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World Financial Crisis Part 4

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Fidel
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At Davos, Debating Capitalism's Future 

Ed Miliband wrote:
In my country, I believe that changing the rules of capitalism will mean a change of government. But more generally, it will require a change in what citizens expect and ask of politics. The question is not so much whether 20th-century capitalism is failing 21st-century society but whether politics can rise to the challenge of changing a flawed economic model.

Now even capitalists are questioning capitalism :rolleyeyes:


Fidel
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Canada wants Europe to erect larger 'firewall' Harper to seek urgent action on debt crisis

Firewall as in a Wall of money' and not firewalls of regulation to prevent the thing from burning all the way to the ground. Harper must be an Alan Greenspan wannabe.



NorthReport
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Gaian
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Thanks for bringing reality to balance the wild exaqggeration and silliness purveyed in this thread, NR.

Fidel
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Isn't Buffet also calling for "taxing the rich"?

Charade they are. Western world capitalism is hopelessly bankrupt. 


epaulo13
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Hudson, Keiser on 2012 Imperialism

video

See Dr Hudson with Max Keiser in On the Edge as they sift through the latest issues including the EU, Ron Paul, Austrian economics, Iran and the role of the US dollar.


Fidel
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Ha ha, that was good, epaulo. To summarize, Austrian economics is basically central economic planning in the hands of bankers - - they've been surrounding Russia and BRIC countries militarily and getting those countries to finance it through dollar imperialism - the gold standard could be used as a peaceful means of settling balance of payments between countries but not to back domestic currency only - and Wall Street banksters make Carlo Ponzi appear to have been an honest business person by comparison.


epaulo13
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fidel

..hudson is one of the very few economists i follow. he makes so clear how capital is fucking us over in a economic language i understand from start to finish. interesting remark he made about working with the occupy movement on something that will be released in a few days. and yes the point about the real gangsters being in full control now.


Fidel
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Yes, I forgot to mention that he is working with Occupy on a list of demands. Can't wait to see that.

 


NDPP
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epaulo13 wrote:

Hudson, Keiser on 2012 Imperialism

video

See Dr Hudson with Max Keiser in On the Edge as they sift through the latest issues including the EU, Ron Paul, Austrian economics, Iran and the role of the US dollar.

NDPP

and this courtesy of Press TV. No wonder they're trying to shut it down. You will never see a show like this on CBC


Fidel
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Hudson also said recently that there will be no real fix for the financial mess until deep-seated corruption in U.S. government and justice system are cleaned up. Only then can they begin to fix things in his country. Hudson says, and I agree, that the world is becoming more and more politically conscious. People are no longer blaming themselves and are becoming less afraid as a result. It's leading to conditions typical of countries pregnant with revolution. 


epaulo13
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Fidel wrote:

Hudson also said recently that there will be no real fix for the financial mess until deep-seated corruption in U.S. government and justice system are cleaned up. Only then can they begin to fix things in his country. Hudson says, and I agree, that the world is becoming more and more politically conscious. People are no longer blaming themselves and are becoming less afraid as a result. It's leading to conditions typical of countries pregnant with revolution. 

..his idea that going back to using gold to pay for oil etc transactions would bring about a more peaceful world. and the greek people saying the will not honour any deals signed by a government that doesn't represent them. this is good information. his message seems positive in spite of the content.  i think he's hooked. he sees another world. Wink

edit


Fidel
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Yes, I thought he said BRIC countries have used, or will be using,  gold to back their currencies payable to each other nation for the purpose of balance of payments wrt trade, and they will use their own domestic currencies for circulating at home. The BRIC countries are reverting to the way it was before Nixon's floating exchange rate dollar implemented by 1971 and are avoiding using U.S. petro dollars where possible. This will make it harder for those countries to spend on military, and at the same time make things more difficult for the U.S. to finance their own largest in the world war machine and hundreds of foreign military bases around the world. Not sure but I think this is sort of what Keynes meant by financial disarmament of global capital. If so, it's a good thing. Let's hope WW III doesn't happen in the mean time.


Doug
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If our only problems were the food industry causing physical heart attacks and the financial industry facilitating their economic equivalent, that would be bad enough. But the pathological regulatory-political-economic dynamic that characterizes these industries is far broader. We need to develop new and much better institutions to protect society’s long-run interests.

 

Yes, this guy used to be chief economist at the IMF.


NorthReport
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Decided to rent rather than buy before I read this article, but reading it confirms my suspicions that the real estate market in Vancouver has only one way to go and that is South!

 

http://thetyee.ca/Opinion/2012/02/01/Economic-Warning-Signs/index1.html


NDPP
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good one - yes, lots of denial around this process of collapse unfortunately.


Doug
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Where is the uprising from the left? Good question, Spiegel.


Fidel
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Socialists aren't proposing anything as grandiose as prosperous middle class capitalism, it's true. And come to think of it, neither are capitalists promising or delivering on those former cold war era promises at the same time. It was a colossal lie from the beginning. The shine is off.


epaulo13
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epaulo13
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ECONOMISTS: Greece to leave euro

Some of Denmark’s top economists say that Greece can be expected to leave the euro this year, despite the fact the country is close to reaching agreement on a national debt haircut of some DKK740 billion and therefore a new EU rescue package.

The immediate rescue notwithstanding, seven top Danish economists say that the only way to save Greece is for the country to abandon the euro.

“Even with a haircut, the Greeks are in an impossible situation. Their tax infrastructure is terrible and at the same time there is no prospect of growth in the country,” says Aalborg University Economy Professor Per Kongshøj Madsen.

The final rescue package for Greece is therefore to abandon the euro, Kongshøj Madsen says, as it will enable them to devalue the Drachma, in turn enabling them to regain the competitiveness needed to revitalise the economy....

http://politiken.dk/newsinenglish/ECE1528106/economists-greece-to-leave-...


NDPP
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The Background to the Euro Crisis (2 parts)

http://www.wsws.org/articles/2012/feb2012/euro-f08.shtml

"The power of the financial aristocracy.."

 


epaulo13
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Occupy Talks: What Gravy Train? [3/4]

Austerity, Finance, and the Polarization of Wealth.

Linda McQuaig is an acclaimed Canadian journalist and best-selling author. She currently writes an op-ed column for the Toronto Star and has written eight books on politics and economics, including It's the Crude, Dude, and most recently, The Trouble With Billionaires.

http://www.youtube.com/watch?v=7QbZFy9EUPQ


NDPP
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International Currencies Increasingly Rejected in the Face of Inflation (and vid)

http://www.activistpost.com/2012/02/international-currencies-increasingl...

"...The modern day planet-wide collapse of fiat currencies is providing additional real-time examples of how forsaken citizens are taking matters into their own hands. Let us look at just the two most affected: Greece and Spain.."


NDPP
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Our Very Own Oscar Night in Rimini  -  by Michael Hudson

http://www.informationclearinghouse.info/article30659.htm

"...The basic thrust of our argument is that just as commercial banks create credit electronically on their computer keyboards (creating a bank account credit for borrowers in exchange for their signing an IOU at interest), governments can create money. There is no need to borrow from banks, as computer keyboards provide nearly free credit creation to finance spending. Unfortunately, the flow of earnings is now being diverted increasingly to the financial sector..'


Doug
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“People who don’t have money don’t understand the stress,” said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. “Could you imagine what it’s like to say I got three kids in private school, I have to think about pulling them out? How do you do that?”

 

Oh, you will just weep! Weep for the New York financiers who are having their bonuses reduced!


NDPP
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'Anti-Iran Sanctions Are Counterproductive For US Economy' (and vid)

http://www.presstv.ir/detail/229574.html

"the unemployment rate in the eurozone has hit an all-time high in January, leaving tens of thousands more out of the job market.."

interview with Ian Williams, Max Keiser etc.


epaulo13
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The Ugly Truth Behind Michigan's Budget Surplus

Michigan is a model of fiscal recuperation. At least that’s what the headlines said as I stepped off a plane in Detroit recently: its spending was slashed so ruthlessly in the past few years that the New York Times quoted a former state budget director as moaning, “We were so far down that the floor looked like up to us.” But now there is a budget surplus projected for 2013, of anywhere from half a billion to a billion dollars, with yet sunnier fiscal predictions ahead. This apotheosis is generally credited to the enactment of Republican Governor Rick Snyder’s stern austerity policies, which include replacing “a business tax with a corporate income tax that is expected to save businesses $1.5 billion a year,” according to the same Times article. “To make up lost dollars, lawmakers agreed to tax public workers’ pensions, reduce the state’s Earned-Income Tax Credit for the working poor, and remove or reduce other tax exemptions and deductions.”

On the ride from the airport, my friend Dee gave me an earful about what he described as “Snyder’s for-profit governance, while for us ordinary non-corporate humans, things just get bleaker.” The schools are decimated, he told me. Infrastructure is crumbling, zoos and parks are being eliminated, libraries closed and daycare all but nonexistent. Snyder has slashed funding for the state’s colleges and universities by 15 percent in the past year alone....

http://www.thenation.com/article/166293/ugly-truth-behind-michigans-budg...


epaulo13
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Iceland's ex-PM becomes first world leader to face trial over financial crisis

REYKJAVIK, Iceland -- Iceland's former prime minister went on trial Monday as the first world leader to face criminal charges over the 2008 financial crisis that affected much of the world economy.

Geir Haarde became a symbol of the bubble economy for Icelanders who lost their jobs and homes after the country's main commercial bank collapsed in 2008, sending its currency into a nosedive and inflation soaring.

Prosecutors opened the case at the Landsdomur, a special court being convened for the first time in Iceland's history. The trial is expected to last until mid-March, with the court taking another four to six weeks to deliver its verdict.

Haarde is accused of negligence for failing to prevent the financial implosion from which the small island country is still struggling to recover....

http://worldnews.msnbc.msn.com/_news/2012/03/05/10582106-icelands-ex-pm-...


NDPP
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Max Keiser Report: Episode 259 (and vid)

http://rt.com/programs/keiser-report/episode-259-max-keiser/

The latest on the predatory financial masters of the universe. Economist Michael Hudson interviewed on modern monetary theory..


Fidel
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Joined: Apr 29 2004

Hooper from JAWS wrote:
This was no boat accident.

lol! 

Public Sector Banks: From Black Sheep to Global Leaders

Ellen Brown wrote:
The BRICs have been the main locus of world economic growth in the last decade. China Daily reports, "Between 2000 and 2010, BRIC's GDP grew by an incredible 92.7 percent, compared to a global GDP growth of just 32 percent, with industrialized economies having a very modest 15.5 percent."
All the leading banks in the BRIC half of the globe are state-owned. In fact the largest banks globally are state-owned, including:

· The two largest banks by market capitalization (ICBC and China Construction Bank)

· The largest bank by deposits (Japan Post Bank)

· The largest bank by assets (Royal Bank of Scotland, now nationalized)

· The world's largest development bank (BNDES in Brazil).

A May 2010 article in The Economist noted that the strong and stable publicly-owned banks of India, China and Brazil helped those countries weather the banking crisis afflicting most of the rest of the world in the last few years. According to Professor Kurt von Mettenheim of the Sao Paulo Business School of Brazil:

Kurt von Mettenheim wrote:
Government banks provided counter cyclical credit and policy options to counter the effects of the recent financial crisis, while realizing competitive advantage over private and foreign banks. Greater client confidence and official deposits reinforced liability base and lending capacity. The credit policies of BRIC government banks help explain why these countries experienced shorter and milder economic downturns during 2007-2008.

Meanwhile our corrupt stooges are paralyzed from the necks up by their imaginary impotence.


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