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thinkahol *

Banks - Federal Reserve president breaks rank: This is the greatest risk to the U.S. ec... - 0 views

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    Federal Reserve Bank of Kansas City President Thomas Hoenig said U.S. regulators should avert another crisis by breaking up large financial institutions that pose a threat "to our capitalistic system." 
Giorgio Bertini

European Central Bank President Jean-Claude Trichet: A 'Quantum Leap' in Governance of ... - 0 views

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    In a SPIEGEL interview, Jean-Claude Trichet, the 67-year-old president of the European Central Bank, discusses the largest financial rescue package in the history of Europe, the role and importance of speculators in the euro crisis and the weakness shown by politicians in the euro zone member states.
thinkahol *

Why the Rich Love High Unemployment | Truthout - 0 views

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    Christina Romer, former member of President Obama's Council of Economic Advisors, accuses the administration of "shamefully ignoring" the unemployed. Paul Krugman echoes her concerns, observing that Washington has lost interest in "the forgotten millions." America's unemployed have been ignored and forgotten, but they are far from superfluous. Over the last two years, out-of-work Americans have played a critical role in helping the richest one percent recover trillions in financial wealth.
Giorgio Bertini

Obama's Cairo Speech, One Year On: 'A Perceived Lack of Follow-Up' - 0 views

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    One year ago, President Barack Obama delivered a powerful address in Cairo aimed at improving America's relations with the Muslim world. Dalia Mogahed, who helped draft that speech, spoke to SPIEGEL ONLINE about its impact, Obama's waning support in the Arab world and the difference between words and action.
Giorgio Bertini

Third World Diplomatic Cooperation - Brazil & Turkey - and the Future of US Empire in t... - 0 views

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    Last week, Brazilian President Lula da Silva and Turkish Prime Minister Reccep Erdogan announced a breakthrough agreement on the Iranian nuclear impasse that they claimed would make further sanctions on Iran "unnecessary." The agreement, accepted by Iran, was immediately rejected by the US and its European allies, who chose instead to continue the three-decade long US effort to strangle and isolate Iran by all means available. In what Graham Fuller, a top-ranking former intel official, called "a stunningly insulting response," Hillary Clinton proudly announced consensus for a fourth round of sanctions against Iran days later, which she called "as convincing an answer to the efforts undertaken in Iran in the past few days as any we could provide."
thinkahol *

FT.com / Global Economy - Zoellick's call on gold standard dismissed - 0 views

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    Reactions to World Bank president Robert Zoellick's suggestion that gold might be used as part of a package of measures to reconstruct the international system ranged from the lukewarm to the bewildered.
Giorgio Bertini

China's state capitalism and multinationals - 0 views

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    As China gains dominance on the world stage, more and more multinational corporations will need to rethink their assumptions about competing under its state-capitalism model-one in which the government is the principal economic driver. So says Ian Bremmer, president of the political-risk consulting firm Eurasia Group and author of the upcoming book The End of the Free Market: Who Wins the War Between States and Corporations? In this video interview, Bremmer discusses the fundamental distinctions between state capitalism and free-market economies, as well as the strategic implications this has for Western companies and governments alike.
Giorgio Bertini

Iran creates illusion of progress in nuclear negotiations - 0 views

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    Brazil and Turkey, which were represented by their presidents in the talks, invested significant diplomatic cache in the negotiations. It is rare for non-permanent members of the Security Council to intervene in a process led by nuclear powers, and in many ways the result could be seen as a revolt by smaller powers over the rights to nuclear power and prestige.
Giorgio Bertini

Germany, Greece and Exiting the Eurozone - 0 views

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    Rumors of the imminent collapse of the eurozone continue to swirl despite the Europeans' best efforts to hold the currency union together. Some accounts in the financial world have even suggested that Germany's frustration with the crisis could cause Berlin to quit the eurozone - as soon as this past weekend, according to some - while at the most recent gathering of European leaders French President Nicolas Sarkozy apparently threatened to bolt the bloc if Berlin did not help Greece. Meanwhile, many in Germany - including Chancellor Angela Merkel herself at one point - have called for the creation of a mechanism by which Greece - or the eurozone's other over-indebted, uncompetitive economies - could be kicked out of the eurozone in the future should they not mend their "irresponsible" spending habits.
Giorgio Bertini

UN Security Council sanctions draft targets Iran's banks, cargo, arms - 0 views

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    Earlier on Tuesday, French President Nicolas Sarkozy said the nuclear fuel swap with Iran was a "positive step" and it was waiting for Tehran to provide full written details, as China and Lebanon also voiced their support for the new deal.
Giorgio Bertini

Brazil's Iran Diplomacy Worries U.S. Officials - 1 views

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    As President Luiz Inácio Lula da Silva heads to Tehran this weekend to make what many Western diplomats consider a last-ditch attempt at persuading Iran to temper its nuclear ambitions, officials in Washington have expressed concern that the effort could backfire, helping the Islamic republic to block - or at least delay - the United States and its allies from imposing sanctions.
Giorgio Bertini

Nicolas Sarkozy threatened to pull out of euro over Greece row - 0 views

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    French president Nicolas Sarkozy warned of damage to Franco-German relationship if Angela Merkel opposed EU plan
Giorgio Bertini

Iran Nuclear Deal: Brazil's Lula Vaults into Big League of World Diplomacy - 1 views

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    Brimming with confidence, Brazilian President Luiz Inacio da Silva is raising his country's global status with increasing forays into international politics. In his most recent coup, he convinced Iran to agree to a controversial nuclear deal. Could it offer an opportunity to avoid both sanctions and war?
thinkahol *

Psychoanalyzing the Relationship Between Obama and Wall Street -- New York Magazine - 0 views

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    On May 20, the Senate passed its bill to reregulate Wall Street by a vote of 59-39, complete with a (watery) version of the Volcker Rule. The story of the legislation's passage can be told in a number of ways: a tale of conflict or compromise, triumph or capitulation. But on any reading, that story is only the climactic chapter in a larger narrative: how the masters of the money game fell out of love with-and into a state of bitter, seething, hysterical fury toward-Obama. The speed and severity of the swing from enchantment to enmity would be difficult to overstate. When Obama was sworn into office, Democrats on Wall Street rejoiced at the ascension of a president in whom they saw many qualities to admire: brains, composure, bi-partisan instincts, an aversion to class-based combat. And many Wall Street Republicans-after witnessing the horror show that constituted John McCain's response to the financial crisis-quietly admitted relief that the other guy had prevailed.
Giorgio Bertini

On verge of another crisis, Geithner seeks economic stability in Europe - 0 views

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    U.S. Treasury Secretary Timothy F. Geithner dined on Wednesday night with European Central Bank President Jean-Claude Trichet, a closed-door, no-public-comment session that placed the American official in the middle of an ongoing European debate: Which Trichet would show up?
thinkahol *

Yes, There Are Ways to Reduce Unemployment and Revive the Economy | Op-Eds & Columns - 0 views

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    As President Obama begins the second half of his term with a campaign for "jobs and competitiveness," we would do well to consider how he might achieve these worthy goals. It is jobs that matter most to the vast majority of Americans, and unemployment remains at 9.4 percent - about double its pre-recession level. This is a terrible punishment to inflict on millions of Americans who did nothing to deserve it. It will cause long-term and even permanent damage to many of the unemployed and their children.
thinkahol *

Obama Budget Seeks Deep Cuts in Domestic Spending - 0 views

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    Washington - President Obama, who is proposing his third annual budget on Monday, will say that it can reduce projected deficits by $1.1 trillion over the next decade, enough to stabilize the nation's fiscal health and buy time to address its longer-term problems, according to a senior administration official.
thinkahol *

Startling revelations from a Swiss banking insider | Dailycensored.com - 0 views

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    (interview with a Swiss banker  done in Mosсow 30.05.2011)  Q: Can you tell us something about your involvement in the Swiss banking business?A: I have worked for Swiss banks for many years. I was designated as one of the top directors of one of the biggest Swiss banks. During my work I was involved in the payment, in the direct payment in cash to a person who killed the president of a foreign country. I was in the meeting where it was decided to give this cash money to the killer. This gave me dramatic headaches and troubled my conscience. It was not the only case that was really bad but it was the worst. It was a payment instruction on order of a foreign secret service written by hand giving the order to pay a certain amount to a person who killed the top leader of a foreign country. And it was not the only case. We received several such hand written letters coming from foreign secret services giving the order to payout cash from secret accounts to fund revolutions or for the killing of people. I can confirm what John Perkins has written in his book "Confessions of an Economic Hit Man". There really exists just a system and Swiss banks are involved in such cases.
thinkahol *

The global crisis of institutional legitimacy | Felix Salmon - 0 views

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    When Perry accuses Ben Bernanke of treachery and treason, his violent rhetoric ("we would treat him pretty ugly down in Texas") is scary in itself. But we shouldn't let that obscure Perry's substantive message - that neither Bernanke nor the Fed really deserve to exist, to control the US money supply, and to work towards a dual mandate of price stability and full employment. For the first time in living memory, someone with a non-negligible chance of winning the US presidency is arguing not over who should head the Fed, but whether the Fed should even exist in the first place. Looked at against this backdrop, the recent volatility in the stock market, not to mention the downgrade of the US from triple-A status, makes perfect sense. Global corporations are actually weirdly absent from the list of institutions in which the public has lost its trust, but the way in which they've quietly grown their earnings back above pre-crisis levels has definitely not been ratified by broad-based economic recovery, and therefore feels rather unsustainable. Meanwhile, the USA itself has undoubtedly been weakened by a shrinking tax base, a soaring national debt, a stretched military, and a legislature which has consistently demonstrated an inability to tackle the great tasks asked of it. It looks increasingly as though we're entering Phase 2 of the global crisis, with 2008-9 merely acting as the appetizer. In Phase 1, national and super-national treasuries and central banks managed to come to the rescue and stave off catastrophe. But in doing so, they weakened themselves to the point at which they're unable to rise to the occasion this time round. Our hearts want government to come through and save the economy. But our heads know that it's not going to happen. And that failure, in turn, is only going to further weaken institutional legitimacy across the US and the world. It's a vicious cycle, and I can't see how we're going to break out of it.
thinkahol *

Economic Scene; If taxes were lower, the economy would grow faster, right? Economists s... - 0 views

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    AS Election Day approaches, serious discussion about economic policies is hamstrung by the devotion of both parties to reducing taxes. The big reason, of course, is that President Bush emphasizes tax cuts, including elimination of the estate tax, to the exclusion of almost everything else. The Democrats, in turn, hesitate to propose an economic plan that does not include long-term reductions for middle-income workers, and most refuse to talk about rescinding the Bush tax cuts for the wealthy. But the degree of misleading information emanating from both Washington and the media about how taxes affect the economy is disturbing. As I listen to the radio, watch TV news and read a variety of newspapers, it seems that quite a few Americans, including economics writers and media hosts, think that low-tax countries unquestionably grow faster than high-tax economies. Right and left, they seem to attribute more rapid growth in America to lower taxes. What may surprise them is that there is no evidence for that. ''You can make a theoretical case that high taxes impede economic growth, but it is just not supported by the evidence in the U.S. or across countries,'' said William Easterly, a former World Bank economist soon to join the faculty of New York University.
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