Finance

Crashing Currency Chaos Spreads Across The Global South

September 3, 2018 By Pepe Escobar, Asia Times Educate! Currency, Finance, US Regime Change

There is a serious currency crisis affecting key emerging markets. Three of these – Brazil, Argentina and Turkey – are G20 members, and Iran, absent external pressure, would have everything to qualify as a member. Two – Iran and Turkey – are under US sanctions while the other two, at least for the moment, are firmly within Washington’s orbit. Now, compare it with currencies that are gaining against the US dollar: the Ukrainian hryvnia, the Georgian lari and the Colombian peso. Not exactly G20 heavyweights – and all of them also inside Washington’s influence.

Europe Working On Payment System Alternative To SWIFT & IMF To Attain Financial Independence From US

August 28, 2018 Staff, Rt.com Educate! Europe, Finance, US Imperialism

Last week, Maas called for European autonomy to be strengthened by creating payment channels that are independent of the United States, establishing a ‘European Monetary Fund’. The intention to create its own system is reportedly connected to Washington’s recent withdrawal from the Iran nuclear deal, and the re-imposition economic sanctions against the Islamic Republic. As Brussels stays committed to the pact signed in 2015 between Tehran and the world powers, the EU had to enforce the ‘Blocking Statute’ in order to safeguard European businesses operating in Iran from US sanctions against the country. However, the measure failed to keep European majors like Total, Maersk, Mercedes in Iran, as they cannot function independently of the US-dominated international banking system and international financial markets.

Banks Are Becoming Obsolete In China—Could The U.S. Be Next?

August 24, 2018 By Ellen Brown, Truthdig.com Create! Banks, China, Finance

The nightmare for the U.S. financial industry is that a major technology company—whether one from China or a U.S. giant such as Amazon or Facebook—might replicate the success of the Chinese mobile payment systems, cutting banks out. According to John Engen, writing in American Banker in May 2018, “China processed a whopping $12.8 trillion in mobile payments” in the first ten months of 2017. Today even China’s street merchants don’t want cash. Payment for everything is handled with a phone and a QR code (a type of barcode). More than 90 percent of Chinese mobile payments are run through Alipay and WeChat Pay, rival platforms backed by the country’s two largest internet conglomerates, Alibaba and Tencent Holdings. Alibaba is the Amazon of China, while Tencent Holdings is the owner of WeChat, a messaging and social media app with more than a billion users.

Stock Buybacks Will Hit $1 Trillion In 2018

August 10, 2018 Barry Grey, Wsws.org Educate! Capital, Finance, New Economy, Stock Market

US corporations will buy back their own stock at a record clip of $1 trillion this year, according to an analysis issued by Goldman Sachs on Monday. The Wall Street giant attributed the surge in share repurchases to booming corporate profits and Trump’s $1.5 trillion tax cut for corporations and the wealthy, which was passed by Congress and signed into law last December. In a note to investors, David Kostin, chief equity strategist at Goldman, gushed that investors were likely to see the impact of the buybacks in higher share prices and fatter stock portfolios very quickly. The scale of the buyback spree is massive. Second-quarter 2018 stock repurchases are up 57 percent from the same period a year earlier. In the tech sector, the year-over-year increase is 130 percent.

Public Ownership, Democratizing Money, And Preparing For The Inevitable Next Financial Crisis

July 16, 2018 Staff, Publicbankinginstitute.org Strategize! Democracy, Finance, Public ownership

Thomas M. Hanna of The Democracy Collaborative has released a compelling new detailed report arguing that we need to start now discussing a viable plan for public ownership — to demand a next financial system — so we are ready to fight for it in the face of the next crisis. “The next financial crisis is all but inevitable. While its exact timing and severity cannot be predicted, both the accelerating frequency of crises in recent decades and the continued consolidation of the banking sector in an increasingly financialized economy suggest that we should be prepared for a crisis sooner rather than later…“Viewed in historical perspective, the ability of the financial sector to use its concentrated wealth to escape or subvert regulations by influencing the political process should come as no surprise…

The Crisis Next Time: Planning For Public Ownership As An Alternative To Corporate Bank Bailouts

July 3, 2018 By Thomas Hanna, Thenextsystem.org Create! Banking, Crisis, Finance, Public ownership

The next financial crisis is all but inevitable. While its exact timing and severity cannot be predicted, both the accelerating frequency of crises in recent decades and the continued consolidation of the banking sector in an increasingly financialized economy suggest that we should be prepared for a crisis sooner rather than later. In the Great Financial Crisis of 2007-2008, the US federal government intervened at an unprecedented scale to bailout our largest commercial banks after they became entangled in the mess of risky financial products built on top of an unsustainable housing bubble. The effect of these massive bailouts was, in the end, to preserve the status quo: the modest attempts made to regulate the financial sector to protect consumers and avert further devastating financial crises have largely been rolled back, and the banks that were then “too big to fail” are today even bigger.

How Credit Card Wars Lead To Greater Inequality

June 30, 2018 By Stephanie Savell, Tomdispatch.com Educate! Finance, Inequality

In the name of the fight against terrorism, the United States is currently waging “credit-card wars” in Afghanistan, Iraq, Syria, and elsewhere. Never before has this country relied so heavily on deficit spending to pay for its conflicts. The consequences are expected to be ruinous for the long-term fiscal health of the U.S., but they go far beyond the economic. Massive levels of war-related debt will have lasting repercussions of all sorts. One potentially devastating effect, a new study finds, will be more societal inequality. In other words, the staggering costs of the longest war in American history -- almost 17 years running, since the invasion of Afghanistan in October 2001 -- are being deferred to the future. In the process, the government is contributing to this country’s skyrocketing income inequality.

Warning Signs Point To A New Global Financial Crisis

June 21, 2018 By Martin Khor, Towardfreedom.org Educate! Capitalism, Crisis, Finance, New Economy

(IPS) – There are increasing warnings of an imminent new financial crisis, not only from the billionaire investor George Soros, but also from eminent economists associated with the Bank of International Settlements, the bank of central banks. The warnings come at a moment when there are signs of international capital flowing out of some emerging economies, including Turkey, Argentina and Indonesia. Some economists have been warning that the boom-bust cycle in capital flows to developing countries will cause disruption, when there is a turn from boom to bust. All it needs is a trigger, which may then snowball as investors in herd-like manner head for the exit door. Their behaviour is akin to a self- fulfilling prophecy: if enough speculative investors think this is the time to move back to the global financial capitals, then the exodus will happen, as it did in previous “bust” phases of the cycle.

‘Carbon Bubble’ Could Spark Global Financial Crisis, Study Warns

June 8, 2018 By Fiona Harvey, Theguardian.com Educate! Clean Energy, Crisis, Finance, Fossil Fuels

Investors beware, climate change is upon us. The energy industry is transforming to a new clean energy economy. Your investments in old dirty energy may end up being lost investments, know as stranded assets. This has been discussed in recent years, but now the reality is hitting. Investors should get out of carbon fuels and investment in carbon infrastructure now or their losses could be significant. A cross-party task force in Great Britain published a recommended force that large companies, pension funds and other big investors to report their exposure to climate risks. Reuters reported: “The report said companies should examine and disclose how climate change could impact their businesses in the future, such as increased exposure to extreme weather events for insurance companies and the impact of physical disruptions to supply chains for companies in the agriculture sector.

Rumors Grow That U.S. Fed Is Propping Up Stock Market

February 15, 2018 Pam Martens and Russ Martens, Wallstreetonparade.com Educate! Capital, Capitalism, Finance, Stock Market, Wall Street

It’s not every day that three well-credentialed men are willing to put their names and reputations behind the allegation that the U.S. Federal Reserve is rigging the stock market. But that’s exactly what happened yesterday. Paul Craig Roberts, a former Associate Editor of the Wall Street Journal and Assistant Secretary of the U.S. Treasury under President Ronald Reagan joined with Economist Michael Hudson and Wall Street veteran Dave Kranzler to write that “it appears that in May 2010, August 2015, January/February 2016, and currently in February 2018 the Fed is rigging the stock market by purchasing S&P equity index futures in order to arrest stock market declines.” This is not the first time the Fed has come under such suspicion.

Stock Market Designed To F**k 90% Of Us

February 15, 2018 Lee Camp, Redacted Tonight Resistance Report Capital, Crisis, Finance

As the stock market had its largest one-day drop in decades, what our media won't tell you is that 84% of stock wealth is in the hands of the top 10%. Looking at the stock market to judge the economic health of our country is actually like looking at a dying man and judging his health based on how the leeches look. Most Americans do not benefit from it as the rich play with lives. But that's just half of the story. Redacted Tonight's Lee Camp has the censored side of our volatile economy.

City Of London Financiers Contemplate “Imminent” 2018 US Stock Market Crash Of Up To “50%”

February 14, 2018 Nafeez Ahmed, Medium.com Educate! Finance, London

A new analysis published on the website of a London-based think-tank, funded by the world’s biggest banking and financial services institutions, warns that the US stock market is on the brink of an imminent crash that could trigger another global recession. The document by a senior US economist and former Houblon-Norman Fellow at the Bank of England is published on the website of the Centre for the Study of Financial Innovation (CSFI), which runs around 100 roundtable events a year involving financial services insiders from the UK and beyond. The document forecasts that in 2018, US stock prices are likely to plummet by as much as “forty to fifty percent” — compared to the less than five percent plunge in early February. The document was published weeks before the recent stock market volatility.

Trump’s Financial Arsonists

February 2, 2018 By Nomi Prins, Tomdispatch.com Educate! Finance, New Economy, Trump Administration

There’s been lots of fire and fury around Washington lately, including a brief government shutdown. In Donald Trump’s White House, you can hardly keep up with the ongoing brouhahas from North Korea to Robert Mueller’s Russian investigation, while it already feels like ages since the celebratory mood over the vast corporate tax cuts Congress passed last year. But don’t be fooled: none of that is as important as what’s missing from the picture. Like a disease, in the nation’s capital it’s often what you can’t see that will, in the end, hurt you most. Amid a roaring stock market and a planet of upbeat CEOs, few are even thinking about the havoc that a multi-trillion-dollar financial system gone rogue could inflict upon global stability. But watch out.

Investors Finally Facing Up To Climate Change

December 14, 2017 Frank Jordans, apnews.com Create! Capital, Climate Change, Finance, Investment

Over 200 companies have pledged greater transparency on reporting climate-related risks in their businesses as part of a voluntary program led by U.S. billionaire Michael Bloomberg. The former New York mayor and Mark Carney, the governor of the Bank of England and chairman of the Financial Stability Board, said Tuesday that the number of companies supporting the program had more than doubled since its recommendations were first published in June. The 237 companies, with a combined value of over $6.3 trillion, include construction firms, energy companies and financial institutions from 29 countries. Carney said the Task Force on Climate-related Financial Disclosures plans to report on its efforts when leaders of the Group of 20 leading industrialized and emerging economies meet in Argentina in a year.

Declaration On Climate Finance

December 11, 2017 Staff, notapennymore.info Create! Clean Energy, Divestment, Finance, Fossil Fuels

We the undersigned, call for an immediate end to investments in new fossil fuel production and infrastructure, and encourage a dramatic increase in investments in renewable energy. We are issuing this call to action in the lead up to the climate summit hosted by President Macron in Paris this December. President Macron and other world leaders, have already spoken out about the need for an increase in finance for climate solutions, but they have remained largely silent about the other, dirtier side of the equation: the ongoing finance of new coal, oil and gas production and infrastructure. Ongoing global climate change and environmental destructions are happening at an unprecedented scale, and it will take unprecedented actions to limit the worst consequences of our dependence on oil, coal, and gas. Equally as critical as drastically curbing the carbon intensity of our economic systems is the need for immediate and ambitious actions to stop exploration and expansion of fossil fuel projects and manage the decline of existing production in line with what is necessary to achieve the Paris climate goals.

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