Concerns are growing that we are heading for another banking crisis, one that could be far worse than in 2008. But this time, there will be no government bailouts. Instead, per the Dodd-Frank Act, bankrupt banks will be confiscating (or “bailing in”) their customers’ deposits.
By Moon of Alabama During the last years U.S. president Obama talked a lot about energy independence: In his fifth State of the Union address on Tuesday, President Barack Obama celebrated the efforts his administration has made to cut greenhouse gas emissions, while also praising recent increases in domestic oil and gas production.Obama said early in his address that there […]
Martin Wolf, Chief Economics Commentator of Financial Times speaks at the event “Does Money Grow on Trees?” at the hall of the Institute for Chartered Accountants on 9th September 2014.
A senior London banker has become the first person to be prosecuted for fixing the London interbank offered rate (Libor), a scandal that resulted in billions worth of losses for savers as banks fraudulently boosted their profits.
The banker, who has not been named for legal reasons, faces up to 10 years in jail after being charged with fixing the inter-lending rate by the Serious Fraud Office (SFO).
The notion that only the rich should be allowed to have any enjoyment in life is deeply offensive. It is fine for the Bullingdon Club to get plastered on Krug and cocaine and smash up restaurants. That is all jolly japes and high spirits. For a desperate man to seek solace in four cans of Tennant’s strongest or a bottle of Buckfast is however a dreadful sin and sign of social irresponsibility.
The price of an education is quickly becoming too heavy a burden for far too many people, and it’s a burden that’s staying with them forever. College debt looms large as the most difficult debt to get rid of, and these numbers paint a startling picture of exactly how big a toll it’s taking on people as they age. For many, student debt is following them from the cradle to the grave – they’re condemned to a lifetime of payments that stagnant wages and mounting economic insecurity make it nearly impossible to manage.
In April 2014, fresh from riots in Maidan Square and the February 22 coup, and less than a month before the May 2 massacre in Odessa, the IMF approved a $17 billion loan program to Ukraine’s junta. Normal IMF practice is to lend only up to twice a country’s quote in one year. This was eight times as high.
By Ellen Brown (Web of Debt Blog) In an inscrutable move that has alarmed state treasurers, the Federal Reserve, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, just changed the liquidity requirements for the nation’s largest banks. Municipal bonds, long considered safe liquid investments, have been eliminated from the list of high-quality […]
The Detroit Water and Sewage Department is conducting mass water shut offs in Detroit Michigan which will effect over 120,000 account holders over a 3 month period (June-September 2014) at a rate of 3,000 per week. This accounts for over 40% of customers who are using the Detroit Water system and has been dubbed a violation of Human Rights by various organizations. 70,000 of those accounts are residential accounts which could amount to anywhere from 200,000-300,000 people directly effected.
When an article appears in Foreign Affairs, the mouthpiece of the policy-setting Council on Foreign Relations, recommending that the Federal Reserve do a money drop directly on the 99%, you know the central bank must be down to its last bullet.
In retrospect it will be very fitting that the crowning legacy of Obama’s disastrous reign, both domestically and certainly internationally, will be to force the world’s key ascendent superpowers (we certainly don’t envision broke, insolvent Europe among them) to drop the Petrodollar and end the reserve status of the US currency.
“When it comes to the sovereignty of our country and the conviction that we can no longer be extorted and that we can’t become burdened with debt again, we are emerging as Argentines.
. . . If I signed what they’re trying to make me sign, the bomb wouldn’t explode now but rather there would surely be applause, marvelous headlines in the papers. But we would enter into the infernal cycle of debt which we’ve been subject to for so long.”
