1 March, 2010 — Global Research
March 13: Civil Resistance to War and Empire in Nation’s Capitol
Peace of the Action’s “Camp OUT NOW”, Washington, DC
– 2010-03-20
Award Winning Movie: “SUPERPOWER”:
Order the DVD Online from Global Research
– by Barbara-Anne Steegmuller – 2010-03-04
Corporate Lobbyists and Public Relations Firms behind Cable News Outlets
– by Sherwood Ross – 2010-03-01
Filed in Creative-i Digests
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Also tagged afghanistan, Albania, Azerbaijan, Bangladesh, Bernanke, caucasus, china, Creative-i on Iran, Creative-i on Russia, Dubai, Falklands, georgia, Global Research, Haiti, Honduras, israel, Jundallah, mossad, NATO, Niger, oil, pakistan, poland, Rwanda, uranium, Venezuela, wall street
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Geithner is a Trilateralist toadie, a servant and stalking horse for the people responsible for the meltdown. It’s time to say “sayonara,” and appoint someone with the people’s interest at heart. There is no shortage of capable and committed Democratic economists that can replace him. How about Elizabeth Warren or Joe Stiglitz or Brooksley Born or Simon Johnson or even, for op-ed’s sake, Paul Krugman?
You can help steer the transformation of the History Commons by making your comments and observations on the History Commons blog. Over the next few weeks, we will begin polling our users to determine what they want to see in the new and improved “History Commons 2.0.” You are a valuable part of the History Commons, and we want to know what you think.
What actually drove the wartime inflation into hyperinflation, said Schacht, was speculation by foreign investors, who would bet on the mark’s decreasing value by selling it short.
We now know, based on insider reports from securities traders, that a massive fraud and manipulation by AIG funneled “bailout” funds (US taxpayer money) to AIG’s counterparties, the very same big “toxic” banks that are now posting profits: Exclusive: Big Banks’ Recent Profitability Due to AIG Scam?
There are myriad problems with Bernanke’s lending facilities which are nothing more than a crafty way of transferring wealth from the Fed to private industry via low interest loans.
Resistance from below can be expected to grow, especially as it becomes clear to the victims of this crisis that politicians in the pockets of the corporate interests responsible for the crisis have no intention of implementing policies to meet the needs of the majority.
What Geithner does not want the public to understand, his ‘dirty little secret’ is that the repeal of Glass-Steagall and the passage of the Commodity Futures Modernization Act in 2000 allowed the creation of a tiny handful of banks that would virtually monopolize key parts of the global ‘off-balance sheet’ or Over-The-Counter derivatives issuance.
Filed in Creative-i on Capitalism
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Also tagged Bank of America, citigroup, credit default swaps, financial derivatives, Glass-Steagall Act, Goldman Sachs, JPMorgan Chase, Larry Summers, Merrill Lynch, PPPIP, Robert Rubin, Tim Geithner
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The spending of the nation’s debt-based wealth on the wars in Iraq and Afghanistan continue with no end in sight, despite the painful economic meltdown and mind-boggling deficit spending.
We need to look into the $5 billion these firms have spent to rewrite laws and deregulate. We need to know which politicians took their payoffs and do their bidding. We need a jailout, not just a bailout.
We need a serious plan for the public to rally behind, a set of demands that make sense. We are in a whole new period with an enraged public ready to act.
Larry Summers is the man directly responsible for the mess. As Clinton Treasury Secretary from 1999-January 2001 he shaped and pushed the financial deregulation that unleashed the present crisis. He was Treasury Secretary after July 1999 when his boss, Robert Rubin left to become Vice Chairman of Citigroup, where Rubin went on to advance the colossal agenda of deregulated finance directly.
Here’s the problem with all the hoopla over the $135 million in AIG bonuses: This sum is only less than 0.1% – one thousandth – of the $183 BILLION that the U.S. Treasury gave to AIG as a “pass-through” to its counterparties.
The bottom line is that the American public is being fed a carefully crafted mythology (no doubt “market tested” on “response groups” to see which images fly best) to mislead the American public into misunderstanding the nature of today’s financial problem – to mislead it in such a way that today’s policies will make sense and gain voter support.
We don’t like to recall bad memories, but it is useful to remember that the Clinton administration initiated a program of corporate ‘self-regulation’ that further weakened the system and the Bush regulators simply went on a long vacation in every field, most dramatically its neglect of all manner of investment and commercial transactions that has led to the infamous Madoff scandal.
Structured finance is a term that designates a sector of finance where risk is transferred via complex legal and corporate entities.
Filed in Creative-i on Capitalism, Creative-i’s Featured Writer
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Also tagged Bear Stearns, Fannie Mae, FDIC, Freddie Mac, Indybank, Lehman Bros, mortgage-backed security, Wachovia, wall street, Washington Mutual
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It was a decision made only after quantitative models had been run, assessing the impact of Lehman’s bankruptcy on the world markets. It was a decision made only after elaborate, sophisticated, robust [a word the quants simply love] algorithms had been applied, determining what the probable response to the collapse would be in London, Mumbai, Sao Paulo, Hong Kong, Tokyo, Paris, Berlin.
The dollar glut is one of the key factors that has aggravated the junk-mortgage problem in recent years. Looking forward, if foreign countries are no longer to invest their dollar inflows in Fannie Mae, Freddie Mac and toxic packaged mortgage derivatives, what are they to do with these dollars?
Filed in Creative-i on Capitalism, Creative-i’s Featured Writer
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Also tagged Ben Bernanke, Citibank, Fannie Mae, Freddie Mac, G-20, Great Depression, Henry Paulson, International Monetary Fund, Neel Kashkari, TARP, wall street, world bank
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Wild Ben and Ranger Hank had apparently forgotten that markets are their own special purpose vehicles, generating an ‘average rate of social profit’ throughout the system of capital; transmitting the success, and failure, of the reproduction of value to every participant; consummating not just exchange, but transmission, interpenetration, and… infection.
What’s clear from the behavior of European financial markets over the past two weeks is that the dramatic stories of financial meltdown and panic are deliberately being used by certain influential factions in and outside the EU to shape the future face of global banking in the wake of the US sub-prime and Asset-Backed Security (ABS) debacle.
Filed in Creative-i on Capitalism, Creative-i’s Featured Writer
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Also tagged ABS, Alistair Darling, American Century, Asset Backed Securitization, Barclays Plc, Bundesbank, citigroup, Council on Foreign Relations, Crony Capitalism, EU, financialization, germany, Goldman Sachs, Henry Paulson, JP Morgan Chase, Lehman, Merkel, nationalization, Robert Rubin, Royal Bank of Scotland Group Plc, uk, wall street
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