the real story for taxpayers and depositors is the heightened threat to their pocketbooks of a deal that now authorizes both bailouts and “bail-ins” – the confiscation of depositor funds. The deal involves multiple concessions to different countries and may be illegal under the rules of the EU Parliament; but it is being rushed through to lock taxpayer and depositor liability into place before the dire state of Eurozone banks is exposed.
The very reason why Bill’s work lives on and still has such amazing potency is that, in a world full of ‘banality and mediocrity’, of sophistry, of casuistry and speciousness, of the kind of fakery and shallowness Brand Man and his ilk make their stock in trade, his words retain the mark of genuine authenticity. They are like water in a desert to those of us thirsting for something real in a world of fabrication and deception.
Global government debt has reached over one hundred trillion dollars. But where has all of that money really gone?
There will be no economic recovery. Prepare yourself accordingly.
In a nearly $13 billion settlement with the US Justice Department in November 2013, JPMorganChase admitted that it, along with every other large US bank, had engaged in mortgage fraud as a routine business practice, sowing the seeds of the mortgage meltdown. JPMorgan and other megabanks have now been caught in over a dozen major frauds, including LIBOR-rigging and bid-rigging; yet no prominent banker has gone to jail. Meanwhile, nearly a quarter of all mortgages nationally remain underwater (meaning the balance owed exceeds the current value of the home), sapping homeowners’ budgets, the housing market and the economy.
“Modern capitalist societies avoid telling the truth about themselves”
These changes could also reduce household debt. In the current system, new money is only created when banks lend. Banks will only lend if someone is willing to go into debt. That is why the government wants to fuel growth by encouraging more household borrowing. But with household debt at its highest level in history, any further increase could lay the foundations for another financial crisis. Only the Bank of England has the ability to create new money without having to wait for someone to go into debt.
The world’s 85 richest individuals possess as much wealth as the 3.5 billion souls who compose the poorer half of the world’s population, or so it was announced in a report by Oxfam International. The assertion sounds implausible to me. I think the 85 richest individuals, who together are worth many hundreds of billions of dollars, must have far more wealth than the poorest half of our global population.
International capitalism has raised greed to a determinant force in world history. Unregulated greed-driven capitalism is destroying the jobs prospects of First World labor and the ability of Third World countries, whose agricultures have been turned into export monocultures serving the global capitalists, to feed themselves. When the crunch comes, the capitalists will let the “other” humanity starve.
Even when the balance is paid on time every month, credit card use imposes a huge hidden cost on users—hidden because the cost is deducted from what the merchant receives, then passed on to you in the form of higher prices.
Goldman Sachs, the Wall Street investment bank, is being sued in London for selling Libya “worthless” derivatives trades in 2008 that the country’s financial managers did not understand. Libya says it lost approximately $1.2 billion on the deals, while Goldman made $350 million.
Of all the complaints you hear about the Underground, one that crops up very little is, “I wish there weren’t so many ticket offices”
Boris Johnson says the new system will be an improvement for passengers, because it will “shift staff from behind the windows to where they can be seen”. But the plans are to cut 950 ticket office staff, and put only 200 extra staff round the stations. So when he says he’s going to put them “where they can be seen”, maybe he means on the next series of Benefits Street.
Under the new plans, aimed at saving about £50 million a year, more than 750 people will lose their jobs, all 260 tube ticket offices across the network will be closed, and a new 24-hour service will be running at weekends.
