The crisis is 30 years old, not three years old. The causes of the crisis should be tracked down in the real goods-producing economy, not in the financial markets. The financial markets were keep alive up to the collapse of the speculative bubble by credit-financed demand.
Dominant Finance Capital Institutions (tags)
Occupy Wall Street-The Blog (tags)
The American people are being raped and abused by the Bank of America and other bailout recipients!
Learning Nothing in 80 Years (tags)
The crisis began in the US where the government became heavily indebted after September 11, 2001 in the war against terror and where property owners, banks and hedge funds long lived openly on credit. The German government was laughed at when it prohibited short-selling in 2010
Underway to Plutocracy: Financial Crisis (tags)
No promise of salvation can be imputed to capitalism any more.. The market is regarded as a natural law and power of fate. Nothing but Darwinism was left of the liberals' hope for progress. That Darwinism rejoices in the survival of the fittest and the sorting out of weaker debtors.
Bailout Roulette (tags)
The Economy Sinks in a Deep Crisis of Meaning (tags)
Economists are compared with astrologers and mocked as crystal-ball readers because they are frequently way off the mark with their growth forecasts. Economists have not learned the great lessons. Mainstream economy entrenched itself behind a model world and often faded out reality.
Imploding Bubble Economies (tags)
Is Capitalism Devouring Its Children? (tags)
The state was extorted by the banks. Bailing out the banks was regarded as without alternative..Rating agencies should become public institutions and system-relevant banks dismantled. Growth- and stability funds should be established as the credit-givers of last resort.
Video: Understanding the Financial Crisis (tags)
Distorted incentives drove the failure of risk management. There was an evaporization of trust in 2008. In September, Lehmann Brothers and AIG went bankrupt.
The magical world of voodoo 'economists' (tags)
It?s not just the 21st century they want to turn the clock back on ? health-care reform, global warming and the financial regulations passed in the wake of the recent financial crises and accounting scandals.
Politics in the Crisis Trap (tags)
A discontinuance of debt-financed economic programs leads to an economic slack period resulting in stagnation and recession. Crisis policy finds itself in a philosophical paradox. The political class can only choose between more indebtedness up to state bankruptcy (with hyper-inflation) or harsh austerity programs.
The World is Out of Joint (tags)
The financial crisis has become a state debt crisis. "The rise of democracy was not possible without the social and legal civilizing of capitalism. The deregulation euphoria of democratic governments made possible the incredible ascent of the financial oligarchy."
Libya: Coming Waste, Fraud, and Other Forms of Plunder on a Grand Scale (tags)
Obama's Budget Deal: Neoliberal March in the US (tags)
What should be the state's role in the future? What values and priorities should be set in a time when public resources become scarcer under the pressure of state indebtedness? Less state, less support for the unemployed, poor and sick occurs along with a free ride for billionaires and big corporations.
Manifesto of Appalled Economists: The Shocked and the Outraged (tags)
Tax cuts for the super-rich and corporations promised economic growth and more jobs but produced exploding inequality and generalized insecurity. The US faces a revenue crisis and a war spending crisis. Tax cuts, wars and bailouts of banks and firms caused massive US deficit.
The Game with Ignorance and the Growth Panacea (tags)
A world wide economic and financial order decays to a pure end-in-itself and no longer serves people. A system build on an ideology in which everything-even the person-becomes a product is legitimated by apologists who trivialize derailments of social life as "normal."
Zombie Housing, Zombie Banks, Zombie Governments: Economy Cassandra Says Marx was Right (tags)
"Karl Marx had it right. At some point capitalism can destroy itself because you cannot keep on shifting income from labor to capital without not having excess capacity and a lack of aggregate demand, and that's what's happening." --Nouriel Roubini
CRISIS AND WESTERN DECADENCE (tags)
Meditations on a world in crisis.
Bear Country (tags)
Riots Across Britain: Perhaps More Than Meets the Eye (tags)
The US, the Debt Superpower (tags)
The state bailout of these gigantic real estate institutes, banks and insurances and the enormous economic package to get the crisis-weakened economy on its feet again is one of the essential causes of the present debt crisis. In two decades, $5.5 trillion was spent on a dozen wars.
Political Washington Fiddles While Rome Burns (tags)
Debts and a New Beginning (tags)
Problems don't disappear when they are ignored. Through deregulation, the law of profit maximization and government failure, the financial sector was expanded and made independent of the real economy. 14 million jobs could be created through the Internet.
Group, Homeowners And Concerned Citizens Band Together To Fight Scammers (tags)
PRESS RELEASE As Banks continue to abuse families with illegal foreclosures and denial of loan modifications, scammers are taking full advantage of unsuspected homeowners. The so called ?foreclosure rescue companies? continue to target seniors, low income citizens and homeowners who speak little or english.
On the Failure of the Mainstream Economy (tags)
The neoliberal mainstream economy and its political backers experienced their Waterloo with the most serious financial and economic crisis in eight decades. States bailed out banks and banks made money by lending back to states. A policy of reduced working hours is necessary.
The Crisis of Financial Market Capitalism as a Challenge for the Left (tags)
The crisis of neoliberal financial market capitalism broke out in its center and has one central systemic cause. This crisis was triggered by the independence of the financial sphere... A solidarity mixed economy, democracy and peace are alternatives.
Greek Tragedy Goes Global (tags)
Meaner Tougher IMF with Lagarde (tags)
Banker Occupation of Greece (tags)
Foreclosure, Banks, Racketeering And The American People (tags)
Millions of American families are suffering by the greed and corruption of the biggest Financial Institutions. They have committed massibe fraud against the Nation and no prosecutions have taken placed.
Dismissively Ignoring Hard Times (tags)
Obama Plans Gutting Regulations for Corporate Favorites (tags)
"Beyond Growth" congress in Berlin, May 20-22. 2011 (tags)
A "Beyond Growth" congress will be held in Berlin, May 20-22. 2011. The driving forces of growth, the limits of growth, the crisis of the work society, an economy beyond growth, justice and the globalized world, sharing and the good life will be discussed.
Money and Justice (tags)
We live on credit, shift costs and risks into the future and make possible a prosperity with the help of a policy of cheap money that is paid for by others. An interest-free money system would be a counter model to the growth pressure inherent in the present system.
S & P Downgrade Targets Entitlements (tags)
The U.S. is More Greek than Greece (tags)
Deficit economies were organized mainly by finance capital. The expansion of this credit-financed mass demand went along with the expansion of the financial sector. Trillions of dollars and Euros were pumped in the stabilization of financial markets.
An Expansion of Terms Used in the Coffee Party Article by RP (tags)
I apologize for the weak structure in this article. I was hoping to write something that explained some of the material in the story, but ended up going a bit afield with the information. This article attempts to be neutral and nonpartisan, or at least not shrill, and avoids too much analysis. The nature of the Great Recession is difficult to sum up in a few pages, because it's a failure of a complex system with many parts, and many related behaviors, that led to the near-collapse of capitalism.
Causes and Consequences of the Financial Crisis (tags)
The neoliberal restructuring and globalization of capitalism has led to states becoming the spoils of financial capital. The neoliberal program is enforced with the help of states. Governments only react to the conditions set by the economically powerful. This is the end of politics.
Bretton Woods 2.0: Soros New World Order Conference (tags)
new world order
Icelanders Vote on Predatory Bailout (tags)
BofA and its President Brian Moynihan - Public Corruption and Racketeering in Lomas v BofA (tags)
Ongoing tolerance of racketeering by Bank of America makes mockery of laws established by the US Congress in effort to restore the integrity of US financial systems. Real estate and financial institutions fraud under the guise of court actions in the Los Angeles Superior Court goes back for over a decade - a hallmark of the LA-JR (alleged Los Angeles Judiciary Racket).
The End of the Dollar (tags)
The financial crisis became an economic crisis and mutated into a state budget crisis when trillions were given to "system relevant" banks and private losses became public burdens. What is Plan B?How can the financial sector be shriveled? Can state banks (like NDakota) be a model?
California Judge Meeka is asked to declare benefits from BofA (tags)
Lomas v BofA (KC059379) – California Judge Peter Meeka is Requested to Restore Due Process, Declare Any Financial Benefits to Him by BofA ____ The case is opined as Fraud on the Court through collusion of BofA, California Judge Peter Meeka, and Clerk of the Court John A Clarke.
FCGOA Pres Guy James SELLS-OUT 188 Securitas Officers Working at ESPN in Conn For $75,000 (tags)
After GUY JAMES SOLD-OUT These Securitas Officers, Securitas Lost the Contract and the Majority of These 188 Officers Lost Their Jobs Including the Lead Organizer for FCGOA
Weekly Demonstration Against Sleazy Banks (tags)
“We were trying to figure out a way to get The People interested in supporting the financial reform effort. We thought the main reason why people weren't talking about it was because they thought it had nothing to do with them or their daily lives. That's why we chose a focus on the foreclosure crisis--the economic collapse was caused by banks and financial institutions gambling on mortgages via Wall Street. . . ." -- Heather Meyer, organizer
No Nukes Monday, March 28 in LA (tags)
No Nuke's around LA--and a way to respond now.
Message to Japanese Friends (tags)
The origins of the Fukushima Crisis and the Financial Crisis are similar - a governmental integrity crisis and criminal abuse by large corporate interests at enormous expense to the People.
The End of the Long 20th Century (tags)
The US no longer has the necessary financial means to maintain its worldwide military machine (which now drives the US deeper in indebtedness to the international financial markets). The failure of the Project for a New American Century shows the US has not succeeded in subjecting the world
The Shift of Power to the East and South (tags)
The shift of political and economic power from West to East and North to South and the rapid development of technological innovations have created a completely new reality..The claim of the US and Europe to being masters of the universe must be ended.
The Ostrich Strategy (tags)
The word crisis describes a turning point where a decision about direction must be made. A dramatic turning point where business as usual is not an option does not correspond to our picture of an ordered world.
Dollar-Yuan Currency War (tags)
The value of the Yuan is not the cause for the US trade and balance of payments deficits. The reasons are the high state indebtedness (armaments/ wars and tax gifts to the rich) and the indebtedness of private households. The US has a trade deficit with 90 countries.
Manifesto of Appalled Economists (tags)
State debts may be caused more by reduced corporate tax revenues than excess spending. Through "location competition," corporations play off state and countries and harvest tax write-offs and sweetheart-assessments. Through "state capture," the state becomes a trough.
Economists Rediscover the Distrribution Question (tags)
Higher taxes for the rich-traditionally a horror to liberal economists-appear in a new light as state transfers to poorer sectors. Those richer than 95% pocket around 20% of the total income. It was less than half as much at the end of the 70s.
Criminological Perspective: Collapse of the US Justice System and the Financial Crisis (tags)
Like the Great Depression before it, the current financial crisis in its essence is a system-wide integrity crisis. Unless integrity of the financial and justice systems in the US is addressed, socio-economic and civil society conditions are unlikely to improve in the foreseeable future.
The Grover Norquist Project at Pacifica Radio (tags)
Whistleblowers as far back as 2005 warned that KPFA's budgets were not sustainable. Why were the warnings repeatedly disregarded?
America after the Attempted Assasination (tags)
For three decades, incomes and assets were increasingly unequally distributed in the US. While economic output increased 60% from 1990-2008, median income only rose 10%. All governments since Reagan's first term drove this development with their tax cuts, subsidies and neglect of educ.
Link to 576-page Final Report of the Financial Crisis Inquiry Commission (tags)
Happy reading! The truth will still make some of us free!
The 1998 Rampart Scandal Continues to Reverberate in the LAPD (tags)
Below are: 1) The 1998 Rampart Scandal Continues to Reverberate in the LAPD, January 27, 2011, by "Jack Dunphy", an LAPD officer, calling for the repeal of rules requiring financial disclosures by some LAPD officers; 2) The Rampart Scandal - A Response - by Joseph Zernik, PhD, Human Rights Alert (NGO), January 28, 2011
Dexia Holding v Countrywide and the Sub-prime Crisis - the Scope of the Fraud May Begin to (tags)
The complaint signals a break of ranks in the tight formation of banks, attorneys, judges, and regulators, and rebellion by northeastern states against fraud epidemic that was spawned in the southwest. "Corruption of the courts and the legal profession" is at the crux of the fraud.
The End of the "Golden Age" of Capitalism and the Rise of Neoliberalism (tags)
"The central point is that the financial sphere has the potential of developing into an autonomous subsystem of the whole economy with an enormous capacity of self-expansion..Like cancer, it has no internal control mechanism. It can only be brought under control by external interventions"
US and State Judges Likely among Swiss Bank Accounts Holders (tags)
Circumstantial evidence indicates financial benefits by large financial institutions to state and US judges, who allegedly engage in fraud on the courts in tight alliance wit such institutions, in disregard of the law.
Swiss banker supplies documents to WikiLeaks (tags)
Banking in Venezuela (tags)
True and False Causes of the Financial Crisis (tags)
If we can produce enough for all in superfluity-and we are already technically in this position-why must the whole enormous social wealth be squeezed through the needle of buying and selling, money, profit and growth? We all deserve something better than capitalist crisis economy.
Obama Year Two: Continued Betrayal and Failure (Part I) (tags)
The Crisis, Money and Us (tags)
"One we had a coordinated social market economy. This `Rhine' capitalism embodied the insight gained in bitter experience that totally freed markets are self-destructive. This insight was lost somewhere between Friedman and Hayek, Thatcher and Reagan.."
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.
The New York Times: What Passes for Journalism in the Newspaper of Record (tags)
Worldwide Economic Crisis 2.0 or the Collapse of Neoliberal Finance Capitalism (tags)
The present crisis is a consequence of the fact that exploding business profits found inadequate investment opportunities in the productive sector and turned instead to financial speculation. Deregulation created "law-free" spaces" with the abrogation of all political controls.
Spokesperson of the Los Angeles Court Fired - and Allegations of Public Corruption (tags)
Evidence was repeatedly published over the past decade of public corruption and financial management fraud at the Los Angeles Court and Sheriff's Department
Ruling on Behalf of Wall Street's "Super Rich": The Financial End Time has Arrived (tags)
"Alas, the Obama administration has backed the Geithner-Bernanke policy that “the economy” cannot recover without saving the debt overhead. The reality is that it is the debt overhead that is destroying the economy. So we are dealing with the irreconcilable fact that the Obama position threatens to lower living standards from 10% to 20% over the coming few years – making the United States look more like Greece, Ireland and Latvia than what was promised in the last presidential election. Something has to give politically if the economy is to change course. More to the point, what has to give is favoritism for Wall Street at the expense of the economy at large. What has made the U.S. economy uncompetitive is primarily the degree to which debt service has been built into the cost of living and doing business. Post-classical “junk economics” treats interest and fees as payment for the “service” for providing credit. But interest (like economic rent and monopoly price extraction) is a transfer payment to bankers with the privilege of credit creation. The beneficiaries of providing tax favoritism for debt are the super-rich at the top of the economic pyramid – the 2% whom Mr. Obama’s tax giveaway will benefit by over $700 billion. If the present direction of tax “reform” is not reversed, Mr. Obama will shed crocodile tears for the middle class as he sponsors the Deficit Reduction Commission’s program of cutting back Social Security and revenue sharing to save states and cities from defaulting on their pensions. One third of U.S. real estate already is reported to have sunk into negative equity, squeezing state and local tax collection, forcing a choice to be made between bankruptcy, debt default, or shifting the losses onto the shoulders of labor, off those of the wealthy creditor layer of the economy responsible for loading it down with debt."
KPFA could learn from New Agers (tags)
Today KPFA is in financial disarray after years of living beyond its means. And the same people who brought this crisis about are now pushing yet another unworkable budget. To broadcast their unrealistic demands, they've taken over KPFA's airwaves.
Class Warfare Jeopardizing American Workers' Security (tags)
waging war against vital social benefits
The Financial Crisis and the Failure of the Modern Economy (tags)
The US government debt shot up from 2.9% in 2007 to 5.9% in 2008 and 11.9% in 2009. At the summits of Washington, London and Pittsburg, the goat was made the gardener. Ineffective rules were resolved that hardly helped regulate the financial markets.
Quantitative Easing: Elixir or Poison? (tags)
QE indeed poison as being used
Congressional Fleecing the Public Legislation (tags)
Systemic Washington-Sanctioned Fraud (tags)
Manifesto of French Economists: Why We Are Shocked (tags)
On October 11 three million French workers were on strike against President Sarkozy's authoritarian attacks on social security and pensions. "Despite its obvious debacle, the neoliberal dogma is still regarded as the only correct economic system."
Fraud in America (tags)
foreclosuregate one of many examples
Wrecking the American Dream (tags)
bipartisan supporting for anti-populism
Ex-Fed Chairman Paul Volcker Criticizes the Federal Reserve (tags)
"Altogether the 81-year old Volcker can hardly see anything good in the development of the financial system over the last 25 years."
Obama's New Consumer Watchdog (tags)
consumer interests won't be much helped
WALL STREET ~ BANKERS TARP BAILOUT TAX $$ COMING BACK 2 CA IN MEG WHITMANS MEDIA BUY$ ?? (tags)
HAS MEG WHITMAN CO~MINGLED TARP BAILOUT TAXPAYERS $$ IN HER CAMPAIGN ???
ARE STOLEN TARP BAILOUT $$ MAKING THEIR WAY INTO MEG WHITMANS MEDIA BUYS IN CALIRORNIA ? (tags)
AMERICAN TAXPAYERS HAVE HAD TENS OF BILLION$ STOLEN FROM OUR AMERICAN PIGGY BANK VIA THE GEORGE BUSH ~ KARL ROVE TARP BAILOUT PONZI SCHEME.
Pell Grant And Scholarship Fund Help College Students With Tuition, Fees, And Textbook Cos (tags)
College tuition and fee assistance is something that many college students often need as the costs of attending a college or university have been on the rise and necessitate supplemental aid for many who cannot meet college costs out-of-pocket. Scholarships and grants are one way in which students have been able to find the funds they need to help pay college tuition, fees, and even meet extra costs like textbook purchases.
GREAT CLUE THAT THE GEORGE BUSH JR ~ KARL ROVE TARP THEFT REALLY WAS WELL PLANNED OUT !!! (tags)
ADD THIS ARTICLE ALSO 2 YOUR BUSH JR ~ KARL ROVE PONZI TARP FILES...little ripped~off American taxpayers !!!
"Capitalism has Failed" (tags)
"The investments of businesses are ridiculously low, as low as after the Second World. The reason for this may be the immense indebtedness of private households. The only thing that blossomed in the US in the last years was Wall Street-that is now killing itself.."
The Banking and Financial Crisis (tags)
"The transition from a long-term to a short-term orientation went along with the exaggerated profit goals. The approach of shareholder value sets maximum profits and dividends in the center of business policy and no longer long-term investments and the interests of employees.."
How to get Financial Aid to Pay for College Tuition (tags)
The high cost of a college education is a major concern all parents and students have today. Student loans are one way to handle this situation; however, there are other ways to get financial aid to pay for college tuition that should be considered and exhaustively researched. You may be pleasantly surprised as to just how much financial aid you may be able to get to pay for college tuition and this will certainly be a major factor when determining what college you may be able to apply to for enrollment.
MEG WHITMAN PLEASE TELL CA VOTERS WHERE YOUR WALL STREET ~BANKER BUDDIES HID THEIR TARP $$ (tags)
MEG WHITMAN HAS NOTHING TO SAY ABOUT where HER POLITICAL BUDDIES BUSH~ ROVE $750 BILLION TARP PONZI BAILOUT MONIES REALLY WENT !!!
America Facing Depression and Bankruptcy (tags)
The worst is yet to come
The United States Federal Government and Property Value Manipulation (tags)
President Obama said; “Failure is not an option”. I agree, failure is not an option, failure is a given.
Financial Crisis as Organized Irresponsibility (tags)
In the years 2002-2006, guaranteeing mortgage credits was the greatest source of profit for investment banks. US policy massively promoted and in no way curbed awarding dubious credits. In 2003 Warren Buffett described derivatives as "financial weapons of mass destruction."
Free College Tuition, Fees & Text Books (tags)
College scholarships are available from a variety of sources and can be obtained by a large number of college students who need help paying college tuition, fees, and even for those who need assistance meeting costs for things like textbooks. Free financial aid from scholarships can be greatly beneficial as the costs for attending a college or university are on the rise and, luckily, almost any student can receive some form of financial aid through college scholarships.
Free College Grants and Tuition Opportunities (tags)
The federal government is putting more money into the hands of college students than ever before and much of the impetus behind it is the No Child Left Behind Act. The measures help to assure that more primary and secondary schools are held accountable for making sure kids get the attention and education they deserve without prejudices. Which means a much higher percentage of high school students are earning diplomas. More students stand a chance of attending college when the right financial and social resources are available to them along with educators with the know-how and experience to guide them to the right academic and career choices.
Prohibition of Interest in Islamic Finance (tags)
Since the early 70s, Islamic economics was introduced to world of finance as a new instrument, whose purpose was to follow an economic system based on Islamic Shari'a or the law of Islam. One of the main elements of the system is the prohibition on interest rates.
Prohibition of Interest in Islamic Banking and Finance (tags)
Since the early 70s, Islamic economics was introduced to world of finance as a new instrument, whose purpose was to follow an economic system based on Islamic Shari'a or the law of Islam. One of the main elements of the system is the prohibition on interest rates.
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.
"Severe Austerity Programs will have Catastrophic Consequences" (tags)
"Instead of real growth, the financial sector has only promoted phantom growth. The state functions differently than a family. Less should be spent for unproductive purposes like the wars in Afghanistan and Iraq and unconditional bank bailout packages.."
Restore Financial Sanity (tags)
Restore Financial Sanity and the People's Wealth
Worldwide Economic Crisis: Two Opposite Models as Answers (tags)
In a large part of the population, there is a consensus that capitalism has no answers to the great social challenges of social security, hunger and climate change. An alternative investment program (emphasizing children, culture and climate change) gives a long-term answer.
True and False Causes of the Financial Crisis (tags)
The jubilant singing about free enterprise as the supposedly best of all worlds sounds much quieter than at the beginning of the 1990s. We urgently need alternatives. This is now a matter of survival. As it was taboo to doubt the rule of the church in the Middle Ages, the thought prohibition of questioning the market economy is in effect.
The economic journalism as spokesperson of the financial capital (tags)
We approached that crossing variables: when the sense production generated through the economy news section, it naturalizes or chews the lethality of the speculators' in different orders of greatness premeditated actions and the effects that cause in the day by of entire populations.
The Financial and Economic Crisis as a Normative Orientation Crisis (tags)
Prof. Ulrich presents three core theses: (1) Economics is not an end-in-itself but the means to the good life and human coexistence. (2) There is no "free" enterprise system free of ethical and political prerequisites. (3) The need for emancipatory economic citizenship rights.
Deficit Hysteria: Wrongheaded in Times of Depression (tags)
proposed policies are wrecking economies
Saving is not a Solution (tags)
The capital markets repeatedly force the real economy to its knees. The savings orgy should help heavily indebted states regain the trust of the financial markets. In a play from the madhouse, states must run into debt to bailout their money-houses.
Stimulus or Austerity: the People vs. the Banks (tags)
The most powerful nations in the world met recently at the G-20 in Toronto and managed to agree on only one thing of significance: the need to reduce deficits, “half by 2013.” Implied by the statement is the need to lower deficits via “austerity,” meaning eliminating or reducing social programs. Why does every mainstream political pundit or corporate CEO fanatically agree that reducing deficits is the most important thing to do now? Let Obama explain:
Competing Ideologies: G20 v. US Social Forum (tags)
state terror on Toronto streets
Stanley Sporkin: BP's Ombudsman Fixer (tags)
corruption in high places
Banking in Crisis" Towards a Responsible Organization (tags)
Luc Van Liedekerke, 1962, Professor of business ethics at the University of Leuven and Antwerp, Director of the Center for Economics and Ethics, KULeuven. Wim Dubbink, 1964, professor of business ethics at the University of Tilburg
Is Obama Powerless Against BP ? (tags)
After BP successfully placed a cap to divert some of the spewing oil into tankers, thousands of gallons continue to flow daily into the gulf. August is slated as the earliest date that any permanent solution may emerge. BP remains totally in charge of potentially the largest environmental disaster in the earth’s recorded history, a fact that proves — in “check mate” fashion — that corporations dominate the inner workings of the U.S. government, a truth previously revealed by the bank bailouts. More than one gigantic eco-system may be destroyed by BP, and the President of the U.S. is sadly reduced to lecturing in “serious tones,” with daily adjustments of tone based on the results of polling agencies.
VIDEO: Banks are still the powerhouse in D.C. (tags)
Twenty months after the financial meltdown of 2008, the US congress is moving ahead with its financial system reform.
The Financial Market Must Become a Public Service (tags)
An institutional crisis faces us, not individual failure. Egoism makes one short-sighted; greed makes one blind. Capitalism is not simply a market system. Capitalism is a social order. Therefore it cannot be left to economists to decide which laws of the market should operate.
BTL:Senate Finance Reform Bill Falls Short of Addressing Concentration of Wealth and Power (tags)
BETWEEN THE LINES Syndicated Radio Newsmagazine
"The Mother of All Evil is Speculation!": Oliver Stone's "Wall Street 2" (tags)
In "Wall Street 2," Wall Street is marked by profiteering, lack of understanding for Asians and fixation on getting the customer "on the hook" at the end. "This is the biggest sellout in history... If we don't do it, there will be no history."
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.
Emergency Brake for Speculators (tags)
The private indebtedness brought about by unscrupulous financial managers mainly in the US was almost completely transferred to state budgets.
Memorandums on Alternative Economic Policy (tags)
The social state, solidarity, sharing and social justice open doors while neoliberal deregulation leads to exploding inequality, generalized insecurity and disappearance of the public spirit.
What Real Financial Reform Looks Like (tags)
Washington financial reform assures business as usual
Greenspan and the Guilt of Others (tags)
Before the committee, Greenspan immediately went on the offensive (cf. Creole trick). The irresponsible loans of banks caused the crisis, not the low interest of the Fed. The Fed failed in regulating the banks because its employees were not neutral.
Governor Candidate Ask: Is Wall Street in the California Governor’s Race? (tags)
Two California governor candidates, Republican Candidate Steve Poizner and PFP Candidate Stewart Alexander are sharing the concerns of millions of Californians; how deep was Meg Whitman’s involvement during the period when she serve on the board of Goldman Sachs. Stewart Alexander says “California is in a deep financial crisis and Californians need to know how much did Goldman Sachs contributed to the state’s financial crisis and what part did Meg Whitman play.”
The Bank Tribunal in Berlin (tags)
Even today most radical market liberals do not see beyond their ideological blinders and explain the financial market crisis as a state breakdown. The financial catastrophe is a fiasco of their religious doctrine. The catastrophe plunged the dominant economy into a crisis of meaning.
Attac's Bank Tribunal: The Jury's Verdict (tags)
This crisis did not break out over society like a force of nature. Financial managers spread the legend that financial crises belong to capitalism as water belongs to the ocean and that euphoric phases of bubble formation and the bursting of bubbles come and go like the seasons.
KPFA Manager "Resigns" (tags)
KPFA's General Manager was forced to resign by the LSB amd PNB, but the anti-democratic faction she represented protested, putting out much misinformation about the termination and her performance as GM, even compromising the integrity of the KPFA news to present their one sided spin.
Goldman Sachs: Master of the Universe (tags)
Don't bet against Goldman
The Global Economic Crisis: Riots, Rebellion and Revolution (tags)
"In the same month, the highest-ranking general in the United States, “Adm. Michael Mullen, chairman of the Joint Chiefs of Staff, ranks the financial crisis as a higher priority and greater risk to security than current wars in Iraq and Afghanistan.” He explained, “It's a global crisis. And as that impacts security issues, or feeds greater instability, I think it will impact on our national security in ways that we quite haven't figured out yet.” Rest assured, they’ve figured it out, but they don’t want to tell you."
There is only one economy (tags)
The stock exchange produces nothing. Speculations and bets do not create any assets, even if the daily stock market reports on television try to get us to believe the opposite. That the financial markets make themselves independent is the result of political decisions.
Bank Tribunal: In the Claws of Speculators (tags)
The enormous rise in prices of oil and food in the summer of 2008 was largely caused by speculation. Thousands upon thousands of people died of starvation at that time. Politics was a compliant accessory of the financial branch. The Bank Tribunal will be from April 9-11 in Berlin.
Hate Is Not A Family Value (tags)
Medical malpractice is a universal experience of torture victims. Dr. Steven Miles describes this terrifying trend in Oath Betrayed, America's Torture Doctors. "The news that the United States tortured prisoners in the war on terror has brought shame to the nation,..."
Bogus Washington-Proposed Financial Reform (tags)
banker, not people reform
A VISION OF THE CAPITALISM IN 1972 (tags)
It is necessary to combat the anti-communism everyday.
The "Houdini Recovery" under IMF-Type Austerity (tags)
the recovery is the big lie
Applying the Emergency Brake (tags)
"The US bank model forces others in indebtedness, inflates the money supply, devalues assets and generates virtual dollars..Wall Street banks are involved in a `systemic risk' that endangers the capitalist reproduction process.."
Finance Capitalism Devalues Labor (tags)
Businesses are capital investments in the hands of shareholders. Consequently managers only serve the interests of shareholders.
"LOS GRINGOS" DON'T WANT TO BE MADE RESPONSIBLE BY THE DAMAGES THAT PRODUCED (tags)
We broke the world and now you all will pay the bill - the Tio San said. Didn't it arrive the moment of giving a beating in him?
Caught in the Infinite Loop of a Nightmare (tags)
Since politics has no strategies of its own to re-stabilize the economic system, it hopes in the self-healing powers of the market after the bank bailout... The hosts of decision-makers were simply "falsely programmed" in their education.
Selling Out America to Wall Street (tags)
pillaging American wealth
VIDEO: Joseph Stiglitz' "Freefall" on BookTV (tags)
"Incentives matter. Short-sighted behavior on an annual basis involved excessive risk taking. `Too big to fail' is ersatz capitalism socializing losses.
Trillions down the drain (tags)
The truth will make some of us free. Savvy businessmen with their financial productions and financial innovations brought the world economy to the brink of collapse. Closing tax havens and shadow banking, redistribution from top to bottom and food security would help restore trust.
Greed, the Corrupt System and Shadow Banking (tags)
A sudden change of thought patterns has occurred. For thirty years, the dogmas were in effect: trust in the self-healing powers of the market, the sleek state is the best of all possible states and economic policy will be unnecessary if the central banks fights inflation.
Human Rights defender confronts LA Superior Court Judge fraud ruining 1000's of TI lives (tags)
Los Angeles human rights defender Dr. Joseph Zernik, Ph.D. is confronting LA Superior Court Presiding Judge Charles "Tim" McCoy and Clerk of Court John A. Clarke about why they created corporations and refuse to disclose their financial records.
California Charter School under investigation (tags)
The founder of a public charter school in the East Bay is under attack in the wake of a state audit that uncovered questionable financial practices, including lavish payments to her.
"We are in the Greatrest Financial Bubble of all Time" (tags)
"An old world perishes as a new world arises-pictorially comparable to a caterpillar that dies because the butterfly comes to life. What is called financial crisis is only a superficial symptom.. One of the main causes of the debacle is the Americanized corporate governance." (F.Malik)
WAYS OUT OF THE CRISIS (tags)
"Concepts must be developed against the global demand-deficit. Repairing the financial system is not enough. The economic-political prescriptions of the past - flexible wages and restricted social benefits - would worsen the situation."
The Coup D’etat in America. (tags)
Ends the rule of the Constitution. We the people are now cogs in the corporate machine.
Support the Consumer Financial Protection Agency (tags)
Support the Consumer Financial Protection Agency! Please sign these petitions ASAP and please share these links with people you think will be interested! Thank you!
Angelides Heads Crime Panel That Protects Criminals (tags)
It's another case of the fox protecting the chicken coop, as Phil Angelides is put in charge of investigating major financial crime, while he was part of SEIU stealing million of dollars for many years.
Prerequisites for Overcoming the Financial Crisis (tags)
"In analyzing financial crises, real causes should be differentiated from the side-effects. One of the essential causes for the current crisis is the discrepancy between the linear growth of the real economy and the exponential growth of financial management created by the derivative-economy,"
The Next Crash is Brewing (tags)
The economic way of thinking enforced for a quarter of century is one of the structural factors that helped this "economy of depression" breakthrough. This dominant doctrine denies the role of demand and concentrates on the problems limiting the supply of goods & services
"False values" and "structural blackmail" (tags)
The creation of speculative bubbles creates false values, which lead to huge bonuses. The financial crisis was triggered by falling housing prices. The crisis was met with government bailoutsx but the "moral hazard" was not countered.
Lessons from the Crisis (tags)
Governments are extorted by multinational corporations. Those who made massive profits with bank business must now answer for the losses. The taxpayer may not pay for their crises. If control is not exercised by politics, banks will become absolute rulers with a state guarantee.
Four Videos for the New Year (tags)
The economy should be a part of life, not a steamroller crushing creativity and self-determination. Shriveling the financial sector is vital for a future of generalized security and environmental caring.
Another Capitalism (tags)
The system itself is degenerate. The great financial crisis is the trigger for seeking another capitalism. Deregulation becomes an end-in-itself; the state per se is of the devil. The state should be taken seriously as a production factor.
False Alternatives (tags)
As 10 years ago, there is again resistance against the chaotic, polarizing destructive power of the markets and against the false alternatives of the governments. A globally democratized climate justice requires turning away from the status quo and the "imperial lifestyle."
Tenants, Thugs and CDOs (tags)
A local tale of unmitigated greed and the criminal enterprise of one family to corner the residential real estate market in San Francisco led to the shady world of collateralized debt obligations and derivatives.
Protecting Capitalists or the Welfare State (tags)
Banks and hedge brought disaster upon themselves and their customers with their "innovations" and financial products.. Financial management may never be uncoupled from the real economy and lead a life of its own without economic justification or social responsibility.
LOUISIANA DIABETICS TO RECIEVE FREE GLUCOSE METERS FOR DIABETICS 800 306 0990 (tags)
LOUISIANA DIABETICS RECIEVE FREE HELP FOR DIABETIC SUPPLIES AND FREE GLUCOMETERS
New Study Shows Ten States Face Fiscal Crisis (tags)
Crises in states worsen
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.."
The Rules of the Game, Not the Players (tags)
In the last three decades, the financial markets have grown much faster than production.. The respective players (whether public or private) are not the problem but the rules of the game.. The goals and means of production must be redefined
Will the Great Depression Be Repeated? (tags)
Global trade fell 30 percent three years after the crash. The US gross domestic product shriveled 40 percent. In 1932, every fourth American was without a job. In Germany, industry only produced half of what was produced three years before.
The High Risk Business of Banks (tags)
The model of financial market capitalism collapsed with the greatest crisis of the financial markets since the worldwide economic crisis at the end of the 20s. The enormous accumulation of financial assets was based on redistribution of incomes continuing for 30 years.
House Resolution Designates Venezuela a State Sponsor of Terrorism (tags)
Chavez bashing continues
Who Rules Money? (tags)
The climate- and financial crises have one thing in common. Both are consequences of a gigantic market failure. Nature and the future of humanity are not at the table when market actors negotiate conditions and aim at their advantages.
AFL-CIO’s Dull, Narrowly-Based Culture Has No Appeal to Young Working People (tags)
Harry's over 90 years old, but he's nailed one of the big problems of the AFL-CIO's labor movement - it has no appeal to young working people. It's a bunch of old people - grandparents and great-grandparents.
No Sweat (Except in Sedona) (tags)
If you can't stand the heat, stay out of the phony, for-profit sweat lodge. (Heller Mountain)
Patriot Act still unconstitutional (tags)
Last week, the Senate Judiciary Committee voted to reauthorize three expiring provisions in the USA PATRIOT Act. While the bill they passed allegedly strengthened civil liberties in reality, the Committee failed to make any meaningful improvements to the Patriot provisions that violate citizen’s basic rights
How Neoliberal Ideology Destabilized the World Balance: Krugman and Galbraith (tags)
"If the depression has not openly erupted, all the features of the 1930s are having a spectacular comeback." (Paul Krugman) To free the US from the claws of private interests, James Galbraith urges the public authority to set social and ecological norms.
Capitalism Criticism 2.0 (tags)
Marx identified the falling rate of profit and the self-destruction of competition as contradictions of capitalism. Wages do not keep up with investments in machinery. Speculation and the explosion of the financial markets were encouraged by deregulation and higher profits.
Long Live Tobin. Commentary on Financial Regulation (tags)
"Turner's demand for introduction of a global Tobin tax on all financial transactions is a very old demand. The tendency of banks to take flight in casino capitalism and neglect their role as servants of the real economy has made the crisis into a real fix for us.."
NCO Financial: Front and Center to Answer for Abusive Practices! (tags)
NCO Financial Services, run by Michael Barrist, is one of the worst collection agencies. Fight back against their abusive practices!
Beyond Market and State (tags)
In a "post-democracy," the interests of global corporations prevail with the continuing facade of democratic institutions and procedures. Interest in politics in the population is very low. Criticism of neoliberalism brings together many movements and groups.
THE FINANCIAL CRISIS AND THE PAPER OF THE MEDIA (tags)
Tolerance zero with the Americans.
Wall Street Under Obama: Bigger and Riskier (tags)
After the financial levees broke and the crumbling banks ushered in the economic crisis, angry people clamored for drastic change in the financial system. Obama reflected these feelings well, at times using radical rhetoric to denounce the banking titans. What he promised was deep regulatory change so that such a crisis “would never happen again.” Like every other promise of substance, Obama’s pledge to “rein in” the banks has fallen by the wayside; the well-timed rhetoric smoothed over public tensions and now business is back to usual. The New York Times remarks:
Last Dance for Capitalism (tags)
Capitalism reaches its inner limit and strangulates itself and the environment. Increasingly effective measures lead to fewer and fewer workers producing ever-greater quantities. The real economy becomes an appendage of speculation bubbles.
The Crisis of Capitalism: Credit-Doping (tags)
"The social market economy blows the wealth of this society in speculation rather than in higher wages, higher pensions or unemployment benefits.. All capital transactions with tax havens should be prohibited.. Instead of democratization, we growing centralization in a few hands.."
Capitalism is the Problem: System Error (tags)
The chaos that we now witness is only the latest crisis of the global economic system. The system has not succeeded in keeping profits at the level of the postwar years. What is good for one capitalist is not necessarily good for the system. Triple-digit billions have been pumped into system
The Crisis of Speculative Capitalism (tags)
The bubble bursts when debtors cannot pay and a bankruptcy crisis develops at the end.. The illusion of the stock exchange as a roulette with guaranteed permanent profits burst with the New Economy bubble..Only the worldwide regulation of the financial markets can avert their collapse.
Economic Policy after the Financial Crisis: Keynes (tags)
Keynes saw political control of markets and a distribution and social policy in favor of lower income groups as essential prerequisites of a stable long-term macro-economic development.. Three-hour workdays or a 15-hour week would be enough.
Global Depression and Regional Wars (tags)
economic hard times and wars
Ways Out of the Crisis (tags)
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.
Democracy Alarm: Financial Management (tags)
After the stock market crash, financial management acts as though nothing happened. The state was obviously treated only as a useful idiot by parts of the moribund financial management. The little taxpayers pay for the repair.
Attac France on the Stiglitz Report (tags)
If the world really lives through a systemic crisis, solutions must also be sou9ght on this plane. Regrettably the mandate limits the commission to reform the international monetary system. The UN is the only institution with a democratic legitimacy.
Dethrone the Dollar (tags)
Political countervailing power of the G-millions against the economism of the neoliberals can only be formed with a long breath.. The grass grows from below; words fall empty from the top.
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.
Pacifica's NY - WBAI stewards exposed misinformation that needs corrections...see here ..l (tags)
this is a repost from a blog article and information intended to reveal corrections to other Pacifica-WBAI writers claiming & blaming, as usual, for their own mistakes and lack of efficiency....see original as well as corrections below
The Bubble Machine (tags)
"Crises belong to capitalism as the cyclone belongs to the weather.. A social division went along with the neoliberal turn. The welfare state mutated to a repressive crisis management of a growing mass poverty..Greenspan's dollar glut kindled a global deficit economy.."
The Zombies Play On (tags)
"Tim Geithner made clear the US government does not plan any breach with disaster capitalism....No wonder Wall Street cheers. New life is breathed into speculation at state expense with junk securities.."
The Crisis and the Left: Democratizing instead of Privatizing (tags)
"Neoliberalism has no future..Since time immemorial, (neo-) liberals have wanted as little democracy as possible as an unavoidable evil that should not get in the way of the real kingdom of freedom, the capitalist market economy.."
Risk Development and Dollar Inflation (tags)
Two articles by emeritus professor Elmar Altvater reveal the contradictions of credit or bubble prosperity in the counter-revolution of capital. As work cannot define us, competitiveness and profit maximization do not define the human experience Speculation could bring a new feudalism..
Capitalism as Religion (tags)
"The basic trust in capital still exists. Modern capitalism has gained a firm place in our subconscious. The debacle of the global financial markets should have led to a rethinking long ago. But the culprits will probably get off lightly because the capitalist system is held as divinely ordained."
fbi/cia illegal funding of their global crime spree (tags)
The financial markets must find new global leadership because the NYSE, SEC and other government bodies (like Congress) allow the USA intel services to defraud the world in order to finance their ongoing crime spree worldwide.
Obama's Financial Reform Proposal - A Stealth Scheme for Global Monetary Control (tags)
global dominance, not reform is planned
Economic Crisis and the Crisis of Neoliberal Ideology (tags)
The crisis has his origins in the "real" economy. Inequality is the ideological motor of neoliberfalism. German president Kohler described the financial markets as a monster. The metaphor has changed from market as rational subject to monster.
New Leadership in Pacifica Radio (tags)
Pacifica radio has new leadership--people who are attempting to deal with a serious financial crisis which was building for years.
Post-neoliberalism or post-capitalism? (tags)
"Market-liberalisation was accompanied by a far-reaching de-regulation of politics. Milton Friedman called it a “neo-liberal counterrevolution” against Keynesianism..."
Austria: Crash Instead of Cash (tags)
In 1978 the Bretton Woods system broke down since the US abandoned the key function of the US dollar to print money to finance the Vietnam War.. The liberalization of the financial markets started a mechanism in which the worldwide population loses.
Italy - Document of summit protest against G8 economy in Lecce, June 12-13 2009 (tags)
In 2001 G8 met in Genova. They were violent days of the suspension of civil rights that still weigh on the collective consciousness, along with the memory and sorrow for the death of Carlo Giuliani. They were also days in which the "greatest men of the earth" developed the new creed of liberal globalization as it was a new universal religion.
The Misery of Economic Policy (tags)
The military Keynesianism since Reagan guided the streams of surplus global money-capital into the US as a "safe harbor." The orgies of deregulation and privatization cleared the way for the "assets inflation" of the financial bubble economy.
Manipulation - How Markets Really Work (tags)
Insiders move markets up or down for profit.
the Deeper Origins of the Economic Crisis (tags)
For all the horror the global economic crisis has caused for so many people, one progressive consequence has emerged: many of these people are becoming politically conscious — searching for information to better understand their political and economic system. They want to know how things got the way they did and what can be done about it. Unfortunately, much of the resulting analysis has focused too little on actual causes, and too much on abstract financial details and other consequences of deeper economic problems. Therefore, the typical explanation of the economic crisis goes as follows: depression-era financial regulations were tossed aside, and banks were allowed to merge into new institutions that then invented ways to transform debts into assets, which were gambled away on the stock exchange to the tunes of trillions of dollars. All of which is true. What’s missing, however, is why.
The Market Must Serve Society (tags)
In the past, the village green and market swuare were surrounded by the church, town hall, school and hospital. Without these social institutions, there would be no market. This is also true for today's global financial markets.
Welch's Marvelous Transformation (tags)
Nearly all the excesses summarized unter the terms turbo- or casino capitalism are based on the ideology of shareholder value: the rule of financial markets over the real economy, the short-term and short-sightedness of shareholders and waves of rationalizations."
Zhibin Gu: China's deadly troubles vs global financial crisis: challenges, conflicts, war (tags)
Is global financial crisis leading to new world wars? Which nation is to emerge as the next global leader, China, India, US, or Europe? How to walk out current traps of employment, shrinking business, and leadership crisis? Should entrepreneurship lead politics and competition?
Attac Catalogue for Democratizing the Financial Markets (tags)
The financial industry contributed over $5 billion in the last year in campaign gifts and lobbying to ensure that Wall Street oligarchs have their way in the media and congress. Attac is a global justice network committed to shriveling the financial markets.
Reviewing Ellen Brown's "Web of Debt:" Part IV (tags)
Federal Reserve plunder Part IV
Zhibin Gu: China vs global financial crisis: trends, challenges, wars (tags)
Is global financial crisis leading to new world wars ahead? Which nation is to emerge as the next global leader, China, India, US, or Europe? How to walk out current traps of employment, shrinking business, and leadership crisis? Should entrepreneurship lead politics and competition?
Global Crisis: How Much Time do We Have? (tags)
"Rather, what began Monday, September 15, 2008 was the beginning of a terminal and irreversible collapse of the global financial system, which is part of a controlled Model through which other objetives will be achieved."
Reviewing Ellen Brown's "Web of Debt:" Part II (tags)
Part II of Brown's superb book.
Shareholder Value (tags)
"From now on, you work only for the shareholder!" The disappearance of traditional paid labor relations accelerated by shareholder value strategies means the middle- and lower classes are permanently threatened in their social and economic existence.
The End of Finance Market Capitalism: Renaissance of Socialism? (tags)
The crisis offers an historical chance to civilize an unbridled capitalism with reform policy. The future relation of market and state is the focus of attention.. Financial markets are characterized by herd behavior. Risk consciousness disappears.
Money laundering and counterfeiting by terrorist and drug traffickers (tags)
So now they are coming up with new ideas and ways to launder huge amounts of cash.
It is not a conjunctural crisis (tags)
"instinct is the hereditary knowledge of a specific program of life"
The Vacuum of World Trade Breaks Down (tags)
The unbridled free market was an illusion that gave free rein to greed and speculation and the dominance of the financial markets. Shareholder value made the profits of shareholders absolute and set short-term gain over long-term necessity.
Primitive Accumulation (tags)
The crisis calls for system alternatives and redistribution from top to bottom. Will the financial crisis encourage the transition to a new social order? A certain mix of good functioning markets and a strong welfare state leads to the best results.
Putting Finance Capitalism "Back in Its Box" (tags)
Their scheme is permanent debt bondage
Patriot Act unconstitutional (tags)
The act in its current form gives sweeping search and surveillance to domestic law enforcement and foreign intelligence agencies and eliminates checks and balances which had been the difference between the free world and the suppressed.
The IMF and Romania: A Road Less Travelled (tags)
IMF policies have left shattered economies.
Barack Obama: Crime Boss (tags)
Obama's criminal partnership with Wall Street
Pacifica is the basis of KPFK, and there are concerns about WBAI...more (tags)
Actions and decisions made within Pacifica affect all the KPFK people here too, even if it is New York's WBAI's main issue. We too must be concerned and informed and give input to what happens...anywhere our money goes too...
Disarm the Markets! New Attac Basis Text (tags)
The therapy depends on the diagnosis. Mechanisms, instruments and actors can be identified whose action and teamwork led to the crash. The age of a unipolar world was very short. An historical chance is opening against finance capitalism.
A $hort History of Banking (tags)
"Surely the Government is in control of the country and its supply of money? Surely money is only a symbolic token to facilitate the production, exchange and distribution of goods and services? Not so, say the Third Positionists, who reject both Capitalism and Communism..."
Obama's New World Order (tags)
Obama's imperial agenda
peace and enlightment (tags)
Have you ever wondered how poverty consciousness is created and what you can do to step out of it?
The Culture of Mistrust (tags)
"Total mistrust prevails on the financial market. How can the state restore trust when trust in the state was decried for years? When all public affairs are changed into private affairs, citizens only see themselves as private citizens and the state becomes a business.."
Pacifica Radio Coup Redux (tags)
New York News Flash: Coup at WBAI Radio (99.5 FM) Pacifica National Orders Locks Changed on WBAI Transmitter
What Obama's Trip to Europe Revealed (tags)
Declaring something a success doesn’t necessarily make it so. We learned this at the Bush-led G-20 summit only four months ago, when global leaders were expected to do something far-reaching in response to the world-wide economic crisis, instead of chatting about it. When nothing came of the meeting, we were told that the summit “succeeded” because it “laid the groundwork” for the next G-20 gathering, recently led by Obama. The four months between G-20 summits was one of rising massive unemployment and social misery for millions of people, creating an urgency that was unmet by the world leaders in London.
Lessons from the Great Depression: Christina D. Romer (tags)
This paper was presented at the Brookings Institution Washington D.C. March 9, 2009. Christina Romer, economics professor at Berkeley, is one of President Obama's economic advisers in the Council of Economic Advisers.
The Neoliberal Revolution Devours Its Children (tags)
"Where is the child who uncovers the nakedness of the money economy?..The financial geniuses pretend to be the new gods of globalization. The builders of the Tower of Babel were modest compared to the new financial rulers of the world.
How corrupt is China's Communist government: state commerce, finance, trade, jobs, law (tags)
Is China's runaway corruption to bring a sudden collapse? Is global financial crisis impacting China? Is a runaway government corruption destroying Chinese economy and peace? What is really behind Chinese finance, politics, trade, politics and society? Has China's ongoing reform altered the nation's political-economic landscape as far as government corruption is concerned? What is the next if this corruption goes deeper? Get the powerful and insiders' reports on Chinese politics, government amid global financial meltdown.
The Obama Government: Take from the Poor and Give to the Rich (tags)
These past several weeks have witnessed a stunning attack on working people, with the Obama administration leading the charge. It started with Larry Summers, Obama’s chief economic adviser, responding to the A.I.G. bonuses by pontificating about the sanctity of contracts: “We are a country of law. There are contracts. The government cannot just abrogate contracts.” Like a mad dog pursuing its prey, he pounced on the conclusion that absolutely nothing could be done about the bonuses. Unfortunately, Summers voiced no similar outcry when the Obama administration, only weeks earlier, insisted that the U.A.W. contracts be renegotiated as a condition for the auto industry receiving a bailout, suggesting that a different set of rules applies to the rich than to the rest of us who constitute the majority and work for a living.
forecasting: China's coming collapse: corruption, finance, trade, outsourcing, politics (tags)
Is China to go burst or rising higher? Is global financial crisis impacting China? Is a runaway government corruption destroying Chinese economy and peace? What is really behind Chinese finance, politics, trade, politics and society? Has China's ongoing reform altered the nation's political-economic landscape as far as government corruption is concerned? What is the next if this corruption goes deeper? Get the powerful and insiders' reports on Chinese politics, government amid global financial meltdown.
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. ..........................................................................
The New World Order's ObamaNation (tags)
Matt Taibbi has written an important article in this month's Rolling Stone magazine. In it he explains to the reader, in layman's terms, just what happened, how it happened, and who benefited from the massive taxpayer bailouts of Wall Street's biggest firms. But, most importantly, he hits the nail on the head by saying that the Republic is officially dead (and we do hear the dirge) -- there is no more pretense that we live in a democracy under the rule of law, because now the lawless ones have "officially" taken over the apparatus of the state and given us the finger in the process. Yes, as Taibbi's says: "We are royally fucked." Congress is now a collection of rubber stampers, and the people -- Wall Street slaves.
"Down the Memory Hole," Alan Greenspan Style (tags)
Greenspan-caused housing bubble
Arsonists as the Fire Brigade (tags)
Supported by ideologically-blinded deregulators, the "masters of the universe" dominant in Wall Street and the City of London could bend the rules of the game on the global financial markets. Their shadow banking system existed above politics and regulators.
Dodd and Geithner should resign (tags)
Fallen Stars: On the Greed of Bankers and a New Morality (tags)
The economic ethicist Ulrich Thielemann explains how greed, false theories and the herd instinct caused the massive financial crisis. They had the theory when we make profits that is ultimately good for everyone.
Fuck The Millions, Claw Back the A.I.G. Billions and Arrest Everyone Involved! (tags)
The Obama Administraition and Congress must Outlaw the Credit Default Swaps
The Casino is Closed: Reasons for the Crash (tags)
Ulrich Schafer discusses the greed for fast money, a world without rules and why the market alone cannot regulate everything. The crisis has a pre-history. The state simply abandoned control over many economic areas. The financial world in particular was left to itself.
Monetary and Fiscal Failure, Fraud, and Fear of What's Next (tags)
looting the treasury continues with militarism ready to confront dissent
A Bank Bailout That Works (tags)
"The problem with America's banks is not just one of liquidity. Years of reckless behavior, including bad lending and gambling with derivatives, have left them, in effect, bankrupt."
Financial Markets: Is No One Responsible? (tags)
Enlightenment is part of overcoming crisis, not only money packages. Ten officials in every boardroom is not the solution. Rather the problem is the incredible transformation of the modern bank into a service enterprise with an adjacent casino.
What's happening to Pacifica's NY station - WBAI ? (tags)
Alert !!! Find out about a proposal soon to put WBAI into “internal receivership”...Please share this information widely and confirm it as necessary. No false rumors necessary. Let's see what is happening so close to our own KPFK radio station. Does this affect KPFK's financial standing too? Tell us what you know too.
Overstrained Capitalism (tags)
Neoliberalism has driven the world into the greatest disaster since Hitler and Stalin. With Ronald Reagan, a president entered the White House who constantly proclaimed the state in the end was something bad.
What has occurred throughout the U.S. is much more than an economic decay. It is a national lifestyle change.
Stiglitz Calls for Global Solutions to Crisis (tags)
Nobel Prize-winning economist Joseph Stiglitz argues that the only way to fix the world's economic crisis is to act globally. Speaking at the Development Policy Forum in Berlin on Monday he said the reform of the world's financial institutions wasn't going fast enough.
Faith in the Invisible Hand of the Market is Over (tags)
The people will not be so easily convinced of liberalization, deregulation and privatization. On the contrary, people will have a clearer consciousness of the primacy of politics. The false incentive systems in the businesses must be removed.
Alexander: Socialists Say Nationalize All U.S. Banks (tags)
Former Federal Reserve Chairman Alan Greenspan thinks it’s necessary to temporarily nationalize some banks. Federal Reserve Chairman Ben Bernanke in recent statements has indicated that the nationalization of some banks may be necessary under certain conditions, and many economic analysts believe nationalization is only a matter of time; however, socialists nationwide say nationalization of all U.S. banks is now necessary to achieve a national economic recovery.
Putin and China: US Responsible in the Economic Crisis (tags)
Investment banks, the pride of Wall Street, have practically ceased to exist, Putin added. In only twelve months, their losses exceeded the profits of the past 25 years. Wen said the blind pursuit of profit led to the worst crisis since the Great Depression of 1929.
Systemic Failure: Capitalism "Lays an Egg" (tags)
deepening economic crisis
Get Ready for Higher Taxes and Fees (tags)
Americans better "buckle-up"
GERMANY: Oscar Lafontaine on the Financial Markets (tags)
"The present crisis cannot be overcome without a regulation of the financial markets.. When banks are given billions through the so-called bank bailout and these billions disappear somewhere, that is a misappropriation or embezzlement of tax funds.."
"The banking crisis is scandalous" (tags)
As financial meltdown hits Europe, a business ethicist tells swissinfo why a "radical change in fundamental economic doctrines" is necessary.
Barack Obama Pirate Captain of Derivative TARP TANIC and Nuclear Iran (tags)
The more things change, the more they stay the same.
23 Theses on the Capitalist Crisis (tags)
Since the middle of the 1990s, the real economy only grew on account of the expansion of credit. After the dot.com crisis, the floodgates were opened. In the next four years, the Fed brought more dollars in circulation than in the whole 200-year US history.
Dispatches from the Front Lines of the Economic Crisis (tags)
economic conditions worsening
The Master of Bubbles (tags)
As the revered godlike head of the Federal Reserve, Greenspan pursued a policy of cheap money. Whenever the financial markets began to correct their own madness, he opened the floodgates for more money..The world stares so intensely at growth that it forgets distribution.
Let's Start a Bank! (tags)
Instead of borrowing trillions and sticking future generations of taxpayers with the cost of bailing out a corrupt and ineffective financial system, the federal government should use the bailout money and charter a bank of its own,one that could offer loans directly to individuals and businesses and thereby stimulate the economy by providing capital to people who can't get it now from the private banks.
American Politics: The 2-Party System Still Hurts Americans (tags)
It took at least one decade to get the U.S. into such dire economic straits.
Fear of the Great Depression (tags)
The acute danger exists of a self-reinforcing downward spiral from deflation, increasing debts and new problems in the financial sector..Degenerate banks must be closed by the state in a controlled way. Politics must try to reduce the uncertainties of consumers.
Funding For USA's Intel Operations (tags)
Lift the veil to discover the sources for fbi/cia global covert criminal intel operations.
Attac Sweden: The time has come: Let's shut down the financial casino (tags)
Attac's statement on the financial crisis and democratic alternatives. A historic window of opportunity is opening. It will depend on pressure from public opinion whether a real change of course is achieved.
Capitalists Attempting to Redefine Socialism (tags)
Since Congress passed the first $168 billion government stimulus, the “S” word has become a favorite term for the corporate media in referring to socialism. It would be more appropriate to use the “S” word to refer to “stimulus” because it is evident that the capitalists are moving no closer to a transition to socialism; however, as the U.S. economic crisis continues to expand and the failure of capitalism become more apparent to the world, the wealthy ruling elite are now sustaining capitalism with one stimulus after another.
FBI might mean: Finished, Busted and Internment For Corporate Crooks (tags)
Are convictions, fines and imprisonment enough punishment for corporate executives proven guilty of crimes that damaged the U.S. economy?
China's iron curtain: corruption, global financial crisis, banking, jobs, politics (tags)
How is global financial crisis aiding China Is corruption to bankrupt China soon? What is really inside Chinese business, government, banking, and finance world? Is global financial crisis accelerating the ongoing corruption and labor cisis? Get lastest analysis and knowledge by leading experts.
Time for a Bad Ideas Bank (tags)
The global economic disaster plunges economics into a legitimation crisis-not yet noticed by the vast majority of the affected. The current financial crisis involves dogmas that markets function best and correct their own mistakes.
Missing Links: An Intellectual Bailout (tags)
The financial crisis has killed the claim that economics deserves to be treated as a science. The measure of a science is its capacity to explain, predict, and prescribe. And most economists not only failed to anticipate the nature and evolution of the catastrophe, but their conflicting recommendations exposed the unreliability of their knowledge.
A New Administration, Tired Old Policies (tags)
Counterproductive policies heading America for depression
Competing Ideologies: Davos v. Belem (tags)
alternate ideological views
No One Can Escape the Crisis (tags)
From a long-term perspective, the crisis could bring about a radical rethinking in politics and the economy away from the mantra of shareholder value and the pursuit of short-term profits. The neoliberal model of the Washington consensus has revealed its fundamental weaknesses.
Recession Raises the Question of Meaning (tags)
The facade of a sound world suddenly crumbles. Are the funds available to the productive economy or are they sinking in the swamp of a degenerate global financial- and economic system? An economy that prioritizes human needs and nature is primarily regional.
An Umbrella for Workers (tags)
The economic crisis is a structural crisis where productivity has soured and wages have stagnated. The fraud in public regional banks must end. Unemployment benefits must increase. Michael Schlecht is a union spokesperson for the German Left party (Die Linke).
The Blood of the Black Sheep (tags)
Crisis and Catharsis. Capitalism begins its great self-purging to remain what it is. The Wall Street boys and girls have not forgotten how to make money amid crisis. The speculation bubbles burst. The fictional wealth dissolves in thin air thanks to falling home prices and stock prices.
The State as Savior (tags)
The state wants to save the banks - why?
Back from the Wilderness: Joseph Stiglitz (tags)
Economy theory has long explained why unhindered markets do not correct themselves, why regulation was necessary and why the government had an important role to play int he economy. Many who worked for the financial markets forced a kind of market fundamentalism.
Wall Street Voodoo (tags)
"Washington remains deadly afraid of the N-word nationalization and thinks elaborate financial rituals can reanimate dead banks.. I hope I'm wrong, but I suspect that taxpayers are about to get another financial rescue plan that fails to do the job."
Liberal Prof Confronts Socialist Audience (tags)
Grossmont College economics professor Shahrokh Shahrokhi was invited to speak at the January 12 meeting of Activist San Diego, but though he attacked "market fundamentalism" and called for more government regulation of the economy,,public equity purchases iin the major financial firms and an extensive stimulus plan, many in the audience didn't think his proposals went far enough. They also bristled at his contention that homebuyers who took out mortgages beyond their means were partly responsible for the current economic crisis.
The Future Role of the State: Guaranteeing Rights (tags)
"The modern state as a constitutional state and participative democracy has a universal social security function and overall responsibility for the development of the economy according to basic rights."
The Structural Crisis of the Financial System (tags)
"Introduction of taxation on speculative financial transactions must go along with a genuine nationalization that involves a change of the actual banking system into a public system and fixes the role of money as a neutral means of exchange for services."
The Genesis of the Financial Crisis: Greed and Repression (tags)
The self-healing market, the market that corrects itself, is at the heart of the perfect economic story. The financial crisis (now banking, real estate, jobs and credit crises) has forced the reconsideration of the role of the state. Psychology helps unmask religion of the market.
Obamanomics: Why the Stimulus Plan Will Not Revive the Economy (tags)
This article was published in: The Independent, Dec 12, 2008.
India vs China: new world frontrunners against global financial meltdown? (tags)
Are Asian giants China and India taking advatanges over global financial crisis and distressed US and Europe? Is India able to produce giant leap forwards in China style? Which nation is to lead the next stage global finance, trade, outsourcing, hightech and politics in a new century in view of global financial crisis that is going on? Talk to leading experts.
Marx and the credit crunch (tags)
"Companies were not afraid to buy the hands that fed them. A symbiotic relation exists between companies and the state. Companies can buy politicians to operate in a legal jungle."
Stewart Alexander will Enter 2010 Race for California Governor (tags)
During the 2006 California Election, Stewart A. Alexander was a candidate for California lieutenant governor; Alexander was on the statewide ballot representing the Peace and Freedom Party. During the 2008 General Election, Stewart Alexander was the U.S. vice presidential candidate for Socialist Party USA. Now, as the State of California continues to reel in a deepening financial crisis, Alexander believes he is the right person to be the next California governor.
From Real Estate Speculation to Collapse of Global Deficit Economy (tags)
Joy to the world, the world of fallen idols and bubble transfer. The truth will set us free but the truth is a process, not a cudgel or stimulus. After the dot-com bubble, trillions were "invested" in real estate speculation. The crisis of the work society is the background for low interests.
World and US Situation, 2008 (tags)
For more than two years, we revolutionaries had observed the impending total unravelling and complete discredit of the "free market" pretense of monopoly capitalism and the full bankruptcy of the policy of "neoliberal globalization." But the leaders of the US and other imperialist countries and the puppet states were always lying and boasting about the so-called strong fundamentals of their economies. Only recently have they been compelled by the circumstances to admit that the US and global capitalist system are beset by the worst economic and financial crisis since the Great Depression.
Wall St. and the Fed Get Fatter, While Main St. Suffers (tags)
The greed of some of the Wall St. banksters, and the Fed’s inept policies, like condoning deregulation, are the real causes of the current financial meltdown. Nevertheless, the U.S. Congress has given them a green light to rake in trillions of dollars in taxpayers’ bailout money, with little or no public disclosure. The Fed’s functions should be taken over by the Treasury Dept. Main St. needs to be Congress’ prime concern, not Wall Street.
Israel Is Doomed! (tags)
Israel is doomed because it is run by psychotic idiots who are bent on a "Greater Israel" strategy.
Early Suspicions About Bernard Madoff (tags)
All Wall Street like Madoff
mp3 audio: "Grasping the Financial Crisis" (tags)
Sam Girdin and Leo Panitch teach political economy at York University. The Toronto School of Creativity and Inquiry offers this mp3 audio in the hope that thousands of discussion groups will arise in the world.
American Capita-Socialism (tags)
Corruption is a Way of Life in America Who is to blame?
III-the International Crisis WS Report (tags)
The Master in Economics and official of the Ecuadorian Central Bank, March Naranjo Chiriboga, asked help from the Mercosur countries, mainly from Brazil, to overcome the global financial crisis. He believes that Ecuador, which has no own currency and uses the U.S. dollar for internal commercial transactions, will feel the results of crisis in a more pronounced way and will be one of the most affected countries in Latin America.
Financial Crisis and the Poor (tags)
The financial market crisis has long spilled over on the real economy. Therefore politics is called to do everything so the economy starts up again and unemployment is prevented. Without strong pressure, frauds will continue unchanged in the global financial casino after losses are socialized
II-The international Crisis WS Report, Curitiba, Pr, Br (tags)
Watch it now at web tv at http://www.aenoticias.pr.gov.br/tv-aovivo.php
The International Crisis Report, from Curitiba, PR, BR (tags)
Adjusting to avoid the concentration of the financial system, maintaining that system under the domain of public power and invest in infrastructure and in social policies are functions that the state should recover from the current global crisis. That is what said the teacher called Alex Izurieta, senior secretary of
Global economy collapsing along with the world financial system (tags)
Conditions are going to get considerably more difficult for Americans. Chapman says in 2 years 25% to 38% of all Americans will be out of work and living or waiting outside homeless shelters for a place to sleep. Tens of thousands including the elderly or single women and children will be homeless and hungry.
The Global Economic Crisis - Bad and Worsening (tags)
the crisis is deepening
Grand Mufti Blames Financial Crisis on ignoring God's rules (tags)
In a sermon before midday prayers at the mosque, Saudi Grand Mufti Abdul Aziz al-Sheikh said the global financial crisis stems from and allowing "riba" or usury, prohibited in Islam. "Today we watch as this financial crisis enfolds and some companies and banks go bankrupt. This is the result of ignoring God's rules. Muslims must abide by God's rules, and build their economies accordingly," he told the faithful.
Only Lip Service: Interview with Heiner Flassbeck (tags)
Heiner Flassbeck describes the financial summit in Washington as failed. The UN expert says the central problems of speculation with exchange rates and raw materials were not addressed. The industrial countries divert from the real themes.
Good Paragaph from Socialists re Auto Crisis (tags)
The socialists had one of the most incisive single paragraphs I have read about the auto crisis.
Obama's Economic Dream Team? (tags)
indeed for Wall Street bankers
After the Bankruptcy (Jurgen Habermas) (tags)
The privatization mania has ended. Politics is necessary for the public interest, not the market. A tension always exists between capitalism and democracy because the market and politics are based on opposite principles.
"Like the Fall of the Wall" (Joseph Stiglitz) (tags)
The mixture of low interests, excessive liquidity and lax oversight on money institutes led to the financial crisis. National indebtedness rose two-thirds in only eight years. The govt should immediately begin investing in the infrastructure, education and other projects.
Financial Crisis: Bending and Breaking (tags)
The governments still strike the pose of successful crisis management. The points are set for a state-sanctioned survival of neoliberlaism through bending and breaking, Instead of raising mass income, the state finances capital investments to liven up the domestic economy.
How to Eliminate Poverty Consciousness and Manifest True Abundance (tags)
The good news is that this entrapped cyclical experience is only here to give you an experience of what you don’t want, so that you are inspired to one day become clearer on what you really DO want!
The New Deal - in the US and Germany (tags)
A radical rethinking, a New Deal, is on the agenda. The worldwide depression can only be countered with stronger economic regulation, increased public spending and fiscal measures. This means an end to privatizations and rebuilding the essential infrastructure.
International WShappens December the 6th to the 11th (tags)
We want a debate not from the perspective of the market because the market heralds resolved now that they will make the solution for what themselves caused, with their bad conduction of economic policy
The Financial Crisis in Biblical and Theological Perspective (tags)
The owners of capital started to create a bubble in the financial markets through various kinds of speculation in order to drive up the returns by derivatives, options etc, creating Casino Capitalism, de-linked from the real economy.
Crash Course (tags)
Why the collapsing of the financial bubble is not the fault of "greedy bankers"
A Critique of the Fourth International (tags)
Correcting our political perspective
The global crisis is a crisis of capitalism (tags)
It is time for the workers and the poor in the Philippines to prepare for the worse the moment its government keeps on repeating the mantra that the economic fundamentals remain good and thus there is little to worry about effects of the global recessionary trend. The world found itself in the present mess precisely because of such blind faith in neoliberal fundamentalism.
Global Crisis-Made in the USA (tags)
The ecdonomy should serve humankind; humankind should not serve the bankers.
Rich of the World, Enrich Yourselves! (tags)
Financial jugglers speculating with food, oil and other raw materials caused double-digit inflation and made staple foods like rice and wheat into luxury items for millions. Neoliberalism with one blow managed to drive nation states to the defensive.
Worse Than the Great Depression? (tags)
a distinct possibility
Financial Injections Ensure the Assets of the Rich (tags)
The money must be taken from those who profited from the past financial system. Thus a tax reform must be on the agenda. A state investment program is also urgently necessary. The past growth model of global capitalism is in a structural crisis. A new economy is beyond profit.
Stop Hispanic Scholarship Fund discrimination of Undocumented Students! (tags)
openHSF Campaign - Open Hispanic Scholarship Fund to Undocumented Students!, who most need the financial assistance! Please sign the Petition: http://openHSF.com
Philippine social movements storm US Embassy (tags)
Philippine social movements hit G-20 summit’s exclusivity, call for a new and democratic world order
Welcome to Finance Market Capitalism (tags)
The financial market escapades must be the problem because capitalism itself cannot be the problem. The state bailout measure prepares the ground for inflationary developments.
HELP ! Is KPFK keeping 'mum' secretly quiet & breaking up? what is GOING going gone now ? (tags)
Rumors are slipping around, slippery like, not confirmable about KPFK staff dis-appearing, not being at work site, maybe being ....let go ? fired ? dis-missed ? OMG !!! Can the end be near ?
Carlos Lessa proposes control of exchange rate for Brazil to overcome the crisis. (tags)
He says the biggest obstacle to Brazil overcome the crisis and get strengthened out of it is the Central Bank’s President Henrique Meirelles, formed by the Bank of Boston, and that will do nothing that would undermine the private banks.
Greed is the Nature of the System (tags)
Politics was corrupted byt he economy and lost control to the economy. In the private enterprise system, there are too many incentives that oppose the public interest. When company pensions end, workers speculate. When high profits are the norm, companies speculate.
Tribunal for Speculators (tags)
The collapse of the delusional neoliberal idea frees our view for the necessity of a completely different society and a planetary social contract. Bankers are jungle highwaymen. Investments only pay where human rights are realized. The price of rice soared 83% within only six months.
Obama Mania (tags)
A reality check.
More from the Front Lines of the Financial Crisis (tags)
The worst is yet to come.
Bush administration denies funding for FBI probe of mortgage mess (tags)
The Bush administration is rejecting FBI pleas for more agents to investigate crimes that helped trigger the global financial meltdown, bureau sources said this week.
The End of Prosperity (tags)
The wages of sin have come due.
The Grand Illusion-Mega-Bubble World Economy (tags)
Self-righteousness is really the grand illusion. The global North consumes the resources of the global South. We are literally devouring the future. Given resource scarcity and climate change, the world economy as a whole is a bubble economy, a monstrous bet on an impossible future.
Public Enemy Number One (tags)
Fed- engineered crisis.
Direct Action to Stop Foreclosures and Evictions (tags)
An Appeal to All Activists to Stop Forclosures Now! Organize Direct Action Committees to Stop Foreclosures
Income Distribution is Perverse (tags)
Redistribution of income is central. Another economy is necessary in which people are more important than profit percentages. A shareholder value philosophy ruthlessly downsizes and closes plants in pursuit of maximum profit.
Tinkering with Symptoms (tags)
The bailout plan does not tackle the causes of the financial crisis. The question remains why financial institutions should be saved from a crisis they created and in which they earlier earned vast amounts of money. The American government has no Plan B.
The Neediest Need Help Like the Banks (tags)
The same state haggles over every bowl of soup for welfare recipients. For banks, billions appeared overnight. There must also be money for higher wages and more social services.
This Time Is Different (tags)
Growing financial crisis.
"The Financial Crisis has made Heroes out of Rogues" (tags)
The state should make the economy more social and democratic. The conversions of Gordon Brown, Angela Merkel and Peter Steinbruick from market fetishism to state optimism were cabaret-style conversions. Democracy should dominate the economy.
Hard Times (tags)
Past sins are coming home to roost.
The American Patient (tags)
Capitalism changed into "finance-driven" capitalism. The profit rates for industrial capital fell in the past decades. Washington could be paralyzed under the debt yoke like Japan in the early 1990s. After decades of market idolization, the US has rediscovered political power.
It's amazing (tags)
In the great US democracy, half of those eligible to vote are not registered, and half of those who are registered does not vote. Thus, the rulers are elected by only 25% of the electorate...
The Philosophies of Deregulation and Neoliberalism are Dead in the West (tags)
"The patient suffers massive internal bleeding and is given a blood transfusion. The banks lent money and accepted inflated assets as security. This bubble burst..Those who pocketed profits for years want to pin the losses on the taxpayers."
The Shortwave Report 10/17 Listen Globally! (tags)
A weekly 30 minute review of news and opinion, recorded from a shortwave radio. With times and freqs for listening at home. 2 files- broadcast and slow-modem streaming. Free to rebroadcast. China, Netherlands, Cuba, and Russia.
Anatomy of a Crisis (tags)
The problem is that a large part of US real estate financing, the "subprime" market for real estate credits to poor borrowers, functioned according to the model of a chain letter. Radical redistribution, nationally and internationally, is the command of the hour.
AJLPP Analysis on the Current World Capitalist Crisis (tags)
The capitalist bailout rammed into the US Congress has infused into the banks more than $ 500 B out of the $ 700 appropriations. But despite the huge infusion to the capitalist system, the crisis marched on with impunity. The Alliance-Philippines (AJLPP) believes that the latest unraveling of the “free market” dogma, the ultimate exposure of the failed concept of “neoliberal globalization” and the gravity of the current level of the economic and financial crisis of the imperialist powers headed by the US is now totally exposed to the whole world. But this phenomenon must be explained and understood and should not be feared. We must act to face this crisis with renewed determination and readiness to struggle for the people and to change this rotten system.
Banks dictate conditions of US financial bailout (tags)
The 936 point rise on the US stock market yesterday was the American ruling elite’s initial verdict on the extraordinarily favorable terms the government is granting to financial firms in the $700 billion bailout passed by Congress on October 3. Far from heralding improving economic conditions for working people, the Wall Street surge reflects the financial establishment’s success in extorting massive sums of money from taxpayers.
The White House Ghost (tags)
The President of the United States, George Bush, enters today his last 100 days in power overshadowed by very high unpopularity rates and one of the worst economic crises in recent decades.
The October Surprise - Global Panic (tags)
It's not over.
"Capitalism has degenerated into a casino" (tags)
Greed has destroyed the world's financial system. Sp[iegel Online spoke with Nobel laureate Yumus about the profit motive, social consciousness and what should be done to end the financial crisis. Profit should not be the only reason that businesses exist.
The panic of 2008 (tags)
Lee Sustar explains that the mayhem in the markets this week is symptomatic of a deeper crisis--and the leaders of the most powerful governments aren't sure what to do.
PANIC DECLARED Empty store shelves, gas pumps, ATMs ahead. (tags)
Who am I to declare a panic? Don't worry about that yet; just stock up on a little cash and canned goods. When everything the feds do JUST MAKES THINGS WORSE -- we are in a panic. Not just grandpa's Depression, but a good old-fashioned running-scared panic when the shelves go bare ...
"The Market is not a Safe Bank" by Helmut Schmidt (tags)
This crisis was avoidable. The fact that American investment banks are not subject to any normal bank supervision is scandalous. Financial transactions must be subject to rules and security standards. The heavier the traffic, the more rules and regulations are needed.
"We are in an epoch shift" (tags)
Free markets became wild markets. The post-socialist blessing became the turbo-capitalist curse. The state allowed the monitoring of banks to be de facto privatized. Politics allowed the markets to run wild. In turbo-capitalism, contracting debts was trendy and saving was Philistine.
GREEDY U.S.Banks & Real Estate Cos."Created" this Financial Apocalypse!!! (tags)
In fact the "corruption and blatant greed" of big American banks and real estate companies precipitated today's financial crisis!
"Worse than in the Iraq War" (tags)
"A recapitalization of relatively sound banks could be vital for creating trust in the financial system. This must happen in a way that prevents privatizing profits while socializing losses. One can learn good crisis management in the example of Sweden's banking crisis in the 1990s
Lehman sought millions for execs while seeking bailout (tags)
Mark Engler on the Financial Crisis (tags)
"This crisis is a crisis of deregulation. Deregulated market fundamentalism causes crises. This is a crisis of financialization. An ever-larger part of the economy switched to financial speculation or gambling. Greed is systemic."
AJLPP Condemns Capitalist Bailout (tags)
he US House of Representatives approved a $700 billion bailout package for US banks, under pressure from all sides as the effort to head off a spreading financial crisis hung in the balance. President Bush happily signed the bill into a law at the White House today. October 3, 2008.
Bush and the neocons caused it all (tags)
Al jazeera tells it all
America where are the patriots? (tags)
The bailout is part of the overall scheme by those in power who are directing events for an outcome of their choosing. It is the handful of individuals who some refer to as "The Illuminati." This elite group of powerful people has been creating and directing events in America and world Society ever since Colonial Days and in modern times as well.
The Future as Possibility: Elmar Altvater (tags)
The state should not be a trough for the super-wealthy. Representatives representing money and not the people are marionettes of a corrupt campaign financing system. The system must be changed if it is to survive. Call Congress 1-800-270-0309.
Grand Theft America (tags)
The government-business looting of America.
Political Economy of the Financial Markets (tags)
Financial markets are not described here as anonymous zones of self-regulation but as instruments of private actors enforcing their own business interests on state institutions. Structural deficits cause the crises, e.g.massive liquidity.
Forget Wall Street! (tags)
Foreign countries will not finance US wars and US consumption for ever. The US must accept the new reality that countries want to diversity, not accumulate dollars. What becomes of a country that refuses systemic criticism and sets missions and agendas above facts and realities?
Congress standing up to the bailout (tags)
Transcript of address from Rep. Marcy Kapitur, D-Ohio, Toledo The latest reality game - Wall Street Bailout - has a counter-game called Wall Street Reckoning. The Capitol switchboard is easy and free: 800-270-0309
The Financial "Meltdown"of the USA was caused not by Hippies but by Repub.Conser (tags)
America's "Demise" was caused and instigated by the Bush Regime and their corrupt pals who constitute what is known as "Right_Wing Conservatism"!
Democrats push for quick adoption of Bush plan to bail out Wall Street (tags)
Where is the common ground between the libertarian and socialist perspective in opposing the GW Bush 700 billion for billionaires bailout? Why did Democrats bite into GW's fishhook by accepting this theft of taxpayer dollars to support irresponsible and criminal banking corporations??
The Credit Crisis may reflect concern with likely growing trade union power. (tags)
The credit crisis may reflect a likely increase in the power of the trade union movement as a consequence of decisions made at the UN.
Urgent! Sign Bernie Sander's bailout alternative petition! Let the wealthy pay! (tags)
Please sign this petition from Bernie Sanders which outlines an alternative proposal to the Wall Street financial bailout, which taxes the wealthy rather than ordinary working Americans! Please forward and tell your friends! Thank you!! :-)
Russians and Chinese Laugh (tags)
Bailing out speculators is like protecting the sharks from the sardines.or paying the robbers. Executives should absorb their losses by taking a 96% pay cut. Speculation should be discouraged, not rewarded. The Capitol switchboard is easy and free 800-270-0309
Bail-Out, Economic Democracy and the Socialist Path (tags)
David Schweickart, political philosopher, discusses the financial crisis, what it exposes about capitalism, how it can set the stage for economic democracy, and open the socialist path.
Jail—Mortgage Lenders, brokers, Who Knowingly Sold or Made Fraudulent Home Loans (tags)
How can Americans possibly trust this Congress to protect $700 billion in Taxpayer Dollars that is needed to Restore US credit liquidity from being misappropriated?
America in Decline: Richard Sennett (tags)
In the race to the bottom, the worship of profit and the self-healing market, education, retraining workers, social mobility and intercultural learning fall by the wayside. School districts spend 600 times more for sports than for natural sciences. The US imports engineers and programmers.
Congress Please Don’t Do It (tags)
Bottom line the middle class was already on the decline and should this bailout be implemented the middle class as we know it will disappear and after all the dust settles and everything is said and done, it boils down to the rich will get richer and the poor will get poorer and the poor is who pays.
Labors Militant Voice (tags)
Pulling the plug won't mean the end of the world; there is an alternative. Let's do a Kevorkian on this rotten system.
The biggest systematic looting of the US Treasury in history (tags)
The great depression is about to repeat itself. Investment banks and deposit banks are failing, money has frozen up. No loans business or personal. No money available for employers to make payroll. There will be millions of Americans with no jobs and therefore no money. Basics such as gas and food will be hard to come by and many American families will go to bed at night hungry
Pacifica Los Angeles KPFK Listeners Ask:Will Censorship of Socialist Perspectives Continue (tags)
With candidates of socialist perspective taking the lead on issues in the 2008 election, listeners of self-proclaimed Pacifica "Revolutionary Radio" KPFK wonder if the station will continue to censor their candidates and positions and ignore their core point that, as a matter of empirical fact, liberal reform has failed and shows no prospect for success with an Obama election.
The $700 Billion Bailout is a Fraud (tags)
The Bush administration's proposal to buy, with taxpayers' money, $700 billion of toxic liabilities from the corporate financial titans of Wall Street is a fraud. We should not be stampeded into the greatest corporate theft of public assets in the nation's history.
Our GLOBAL ENLIGHTENMENT is LoveRockefeller Rothschild "Life-Game Shift", From & (tags)
People think that a banking or stock market collapse must be bad for everybody, but it's not. If you know a stock collapse is coming (because you are going to cause it)
The Fed, AIG, Congress, Third Party Candidates and the Debt (tags)
The Fed,” William Greider said, “decides who shall prosper and who shall fail.” American International Group (AIG), Fannie Mae, Freddie Mac and Bear Stearns, all private entities, will be bailed out by the taxpayers. Third Party candidates want an audit and investigation of “The Fed,” an unelected clique. “The Fed,” and the Treasury Dept., are currently submitting a Mother of All Bailout schemes to the Congress. It may cost the public $1 trillion!
The financial Ike (tags)
... Fiscal paradises are prospering; people are suffering. Is this how humanity’s well-being can be guaranteed?
Terrorist attack May be cause of Wall Street downturn (tags)
The silence from the investigating camps could mean several things: Either terrorists are responsible for the puts on the listed stocks or others besides terrorists had foreknowledge of the trouble that was about to strike Wall Street or may have even contributed and used that knowledge to reap a nice financial harvest from the instability of the market place.
Reviewing Danny Schechter's "Plunder" (tags)
A masterful account of the subcrime crisis.
Wall St's "Melt Down" is Ronald Reagan's "Legacy" on a Silver Platter! (tags)
The Scary Ghost of Ronnie Reagan: The Dow fell almost 450 points and the Nasdaq fell nearly 5 percent in its worst day since the aftermath of the September 11 attacks in 2001 as rattled investors worried about who could be the next victim of the global credit crisis.
STOP THE PUBLIC BAILOUT OF A.I.G.! TIME FOR REAL CHANGE! (tags)
The U.S. government is poised to bail out AIG with a conservatorship or new bridge loans. It hopes to punish instead the taxpayer public. Stop the public bailout of private wealth! Fight for a real public take-over of AIG! Time for real, socialist change!
If It Quacks Like A Duck, Waddles Like A Duck And Looks Like A Duck, Then It's A DUCK !!! (tags)
With the collapse of major financial institutions of yesterday, the imminent collapse of AIG and WaMu on the horizon, and a new segment of the Housing Industry facing collapse, it is clear, this is not just another recession, or reagon-ession, this is a DEPRESSION.
Bankruptcies Prohibited (tags)
Capitalism is a system based on debts and credit. To function, it needs trust, trust that banks will always meet their obligations. Fannie and Freddie could not do this any more. Alan Greenspan promoted market forces after extremely overrating them.
US Economy in the toilet (tags)
Energy and Climate - Hunger and Money (tags)
At the World Economic Forum, the extensive global crisis is trivialized to four "great risks." The neoliberal elite does not want a system change. It wants to assure itself against the threatening fourfold injustice. A 20% loss in the global social product could be avoided.
Growth and Social Justice: Joseph Stiglitz (tags)
The trickle-down economy does not function. The left understands the market and rhe role the market can and should play in the economy. The right doesn't understand either. The Bush administration is nothing but the old corporatism in a new garment.
A cataclysmic financial storm is about to bring down U.S. economy (tags)
"This phenomenon is a growing threat to the national security and sovereignty of the US. The hundreds of billions of dollars caught up as windfall profit for Arab Islamic oil barons is soon to be used to buy distressed and foreclosed property from the very Americans that the run up in oil has exploited."
SEIU Pres Stern's Key CA Operative Tyrone Freeman Linked To Corruption (tags)
SEIU Pres Andy Stern is seeking to consolidate hundreds of thousands of workers in California and force them into a homecare workers local led by hand picked LA operative Tyrone Freeman. It has now been revealed that Stern's ally is California has been using hundreds of thousands of dollars to pay his family members for video and pr services. The many workers of the local earn around $9.00 an hour
William Greider Raps Predatory Usury Schemes (tags)
How did the country get into this unholy financial mess? Think usury! Acclaimed author William Greider points the finger at banks, and people of great wealth, “taking advantage of poor people by lending them money on terms that are sure to fail.” He blames others, too, like “The Fed,” under the reign of Alan Greenspan, the U.S. Congress, and Wall Street. Mr. Greider charges that these parties worked to “castrate” the watchdogs.
Monetary Policy and Stagflation (tags)
50 countries already show double-digit rates; 42% of the world population is affected. Monetary policy reacts helplessly to stagflation. The financial bubble economy is an excess. When consumers finally spend the money they don't have, everything will be just fine.
Theses on the Basic Income Discussion (tags)
Poverty can only be overcome globally. A change in perspective is necessary where social assistance is seen as positive and not negative. Without a committment to human dignity and a human future, barbarism seems inevitable.
Anatomy of a Crisis (tags)
The problem is that a large part of US real estate financing, the so-called subprime market for real estate credits to poor borrowers, functioned according to the model of a chain letter. Radical redistribution, nationally and internationally, is the command of the hour.
The Time is Ripe: Democratic Controls of the Financial Markets! (tags)
Like the melting of the dollar, the energy, food and housing crises have systemic roots, the logic and dynamic of maximum profit.. The US is experiencing a "margin call." The world wants its money back. The economy and the financial markets should serve people, not vice versa.
Crisis Populism and Rose-Colored Glasses (tags)
When it concerns socializing the losses of the financial disaster, the head of Deutsche Bank no longer believes in the "self-healing power of the market." The bankruptcy of neoliberalism is blatant.
Deregulated Markets and Alternative Economics (tags)
In the last ten years there was more speculationthan ever, more than before the 1930 worldwide economic crisis. A policy of deregulated financial markets made this possible. That real investment profits turn out relatively small encourages the speculation tendency.
How Speculators Are Causing the Cost of Living to Skyrocket (tags)
Speculation results in preposterous exaggerations, with real consequences for the economy. The excesses of financial markets are sending the world economy into convulsions. The financial markets have developed into a "monster" that needs to be tamed (Horst Kohler).
The Eighth Plague (tags)
World Bank president Robert Zoelick compared the food shortage to the Old Testament's "seven plagues" but forgot to mentionthe eighth is the World Bank itself. The World Bank insists on agricultural production for export, not for the local supply of the population.
Potential Future Hyperinflation (tags)
Potential economic trouble ahead.
Global Economic Meltdown (tags)
Financial Instability is Leading to an Economic Catastrophe
"Immoral Hazard" (tags)
Economic troubles are broad, deep and worrisome.
Game of Deceived Deceivers (tags)
The worldwide game with fictional assets has a few winners and many losers. Who has deceived whom in the game of deceived deceivers is hardly clear. The world econmy is too important to be left to gamblers. We need far more than a few new surveillance cameras and watchmen in the casino
Supernote Enigma: american economic warfare against North Korea (tags)
The supernote claims made against North Korea by the US government indicate a plan of economic terrorism and sabotage disguised as a jusitified penalty for an international crime. Read more about this latest round of hypocrisy, whereby North Korea is accused of doing what the evil empire is: economic warfare
Will the Neoliberal Consensus Survive the Banking Crisis? (tags)
These are hard times for the neoliberal consensus whose message was forced worldwide for three decades by the ruling classes in the imperialist metropolises on free capital flows. Business data is a fetish constructed for the goal of profit maximization.
Farewell to Neoliberalism (tags)
State interventions in the economy are unpopular and generally regarded as "against the system"-when the state interferes in profiteering. In the case of a crisis, the losses should be socialized.
Why Are Banks Failing, Mr. Giegold? (tags)
The crisis will cost massive job losses and strain public budgets. The policy of market opening that refuses social and ecological regulations is a disaster. We must raise new taxes. Closing the tax havens would also be desirable.
Senate housing bill- more grief for homeowners (tags)
Socialists across the nation are rejecting a U.S. Senate housing bill that offers little help to struggling homeowners facing foreclosure, while providing tens of billions for banks, financial institutions and big corporations. The bill (Foreclosure Prevention Act) passed in the Senate this past week by a vote of 84-12 and has been sent to the House. The vote was clearly a major setback for millions of homeowners and a big win for banks and big businesses.
Workers Pay for Their own Impoverishment (tags)
A whole series of factors are combining to undermine the financial position of banks. None of this happened by chance. It is only to be expected that brokers should seize every opportunity to line their pockets. They use innovations to kid themselves they can abolish risk.
Global Unsocial (tags)
"The workers who have to sell themselves bit by bit are a commodity like every other commercial article." This quotation from the 1848 Communist Manifesto is an accurate description of the current system which is morally sick and lacks consensus.
The Domino Recession (tags)
The greatest risks threaten through the crisis of the financial system, through further price increases for food, the sensitivity of global supply routes and the increasingly expensive sources of energy. 2008 could develop into a worldwide crisis year.
The Downhill Plunge Speeds Up (tags)
The state has a social nature and cannot only be power and security state. In crisis, we are all Keynesians. Taboo for a long time, the New Deal program slowly sounds promising again. The 1933 "Home Owners Loan Act" was created in the first 100 days of Roosevelt's presidency.
Alan Greenspan at the Feds: A Disaster for America (tags)
The supposed financial guru, Alan Greenspan, was nominated to head the Federal Reserve, in 1987, by that union-bashing dunce, President Ronald Reagan. At his confirmation hearing, the late Sen. William Proxmire (D-WI), exposed the fact that Greenspan’s economic forecasting record was “dismal” and “wrong” most of the time. In his book: “Greenspan’s Bubbles,” William A. Fleckenstein proves Sen. Proxmire’s instincts were prophetic.
The Legal Criminality of Finance Capitalism (tags)
The market mechanism, the Keynesians say, is not efficient or balanced. Charles Ponzi was one of the greatest swindlers of American history. Instead of the capitalist economy holding the strings of politics, politics could use economic power to create new realities.
Psychology of Crisis (tags)
Psychology has a great influence on developments of the world econmy. In Tokyo, the G7 states agreed to avoid negative terms to not worsen the situation. Neither the extreme price drop of the dollar nor of the Yen were mentioned in the final declaration.
Financial Meltdown A "Gigantic Fraud"! (tags)
Leading Economic Writer: Financial Meltdown A "Gigantic Fraud" - Says Americans "duped" by "serpent-tongued" elite!
The Asian Crisis of 1997-1998: Deregulation (tags)
Enormous capital streamed in short-term monetary investments that could dissolve at any time, not in lasting direct investments. Higher stock prices and home prices fueled the credit boom. Deregulated finance markets are everything but efficient.
Oh, That Trillion Dollar Financial Bubble, It’s Leaking! (tags)
It’s here! Author Charles R. Morris calls it: “The greatest credit bubble in history!” He insists that the “writedowns and defaults” of credit devices will “come out about $1 trillion.” Problem: President George W. Bush, Jr. is in denial about the crisis. Like that amiable dunce, President Ronald Reagan, he contributed to this horrible mess by turning the country over to the Vulture Capitalists and also by launching the Iraq War with its price tag of $3 trillion!
Global Casino Capitalism (tags)
What began with cheap money for American homebuyers has expanded to the greatest financial market crisis since the war. The whole extent of bad credits with banks is not yet known, let alone the effects on the world economy.
Attac Germany on the Subprime Crisis (tags)
The crisis can't be solved with a few surveillance cameras in the global casino. The party was quickily over when the real estate prices stopped soaring. Investors are often guided by a herd behavior. Sustainable economy should have a prioirity over short-term profits.
The Crisis of Speculative Capitalism (tags)
Since the end of July 2007, the world economy was shocked by a new severe crisis of the financial markets. The courage to regulate the financial markets to prevent a future uncoupling from the productive economy is still obviously absent. The hour of truth will inevitably come.
Phase of collapse of US real economy (tags)
It is neither a “remake” of the 1929 crisis nor a repetition of the 1970s oil crises or 1987 stock market crisis. It is truly a global systemic crisis, that is to say a crisis affecting the entire planet and questioning the very foundations of the international system upon which the world was organised in the last decades.
Is the "Mother of all Financial Crises" Imminent? (tags)
A trade-weighted devaluation of the dollar of around 25 percent is necessary allowing the US currency to ski "gradually and orderly" against free-floating currencies. The IMF could establish a "substitution account" with "special drawing rights" to avert a dollar panic.
US Crisis Sends Europe's Housing Market into Free Fall (tags)
Investor George Soros sees the worst economic crisis since the Second World War as the aftermath of heavy debts and the credit crunch. Speculative greed for profits and contempt for whistle-blowers led to the crisis. Will there be system correction or only cosmetics?
The Subprime Tsunami Reaches the EU (tags)
Subprime mortgage credits in the US should not have been issued. Nevertheless subprime credits were extended in the volume of $1.3 trillion. An avalanche of expropriation roars in the valley. The banking crisis spills over into the credit system in the real economy.
Sigue Corporation to Forfeit (tags)
(“Sigue”), a San Fernando, California-based money service businesses, entered into a deferred prosecution agreement on charges of failing to maintain an effective anti-money laundering program and will forfeit $15 million to the U.S. government.
Dislocations and Crises (tags)
Liberalization of the finance markets started a mechanism where the broad mass of the world's population lost. Only a few conglomerates and wealthy persons are winners.
Banking- and Mortgage Fraud (tags)
The whole great world of money is infected by the banal greed for more and more. Wasn't the art of making more money out of money the most noble and top-paid pursuit? Deregulation and liberalization have consequences for democracy and the economy.
War Has been declared (tags)
Yes the war has been declared. It has been declared against humanities freedoms, liberties and health. You have been unknowingly disarmed. You have lost the most powerful weapon. That weapon is knowledge of the truth. Society has been fed a diet of professional propaganda lies since before your birth.
Financial Hypocrisy (tags)
After the crisis of 1997, not one important fianncial reform was carried out in the world. Liberalizationof capital markets causes instability and not necessarily growth. In South Korea, the IMF recommended the sale of state banks to US investors.
European Central Bank pumps $500 bn into banking system (tags)
TO SUCCEED over the global credit crunch in aftermath of sub-prime crisis, the European Central Bank (ECB) has announced to grant a record double loan to its banks. The ECB has decided to pump 348.6 billion euros ($501.5 billion) into the banking system through its banks. Though lending to banks at 4.21% rate of interest is available only for two weeks, it is expected that the grant will boost the diminishing confidence of the bank.
Interview with Kurt Richebacher (tags)
"The dangers that loom on the currency front are immense. The US trade deficit and the accumulated foreign indebtedness have reached a scale that defies any possible action by central banks." Dr. Richebacher is a former economist of the Dresden Bank.
Morgan Stanley Issues Full US Recession Alert (tags)
Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investments and a perfect storm for consumers as the housing slump spreads. Under the conservative definition, man is the servant of money. Long live alternative economics!
Imperial wars and genocide, Petrodollar Recycling System and meltdown of financial world (tags)
Imperial wars, crimes and genocide, Petrodollar Recycling System and meltdown of financial world order. Articles, analysis and video documentary
The Real Financial Tsunami is coming! (tags)
"The $690 billion worth of “interest only” ARMs due for interest rate hike between now and July 2008 are by and large not Sub-prime but a little higher quality, but only just. There are a total of $1.4 trillion in “interest only” ARMs according to the US research firm, First American Loan Performance. A recent study calculates that, as these ARMs face staggering higher interest costs in the next 9 months, more than $325 billion of the loans will default leaving 1 million property owners in technical mortgage default. But if banks are unable to reclaim the homes as assets to offset the non-performing mortgages, the US banking system and a chunk of the global banking system faces a financial gridlock that will make events to date truly “peanuts” by comparison. "
Failing Senior Care System Burdening Families (tags)
The war is still the number one issue in the 2008 Elections, but even as we work to bring this war to an end, it is essential that the country look at real solutions rather than illusory for-profit “solutions” to our basic problems: the crisis facing an aging working class, poverty, homelessness, the cost of living, low wages, inflation, the recession, and many other issues on a national agenda of things-to-do. The government must take care of seniors and relieve their families, friends and caregivers of the financial burden.
KPFK and Pacifica Need Good Governance (tags)
Can a "Clean Slate" of candidates for the KPFK Local Station Board rescue the station and the Pacifica Network from internal turmoil, legal challenges and financial collapse?
Crushing Defeat of US blockade of CUBA at UN General Assembly (tags)
For the sixteen consecutive time, United Nations members voted against the US economic, financial and commercial blockade of Cuba. The resolution presented by the island received 184 votes in favor, one more than in 2006, four against and one abstention.
The Bank of the South: An Alternative to IMF and World Bank Dominance (tags)
Latin America's alternative to the IMF and World Bank
Rating Agencies and Prophets (tags)
Some think rating agencies inevitably take the side of their patrons - to the burden of those who buy these "financial products" in good faith in the objective judgment of the auditors. Of course, the agencies refuse liability.
A Hundred and Fifty Years Later and Marx Still Prevails (tags)
Marx Was Right But Don’t Tell Them
Submissiveness Toward the Finance Markets (tags)
Finance market transactions must be made more expensive. Finance market critics warn of a casino capitalism. Are businesses only objects of speculation for global invewstment capital?
On the "Wealth Creation" of the Financial Sector (tags)
My counter-thesis is that a huge waste of economic resources occurs in the area of financial services. Competitive games, the worldwide casino and the invention of securities bundling rotten mortgages are not productive achievements of the capital market.
The Bubble as the Work of Criminals (tags)
A conscious and organized deceit, a criminal fraud, is perpetrated on investors when speculators create marketable securities out of bad mortgages on an overheated real estatemarket.
who is george bush? (tags)
who is george scherf?
Real Estate Crisis in the US (tags)
Credit failures in the real estate business threaten the whole payment system between banks, private businesses and households handled through short-term credits..The US real estate crisis affects other economic sectors and countries and cal also lead to a shift in class relations.
From Crisis to Crash (tags)
Deregualtion and liberalization have contributed to the present chaos. Through deregualtion and internationalization, getting into and out of investments as fast as lightning becomes possible.
Billions Dissolve in Thin Air (tags)
While the political class practices faith healing, all the participants know the end is coming when more speculative bubbles burst. The popular dogma that financial markets and the world economy are more efficient when deregulated and liberalized is over.
Beware of Falling Bankers! (tags)
Like the car, our sacred cow that is not discussed, speculation and prosperity based on credit are taboo subjects. The system is corrupt and its answers wrong. Will we mend our own pockets as China closes its wallet? Critical thinking, culture shock, alternative economic and Jesus' parables can be new beginnings.
Subprime warning signals ignored? (tags)
Regulators passed over chances to curb abuses. "The music has stopped. The people without a chair are going under."
The Coupon Clippers Get A History Lesson From One Of Their Own (tags)
Bourgeois theoreticians take measures to assure their class that the present crisis will pass. "Do not panic" is the message. Good times will return and the robbery can go on. Time for a history lesson.
Market Efficiency Hokum (tags)
Debunking the myth that free markets work best.
Who Profits From the Crash? (tags)
A criminal corruption on the highest planes is at the heart of the assets transfer. Every few decades, the real owners of the world arrange an economic crisis to steal the assets of the people. The incredible sum of $325 billion was injected into the financial system within a few days.
David Walker, comptroller general, warns of impending crisis (tags)
Learn from the fall of Rome, the US is warned. There were striking similarities between America's current situation and the factors that brought down Rome including declining moral values, an over-confident and over-extended military and fiscal irresponsibility by the central government.
HELICOPTER BEN UNLEASHES DOLLAR HYPERINFLATION (tags)
Washington DC – August 12, 2007 – By deciding to ante up $38 billion for a hopeless bailout of predatory Wall Street hedge funds and the banks that stand behind them, Federal Reserve Chairman Helicopter Ben Bernanke has placed the bankrupt US dollar on a direct course towards the precipice of hyperinflation.-
A "Slow Motion Train Wreck" (tags)
Financial market turmoil and the Federal Reserve increases it
Bono's hypocracy (tags)
When Ireland announced last spring that it would sharply curtail a lucrative tax break for musicians, painters, writers and sculptors, the shift posed a financial threat to U2, which has made the Emerald Isle its financial power base for nearly three decades.
Loan defaults escalating: Big Finance and governments Responsible (tags)
Many articles have been written on the tactic of pervasive and continuous debt as a form of economic social management. However, few financial ‘wizards’ and politicians understood the ramifications of such a tactic. To meet regular needs average people have been forced to borrow at rates never before seen. As a result of the created necessity to borrow large amounts and the ease of obtaining large loans, a rapid increase in loan defaults is occurring. Perhaps statistical information on the ‘spike’ in long term debt servicing and mortgagee defaults highlights the failure of the debt strategy. Hailed at the time as the optimum method of economic and social management, today it is proving to be just another strategy of big business appropriating more at the expense of EVERYTHING and everyone else.
JUSTICE for Undocumented Students!!! (tags)
Week of Action including Hunger Strike and various staged actions to demand DREAM ACT for undocumented students.
TAX - AVOID US TAX - AVOID US TAX - AVOID US TAX (tags)
UNITED STATES TAX - AVOID IT TODAY - AVOID IT TOMORROW - AVOID IT FOREVER - UNITED STATES TAX - AVOID US TAX PERIOD FEDERAL UNITED STATES TAX - LOCAL UNITED STATES TAX
U.S. Ambassador Sam Fox:From Swift Boat War Fraud to Brussels,Belgium SWIFT Finance Fraud (tags)
Sam Fox would be an economic,political and social parasite by any other name but to place him as U.S. Ambassador to Belgium after the W Bush Regime's SWIFT financial spying scandal by ex Treasury Secretary John Snow and the U.S. CIA in Belgium is a lot like putting a fox in charge of the chicken coop.
US Locomotive Losing Steam (tags)
In 2006 after the crash of the New Economy boom, we are again witnessing irrational excess in the credit system and in the prices of assets and property titles.
De-industrialization reduces the long-term wealth-formation of broad sectors of the population. An extremely high indebtedness of private households also contributes to the disastrous total deficit of the US.
Economic sanctions on Israel (tags)
It is a disgrace that the Iranian government should be able to tell the US government what to do.
The Big Meltdown: PAUL KRUGMAN - Financial Crisis; Democrats seek more war funds than Bush (tags)
KRUGMAN: If we’re going to have a financial crisis, here’s how it will play out. THE COMPLETE ARTICLE AND MORE
Savings Accounts for Newborns in CA is a Bad Idea (tags)
The CA Senate Proposal to give $500.00 to all babies born in CA staring Jan.1, 2008 is a bad idea.
The Triple Bottom Line (tags)
A talk with Alyson Slator on the Global Reporting Initiative.. Not only the financial bottom line counts, but also the social and environmental ones.. Obviously it is very embarrassing if a company has been cooking its environmental books.
Israel comes begging, again (tags)
The US peace movement should ask Congress to stop this.
EMERGENCY INTELLIGENCE BRIEFING (tags)
Bushfraud, the un-elected president of the United States, is about to defy the American people, about to defy his own Joint Chiefs of Staff, about to defy the Congress of the United States all in the name of taking 20,000 more troops into Iraq to continue to wage his war based on a lie. Zionist Benjamin Netanyahu, who is not even an official member of the Israeli government,is blackmailing Bushfraud vis a vis using Bush's homosexual sex and financial fraud, election fraud, criminal fraud, telling Bush either you do this in Iraq and Iran or else.
Cooking the Books: U.S. Banks are Giant Casinos (tags)
This is not good news.
NoBorders - english version now available - videoclip (tags)
The videoclip is now finally available in english version and in wmv format.
BREAKING: Bush, Hillary and Obama on an Oil Carousel. Where's the Money! (tags)
As reported earlier, eight hundred million dollars is missing from the U.S. Treasury. It can now be reported that FBI investigations have tied the First Broadway Bank of Chicago and the Allied Bank of Ireland as two major drop-off points. What makes this scandalous are the financial links to Senator Barack Osama Obama and Hilary Clinton. Also linked is former President George Herbert Walker Bush (41). Obama bagMan, Anthony Rezko, and Bush Clinton fixer Mossad Agent Lorraine Fine, have been fingered as co-conspirators in the theft of these funds. Mobster Rezko, Obama’s fundraiser, owns the real estate lot on which Obama lives. And Lorraine Fine helped co-ordinate the escape for Marc Rich in 1993, vis a vis the Arrest Warrant issued for Rich by then U.S. Vice-President Albert Gore Jr.
Canaries of the Activsist World (tags)
The Animal Enterprise Terrorism Act defines terrorism as causing an animal enterprise to suffer a profit loss - even if the company's financial decline is caused by peaceful protests, boycotts, media campaigns or leafleting. If the AETA passes this precident will go on to define nearly all activist activies as terrorism
Canaries of the Activsist World (tags)
Animal Enterprise Terrorism Act defines terrorism as causing an animal enterprise to suffer a profit loss - even if the company's financial decline is caused by peaceful protests, boycotts, media campaigns or leafleting. If the AETA passes this precident will go on to define nearly all activist activies as terrorism
Government Grants For Women 888 384 9608 24hrs (tags)
Programs That Offer Government Assistance To Women
Vetonator Strikes Again! (tags)
California’s governor, Arnold Schwarzenegger, has vetoed SB 160 sponsored by Sen. Gil Cedillo
Swift,IBM and U.S.Government spying on stock transactions (tags)
Below are pertinent links to the Swift or Society for Worldwide Interbank Financial Telecommunications controversy over allowing the W Bush regime and its CIA and Treasury Department to spy on international banking and securities or stock data with no questions asked.As you will see from one link below,this may have not phased brain dead American public but it has indeed raised ire over seas where complaints against U.S. snooping have been filed in up to 32 countries !
The Minutemen $cam (tags)
A growing number of Minuteman Civil Defense Corps leaders and volunteers are questioning the whereabouts of hundreds of thousands, perhaps millions, of dollars in donations collected in the past 15 months, challenging the organization's leadership over financial accountability.
Hamas, from islamic revival-movement to Palestinian government (tags)
In contary with the leading opinions of the American-European politicians and media, the aim of Hamas, calling by them the ''distruction'' of the State of Israel, is not to kill or expell the Israeli-Jewish population, but to dismantle the zionistic State Model and to make an end to 39 year Israeli occupation and settlementspolicy
CALL FOR GLOBAL ACTIONS AGAINST IMF/WORLD BANK, SEPTEMBER 14-20 (tags)
Mobilization for Global Justice (MGJ) has endorsed the following call, written and distributed by Jubilee South, a coalition of social movements throughout the Global South who are resisting illegitimate debts and IMF/World Bank policies. The statement calls on people worldwide to take action in their own communities against the IMF/World Bank the week of September 14-20, while the institutions meet in Singapore.
DIRTY SECRETS OF THE TEMPLE (tags)
HOW THE US FEDERAL RESERVE HAS ABUSED THE PUBLIC SINCE INCEPTION
DIRTY SECRETS OF THE TEMPLE (tags)
AN ACCOUNT OF HOW THE US FEDERAL RESERVE HAS ABUSED THE PUBLIC SINCE INCEPTION
New York Rep.Peter King,CIA,Swift,NY Times,Republican stock fraud (tags)
Speaking of 'Swift' as in 'Swift Boat Captains For George Bush',not Society for Worldwide Interbank Financial Telecommunication,Peter King's Republican colleague,the mad Utah Mormon Senator Bob Bennett as well as Orin Hatch and Republican Gov.Jon Huntsman are supporting a penny stock scam called National Coalition Against Naked Short Selling' or NCANS,founded by Overstock.com's Patrick Byne and anonymous penny stock promoter.I believe James Dale Davidson of 'Clinton kiled Vince Foster' fame is involved in this fraud as he was a similar 'anti-naked shorting' scam called NAANSS.Do a google search.
Total TIA Data Theft (tags)
Brazilian government's decree allows increasing of foreign participation in the papers of (tags)
The Bank of Brazil will be a little less of Brazil, in the Stock exchange of São Paulo, thanks to plus an controversial decision of the petist government, totaly converted to the dogmas of international economic neolibertinism - same pathology that acomete the Toucans.
Lt. Governor Candidate Is Pro Small Business (tags)
California and America must focus on protecting small businesses; at stake are jobs and $100’s billions in earnings for millions of American families. Stewart Alexander wants to provide California small businesses State financial assistance ranging from $50 to $500 thousand, and marketing assistance from State, local governments and private organizations.
treasonous to the Brazilian people (tags)
For Garotinho, Lula works for national and international financial capital and wants a new mandate for, among others things, to privatize the country.
SOROS AND ME! PART IV - THE PLOT TO OPEN CHINA (tags)
Alex S. Gabor publishes his fourth installment in his internationally syndicated column, Soros and Me!
WHAT THE PRICE OF GOLD MAY BE TELLING US (tags)
A political commentary on why gold prices are rising.
Hello...anyone home? (tags)
Cheney, the dumb, just now sees what he has done in Iraq.
A Second Lender Stands Up (tags)
Another Lending Institution Stands Up to Developers Seeking To Use Eminent Domain to Sieze Peoples' Homes
The South is Bled White (tags)
Since the Asian crisis and the 1980s, we have had massive net capital flows from the South to the North. The South is systematically bled white under the present conditions of the world economy.
The “Free Market”: The Greatest Terror Of All (tags)
The economic system of production we live in is called capitalism or the free market. We are supposed to be fortunate because we are free to starve to death amidst abundance. This form of social organiztion has not existed for all time and need not exist in the future. The first step in eliminating it is accepting this simple idea.
End of a Legend (tags)
Instead of overcapacities and selling houses to each other, America is called to radical economic change and sustainability. The economy should servie humanity. Progress and work should be redefined for the post-fossil age.
Mantas Inc,Herndon, Va, Pro-Money Laundering Arm of International Bankers,Brokers (tags)
Mantas Inc. whose expertise is supposedly anti-money laundering has allowed untold millions or perhaps billions of laundered dollars go unchecked by criminals or even possibly terrorists through our banking , brokerage and market maker systems... promotion of Endovasc penny stock by Agora Inc. of Baltimore followed by massive dumping of 'up to 30 million shares' from a Charles Schwab account is proof but still not even the tip of the 'share-money laundering' iceberg they are apparently paid to ignore. Charles Schwab sold the corrupt market maker business to CSFB not long after that and many other illegal pump and dump schemes in partnership with LOM of Bermuda.Mantas Inc.was rewarded for not doing its supposed job of guarding against money laundering and illegal pump and dump activities by being contracted by CSFB to oversee 'ati-money laundering' activities of CSFB who bought Charles Schwab's market maker business.It should come as no surprise unfortunately that the CIA's In-Q-Tel has been an investor in SRA International, Inc (NYSE:SRX), and that its other parent company Safeguard Scientifics, Inc. (NYSE:SFE) actually shows every indication of having been an illegal pump and dump itself having been promoted even by Agora Inc. inthe past to near $100 per share a few years back to having become a penny stock today .
The Fifth Branch (tags)
The fianncial markets, the fifth branch, are probably the most important markets today. Many remain excluded from this time- and space compression. Most people are barred from the advantages of globalization like greater mobility and improved communication
Veteran Demands Financial Reparations For American Holocaust or an International Militia (tags)
As a veteran held captive at the LA VA Westwood and LA County Jail and tortured by the federal and California and Alabama governments, on videotape is some abuse. I am demanding financial reparations for the American Holocaust I suffered, or the
Networks and Power (tags)
Another world is possible. This is directed against the famous and thoughtless assumption of the impossibility of alterna-tives at the "end of history".. The substance of societies is tapped for financial institutions.
Cal Housing Bubble May Burst Soon (tags)
The basic rule of thumb that if you cannot afford to itemize deductions on your income tax form, you cannot afford a house is as true today as ever. A house is just forced savings and if you do not need the tax write-off, you are better off renting. The World Socialist Website has a good analysis of the pending bubble burst of the California housing market, which means now is a good time to sell if your house is not a tax writeoff.
Scheme to Assassinate Wayne Madsen? (tags)
Is the Bush Cabal So Desperate?
Self-Help Graphics Update (tags)
Update on the Self-Help Graphic story. 200 attend mass meeting in Highland Park to find a way to open the doors of Self-Help again. following materials and photo come from Chicano artist Harry Gamboa. See art for change web log for more details on story: www.art-for-a-change.com/blog
The New Inequality Machine (tags)
From the middle of the seventies, the interest rates exceeded the real growth rates. This made it even more attractive for owners of capital to invest their money in the financial markets rather than the real economy.
IndyMedia--please help (tags)
FREE POLITICAL PRISONERS! CALL FOR SOLIDARITY AT ARRAIGNMENTS! Please help a) get in touch w/ ALL the other arrestees / or their families from last night Garden Grove and b) we have a general CALL OUT FOR HELP WITH FINANCIAL SUPPORT FOR LEGAL FEES AND/OR LEGAL AID. More details below.
The Web: Social Security numbers online? (tags)
A story about criminals stealing social security numbers online.
From Crisis to Crash (tags)
Representatives of orthodox market theory are not weary emphasizing that the causes of crises only refer to economic errors in the afflicted countries. This 1988 Austrian warning calls us to resist the ideology of market fundamentalists.
First Brothers Profit From W. (tags)
Detailed account of financial involvement of Bush brothers in shady business deals.
NIH AIDS researchers: money under the table (tags)
http://wid.ap.org/science/royalties.html Two top scientists - Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, and his deputy, H. Clifford Lane - are among 916 government researchers who have been receiving royalties on experimental drug treatments without disclosing those royalties on their annual ethics forms or on experimental patient consent forms.
Washing Away the Lies about Disaster Relief (tags)
As the fervor dies down and the media stops their fanatical coverage of this event, moving on as they inevitably do to the next celebity basketball match or the next pentagon press release, what will happen to the tsunami victims?
Alternatives to Neoliberal Globalization (tags)
All the alternatives begin with resistance agaisnt the neoliberal globalization that is increasingly aggressive and openly violent. The essential levers are redistribution from top to bottom and an economic policy promoting employment.
Returning To The Ancient Ways (tags)
The Demon and its Conjuring Trick: Money (tags)
"The light in which the glboal financial markets operate is very dim.. Unveiling the money fetish is a task of economic literacy. The monetary sphere seems uncoupled from the real economy, the world of work.."
Starving Amid Plenty (tags)
With society awash in cash workers are expected to take cuts and be thankful
Inflationary Deflation or the Dominance of the Global Financial Markets (tags)
"When real interests are above real growth rates of the GDP, debtors are structurally overstrained. The debt crisis of the 1980s and the financial crises of the past decade suggest that a kind of post-modern `plundering capitalism' is arising.."
California-The Prison State (tags)
Too many lockups lead to service lockouts
Annulling Debts as a Great Step (tags)
"The goal must be redefined beyond goods production and abstract labor, beyond the market and the state.. The great step of debt cancellation occurs when the burden can no longer be endured. The new finance capita-lism is a bubble and debt capitalism.."
The Road to Hell (tags)
It time to share the truth with others, please spread this far and wide...
Grip of Death (tags)
This is the world that has been pulled down over your eyes to blind you from the truth...
The Crash has Already Begun (tags)
"The crash has already begun! Every crash comes inthree steps, the stock market crash, the banking industry crash and finally the real crash, the collapse of the economy, businesses, jobs and the financial system.. The coming depression is the correction.."
An Object Lesson in Investing (Or Being Taken for "a Ride") (tags)
Adam Smith, the father of modern economics much-quoted by conservatives, once said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." It's a description that fits today's Wall Street to a tee.
Of Satans, Bush and financial dictatorship (tags)
Using "Bush Logic" George Washington and all of the Founding Fathers who fought in the Revolutionary War were Terrists'. Think about it.
For Bush Lover (tags)
Bush Ancestor's Bank Seized by Gov't
THE MIDDLE-FINGER NEWS (tags)
"Dubya" is owned by the Red Chinese Secret Police. He lives a fraudulent life, not as a "Christian family man", traveling around now, and since an early age, with his male sex-mate, Mayor of a sizeable southern city. And a sworn enemy of the U.S., Red China, is using this to blackmail Bush, compelling him to turn over U.S. financial, industrial, and MILITARY secrets. Fitting the U.S. Constitution's definition of TREASON. (Article Three, Section 3.)
Tax Cuts, The Enron’s, The Rich, The Poor, And Human Nature… (tags)
“They are giving tax cuts to the rich and robbing the poor” lets put this age old debate regarding tax cuts into the simplest terms. The financial security of everyday people is essential to raising our children, grandchildren, providing good education, reducing crime. The wisest financial strategies need to be put in place above bipartisan politics or the passion of so many of us vigilantly opposed to class systems. A review of human nature and the cycles of people’s lives need to be taken into consideration when waging this big debate on economical models such as Bush’s tax cuts. The answer may be a little surprising though...
US Fines, May Jail Woman Who Was 'Human Shield" in Iraq (tags)
Faith Fippinger, "a retired schoolteacher who went to Iraq to serve as a 'human shield' against the U.S. invasion is facing thousands of dollars in U.S. government fines, which she is refusing to pay." She could face 12 years in prison for taking this courageous stand against the US War Machine.
Broke and bitterly split, California is on skid row (tags)
The state of California, as of midnight last night, was officially broke. The richest, most populous state in the union - by some measures the world's fifth biggest economy - is facing a budget deficit of $38bn (£23bn).
Martha and Hillary’s Parallel Universe (tags)
"Only this time, in a bizarre turn of events, while the leftist media have pruned Martha from its own orchard, they still leave Hillary rotting and withering on their tree, only to eventually spoil the entire grove." HAHAHAHAHAHAHAAhHAhAhAhA!!!!!!
PayPal = SpyPal (tags)
PayPal is not your buddy. It is another corrupt Corporate Suck-up. Please do not use PayPal.
They Say "Tomato," We Say "What's Going On?" (tags)
"Post-War" Iraq Situation Has Funny Tone To It
U.S. Government of the rich, by the rich, and for the rich (tags)
How has the secretive U.S.-based IMF/World Bank economically enslaved poor countries?
In other news - IMF reports globalization doesn't help the poor (tags)
While the world's attention is focused on war in Iraq, the International Monetary Fund has released a study finding there is little evidence that globalization helps poor countries. In other words, the protesters were right all along.
MOODY'S International Ratings Co. URGES TURKEY TO ACCEPT US TROOPS; Backs ISRAEL's Ratings (tags)
International ratings Co. MOODY's is URGING TURKEY TO ACCEPT US TROOPS QUICKLY, (so as not to lose US $$$) and at the same time re affirms ISRAEL'S ratings because of expected US $$$$$.
Clinton's Involved with World's Biggest Drug Launderers (tags)
From the book "False Profits: The Inside Story of BCCI, the World's Most Corrupt Financial Empire" by Peter Truell and Larry Gurwin 1992
The Will to Paralysis: The Crisis of Shareholder Capitalism (tags)
Scapegoats or black sheep are used to evade the crisis of the system. Considering matters more exactly would be very appropriate. Are manifestations of corruption and tax evasion normal side-effects of a system fixated on money?
US to spend at least $4 bn to undermine democracy in Turkey (tags)
If the majority of the people in Turkey oppose the war, then for the US to pressure the Turkish government to support the war is to undermine democracy. Should the Turkish government answer to its citizens, or to the highest bidder with the biggest guns?
Australians protest against US exploitation of Latin America (tags)
US policies towards Latin America have caused an increase in hunger, unemployment, illness and infant mortality, Australian solidarity organisations say.
On the subject of so-called "Trust Fund Kids" (tags)
I've noticed that some of the right-wingers and Bush lovers who post on IMC -- most notably those with nothing of substance to say -- are fond of using the term "Trust Fund Kids" as a pejorative to somehow diminish the contributions of those whose financial circumstances are anywhere above the poverty level. Let's dispel some of the "popular" misconceptions.
globalisation means war (tags)
The global Swiss banking syndicate that is backing the war effort
America's Union for Security Professionals (tags)
The International Union, Security, Police and Fire Professionals of America (SPFPA) have represented security professionals for over 50 years. As a SPFPA Member, you gain:
National Council of Churches Opposes Bombing (tags)
National Council of Churches Opposes Bombing
JESSE VENTURA (tags)
Jesse Ventura found "Comprehensive Annual Financial Reports"
IMFC meetings rescheduled to November (tags)
IMFC and Development Committee Meetings To Be Held November 17-18, 2001 in Ottawa
Financial Times: Capitalism's Children Strike Back... (tags)
The Financial Times UK is running a week-long series on the movement.It can be found here: http://www.ft.com/countercap The author James Harding is also hosting a discussion group, titled 'Do the Anti-Globalisation Activists Have a Point?' All contributions are welcome...
Fortunate Son:Second Edition J.H. Hatfield (tags)
All of us here at Soft Skull mourn the passing of Jim Hatfield.
Strange Message from Russia (tags)
In connection with the emerging tension both at the international finance market and stock market as well, considerable fluctuation in the oil prices, and some other indicators of instability in the financial world, a group which composed of Russian and foreign financial analysts has made a decision to call a special meeting to debate the current precrisis situation in order to consider ways in which we can meet these challenges and elaborate an optimum strategy for the authorities of financial structures in Russia and in other emerging market economies.
boycott petition the congress http://www.boycott-republicans.com (tags)
Austria: a year after the FPO crept to power, who benefitted ? (tags)
In Austria, the regime of Haider's laughably named "Freedom" party may serve as an example of what to expect from a corporate state.