Fed under fire Friday, 3 April 2009
U.S. central bank put politicians under pressure. Senate wants the number and cost of the twelve regional Fed offshoot checked. Comprehensive accounts of funds to commercial banks.
The distrust of many U.S. politicians over "their" bank grows. More and more senators are calling for greater transparency. The focus of the criticism, the lending practices of the Fed.
This has been one of the best-kept secrets. The only thing so far is known, is the (…)
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Fed under fire
3 April 2009 par (Open-Publishing)
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Video: The Crisis of Credit Visualized
2 April 2009 par (Open-Publishing)
1 commentVideo: The Crisis of Credit Visualized The Short and Simple Story of the Credit Crisis.
http://vimeo.com/3261363 -
What Now, America?
2 April 2009 par (Open-Publishing)
2 commentsWhat Now, America?
Jill Ettinger
Like most Americans, I’ve been consumed with news about the circus our financial system has become, realizing this is probably just the first act of a much bigger show. And like many, I’ll admit my extremely limited knowledge of Wall Street dealings was never much of a concern to me. Yes, I’ve read Matt Taibbi’s enlightening piece in Rolling Stone (April 2009 issue) and Jake DeSantis’ resignation letter to AIG reprinted in the New York Times. I watch The (…) -
Money in Crisis
29 March 2009 par (Open-Publishing)
Money in Crisis
by Lionel Trilling
Historical changes, involving unparalleled speed, scale and complexity, are reshaping our money system. Banks and financial services, under pressure from the cyber-economy, are transforming dramatically. Market innovations, such as Open Finance, make it more difficult than ever for regulators to define what a bank even is, or what money is theirs to manage. New players are vying for power and influence, both in our societies and in our monetary systems. (…) -
China Talks Tough with Call to Dump Dollar
26 March 2009 par (Open-Publishing)
China Talks Tough with Call to Dump Dollar
China’s top central banker says it’s time to replace the country’s reliance on the dollar, but such a move likely won’t happen any time soon
By Dexter Roberts
People’s Bank of China governor Zhou Xiaochuan. LIU JIN/AFP/Getty Images
Just over one week before President Barack Obama and other world leaders meet in London for a summit focusing on the global recession, China is making clear it wants a greater say in managing economic policies (…) -
America Is in Need of a Moral Bailout
25 March 2009 par (Open-Publishing)
America Is in Need of a Moral Bailout
by Chris Hedges
Global Research, March 24, 2009 TruthDig
In decaying societies, politics become theater. The elite, who have hollowed out the democratic system to serve the corporate state, rule through image and presentation. They express indignation at AIG bonuses and empathy with a working class they have spent the last few decades disenfranchising, and make promises to desperate families that they know will never be fulfilled. Once the (…) -
China suggests switch from dollar
24 March 2009 par (Open-Publishing)
China’s central bank has called for a new global reserve currency run by the International Monetary Fund to replace the US dollar.
Central bank governor Zhou Xiaochuan did not explicitly mention the dollar, but said the crisis showed the dangers of relying on one currency.
With the world’s largest currency reserves of $2tn, China is the biggest holder of dollar assets.
Its leaders have often complained about the dollar’s volatility.
China has long been uneasy about relying on the (…) -
What is technocapitalism ?
19 March 2009 par (Open-Publishing)
What is technocapitalism ? Technocapitalism is a new form of market capitalism that is rooted in technological invention and innovation. It can be considered an emerging era, now in its early stage, that is supported by such intangibles as creativity and knowledge. Intangibles are at the core of technocapitalism. Creativity and knowledge are to technocapitalism what tangible raw materials, factory labor and capital were to industrial capitalism. During industrial capitalism, tangible (…)
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USA: Record capital flight
17 March 2009 par (Open-Publishing)
3 commentsUSA: Record capital flight Monday, 16 March 2009
Net capital outflow in January almost minus 150 billion U.S. dollars. Foreigners pull their capital from the U.S. like never before. U.S. Treasury Secretary: Burglary in demand for long-term U.S. bonds in January.
Foreign investors have in January so much capital from the U.S. like never deducted. Net registered the largest economy in the world a record outflow of 148.9 billion U.S. dollars as the U.S. Treasury announced on Monday. (…) -
The Federal Reserve is Bankrupt
17 March 2009 par (Open-Publishing)
3 commentsThe Federal Reserve is bankrupt for all intents and purposes. The same goes for the Bank of England! This article will focus largely on the Fed, because the Fed is the "financial land-mine".
How long can someone who has stepped on a landmine, remain standing – hours, days? Eventually, when he is exhausted and his legs give way, the mine will just explode!
The shadow banking system has not only stepped on the land-mine, it is carrying such a heavy load (trillions of toxic wastes) that (…)