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Paul Merrell

Top 1 Percent Own More Than Half of World's Wealth | Global Research - Centre for Resea... - 0 views

www.globalresearch.ca/...5482126

income inequality stats Credit-Suisse banksters bail-outs

shared by Paul Merrell on 15 Oct 15 - No Cached
  • A new report issued by the Swiss bank Credit Suisse finds that global wealth inequality continues to worsen and has reached a new milestone, with the top 1 percent owning more of the world’s assets than the bottom 99 percent combined. Of the estimated $250 trillion in global assets, the top 1 percent owned almost exactly 50 percent, while the bottom 50 percent of humanity owned collectively less than 1 percent. The richest 10 percent owned 87.7 percent of the world’s wealth, leaving 12.3 percent for the bottom 90 percent of the population. The Credit Suisse report focused not on the top 1 percent, but on a slightly smaller group, the 0.7 percent of adults with assets of more than 1 million US dollars. This figure includes both financial assets and real assets, such as homes, small businesses and other physical property. The report’s eye-catching “Global Wealth Pyramid” divides the human race into four categories by wealth: 3.4 billion adults with net assets of less than $10,000; 1 billion with net assets from $10,000 to $100,000; 349 million with net assets from $100,000 to $1 million; and 34 million with net assets over $1 million.
  • The lowest category comprises 71 percent of all adults and owns only 3 percent of total wealth; the next-poorest group comprises 21 percent of adults and owns 12.5 percent of the wealth; above this is a group comprising 7.4 percent of adults and owning 39.4 of the wealth; and finally the top layer, 0.7 percent of adults owning 45.2 percent of the wealth. This top layer, defined by the report as “high-net-worth individuals,” is itself divided very unequally, as shown in a second pyramid: 29.8 million with assets of $1 million to $5 million; 2.5 million with assets of $5 million to $10 million; 1.34 million with assets of $10 million to $50 million; and finally, 123,800 with assets over $50 million. These 123,800 “ultra-high-net-worth individuals,” as the report calls them, are the true global financial aristocracy, exercising decisive sway not only over banks and corporations, but over governments and international institutions as well. Of these, nearly 59,000, almost half the total, live in the United States. Another quarter live in Europe (mainly Britain, Germany, Switzerland, France and Italy), followed by China and then Japan.
  • The Credit Suisse report notes the particularly rapid rise in inequality since the Wall Street crash of 2008 and relates it directly to the stock market boom that followed the bailout of the banks, initiated by the Bush administration and greatly expanded by the Obama administration. A key passage reads: “There are strong reasons to think that the rise in wealth inequality since 2008 is mostly related to the rise in equity prices and to the size of financial assets in the United States and some other high-wealth countries, which together have pushed up the wealth of some of the richest countries and of many of the richest people around the world. The jump in the share of the top percentile to 50 percent this year exceeds the increase expected on the basis of any underlying upward trend. It is consistent, however, with the fact that financial assets continue to increase in relative importance and that the rise in the USD (US dollar) over the past year has given wealth inequality in the United States—which is very high by international standards—more weight in the overall global picture.” In other words, deepening global economic inequality is being driven above all by American capitalism, with the United States being both the wealthiest and by far the most unequal country in the world. The US has less than 5 percent of the world’s population, but a staggering 46 percent of the world’s millionaires.
  • Paul Merrell on 15 Oct 15
     
    Gee, the wealth concentration is accelerating. Why might that be?
Paul Merrell

The West Dethroned -- Paul Craig Roberts - PaulCraigRoberts.org - 0 views

www.paulcraigroberts.org/...t-dethroned-paul-craig-roberts

war & peace G20-summit obama Israel AIPAC decline of the American Empire

shared by Paul Merrell on 09 Sep 13 - No Cached
  • The “New American Century” proclaimed by the neoconservatives came to an abrupt end on September 6 at the G20 meeting in Russia. The leaders of most of the world’s peoples told Obama that they do not believe him and that it is a violation of international law if the US government attacks Syria without UN authorization. Putin told the assembled world leaders that the chemical weapons attack was “a provocation on behalf of the armed insurgents in hope of the help from the outside, from the countries which supported them from day one.” In other words, Israel, Saudi Arabia, and Washington–the axis of evil. China, India, South Africa, Brazil, Indonesia, and Argentina joined Putin in affirming that a leader who commits military aggression without the approval of the UN Security Council puts himself “outside of law.” In other words, if you defy the world, obama, you are a war criminal.
  • We are yet to see an american president who can stand up to Israel. Or, for that matter, a Congress that can. Or a media. The obama regime tried to counter its smashing defeat at the G20 Summit by forcing its puppet states to sign a joint statement condemning Syria. However the puppet states qualified their position by stating that they opposed military action and awaited the UN report.
  • What this reveals is that the support behind the liar obama is feeble and limited. The ability of the Western countries to dominate international politics came to an end at the G20 meeting. The moral authority of the West is completely gone, shattered and eroded by countless lies and shameless acts of aggression based on nothing but lies and self-interests. Nothing remains of the West’s “moral authority,” which was never anything but a cover for self-interest, murder, and genocide.
  • ...4 more annotations...
  • The idiot Western governments have pissed away their clout. There is no prospect whatsoever of the neoconservative fantasy of US hegemony being exercised over Russia, China, India, Brazil, South Africa, South America, Iran. These countries can establish their own system of international payments and finance and leave the dollar standard whenever they wish. One wonders why they wait. The US dollar is being printed in unbelievable quantities and is no longer qualified to be the world reserve currency. The US dollar is on the verge of total worthlessness. The G20 Summit made it clear that the world is no longer willing to go along with the West’s lies and murderous ways. The world has caught on to the West. Every country now understands that the bailouts offered by the West are merely mechanisms for looting the bailed-out countries and impoverishing the people.
  • In the 21st century Washington has treated its own citizens the way it treats citizens of third world countries. Untold trillions of dollars have been lavished on a handful of banks, while the banks threw millions of Americans out of their homes and seized any remaining assets of the broken families. US corporations had their taxes cut to practically nothing, with few paying any taxes at all, while the corporations gave the jobs and careers of millions of Americans to the Chinese and Indians. With those jobs went US GDP, tax base, and economic power, leaving Americans with massive budget deficits, a debased currency, and bankrupt cities, such as Detroit, which once was the manufacturing powerhouse of the world. How long before Washington shoots down its own homeless, hungry, and protesting citizens in the streets?
  • Washington represents Israel and a handful of powerful organized private interests. Washington represents no one else. Washington is a plague upon the American people and a plague upon the world. http://rt.com/news/g20-against-syria-strike-527/
  • About Dr. Paul Craig Roberts Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments.
  • Paul Merrell on 09 Sep 13
     
    Paul Craig Roberts makes a compelling case that the just-completed G20 summit is a historic event, marking the virtual end of U.S. ability to influence other nations to assist in imposing the Neocon/right-wing Israeli hegemonic agenda on the world. The Israel-first AIPAC lobbyists hit the hill beginning Monday morning to produce the authorization for war against Syria, painting it as essential to the Israeli goal of destroying the Iranian government. http://www.politico.com/story/2013/09/aipac-syria-96344.html The Israel-first lobby almost invariably attains its Congressional goals, regardless of those goals' damage to America. They are willing to fight to the very last drop of American blood to fulfill the Eeretz Israel dream of a Jewish empire in the Mideast and North Africa. Will Congress roll over for Israel's right-wing government yet again? We will know very soon. The key members of Congress to watch on their position in regard to war against Syria are those who are up for re-election next year. None will want to disturb voters this close to election by voting for war. Will that give them sufficient spine to withstand the Israel-firsters?  One can hope.  But the citizen message to Congress needs to be: "No to Obama. No to AIPAC. No to war."
Paul Merrell

Killing Off Community Banks - Intended Consequence of Dodd-Frank? | WEB OF DEBT BLOG - 0 views

ellenbrown.com/...nded-consequence-of-dodd-frank

banksters consolidation Dodd-Frank community-banks too-big-to-fail too-big-to-jail too-big-to-regulate

shared by Paul Merrell on 25 Oct 15 - No Cached
  • The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing — except in North Dakota, where they are thriving.  At over 2,300 pages, the Dodd Frank Act is the longest and most complicated bill ever passed by the US legislature. It was supposed to end “too big to fail” and “bailouts,” and to “promote financial stability.” But Dodd-Frank’s “orderly liquidation authority” has replaced bailouts with bail-ins, meaning that in the event of insolvency, big banks are to recapitalize themselves with the savings of their creditors and depositors. The banks deemed too big are more than 30% bigger than before the Act was passed in 2010, and 80% bigger than before the banking crisis of 2008. The six largest US financial institutions now have assets of some $10 trillion, amounting to almost 60% of GDP; and they control nearly 50% of all bank deposits.
  • Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at the rate of one a day. Access to local banking services is disappearing along with them. Small and medium-size businesses – the ones that hire two-thirds of new employees – are having trouble getting loans; students are struggling with sky-high interest rates; homeowners have been replaced by hedge funds acting as absentee landlords; and bank fees are up, increasing the rolls of the unbanked and underbanked, and driving them into the predatory arms of payday lenders. Even some well-heeled clients are being rejected. In an October 19, 2015 article titled  “Big Banks to America’s Firms: We Don’t Want Your Cash,” the Wall Street Journal reported that some Wall Street banks are now telling big depositors to take their money elsewhere or be charged a deposit fee. Municipal governments are also being rejected as customers. Bank of America just announced that it no longer wants the business of some smaller cities, which have been given 90 days to find somewhere else to put their money. Hundreds of local BofA branches are also disappearing.
  • Hardest hit, however, are the community banks. Today there are 1,524 fewer banks with assets under $1 billion than there were in June 2010, before the Dodd-Frank regulations were signed into law. Collateral Damage or Intended Result?
  • ...2 more annotations...
  • Obviously, making the big banks bigger also serves the interests of the megabanks, whose lobbyists are well known to have their fingerprints all over the legislation. How they have been able to manipulate the rules was seen last December, when legislation drafted by Citigroup and slipped into the Omnibus Spending Bill loosened the Dodd-Frank regulations on derivatives. As noted in a Mother Jones article before the legislation was passed: The Citi-drafted legislation will benefit five of the largest banks in the country—Citigroup, JPMorgan Chase, Goldman Sachs, Bank of America, and Wells Fargo. These financial institutions control more than 90 percent of the $700 trillion derivatives market. If this measure becomes law, these banks will be able to use FDIC-insured money to bet on nearly anything they want. And if there’s another economic downturn, they can count on a taxpayer bailout of their derivatives trading business.
  • Regulation is clearly inadequate to keep these banks honest and ensure that they serve the public interest. The world’s largest private banks have been caught in criminal acts that former bank fraud investigator Prof. William K. Black calls the greatest frauds in history. The litany of frauds involves more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; and engaging in multiple forms of mortgage fraud. According to US Attorney General Eric Holder, the guilty have gone unpunished because they are “too big to prosecute.” If they are too big to prosecute, they are too big to regulate.
Paul Merrell

John McCain Says We Are All Ukrainians, Takes On Putin | TIME.com - 0 views

swampland.time.com/...raine-john-mccain-putin-crimea

war & peace Ukraine U.S. McCain

shared by Paul Merrell on 03 Mar 14 - No Cached
  • In response to reports of a Russian takeover in parts of Crimea, Arizona Senator John McCain said on Friday, “We are all Ukrainians,” before calling for swift U.S. economic aid to Ukraine, condemnation of Russia at the United Nations, sanctions against Russian officials and the installation of U.S. missiles in the nearby Czech Republic. Russian President Vladimir Putin believes “this is a chess match reminiscent of the Cold War and we need to realize that and act accordingly,” McCain said, in an exclusive interview with TIME. “That does not mean I envision a conflict with Russia, but we need to take certain measures that would convince Putin that there is a very high cost to actions that he is taking now.”
  • McCain made his declaration in response to a question from TIME about his famous 2008 statement, “We are all Georgians,” issued when he was a Republican presidential candidate after Russia invaded Georgia. Asked whether he feels the same way about the plight of Ukraine six years later, he agreed. “We are all Ukrainians in the respect that we have a sovereign nation that is again with international boundaries… that is again being taken in as part of Russia,” he said in an interview in his Senate office. “That is not acceptable to an America that stands up for the rights of human beings. We are Georgians. And we are Ukrainians.” Leaders of the newly formed Ukrainian government say Russian forces moved into Crimea’s two airports and parts of the province’s capital of Simferopol early Friday, though the troops wore no insignia. The Russia has an historic military presence in the province. The incursion comes after pro-Russian Ukrainian President Viktor Yanukovych fled to Russia in fear of his life after pro-European opposition groups in parliament voted to oust him. Ukraine has been torn part by violent protests since Yanukovych walked away from a trade pact with Europe in November and sought a bail out from Putin.
Paul Merrell

Israeli evades arrest at Heathrow over army war crime allegations | UK news | The Guardian - 0 views

www.theguardian.com/...elandthepalestinians.warcrimes

war & peace Israel Palestine Gaza UK war crimes Israeli-general

shared by Paul Merrell on 23 Aug 14 - No Cached
  • Scotland Yard was thwarted yesterday in its attempt to seize a former senior Israeli army officer at Heathrow airport for alleged war crimes in occupied Palestinian lands after a British judge had issued a warrant for his arrest.British detectives were waiting for retired Major General Doron Almog who was aboard an El Al flight which arrived from Israel yesterday. It is believed he was tipped off about his impending arrest while in the air and stayed on the plane to avoid capture until it flew back to Israel. Scotland Yard detectives were armed with a warrant naming Mr Almog as a war crimes suspect for offences that breached the Geneva conventions.The Guardian understands police would have arrested him if he had set foot on British soil. The arrest warrant was issued on Saturday at Bow Street magistrates court, central London. It is believed to be the first warrant for war crimes of its kind issued in Britain against an Israeli national over conduct in the conflict with Palestinians.
  • Despite the alleged offences occurring in the Gaza Strip, war crimes law means Britain has a duty to arrest and prosecute alleged suspects if they arrive in Britain. The warrant alleges Mr Almog committed war crimes in the Gaza Strip in 2002 when he ordered the destruction of 59 homes near Rafah, which Palestinians say was in revenge for the death of Israeli soldiers. The warrant was issued by senior district judge Timothy Workman after an application by lawyers acting for Mr Almog's alleged Palestinian victims. According to legal sources, before granting the warrant Mr Workman decided his court had jurisdiction for the offences; that diplomatic immunity did not apply; and there was evidence to support a prima facie case for war crimes.If Mr Almog had been arrested he would have been bailed on condition that he did not leave Britain. The attorney general would have to have sanctioned any prosecution against him for war crimes.Mr Almog was commanding officer of the Israeli defence forces' southern command from December 2000 to July 2003. British lawyers representing Palestinians who say they suffered as a result of Mr Almog's orders had presented their evidence to Scotland Yard detectives last month and they began investigating him.
  • Paul Merrell on 23 Aug 14
     
    As with senior Bush II administration officials, travel abroad is becoming increasingly risky for high Israeli officials.  Background: After similar events a couple of years ago involving high Israeli officials, the UK Parliament enacted law purporting to exempt the UK from the international law obligation to arrest and prosecute war criminals no matter where the war crimes were committed. But that legislation clashed irreconcilably with the UK's treaty obligations as a member of the E.U. Apparently, a UK judge understood that the E.U. obligations trumped the national legislation in that regard.  
Paul Merrell

Lifting the 24 Hour Siege: Julian Assange, London's Metropolitan Police and Continued D... - 0 views

www.globalresearch.ca/...5482225

surveillance state war & peace Assange Ecuador asylum police

shared by Paul Merrell on 17 Oct 15 - No Cached
  • While things tend to get murky, sometimes by design, regarding the police presence outside the Ecuadorean embassy in London, the announcement that the city’s Metropolitan Police would be lifting their twenty-four hour surveillance did surprise some. This was hardly to suggest that the police forces had lost interest in capturing Julian Assange.  What mattered here was that the costs in guarding Assange from a literal flight of fancy had simply become disproportionate, requiring a change of tact.  Over £12m in costs had been incurred since he skipped bail to avoid his Swedish sojourn, and irrespective of which side of the Assange side one was on, anger was mounting at a very conspicuously bloated project. The statement from the Metropolitan Police was cool in its language.  “Like all public services, MPS resources are finite.  With so many different criminal, and other, threats to the city it protects, the current deployment of officers is no longer believed proportionate” (The Guardian, Oct 12). The siege, according to WikiLeaks spokesman Kristinn Hrafnsson, had not been lifted so much as reconstituted.  “My interpretation is that it has not been lifted. They are calling off the uniformed presence but escalating the covert operation and will arrest him if he steps outside off the embassy.”  Costs, in other words, were going to be moved off the books to un-uniformed personnel.
  • Having been granted political asylum for fears that he might be carted off to the US via Sweden to face the findings of an empanelled grand jury, he remains confined to the cramped quarters of the embassy.  Nor can he rely on new laws in the form of the Anti Social Behaviour, Crime and Policing Act 2014 that make an “accusation” – in this case, claims of sexual assault on two Swedish nationals in Sweden – insufficient to require extradition.  As the laws were passed after the fact, precisely motivated by the Assange imbroglio, the foreign and commonwealth office has deemed it inapplicable retrospectively.  Assange, as ever, continues to be the legal exception, a singular target of juridical manipulation. In the meantime, the UN working group on arbitrary detention (WGAD) has been considering Assange’s case, and it likely to find in his favour given its previous rulings of a deprivation of liberty when a person is forced to choose between confinement or the forfeiture of a fundamental right such as asylum.[1] It is also a principle that holds for the European Court of Human Rights and the UN High Commissioner for Refugees (UNHCR).  The latter defines detention as confinement “within a narrowly bounded or restricted location, including prisons, closed camps, detention facilities or airport transit zones, where freedom of movement is substantially curtailed, and where the only opportunity to leave this limited area is to leave the territory.”
  • [2] Submission to the Working Group on Arbitrary Detention by Mr. Julian Assange, available at: https://justice4assange.com/IMG/pdf/assange-wgad.pdf
Gary Edwards

Living in the small spaces around the State | RedState - 1 views

www.redstate.com/...-small-spaces-around-the-state

liberty-tyranny Federalism John-Hayward RedState

shared by Gary Edwards on 12 Jul 13 - No Cached
  • That’s why socialists despise federalism.
    • Gary Edwards
      Gary Edwards on 12 Jul 13
       
      Socialist despise federalism?  I disagree.  Socialist love big big and bigger government.  To the socialist, "the needs of society trump the rights and liberty of the individual".  That's why the HATE the Constitution!  The founding documents mark the first time in mankind's recorded history that God given inalienable individual rights and freedoms are the central force and moral imperative driving the institution of government.  To the founders, government only exists to protect the inalienable rights and freedoms of the individual.  The need for an "ordered society" is exactly to protect individual liberty! The socialist rejects this moral imperative and the ordered society created by the founding documents.  They reject the Constitution because it protects and champions individual liberty. 
    • Gary Edwards
      Gary Edwards on 12 Jul 13
       
      Perhaps there is a difference between what the founding fathers meant by Federalism, and what a Socialist means.  The founders thought of Federalism as a system of government where governance is balanced and divided three ways:  federal government, State government, and individual citizens. The powers and authorities of both federal and State governments were carefully enumerated and limited to only those emumerations.  Incredibly, the States voted to ratify the Constitution, thereby creating the Federal government.  Including full recognition of the Supremacy Clause and, the 9th and 10th Amendments.   And then, they embedded the Constitution in their own State Constitutions. I know of no socialist who accepts the concept of individual liberty trumping or even being equal to either State or Federal government authority.  The "Federalism" they accept does not include individual rights and authorities.  They also see State government as a subset of Federal government - and not the independent, sovereign governments consenting to the exact, enumerated authorities and powers granted the Federal government through the Constitution.  A grant that came from the people, and the States themselves.
  • Only centralized, inescapable power will do.  Otherwise, citizens can escape from oppressive socialist schemes by moving to a different community, which is relatively easy to do in 21st-century America.
  •  The Founders were very big on the importance of free people granting, and by extension withdrawing, consent from government.
  • ...14 more annotations...
  •  Moving away is the simplest method of withdrawing consent.  The ability to walk away from any deal, public or private, is the essential fuel of competition.  That’s why we are always on guard against monopolistic business practices.  Who cares whether a captive audience applauds or not?
  • But the Left insists on monopoly in the case of government power.  Elections are to be followed by obedience.  And this sphere of inescapable power grows relentlessly.
  • The one thing we are not allowed to vote on, ever, is reducing the size of government, and therefore increasing the sphere of liberty.
  • To the Left, that kind of talk is seditious.  Elections are about nudging the government into applying one trillion-dollar solution or other to society’s problems, but there must be a trillion-dollar solution.  Those who would prefer the government to do nothing are considered cruel or selfish… but the government “doing nothing” is the very definition of liberty.
  • So everything is now a matter of government interest, which means politics is all-consuming.  It’s amusing to listen to someone complain that they don’t like politics – a very common sentiment – while also declaring themselves comfortable with gigantic maternal government.
  • If you want the State to control, provide, tax, and limit everything, you had bloody well better learn to love politics.  They will be everywhere; they must be.
  • And because one person’s votes and opinions matter very little against the power of a mighty central government that controls the lives of hundreds of millions of people, you had better be prepared to get organized.  Your interests will only be protected if you belong to a large, aggressive political collective that can command the attention of politicians.
  • You must be aggressive in asserting those interests against others.  The State-run economy is a zero-sum game, a very limited pie, sliced with extremely sharp knives.  You either take, or you give.
  • The last energy of federalism will be drained away when the basket-case blue states begin imploding, and everyone else is taxed to bail them out.  It won’t matter that your state government was managed responsibly, or that your governor provided a growth-oriented business-friendly environment.  Your reward for that will be a bigger share of the bailout for the left-wing lunatics in Illinois and California.
  • Big Government is fundamentally incompatible with social harmony, although its acolytes are always trying to argue the reverse.
  • If you seek a more genteel society with less political strife, you want states to compete with each other for citizens.  
  • You want a federal government that will make America a magnet for investment, instead of building regulatory fences to keep it from fleeing overseas.  You want a system that spends less time telling people what they’re allowed to work for, and obliged to settle for.  
  • You want people to cooperate voluntarily, rather than using force to impose their demands on each other.  Life in such a society is not always placid, but at least the discord tends to be more productive.
  • Government is force.  Big government means more force.  Release cannot be tolerated, or else force dissipates.  Look at the current idiocy of the Washington, D.C. city council’s efforts to arrange a special $12.50 “living wage” that will only apply to Wal-Mart, which wanted to build a few stores in poverty-stricken, high-unemployment communities.  Wal-Mart said no thanks, and escaped.  The living wage crowd is very angry about this.  They won’t be happy until escape is impossible.
Paul Merrell

China Steps In as World's New Bank - Bloomberg View - 0 views

www.bloombergview.com/...na-steps-in-as-worlds-new-bank

war & peace economic-warfare China IMF ADB banksters

shared by Paul Merrell on 29 Dec 14 - No Cached
  • Thanks to China, Christine Lagarde of the International Monetary Fund, Jim Yong Kim of the World Bank and Takehiko Nakao of the Asian Development Bank may no longer have much meaningful work to do. Beijing's move to bail out Russia, on top of its recent aid for Venezuela and Argentina, signals the death of the post-war Bretton Woods world. It’s also marks the beginning of the end for America's linchpin role in the global economy and Japan's influence in Asia. What is China's new Asian Infrastructure Investment Bank if not an ADB killer? If Japan, ADB's main benefactor, won't share the presidency with Asian peers, Beijing will just use its deep pockets to overpower it. Lagarde's and Kim’s shops also are looking at a future in which crisis-wracked governments call Beijing before Washington. 
  • China stepping up its role as lender of last resort upends an economic development game that's been decades in the making. The IMF, World Bank and ADB are bloated, change-adverse institutions.  When Ukraine received a $17 billion IMF-led bailout this year it was about shoring up a geopolitically important economy, not geopolitical blackmail. Chinese President Xi Jinping's government doesn't care about upgrading economies, the health of tax regimes or central bank reserves. It cares about loyalty. The quid pro quo: For our generous assistance we expect your full support on everything from Taiwan to territorial disputes to deadening the West’s pesky focus on human rights.
  • This may sound hyperbolic; Russia, Argentina and Venezuela are already at odds with the U.S. and its allies. But what about Europe? In 2011 and 2012, it looked to Beijing to save euro bond markets through massive purchases. Expect more of this dynamic in 2015 should fresh turmoil hit the euro zone, at which time Beijing will expect European leaders to pull their diplomatic punches. What happens if the Federal Reserve’s tapering slams economies from India to Indonesia and governments look to China for help? Why would Cambodia, Laos or Vietnam bother with the IMF’s conditions when China writes big checks with few strings attached? Beijing’s $24 billion currency swap program to help Russia is a sign of things to come. Russia, it's often said, is too nuclear to fail. As Moscow weathers the worst crisis since the 1998 default, it’s tempting to view China as a good global citizen. But Beijing is just enabling President Vladimir Putin, who’s now under zero pressure to diversify his economy away from oil. The same goes for China’s $2.3 billion currency swap with Argentina and its $4 billion loan to Venezuela. In the Chinese century, bad behavior has its rewards.
  • Paul Merrell on 29 Dec 14
     
    Note that this article is in a Bloomberg publication. Is economic reality beginning to dent the MSM propaganda on Wall Street?
Paul Merrell

UAW Charges Romney With Profiteering From Auto Bailout - 0 views

www.truth-out.org/...profiteering-from-auto-bailout

Auction 2012 Romney corporate welfare

shared by Paul Merrell on 04 Nov 12 - No Cached
  • For Mitt Romney, it's one scary Halloween.  The Presidential candidate has just learned that tomorrow afternoon (November 1) he will be charged by the United Automobile Workers (UAW) and other public interest groups with violating the federal ethics in government law by improperly concealing his multi-million dollar windfall from the auto industry bailout. At a press conference in Toledo, Bob King, President of the United Automobile Workers, will announce that his union and Citizens for Responsibility and Ethics in Washington (CREW)  have filed a formal complaint with the US Office of Government Ethics in Washington stating that Gov. Romney improperly hid a profit of $15.3 million to $115.0 million in Ann Romney's so-called "blind" trust. The union chief says, "The American people have a right to know about Gov. Romney’s potential conflicts of interest, such as the profits his family made from the auto rescue. It’s time for Gov. Romney to disclose or divest.” “While Romney was opposing the rescue of one of the nation’s most important manufacturing sectors, he was building his fortunes with his Delphi investor group, making his fortunes off the misfortunes of others,” King added.
  • The Romneys' gigantic windfall was hidden inside an offshore corporation inside a limited partnership inside a trust which both concealed the gain and reduces taxes on it.   The Romneys' windfall was originally exposed in Nation Magazine (and reposted on Truthout,) Mitt Romney's Bail-out Bonanza after a worldwide investigation by our crew at The Guardian, the Nation Institute and the Palast Investigative Fund.  
  • According to ethics law expert Dr. Craig Holman of Public Citizen -- who serves as an advisor on the charge -- Ann Romney does not have a federally-approved blind trust.  An approved "blind" trust may not be used to hide a major investment which could be affected by Romney if he were to be elected President.
  • ...1 more annotation...
  • In 2009, Ann Romney partnered with her husband's key donor, billionaire Paul Singer, who secretly bought a controlling interest in Delphi Auto, the former GM auto parts division.  Singer's hedge fund, Elliott Management, threatened to cut off GM's supply of steering columns unless GM and the government's TARP auto bailout fund provided Delphi with huge payments.  While the US treasury complained this was "extortion," the hedge funds received, ultimately, $12.9 billion in taxpayer subsidies.   As a result, the shares Singer and Romney bought for just 67 cents are today worth over $30, a 4,000% gain.  Singer's hedge fund made a profit of $1.27 billion and the Romney's tens of millions.   The UAW complaint calls for Romney to reveal exactly how much he made off Delphi -- and continues to make.  The Singer syndicate, once in control of Delphi, eliminated every single UAW job --25,000-- and moved almost all auto parts production to Mexico and China where Delphi now employs 25,000 auto parts workers.
Paul Merrell

After years of stalemate, Sweden seeks London date with Assange | Reuters - 0 views

www.reuters.com/...-assange-idUSKBN0M90NH20150313

war & peace Wikileaks Assange Sweden prosecution

shared by Paul Merrell on 13 Mar 15 - No Cached
  • (Reuters) - Swedish prosecutors want to question Julian Assange in London over allegations of sexual assault, potentially ending an impasse that left the WikiLeaks founder holed up for almost three years in Ecuador's embassy. Swedish prosecutors said on Friday they had asked for Assange's approval to question him in London, a U-turn after years of insisting he must go to Stockholm for questioning about alleged assaults against two women in 2010.Assange denies the allegations, which are not related to WikiLeaks' publication of U.S. military and diplomatic documents, also in 2010. He refused to go, arguing Sweden could send him on to the United States where he might face trial. One of Assange's lawyers said he welcomed the request but expressed concern the process could take time because approval was needed from British and Ecuadorian authorities.
  • He has been nagging for this for four years. He wants nothing more than to have an opportunity ... to give his version of what happened and to clear his name," Assange's lawyer Per Samuelson told Reuters.Ecuador's embassy in London could not immediately be reached for comment.Assange, an Australian citizen, has been unable to leave Ecuador's embassy since claiming asylum there in 2012.Even if Sweden drops the investigation, he faces arrest by British police for jumping bail granted while the UK courts considered a European arrest warrant issued by Sweden.
  • The main reason for prosecutors' change of heart is that several crimes Assange is suspected of are subject to a statute of limitations expiring in August.Prosecutor Marianne Ny said she still believed questioning him at the embassy would lower the quality of the interview and he would need to be in Sweden should the case come to a trial."Now that time is of the essence, I have viewed it therefore necessary to accept such deficiencies to the investigation," she said in a statement.Sweden's Supreme Court is currently weighing whether to hear his request to lift the warrant for Assange's arrest and has asked the prosecutor to submit an opinion before a decision can be taken.
Paul Merrell

Donald Trump to postpone Israel trip until 'after I become US president' | US news | Th... - 0 views

www.theguardian.com/...r-i-become-president-of-the-us

Auction 2016 Trump Israel-trip Netanoyahu

shared by Paul Merrell on 12 Dec 15 - No Cached
  • Donald Trump has said he will “postpone” a trip to Israel and a meeting with the country’s prime minister, Binyamin Netanyahu, until “after I become president of the US”.
  • Netanyahu had on Wednesday confirmed he would meet the frontrunner for the Republican presidential nomination to succeed Barack Obama in the White House despite an international outcry over his suggestion that Muslims should be banned from entering the US. Several hours after confirming the meeting, Netanyahu’s office tweeted that the prime minister rejected Trump’s comments about Muslims but had agreed to meet any US presidential candidate who visited Israel.
  • Trump’s visit had been opposed by dozens of Israeli MPs – both Jews and Arabs – after his remarks drew condemnation across the Israeli political spectrum. The cancellation also followed reports in the Israeli media that Trump had requested a visit to the Haram al-Sharif/Temple Mount religious site, revered by Muslims and Jews alike, and home to the al-Aqsa mosque – one of the most important sites in Islam. Some 37 Israeli MPs had signed a letter asking that Trump not be allowed to visit in light of his remarks. The letter, drafted by MP Michal Rozin, and mainly signed by opposition lawmakers, said that, “while leaders around the world condemn the Republican presidential candidate’s racist and outrageous remarks, Netanyahu is warmly embracing him” and any meeting would “disgrace Israel’s democratic character and hurt its Muslim citizens”. Equally damaging for Trump was the fact that Israel’s rightwing energy minister, Yuval Steinitz, one of Netanyahu’s closest political allies, had weighed in, criticising Trump’s remarks. “I recommend fighting terrorist and extremist Islam, but I would not declare a boycott of, ostracism against, or war on Muslims in general,” Steinitz told Israel’s Army Radio.
  • ...2 more annotations...
  • Netanyahu’s office insisted it had not intervened over the cancellation and had not spoken to Trump about his decision. Trump’s proposed visit had clearly created problems for Netanyahu, whose office had declined to comment on Tuesday about the billionaire’s intended trip, then said he was still welcome on Wednesday. By Wednesday evening, however, Netanyahu was seeking to distance himself more forcefully from Trump. A statement released by the prime minister’s office said: “The State of Israel respects all religions and protects stringently the rights of all its citizens. At the same time, Israel is struggling with extremist Islam that is attacking Muslims, Christian and Jews as one and is threatening the entire world.” The cancellation is a blow to Trump, with Israel treated as a regular campaign stop for many US presidential candidates.
  • As Noah Pollak, the executive director for the Emergency Committee for Israel said: “Israelis appreciate American moral support and will always give our politicians a gracious reception. For the candidates, visiting is an easy way to be seen showing support for a close ally and gaining exposure to Middle East policy issues.” However, Pollak pointed out “trashing anyone who disagrees with him works for Trump domestically, but it won’t work with the prime minister of a close ally who is especially beloved by Republicans. Netanyahu criticized Trump, and Trump can’t attack him. The trip would have been humiliating, so he bailed.” Underlining the hints of difficulties and tensions around his proposed trip, Trump – in yet another of the brazen untruths that have become the hallmark of his campaign – had on Wednesday attempted to deny he had said he would be meeting Netanyahu despite the fact that the comment had been recorded.
Paul Merrell

Iceland Wins Major Case Over Failed Bank - NYTimes.com - 0 views

dealbook.nytimes.com/...ns-major-case-over-failed-bank

Iceland banksters E.U. law

shared by Paul Merrell on 29 Jan 13 - No Cached
  • Iceland won a landmark case at a European court, ending an acrimonious legacy from the collapse of its banking system more than four years ago.On Monday, the court upheld the country’s refusal to promptly cover the losses of British and Dutch depositors who put more than $10 billion in Icesave, the bankrupt online offshoot of a failed Icelandic bank.In a judgment issued in Luxembourg, the court of the European Free Trade Association, orE.F.T.A., cleared Iceland of complaints that it violated rules governing the protection of depositors drawn up by the European Union. While Iceland is not a member of the union, it is bound by most of its rules as a member of E.F.T.A.
  • The case has attracted widespread attention because it touches on issues of cross-border banking that have been at the center of the European Union’s efforts to ensure the future stability of the region’s financial system. The Iceland banking collapse in 2008 — and the mayhem it caused far beyond the country’s borders — raised issues directly relevant to the 27-nation European Union.Monday’s court ruling in Luxembourg is a significant victory for Iceland. Unlike Ireland, Iceland declined to use taxpayer money to bail out foreign bondholders and depositors. This set off a bitter dispute with Britain, which used antiterrorism rules to take control of assets held in Britain by Icesave’s parent, Landsbanki.
  • In an interview this month with British television, Iceland’s president, Olafur Ragnar Grimsson, denounced the British government’s approach of using antiterrorist rules to seize Icelandic assets. “We were there together with Al Qaeda and the Taliban on that list,” he said. “We have not forgotten that in Iceland.”
Paul Merrell

G-4 - An Asian and European Peace with Enemy States? | nsnbc international - 0 views

nsnbc.me/...ropean-peace-with-enemy-states

war & peace Germany Japan Italy U.N. enemy-states sovereignty

shared by Paul Merrell on 23 Jun 15 - No Cached
  • The UN Charter still designates Italy, Germany and Japan as enemy states to the United Nations. In legal terms this means that any U.N. Member State can launch a “preemptive” military aggression against these nations without a declaration of war. Seldom discussed, this enemy State status is today, arguably, one of the greatest obstacles for a lasting peace in Asia and in Europe.
  • Since the end of WW II none of the G-4, that is China, UK, USA, and the USSR / Russia have taken steps to abolish the Enemy State Clause from the Charter of the United Nations. The UN Charter still designates Italy, Japan and Germany as enemy States to the United Nations. This fact is generally omitted from the public political discourse; that is, both in the G-4 nations as well as in Italy, Japan and Germany. The implications and the lack of the sovereignty (e.g. the jus ad bellum) are, arguably, one of the greatest obstacles with regard to achieving a lasting Asian and European peace. A few examples should amply demonstrate why.
  • The situation of German governments is further complicated by the fact that Germany still has no peace treaty and that Washington and London do all that is in their power to maintain that status quo. No post WW II government in Germany has dared to touch upon this “hot potato”, Red – Green coalitions included. Even The Left (Die Linke) avoids the issue as much as possible. German governments have, generally speaking, used two strategies. 1) To push for a permanent seat at the UN Security Council to force the hands of the G-4. 2) To assert German power within the European Union; at considerable expense for the German economy in form of bail outs etc.
  • ...1 more annotation...
  • Ultimately, one must ask the question why non of the G-4 has yet taken the initiative Is it a function of mistrust between cold-war and new-cold-war alliances? Or is it a conscious perpetuation of Yalta where the G-4 carved up the world into hegemonies, divided by Iron, Bamboo and Banana curtains?
Paul Merrell

The Economic Scam of the Century » CounterPunch: Tells the Facts, Names the N... - 0 views

www.counterpunch.org/...e-economic-scam-of-the-century

banksters bail-outs legislation

shared by Paul Merrell on 29 Mar 14 - No Cached
  • The leaders of the U.S. Senate Banking Committee,  Sen. Tim Johnson (D., S.D.) and Sen. Mike Crapo (R., Idaho),  released a draft bill on Sunday that would provide explicit government guarantees on mortgage-backed securities (MBS) generated by privately-owned banks and financial institutions. The gigantic giveaway to Wall Street would put US taxpayers on the hook for 90 percent of the losses on toxic MBS the likes of which crashed the financial system in 2008 plunging the economy into the deepest slump since the Great Depression. Proponents of the bill say that new rules by the Consumer Financial Protection Bureau (CFPB) –which set standards for a “qualified mortgage” (QM)– assure that borrowers will be able to repay their loans thus reducing the chances of a similar meltdown in the future. However, those QE rules were largely shaped by lobbyists and attorneys from the banking industry who eviscerated strict underwriting requirements– like high FICO scores and 20 percent down payments– in order to lend freely to borrowers who may be less able to repay their loans.  Additionally, a particularly lethal clause has been inserted into the bill that would provide blanket coverage for all MBS  (whether they met the CFPB’s QE standard or not) in the event of another financial crisis. Here’s the paragraph:
  • “Sec.305. Authority to protect taxpayers in unusual and exigent market conditions…. If the Corporation, the Chairman of the Federal Reserve Board of Governors and the Secretary of the Treasury, in consultation with the Secretary of Housing and Urban Development, determine that unusual and exigent circumstances threaten mortgage credit availability within the U.S. housing market, FMIC may provide insurance on covered securities that do not meet the requirements under section 302 including those for first loss position of private market holders.” (“Freddie And Fannie Reform – The Monster Has Arrived”, Zero Hedge) In other words, if the bill passes,  US taxpayers will be responsible for any and all bailouts deemed necessary by the regulators mentioned above.  And, since all of those regulators are in Wall Street’s hip-pocket, there’s no question what they’ll do when the time comes. They’ll bailout they’re fatcat buddies and dump the losses on John Q. Public. If you can’t believe what you are reading or if you think that the system is so thoroughly corrupt it can’t be fixed; you’re not alone. This latest outrage just confirms that the Congress, the executive and all the chief regulators are mere marionettes performing whatever task is asked of them by their Wall Street paymasters.
Paul Merrell

Prospects dim for 11th-hour PATRIOT Act deal - Burgess Everett and Seung Min Kim - POLI... - 0 views

www.politico.com/...r-patriot-act-deal-118300.html

surveillance state NSA sunset-section-215 legislation

shared by Paul Merrell on 27 May 15 - No Cached
  • The PATRIOT Act is going to need a miracle to survive the weekend unscathed. Backers of the post-9/11 anti-terror measure are scrambling this week to prevent the law’s key surveillance programs from lapsing at midnight Sunday. But with the Senate not slated to return to Washington until just hours before that deadline, opponents like Sens. Rand Paul (R-Ky.) and Ron Wyden (D-Ore.) showing no signs of budging, and the House so far unwilling to bail out the upper chamber, the prospects for an eleventh-hour breakthrough look slim.
  • “Our options are a lot more limited” given the time constraints, said Utah Sen. Mike Lee, the chief Republican backer of the bill in the Senate. “We can either let the provisions at issue expire, or we can pass the House-passed USA Freedom Act.” The problem is that doing anything ahead of the midnight deadline would take the cooperation of all 100 senators. That’s hardly a given since Paul is still insisting that McConnell allow votes on privacy-related amendments, and Wyden has vowed to block any clean extension of what he calls a “bad law.”
  • n an appearance in Kentucky on Tuesday, McConnell acknowledged the strong support for the USA Freedom Act “makes it pretty challenging to extend the law as it is.” In Washington, top Republican aides could not — or would not — explain how the Senate will escape the fix beyond the possibility that Senate leaders can somehow persuade Paul and Wyden to stop blocking a PATRIOT Act extension with the promise of a robust Senate debate to follow.
  • ...3 more annotations...
  • The 57-42 vote in the Senate on the USA Freedom Act has its backers tasting victory. Sen. Mark Kirk (R-Ill.) switched his vote on the floor to “no” but indicated afterward that he had been “inclined” to let the House bill proceed. Sen. Mike Enzi (R-Wyo.) missed the late-night votes but signaled in a statement released by his office that he would support changes to bulk collection. Backers have also eyed Republican Sens. Bill Cassidy of Louisiana and John Boozman (R-Ark.) as potential votes in favor. Aides to the two lawmakers didn’t return requests seeking comment on Tuesday. “Some of those members voted ‘no’ on Friday night,” Lee said. “I suspect that now that we’re in this posture, some of those might flip.”
  • The reform bill stalled, yet there appears to be a path to 60 if McConnell allows another vote and stops advocating against it. Sen. Steve Daines (R-Mont.), for one, said he expects another attempt Sunday to break a filibuster on the USA Freedom Act.
  • The more immediate question is what happens on Sunday. If the Senate passes anything other than the USA Freedom Act as it stands, the House would need to agree to go along — which might be impossible given that the chamber isn’t scheduled to return until Monday. Some privacy advocates have a backup plan for Congress: Don’t do anything at all. “If Congress can’t coalesce around far-reaching changes,” said Neema Singh Guliani, the legislative counsel for the American Civil Liberties Union, “they should allow the expiring provisions of the PATRIOT Act to sunset.”
Joseph Skues

Why capitalism can't meet human needs - 0 views

www.workers.org/socialism

jobs capitalism OVERPRODUCTION

shared by Joseph Skues on 14 Aug 10 - Cached
  • This crisis began when the housing bubble burst. Capitalist banks were lending money to profit-seeking real estate developers to build houses. The same banks were lending money to mortgage companies to make as many loans as they could. The goal was to boost profits. Soon there were more houses than the workers and the middle class could buy. The prices of homes fell. Mortgages could not be refinanced. Workers could not pay the steep increases in interest rates built into their loans. Banks stopped lending. Millions of households went into foreclosure. Put simply, people became homeless because there were too many houses! Not too many houses that were needed or already here, but too many houses that can be sold at a profit. Furthermore, the workers who build homes and all the workers who make the things that go into homes are losing their jobs because these homes can no longer be sold at a profit. That is the essence of all the capitalist crises that have occurred since the first crisis in 1825. It is the crisis of overproduction.
  • Now the crisis of overproduction is sweeping the auto industry. From the auto industry and the housing industry it is spreading throughout the economy. The stock markets are plummeting because the financial bailouts, the pumping of trillions of dollars into the banks, cannot stop the capitalist economic crisis.
  • Profits consist of unpaid labor.
  • ...17 more annotations...
  • Under the system of capitalist exploitation wealth flows to the top, and the level of inequality is obscene.
  • the super-rich who have all the levers of power in society, owned 34.3 percent of the wealth in 2004.
  • Racism and national oppression
  • distribution of wealth under capitalism
  • the median wealth (that is, savings and other assets) of households by race in 2004 was $140,700 for whites, $20,600 for African Americans and $18,600 for Latin@s
  • Oppression and economic discrimination also fall on women and lesbian, gay, bi and trans people under capitalism
  • sex and gender bias as a way to divide and conquer.
  • A system in which people are homeless because there are too many homes must go
  • How else could 1 percent of the population dominate the workers and oppressed
  • As the present crisis engulfs wider and wider sections of the workers, the potential for bringing about that unity is growing stronger.
  • The Pentagon is nothing more than an enforcer for U.S. capitalism
  • The growing witch-hunt against undocumented workers has the same poisonous, divisive goal.
  • in which workers are losing their jobs and being plunged into poverty because they have produced too much wealth
  • which cannot provide jobs and education but imprisons 2.4 million people
  • majority of them Black and Latin@, is bankrupt
  • where production takes place for human need, not for profit. The class that produces the wealth, the multinational working class, should own and distribute that wealth.
  • Trillions of dollars are now being used to bail out the banks and fund the Pentagon under capitalism. Under socialism, that money would guarantee that everyone would have a decent job and income, free health care, affordable housing, free education, low-cost transportation, healthy, reasonably priced food and much more. The well-being of the multinational working class would be the goal of society, not their exploitation as it is under capitalism.
Gary Edwards

Why America Hates Washington | RedState - 0 views

www.redstate.com/...why-america-hates-washington

Erick-Erickson Redstate

shared by Gary Edwards on 26 Jun 13 - No Cached
  • I sat in the first class section of the Acela Express once from New York to Washington. I was on a book tour and the publisher was whisking me from New York to DC for events. Thomas Freidman sat diagonally from me. His single seat backed up to where the First Class Stewards worked. As the train pulled into DC, the overworked steward hadn’t taken Friedman’s tray. Friedman yelled angrily about this being why the nation was collapsing. I kid you not. I was the tipster. First Class of the Acela Express has more to do with what is wrong with America than the Steward who works there. The New York-Washington bubble remains largely disconnected from the rest of the country. When last I made that point, Dylan Byers of the Politico tweeted along the lines of this being as preposterous as the French claiming Paris truly wasn’t France. Of course, de Gaulle popularized the notion of La France profounde — that Paris really wasn’t indicative of the rest of the country.
  • There is a disconnect. It is not everywhere nor with everyone in the NYC-DC corridor. There are people who and places that anchor themselves to the values outside what more and more people are calling the “ruling elite,” but there is a disconnect that I think explains both Congress and the President’s falling approval ratings (not that Congress can get much lower). Listen to the rhetoric in Washington, DC and you learn a few things.
  • With a few exceptions, they’re all mostly cool with the NSA spying on ordinary Americans.
  • ...10 more annotations...
  • Congress thinks immigration reform that will give immigrants preferential hiring status to existing Americans is the most important thing ever.
  • The President thinks shutting down coal power plants is the most important thing ever.
  • The IRS is out of control and Congress would rather bribe each other to pass immigration plans than look into it.
  • Oh, and the rest of America just wants a FREAKING JOB!
  • There is a massive disconnect between the chattering classes and politicos of Washington and New York and the rest of America. While most Americans are struggling to get ahead, both Republicans and Democrats in Washington act as though they are managing our decline.
  • Gun control, global warming, gay marriage, and immigration are the greatest issues of the day to those in Washington who hang around the green rooms of the various news outlets and gossip with reporters about which lobbyists are sleeping with which members of Congress.
  • The sage of creased pants bipartisanship, David Brooks, reports on Jesus’s letter to the Corinthians. Thomas Friedman, the guru of globalism reduced to ridiculous phrases with no meaning yells at train stewards for not clearing his plate fast enough. And the Washington to New York crowd laps them all up as defining what fierce urgencies now must be dealt with.
  • The rest of America is nervous about where their next meal and paycheck are coming from, how they are going to afford to bail their kids out of crumbling schools, and the price of a gallon of milk and loaf of bread that keep going up though Ben Bernanke tells them there is no inflation.
  • Lindsey Graham and John McCain can sit in the Senate Cloakroom passing out pieces of silver to various Senators buying up their votes for their immigration scheme while Harry Reid concocts a new way to bring gun control back to the Senate floor, and Americans everywhere else will sit back and have their W.T.F. moment of the day.
  • Why has Washington forgotten what matters? And what the hell are Republicans even doing?
Paul Merrell

"Guerrilla Warfare Against a Hegemonic Power": The Challenge and Promise of Greece | WE... - 0 views

ellenbrown.com/...hallenge-and-promise-of-greece

banksters Greece options

shared by Paul Merrell on 10 Jul 15 - No Cached
  • On July 4, 2015, one day before the national vote on the austerity demands of Greece’s creditors, it was rumored in the Financial Times that Greek banks were preparing to “bail in” (or confiscate) depositor funds to replace the liquidity choked off by the European Central Bank. The response of the Syriza government, to its credit, was “no way.” As reported in Zerohedge, the government was prepared to pursue three “nuclear options” to protect the deposits of the Greek people: nationalize the banks, launch a parallel currency in the form of electronic California-style IOUs, and use the Greek central bank’s printing press to issue euros.
  • Paul Merrell on 10 Jul 15
     
    Nationalizing the involvent Greek banks? Would that the U.S. had taken that path in 2008. 
Paul Merrell

Neil Macdonald: Ottawa weighing plans for bank failures - Politics - CBC News - 0 views

www.cbc.ca/...onald-canada-cyprus-banks.html

financial-collapse Canada

shared by Paul Merrell on 04 Apr 13 - No Cached
  • Buried deep in last month's federal budget is an ambiguously worded section that has roiled parts of the financial world but has so far been largely ignored by the mainstream media. It boils down to this: Ottawa is contemplating the possibility of a Canadian bank failure — and the same sort of pitiless prescription that was just imposed in Cyprus. Meaning no bailout by taxpayers, but rather a "bail-in" that would force the bank's creditors to absorb the staggering losses that such an event would inevitably entail.
Gary Edwards

A few facts to tighten your sphincters. | The Rugged Individualist - 0 views

theruggedindividualist.wordpress.com/...cts-to-tighten-your-sphincters

spending Federal-budget Spend-Borrow-Bail

shared by Gary Edwards on 26 Jan 13 - No Cached
  • Gary Edwards on 26 Jan 13
     
    Good post from Roy Filly collecting the facts about our out-of-control federal spending problem.   "What stunned House Speaker John Boehner more than anything else during his prolonged closed-door budget negotiations with Barack Obama was this revelation: "At one point several weeks ago," Mr. Boehner says, "the president said to me, 'We don't have a spending problem.' " [...] The president's insistence that Washington doesn't have a spending problem, Mr. Boehner says, is predicated on the belief that massive federal deficits stem from what Mr. Obama called "a health-care problem." Mr. Boehner says that after he recovered from his astonishment-"They blame all of the fiscal woes on our health-care system"-he replied: "Clearly we have a health-care problem, which is about to get worse with ObamaCare. But, Mr. President, we have a very serious spending problem." He repeated this message so often, he says, that toward the end of the negotiations, the president became irritated and said: "I'm getting tired of hearing you say that." We had a spirited argument a few posts ago about who was at fault for our annual trillion dollar deficits. I stopped arguing because it became clear to me, at least, that it doesn't matter who is at fault. We are spending much more over the past 10 years (and my chart only goes to 2010). As of December, our federal government borrowed 46 cents of every dollar it has spent so far in fiscal 2013. Blame whomever you like. No nation can survive with a fiscal plan that calls for such massive spending. Blame Bush, if that makes you feel better, but our Chief Executive Officer is Barack Hussein Obama and it is his job to solve the problem, not kick the can down the road. We are out of road. When our CEO states that "we don't have a spending problem" as I look at the chart above it does not inspire confidence."
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