Economy

UK media and the legitimisation of austerity policies

By featuring some perspectives whilst excluding others, UK media has played a crucial role in the legitimisation of austerity policies.

The media cannot tell people what to think in a simple manner. However by featuring some perspectives whilst excluding others it plays a crucial role in the legitimisation of policy and the exercise of power.

“Print the Money”: Trump’s “Reckless” Proposal Echoes Franklin and Lincoln

“Print the money” has been called crazy talk, but it may be the only sane solution to a $19 trillion federal debt that has doubled in the last 10 years. The solution of Abraham Lincoln and the American colonists can still work today. “Reckless,” “alarming,” “disastrous,” “swashbuckling,” “playing with fire,” “crazy talk,” “lost in a forest of nonsense”: these are […]

How A Bankrupt Germany Solved Its Infrastructure Problems

“We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark’s worth of work done or goods produced. . . .we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank.”

The Empire of Chaos Strikes Back

When you have a self-righteous provincial judge threatening to imprison former President Lula for a modest apartment and a ranch that he does not own, but at the same time is incapable of laying a finger on Brutus Two, alongside largely pompous Supreme Court judges, you have a banana republic.

It’s the Interest, Stupid! Why Bankers Rule the World

People generally assume that if they pay their bills on time, they aren’t paying compound interest; but again, this isn’t true. Compound interest is baked into the formula for most mortgages, which compose 80% of U.S. loans. And if credit cards aren’t paid within the one-month grace period, interest charges are compounded daily.

The War on Savings: The Panama Papers, Bail-Ins, and the Push to Go Cashless

What we may be witnessing here is the 1% going after the 10% of people who, according to German researcher Margrit Kennedy, do not need to borrow but are “net savers.” Today the remaining 90% are “all borrowed up.” Either they are unwilling to borrow more or the banks are unwilling to lend to them, since they are poor credit risks. Who, then, is left to feed the machine that feeds the 1%, and more specifically the 0.001%?

Topshop protests over Living Wage and suspensions

Cleaners at Topshop are sub-contracted to a company, Britannia Services Group, that made £1.34m profit after tax. Philip Green, worth nearly £5bn, runs the Arcadia Group that owns Topshop. Arcadia made more than £250m profit last year, but it is registered to Philip Green’s wife, who lives in the Monaco tax haven. Mr. Green recently bought a £100m yacht. The […]

Revolution Is in the Air

WASHINGTON, D.C—The sustained, daily civil disobedience at the Capitol by demonstrators denouncing the capture of our political system by corporate money is part of one of the largest and most important movements for social justice since the Occupy uprising. Join it. Six hundred of the protesters have been arrested, and I was among 100 arrested Friday. The protesters, organized by […]

Welcome to ‘Walking Dead Europe’

What lies ahead is not pretty. There is an element of The Sleepwalkers – Christopher Clark’s masterful account of how Europe marched to war in 1914. But mostly, a low-budget American show gave away the game. This is Walking Dead Europe.

What in the World is Going on with Banks this Week?

Emergency meetings, banker summits, crashing European banks, and the worst bank reports since the Great Recession.
Just about every major banker and finance minister in the world is meeting in Washington, DC, this week, following two rushed, secretive meetings of the Federal Reserve and another instantaneous and rare meeting between the Fed Chair and the president of the United States. These and other emergency bank meetings around the world cause one to wonder what is going down.

Panama Papers: Bear in the Woods

If the auspiciously named ICIJ and their partner journalists were actually interested in excising this offshore cancer for want of a better world, they would be demanding that all corporations and officials in positions of significant influence publish their tax affairs for ICIJ or public examination. It would be releasing all the Panama Papers: at the very least to independent journalists for them to report on or at best in a public database.