Archive for the ‘Economy’ Category
Lawmaker Seeks FBI Files On Financial Crash; Wants To See Why No Bank Execs Were Arrested – Consumerist
Millions of Americans lost their jobs, houses, savings, and more when the housing market collapsed under the weight of mortgages that should never have been approved, let alone bundled and converted into worthless, toxic securities. And yet, no senior Wall Street bank executives were ever charged with a crime. Now one U.S. congressman is asking to look at the FBI files to find out why. In a letter [PDF] sent yesterday to FBI Director James Comey, Rep. Bill Pascrell (NJ) points out that in 2004 — four years before the collapse — the FBI had already expressed concerns about questionable mortgage practices that would ultimately result in the loss of trillions of dollars in household wealth.
For the so-called ‘radical leftist’ from Greece is only the latest in a long line of ‘radicals’ and ‘leftists’ to betray the people who had voted for them and cave into the demands of imperialist international finance capital.
The only surprising thing about Alexis Tsipras’ capitulation to the troika is that anyone should be surprised by it.
In Britain, we had our own version of the Greek ‘crisis’ in 1931. And like today, it was a politician nominally of the ‘left,’ the Labour Party leader Ramsay Macdonald, who eventually sided with the bankers against ordinary working people. A ‘banker-led coup’ occurred that replaced the democratically elected Labour government with a new capital-approved National Government, which moved to introduce steep cuts in public spending and slashed unemployment pay. The new government was dominated by the Conservatives, but had the turncoat ‘socialist’ MacDonald at the helm and another Labour traitor Philip Snowden as Lord Privy Seal.
The London bankers told MacDonald: “The cause of the trouble was not financial, but political, and lay in the complete want of confidence in His Majesty’s Government existing among foreigners,” records the historian A.J.P. Taylor, citing Keith Feiling’s biography of Neville Chamberlain. In the general election campaign in October 1931, Philip Snowden (soon to become ‘Viscount Snowden’), viciously turned on his former comrades in the Labour Party, saying that their anti-austerity program was “Bolshevism run mad.”
The U.S. content industry will try anything to preserve its profit margin and power over the creative content market at the expense of the Internet. They will use any tactic that circumvents democratic processes to make new rules for the Internet that favor their interests and not the interests of Internet users or the technical community that actually builds the Internet as we know it. The Trans-Pacific Partnership (TPP) is yet another example of these tactics.
The TPP is a secretive plurilateral1 agreement that includes provisions dealing with intellectual property, including online copyright enforcement, anti-circumvention measures, and Internet intermediary liability. Due to the secrecy of the negotiations, we do not know what is in the current version of the TPP’s IP chapter; the general public has only seen a leaked February 2011 version of the U.S. IP chapter proposal [pdf]. Based on the one-sided nature of the groups directly involved, and the content of what has already leaked, we should all be concerned about the prospect of the TPP including provisions that will harm online expression, privacy and innovation on the Internet.
The financial elite are hinting that an impending financial collapse is on the horizon.
From the Greek-Euro crisis to gold’s sudden rise in popularity, the writing on the wall points to unavoidable economic doom.
On the eve of the Jade Helm military drill set to take place next month, Texas Governor Greg Abbott indicated his distrust of the Federal Reserve’s fiat monetary system in a move to repatriate $1 billion of gold back to his home state.
Countries such as China and Germany have made similar moves, with the German Central Bank, or Bundesbank, earlier this year saying it also has plans to repatriate 300 tonnes of gold from the New York Fed by 2020.
Global stock markets took a battering Monday after Greece shuttered its banks for the week and imposed limits on cash withdrawals — developments that have reinforced fears the country is heading for a debt default and a messy exit from the euro.
Investors are fretting about the uncertainty posed by the events in Greece. Though many experts say the global economy — even Europe — is in better shape to withstand a potential Greek exit from the euro, some point out that its implications are not fully clear.
Stocks fell in Asia and Europe, where Germany’s main index was down 3.5 percent and Greece’s market remained closed for the week. The euro fell sharply, as did oil prices, and Wall Street was expected to open lower.
The Greek parliament approved a referendum on the latest offer of a debt deal by the country’s EU-IMF creditors by a majority vote late Saturday night, according to the assembly’s count. The banks will remain shut six days, following a recommendation Sunday by the Bank of Greece, Prime Minister Alexis Tsipras announced.
Threat of War: Russia Gets Very Serious on “De-dollarizing”. The Russia-China “Silk Road” Strategy | Global Research
Russia is about to take another major step towards liberating the Ruble from the Dollar System. Its Finance Ministry just revealed it is considering issuing Russian state debt in Chinese Yuan. That would be an elegant way to decouple from the dependence and blackmail pressures from the US Treasury financial terrorism operations while at the same time strengthening the bonds between China and Russia–Washington’s worst geopolitical nightmare.
Russian Deputy Minister of Finance, Sergei Storchak, announced that his ministry is making a careful study of what would be required to issue Russian bonds denominated in Chinese Yuan. The latest news is part of a long-term strategy between Russia and China that goes at the heart of American hegemony—the role of the dollar as the leading world central bank reserve currency.
The dollar is used in some 60% of central bank reserves today. The second largest is the Euro. Now clearly China is carefully moving, as the world’s largest trading nation, to create its Renminbi or Chinese Yuan as another major reserve currency.