Finance and the Economy

The Davos World Economic Forum An Orgy Of Power And Money

Friends, this year the WEF is celebrating its 50th Anniversary. Forty-nine (49) of the insanely pompous – and every year more – WEF events took place in Davos, Switzerland. Just one, in 2002, after 9/11, was moved to New York City, paradoxically for ‘security reasons’ they said – the logic of such a move was as ludicrous as the WEF itself.

Pentagon Racks Up $35 Trillion In Accounting Changes In One Year

January 23, 2020 By Anthony Capaccio, Bloomberg.com Educate! Department of Defense, Finance and the Economy, Pentagon

The Pentagon made $35 trillion in accounting adjustments last year alone -- a total that’s larger than the entire U.S. economy and underscores the Defense Department’s continuing difficulty in balancing its books. The latest estimate is up from $30.7 trillion in 2018 and $29 trillion in 2017, the first year adjustments were tracked in a concerted way, according to Pentagon figures and a lawmaker who’s pursued the accounting morass. The figure dwarfs the $738 billion of defense-related funding in the latest U.S. budget...

25 People Occupy Chase Bank Branch In D.C. As Climate Activists Launch A Major New Campaign Targeting The Financial Industry

January 11, 2020 Staff, Sierraclub.org Resist! Activists, Banks, Climate Change, Finance and the Economy

WASHINGTON - Over twenty people occupied a Chase Bank branch in Washington, D.C. today to kick off Stop the Money Pipeline, a major new activist effort going after the financial industry’s funding of climate destruction. The action took place alongside today’s Fire Drill Friday protest at the Capitol led by Jane Fonda and allies. Fonda, Susan Sarandon, Greenpeace U.S. Director Annie Leonard, and dozens more marched down Pennsylvania Avenue from the Capitol to the Chase Bank branch to show solidarity with the protestors inside.

The Financial Nuclear Option Will Settle Trump’s War With Iran

January 9, 2020 By Pepe Escobar, Asiatimes.com Educate! Finance and the Economy, Iran, Trump Administration, Wars and Militarism

On foreign soil, as a guest nation, US has assassinated a diplomatic envoy whose mission the US had requested. The bombshell facts were delivered by caretaker Iraqi Prime Minister Adil Abdul-Mahdi, during an extraordinary, historic parliamentary session in Baghdad on Sunday. Maj. Gen. Qasem Soleimani had flown into Baghdad on a normal carrier flight, carrying a diplomatic passport. He had been sent by Tehran to deliver, in person, a reply to a message from Riyadh on de-escalation across the Middle East. Those negotiations had been requested by the Trump administration.

Goldman Sachs Sees Stranded Assets: Rules Out Investment In Coal And Arctic Oil

December 18, 2019 Staff, Ran.org Create! Arctic, Finance and the Economy, Oil

San Francisco– Today, Goldman Sachs announced the strongest fossil finance restrictions of any major U.S. bank, though it still lags behind its leading global competitors. It also remains far from alignment with what is needed to limit climate change to 1.5 degrees Celsius. Goldman Sachs has ruled out direct finance for new or expanding thermal coal mines and coal-fired power plant projects worldwide, as well as direct finance for new Arctic oil exploration and production. The policy makes explicit mention of protecting the Arctic National Wildlife Refuge.

Hope Lies In The Streets

December 17, 2019 Chris Hedges, Truthdig.com Resist! Finance and the Economy, Ideology

Global finance capital has seized control of the economies of most nation-states. The citizens watch, helplessly, as money and goods are transferred with little regulation across borders. They watch as jobs in manufacturing and the professions are shipped to regions of the global south where most workers are paid a dollar or less an hour and receive no benefits. They watch as the taxes of the rich and corporations are slashed, often to zero. They watch as austerity programs dismantle or privatize utilities and basic social services, jacking up fees to consumers.

Fed Up: The Impunity Of Central Banks

December 11, 2019 By Trevor Jackson, Dissentmagazine.org Educate! Banks, Finance and the Economy, History

September 29, 2008, was one of the strangest days in the recent history of capitalism. The investment bank Lehman Brothers had failed two weeks earlier in the largest bankruptcy in U.S. history, and Washington Mutual had failed after a bank run on the 26th. Insurance giant AIG was bailed out on the 30th. Global credit markets were paralyzed, stock markets were in vertiginous collapse, and the entire international financial system was at risk. Treasury Secretary Henry M. Paulson Jr. approached Congress with the Emergency Economic Stabilization Act and the $700 billion Troubled Asset Relief Program (TARP)...

Student Loan Debt: Unsafe In Any Amount

December 8, 2019 Lynn Petrovich, Popular Resistance. Educate! Education, Finance and the Economy, Student Debt, Youth

If Americans were aware of the extent that student loan debt has been carved out to serve the pockets of the educational and financial industries as well as the government, they’d think twice before considering higher education. Beginning in the 1970s and over the next 4 decades, in bi-partisan administrations, student loan debt has been stripped of most consumer protections including, but not limited to, Truth in Lending, Statute of Limitations (federal), Fair Debt Collection practices, and bankruptcy (debtors can file and have their debt extinguished in bankruptcy only under the most dire of circumstances). Recently this fact was laid out when a top official of the Department of Education (DOE), A Wayne Johnson, quit in order to push an agenda to cancel much of the country’s student debt. In reference to his two years at the DOE, Mr. Johnson said “[You’re] not going to fix something broken at its core.”

How To Crush A Bankers’ Dictatorship

November 17, 2019 Matthew Ehret, Strategic Culture. Educate! Capitalism, Depression, Finance and the Economy, New Deal

The western media has been hit with warnings of “financial Armageddon” and the need for a “global hegemonic synthetic currency” to replace the collapsing US dollar under a new system of green finance. These statements have been made by former and current Bank of England Governors Mark Carney and Mervyn King respectively and should not be ignored as the world sits atop the largest financial bubble in human history reminiscent of the 1929 bubble that was triggered on black Friday in the USA which unleashed a great depression across Europe and America. While I’m not arguing that a systemic change is not vital to protect people from the effects of a general meltdown of the $1.2 trillion derivatives bubble sometimes called “the western banking system”, what such central bankers are proposing is a poison more deadly than the disease they promise to cure.

Is The Run On The Dollar Due To Panic Or Greed?

November 6, 2019 Ellen Brown, Truthdig.com Educate! Currency, Federal Reserve, Finance and the Economy

What’s going on in the repo market? Rates on repurchase (“repo”) agreements should be about 2%, in line with the Federal Reserve funds rate. But they shot up to over 5% on Sept. 16 and got as high as 10% on Sept. 17. Yet banks were refusing to lend to each other, evidently passing up big profits to hold onto their cash—just as they did in the housing market crash and Great Recession of 2008-09. Because banks weren’t lending, the Federal Reserve Bank of New York jumped in, increasing its overnight repo operations to $75 billion, and on Oct. 23...

Desperate Central Bankers Grab For More Power

September 21, 2019 Ellen Brown, Web of Debt. Educate! Central Bank, Finance and the Economy, Public Banking

Central bankers are acknowledging that they are out of ammunition. Mark Carney, the soon-to-be-retiring head of the Bank of England, said in a speech at the annual meeting of central bankers in August in Jackson Hole, Wyoming, “In the longer-term, we need to change the game.” The same point was made by Philipp Hildebrand, former head of the Swiss National Bank, in an August 2019 interview with Bloomberg. “Really there is little if any ammunition left,” he said. “More of the same in terms of monetary policy is unlikely to be an appropriate response if we get into a recession or sharp downturn.” “More of the same” meant further lowering interest rates, the central bankers’ stock tool for maintaining their targeted inflation rate in a downturn.

Are Ordinary People In The United States Screwed? My Reply

August 18, 2019 Jack Rasmus on his website. Educate! Debt, Finance and the Economy, New Economy, Recession, wealth inequality

In short, the policies since 2008–both Obama’s and Trump’s–for ten years now have been subsidizing the rich, the elites, the owners of capital incomes like never before in US history. Tax cuts and Fed policies have subsidized (i.e. redistributed) tens of trillions of dollars for the elites from fiscal and monetary policies. The redistribution/subsidization has been so extreme that that fiscal and monetary policies are now effectively ‘dead in the water’ when it comes to try to stimulate the real US economy once it descends into recession–which is less than 12 months away for the US and already happening in Europe, Latin America, and parts of Asia. Fiscal policy in the US is now dead-ended as an effective stimulus policy tool due to the $22 trillion current US national debt levels and annual $1 trillion plus budget deficits.

This London Firm Helps The Wealthy Hide Assets – Or Steal Them. Luckily We Have 15 Years Of Their Client Communications.

July 26, 2019 Barrett Brown, Counterpunch.org Educate! Corruption, Finance and the Economy, Leak, Ruling Class

It is my cheerful duty to announce the acquisition of around 85 gigabytes of leaked emails, phone calls, faxes, and other documents originating from the London-based tax shelter firm Formations House, best known to the public for the assortment of often colorful scandals involving such figures as former Ukranian president Viktor Yanukovych, and best known to the global kleptocracy as a cheap and discreet option by which to avoid taxes or steal them altogether. These materials, which cover fifteen years from the company’s founding in 2001, were recently obtained by Distributed Denial of Secrets...

The Cost Of Climate Change: Steve Keen Dismantles William Nordhaus

July 23, 2019 By Lambert Strether, Nakedcapitalism.com Educate! Climate Change, Finance and the Economy

DICE stands for “Dynamic Integrated model of Climate and the Economy”. It’s the mathematical model from which Nordhaus derives the results noted in the previous figures. DICE is based on the Neoclassical long term growth model devised by the mathematical prodigy Frank Ramsey in 1928 {Ramsey, 1928 #5029}. This is the same foundation as the mainstream RBC (“Real Business Cycle”) and DSGE (“Dynamic Stochastic General Equilibrium”) macroeconomic models that completely failed to anticipate the 2008 Global Financial Crisis. That its macroeconomic cousins fared so badly at their chosen task is cause enough for concern.

A World Without Dollars? Are We Approaching The End Of America’s Financial Order?

July 8, 2019 Staff, Astutenews.com Educate! Currency, Finance and the Economy, Inter-Imperialist Rivalry

In the last decade or so, the reputation of the U.S. dollar has been widely discredited because it is viewed by many governments around the world as a risky asset since the U.S. economy holds more than $21 trillion in debt and if you add the unfunded liabilities in the form of promises to ensure payments to retirees associated with government pensions, entitlement programs and social security amounts to more than $200 trillion. The dollar is a fiat currency based on “faith” which is issued by the Treasury department and backed by the full weight of U.S. government...

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